Document:

2007 Equity and Incentive Plan

 Exhibit 10.9 
 VMWARE, INC. 
 2007 EQUITY AND INCENTIVE PLAN 
  

	 	1.	PURPOSE; TYPES OF AWARDS; CONSTRUCTION. 

 The purpose of
the VMware, Inc. 2007 Equity and Incentive Plan is to attract, motivate and retain employees and independent contractors of the Company and any Subsidiary and Affiliate and non-employee directors of the Company, any Subsidiary or any Affiliate. The
Plan is also designed to encourage stock ownership by such persons, thereby aligning their interest with those of the Company’s shareholders and to permit the payment of compensation that qualifies as performance-based compensation under
Section 162(m) of the Code. Pursuant to the provisions hereof, there may be granted Options (including “incentive stock options” and “non-qualified stock options”), and Other Stock-Based Awards, including but not limited to
Restricted Stock, Restricted Stock Units, Stock Appreciation Rights (payable in shares) and Other Cash-Based Awards. 
 The 2007 Equity and
Incentive Plan shall become effective as of the date of the adoption by the Board. 
  

	 	2.	DEFINITIONS. For purposes of the Plan, the following terms shall be defined as set forth below: 

  

	 	(a)	“Adoption Date” means the date that the Plan was adopted by the Board. 

  

	 	(b)	“Affiliate” means an affiliate of the Company, as defined in Rule 12b-2 promulgated under Section 12 of the Exchange Act. 

  

	 	(c)	“Award” means individually or collectively, a grant under the Plan of Options, Restricted Stock, Restricted Stock Units or Other Stock-Based Awards or Other Cash-Based
Awards. 

  

	 	(d)	“Award Terms” means any written agreement, contract, notice or other instrument or document evidencing an Award. 

  

	 	(e)	“Board” means the Board of Directors of the Company. 

  

	 	(f)	“Cause” shall have the meaning set forth in the Grantee’s employment or other agreement with the Company, any Subsidiary or any Affiliate, if any, provided that if
the Grantee is not a party to any such employment or other agreement or such employment or other agreement does not contain a definition of Cause, then Cause shall have the meaning set forth in the Award Terms. 

  

	 	(g)	“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

  

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	 	(h)	“Committee” means the Compensation Committee of the Board. Unless other determined by the Board, the Committee shall be comprised solely of directors who are
(a) “non-employee directors” under Rule 16b-3 of the Exchange Act, (b) “outside directors” under Section 162(m) of the Code and (c) who otherwise meet the definition of “independent directors”
pursuant to the applicable requirements of any national stock exchange upon which the Stock is listed. Any director appointed to the Committee who does not meet the foregoing requirements shall recuse himself or herself form all determinations
pertaining to Rule 16b-3 of the Exchange Act and Section 162(m) of the Code. 

  

	 	(i)	“Company” means VMware, Inc., a corporation organized under the laws of the State of Delaware, or any successor corporation. 

  

	 	(j)	“Covered Employee” shall have the meaning set forth in Section 162(m)(3) of the Code. 

  

	 	(k)	“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and as now or hereafter construed, interpreted and applied by regulations, rulings
and cases. 

  

	 	(l)	“Exchange Offer” means the offer by the Company to exchange awards issued under the Plan for awards of or with respect to the common stock of Parent held by certain
employees of the Company and its Subsidiaries, as set forth in more detail in the Offer to Exchange expected to be filed by the Company and Parent. 

  

	 	(m)	“Fair Market Value” shall be the closing sales price per share of Stock for the date of grant on the principal securities exchange on which the Stock is traded or, if
there is no such sale on the relevant date, then on the last previous day on which a sale was reported; if the Stock is not listed for trading on a national securities exchange, the fair market value of Stock shall be determined in good faith by the
Board. For purposes of the exercise price of Options granted in the Exchange Offer, Fair Market Value shall mean the initial public offering price of the Stock as set forth in the Company’s Form S-1 Registration Statement.

  

	 	(n)	“Grantee” means a person who, as an employee or independent contractor of or non-employee director with respect to the Company, a Subsidiary or an Affiliate, has been
granted an Award under the Plan. 

  

	 	(o)	“ISO” means any Option designated as and intended to be and which qualifies as an incentive stock option within the meaning of Section 422 of the Code.

  

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	 	(p)	“NQSO” means any Option that is designated as a nonqualified stock option or which does not qualify as an ISO. 

  

	 	(q)	“Option” means a right, granted to a Grantee under Section 6(b)(i), to purchase shares of Stock. An Option may be either an ISO or an NQSO. 

 

	 	(r)	“Other Cash-Based Award” means a cash-based Award granted to a Grantee under Section 6(b)(iv) hereof, including cash awarded as a bonus or upon the attainment of
Performance Goals or otherwise as permitted under the Plan. 

  

	 	(s)	“Other Stock-Based Award” means an Award granted to a Grantee pursuant to Section 6(b)(iv) hereof, that may be denominated or payable in, valued in whole or in part
by reference to, or otherwise based on, or related to, Stock, each of which may be subject to the attainment of Performance Goals or a period of continued employment or other terms and conditions as permitted under the Plan.

  

	 	(t)	“Parent” means EMC Corporation, a Massachusetts corporation. 

  

	 	(u)	 “Performance Goals” means performance goals based on one or more of the following criteria: (i) earnings including operating income, earnings before
or after taxes, earnings before or after interest, depreciation, amortization, or extraordinary or special items or book value per share (which may exclude nonrecurring items); (ii) pre-tax income or after-tax income; (iii) earnings per
common share (basic or diluted); (iv) operating profit; (v) revenue, revenue growth or rate of revenue growth; (vi) return on assets (gross or net), return on investment, return on capital, or return on equity; (vii) returns on
sales or revenues; (viii) operating expenses; (ix) stock price appreciation; (x) cash flow, free cash flow, cash flow return on investment (discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of
capital; (xi) implementation or completion of critical projects or processes; (xii) economic value created; (xiii) cumulative earnings per share growth; (xiv) operating margin or profit margin; (xv) common stock price or
total stockholder return; (xvi) cost targets, reductions and savings, productivity and efficiencies; (xvii) strategic business criteria, consisting of one or more objectives based on meeting specified market penetration, geographic
business expansion, customer satisfaction, employee satisfaction, human resources management, supervision of litigation, information technology, and goals relating to acquisitions, divestitures, joint ventures and similar transactions, and budget
comparisons; (xviii) personal professional objectives, including any of the foregoing performance goals, the implementation of policies and plans, the negotiation of transactions, the development of long term business 

  

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goals, formation of joint ventures, research or development collaborations, and the completion of other corporate transactions; and (xix) any
combination of, or a specified increase in, any of the foregoing. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment of a percentage increase or decrease in
the particular criteria, and may be applied to one or more of the Company, a Subsidiary or Affiliate, or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market index, a group of
other companies or a combination thereof, all as determined by the Committee. The Performance Goals may include a threshold level of performance below which no payment will be made (or no vesting will occur), levels of performance at which specified
payments will be made (or specified vesting will occur), and a maximum level of performance above which no additional payment will be made (or at which full vesting will occur). Each of the foregoing Performance Goals shall be determined in
accordance with generally accepted accounting principles and shall be subject to certification by the Committee; provided that, to the extent an Award is intended to satisfy the performance-based compensation exception to the limits of
Section 162(m) of the Code and then to the extent consistent with such exception, the Committee shall have the authority to make equitable adjustments to the Performance Goals in recognition of unusual or non-recurring events affecting the
Company or any Subsidiary or Affiliate or the financial statements of the Company or any Subsidiary or Affiliate, in response to changes in applicable laws or regulations, or to account for items of gain, loss or expense determined to be
extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles. 

  

	 	(v)	“Plan” means this VMware, Inc. 2007 Equity and Incentive Plan, as amended from time to time. 

  

	 	(w)	“Restricted Stock” means an Award of shares of Stock to a Grantee under Section 6(b)(ii) that is subject to certain restrictions and to a risk of forfeiture.

  

	 	(x)	“Restricted Stock Unit” means a right granted to a Grantee under Section 6(b)(iii) of the Plan to receive shares of Stock subject to certain restrictions and to a
risk of forfeiture. 

  

	 	(y)	“Rule 16b-3” means Rule 16b-3, as from time to time in effect promulgated by the Securities and Exchange Commission under Section 16 of the Exchange Act, including
any successor to such Rule. 

  

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	 	(z)	“Stock” means shares of Class A common stock, par value $0.01 per share, of the Company. 

  

	 	(aa)	“Stock Appreciation Right” means an Award that entitles a Grantee upon exercise to the excess of the Fair Market Value of the Stock underlying the Award over the base
price established in respect of such Stock. 

  

	 	(bb)	“Subsidiary” means any corporation in an unbroken chain of corporations beginning with the Company if, at the time of granting of an Award, each of the corporations (other
than the last corporation in the unbroken chain) owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in the chain. 

  

	 	3.	ADMINISTRATION. 

 (a) The Plan shall be administered by the
Committee or, at the discretion of the Board, the Board. In the event the Board is the administrator of the Plan, references herein to the Committee shall be deemed to include the Board. The Board may from time to time appoint a member or members of
the Committee in substitution for or in addition to the member or members then in office and may fill vacancies on the Committee however caused. Subject to applicable law, the Board or the Committee may delegate to a sub-committee or individual the
ability to grant Awards to employees who are not subject to potential liability under Section 16(b) of the Exchange Act with respect to transactions involving equity securities of the Company at the time any such delegated authority is
exercised. 
 (b) The decision of the Committee as to all questions of interpretation and application of the Plan shall be final, binding and
conclusive on all persons. The Committee shall have the authority in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the power and authority either specifically
granted to it under the Plan or necessary or advisable in the administration of the Plan, including without limitation, the authority to grant Awards, to determine the persons to whom and the time or times at which Awards shall be granted, to
determine the type and number of Awards to be granted, the number of shares of Stock to which an Award may relate and the terms, conditions, restrictions and Performance Goals relating to any Award; to determine Performance Goals no later than such
time as is required to ensure that an underlying Award which is intended to comply with the requirements of Section 162(m) of the Code so complies; to determine whether, to what extent, and under what circumstances an Award may be settled,
cancelled, forfeited, accelerated (including upon a “change in control”), exchanged, or surrendered; to make adjustments in the terms and conditions (including Performance Goals) applicable to Awards; to construe and interpret the Plan and
any Award; to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms and provisions of the Award Terms (which need not be identical for each Grantee); and to make all other determinations deemed necessary or
advisable for the administration of the 

  

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Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any Award Terms granted hereunder in the
manner and to the extent it shall deem expedient to carry the Plan into effect and shall be the sole and final judge of such expediency. No Committee member shall be liable for any action or determination made with respect to the Plan or any Award.

 4. ELIGIBILITY. 
 (a) Awards
may be granted to officers, employees, independent contractors and non-employee directors of the Company or of any of the Subsidiaries and Affiliates; provided, that (i) ISOs may be granted only to employees (including officers and
directors who are also employees) of the Company or any of its “related corporations” (as defined in the applicable regulations promulgated under the Code) and (ii) Awards may be granted only to eligible employees who are not employed
by the Company or a Subsidiary if such employees are assigned to perform services exclusively for the Company or a Subsidiary. 
 (b) No ISO
shall be granted to any employee of the Company or any of its Subsidiaries if such employee owns, immediately prior to the grant of the ISO, stock representing more than 10% of the voting power or more than 10% of the value of all classes of stock
of the Company or Parent or a Subsidiary, unless the purchase price for the stock under such ISO shall be at least 110% of its Fair Market Value at the time such ISO is granted and the ISO, by its terms, shall not be exercisable more than five years
from the date it is granted. In determining the stock ownership under this paragraph, the provisions of Section 424(d) of the Code shall be controlling. 
 5. STOCK SUBJECT TO THE PLAN. 
 (a) The maximum number of shares of Stock reserved for the grant or
settlement of Awards under the Plan (the “Share Limit”) shall be 80,000,000 (including the number of shares of Stock expected to be issued under the Exchange Offer) and shall be subject to adjustment as provided herein. The aggregate
number of shares of Stock made subject to Awards granted during any fiscal year to any single individual shall not exceed 3,000,000. Such shares may, in whole or in part, be authorized but unissued shares or shares that shall have been or may be
reacquired by the Company in the open market, in private transactions or otherwise. If any shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution of shares
to the Grantee, the shares of stock with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration, again be available for Awards under the Plan. 
 (b) Except as provided in an Award Term or as otherwise provided in the Plan, in the event of any extraordinary dividend or other extraordinary
distribution (whether in the form of cash, Stock, or other property), recapitalization, stock split, reverse split, reorganization, merger, consolidation, spin-off, recapitalization, combination, repurchase, or share exchange, or other similar
corporate transaction or event, the Committee shall make such equitable changes or adjustments as it deems 

  

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necessary or appropriate to any or all of (i) the number and kind of shares of Stock or other property (including cash) that may thereafter be issued in
connection with Awards or the total number of Awards issuable under the Plan, (ii) the number and kind of shares of Stock or other property issued or issuable in respect of outstanding Awards, (iii) the exercise price, grant price or
purchase price relating to any Award, (iv) the Performance Goals and (v) the individual limitations applicable to Awards; provided that, with respect to ISOs, any adjustment shall be made in accordance with the provisions of
Section 424(h) of the Code and any regulations or guidance promulgated thereunder, and provided further that no such adjustment shall cause any Award hereunder which is or becomes subject to Section 409A of the Code to fail to comply with
the requirements of such section. 
 6. SPECIFIC TERMS OF AWARDS. 
 (a) General. Subject to the terms of the Plan (including Schedule A attached hereto, as applicable) and any applicable Award Terms, (i) the
term of each Award shall be for such period as may be determined by the Committee, and (ii) payments to be made by the Company or a Subsidiary or Affiliate upon the grant, maturation, or exercise of an Award may be made in such forms as the
Committee shall determine at the date of grant or thereafter, including, without limitation, cash, Stock or other property, and may be made in a single payment or transfer, in installments, or, subject to the requirements of Section 409A of the
Code on a deferred basis. 
 (b) Awards. The Committee is authorized to grant to Grantees the following Awards, as deemed by the
Committee to be consistent with the purposes of the Plan. The Committee shall determine the terms and conditions of such Awards, consistent with the terms of the Plan (including Schedule A attached hereto, as applicable). 
  

	 	(i)	Options. The Committee is authorized to grant Options to Grantees on the following terms and conditions: 

  

	 	(A)	The Award Terms evidencing the grant of an Option under the Plan shall designate the Option as an ISO or an NQSO. 

  

	 	(B)	 The exercise price per share of Stock purchasable under an Option shall be determined by the Committee, but in no event shall the exercise price of an Option per
share of Stock be less than the Fair Market Value of a share of Stock as of the date of grant of such Option. The purchase price of Stock as to which an Option is exercised shall be paid in full at the time of exercise; payment may be made in cash,
which may be paid by check, or other instrument acceptable to the Company, or, with the consent of the Committee, in shares of Stock, valued at the Fair Market Value on the date of exercise (including shares of Stock that otherwise would be
distributed to the Grantee upon exercise of the Option), or if there were no sales on such 

  

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date, on the next preceding day on which there were sales or (if permitted by the Committee and subject to such terms and conditions as it may determine) by
surrender of outstanding Awards under the Plan, or the Committee may permit such payment of exercise price by any other method it deems satisfactory in its discretion. In addition, subject to applicable law and pursuant to procedures approved by the
Committee, payment of the exercise price may be made pursuant to a broker-assisted cashless exercise procedure. Any amount necessary to satisfy applicable federal, state or local tax withholding requirements shall be paid promptly upon notification
of the amount due. The Committee may permit the minimum amount of tax withholding to be paid in shares of Stock previously owned by the employee, or a portion of the shares of Stock that otherwise would be distributed to such employee upon exercise
of the Option, or a combination of cash and shares of such Stock. 

  

	 	(C)	Options shall be exercisable over the exercise period (which shall not exceed ten years from the date of grant), at such times and upon such conditions as the Committee may
determine, as reflected in the Award Terms; provided that, the Committee shall have the authority to accelerate the exercisability of any outstanding Option at such time and under such circumstances as it, in its sole discretion, deems appropriate.

  

	 	(D)	Upon the termination of a Grantee’s employment or service with the Company and its Subsidiaries or Affiliates, the Options granted to such Grantee, to the extent that they are
exercisable at the time of such termination, shall remain exercisable for such period as may be provided in the applicable Award Terms, but in no event following the expiration of their term. The treatment of any Option that is unexercisable as of
the date of such termination shall be as set forth in the applicable Award Terms. 

  

	 	(E)	Options may be subject to such other conditions, as the Committee may prescribe in its discretion or as may be required by applicable law. 

  

	 	(F)	Notwithstanding anything to the contrary herein, grants of Options may be made hereunder which have the terms and conditions set forth in the Exchange Offer.

  

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	 	(ii)	Restricted Stock. 

  

	 	(A)	The Committee may grant Awards of Restricted Stock under the Plan, subject to such restrictions, terms and conditions, as the Committee shall determine in its sole discretion and as
shall be evidenced by the applicable Award Terms (provided that any such Award is subject to the vesting requirements described herein). The vesting of a Restricted Stock Award granted under the Plan may be conditioned upon the completion of a
specified period of employment or service with the Company or any Subsidiary or Affiliate, upon the attainment of specified Performance Goals, and/or upon such other criteria as the Committee may determine in its sole discretion.

  

	 	(B)	The Committee shall determine the purchase price, which, to the extent required by law, shall not be less than par value of the Stock, to be paid by the Grantee for each share of
Restricted Stock or unrestricted stock or stock units subject to the Award. The Award Terms with respect to such stock award shall set forth the amount (if any) to be paid by the Grantee with respect to such Award and when and under what
circumstances such payment is required to be made. 

  

	 	(C)	Except as provided in the applicable Award Terms, no shares of Stock underlying a Restricted Stock Award may be assigned, transferred, or otherwise encumbered or disposed of by the
Grantee until such shares of Stock have vested in accordance with the terms of such Award. 

  

	 	(D)	If and to the extent that the applicable Award Terms may so provide, a Grantee shall have the right to vote and receive dividends on Restricted Stock granted under the Plan. Unless
otherwise provided in the applicable Award Terms, any Stock received as a dividend on or in connection with a stock split of the shares of Stock underlying a Restricted Stock Award shall be subject to the same restrictions as the shares of Stock
underlying such Restricted Stock Award. 

  

	 	(E)	Upon the termination of a Grantee’s employment or service with the Company and its Subsidiaries or Affiliates, the Restricted Stock granted to such Grantee shall be subject to
the terms and conditions specified in the applicable Award Terms. 

  

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	 	(F)	Notwithstanding anything to the contrary herein, grants of Restricted Stock may be made hereunder which have the terms and conditions set forth in the Exchange Offer.

  

	 	(iii)	Restricted Stock Units. The Committee is authorized to grant Restricted Stock Units to Grantees, subject to the following terms and conditions: 

  

	 	(A)	At the time of the grant of Restricted Stock Units, the Committee may impose such restrictions or conditions to the vesting of such Awards as it, in its discretion, deems
appropriate, including, but not limited to, the achievement of Performance Goals. The Committee shall have the authority to accelerate the settlement of any outstanding award of Restricted Stock Units at such time and under such circumstances as it,
in its sole discretion, deems appropriate, subject compliance with the requirements of Section 409A of the Code. 

  

	 	(B)	Unless otherwise provided in the applicable Award Terms or except as otherwise provided in the Plan, upon the vesting of a Restricted Stock Unit there shall be delivered to the
Grantee, as soon as practicable following the date on which such Award (or any portion thereof) vests, that number of shares of Stock equal to the number of Restricted Stock Units becoming so vested. 

  

	 	(C)	Subject to compliance with the requirements of Section 409A of the Code, Restricted Stock Units may provide the Grantee with the right to receive dividend equivalent payments
with respect to Stock actually or notionally subject to the Award, which payments may be either made currently or credited to an account for the Grantee, and may be settled in cash or Stock, as determined by the Committee. Any such settlements and
any such crediting of dividend equivalents may be subject to such conditions, restrictions and contingencies as the Committee shall establish, including the reinvestment of such credited amounts in Stock equivalents. 

  

	 	(D)	Upon the termination of a Grantee’s employment or service with the Company and its Subsidiaries or Affiliates, the Restricted Stock Units granted to such Grantee shall be
subject to the terms and conditions specified in the applicable Award Terms. 

  

	 	(iv)	Other Stock-Based or Cash-Based Awards. 

  

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	 	(A)	The Committee is authorized to grant Awards to Grantees in the form of Other Stock-Based Awards or Other Cash-Based Awards, as deemed by the Committee to be consistent with the
purposes of the Plan. The Committee shall determine the terms and conditions of such Awards, consistent with the terms of the Plan, at the date of grant or thereafter, including the Performance Goals and performance periods. Stock or other
securities or property delivered pursuant to an Award in the nature of a purchase right granted under Section 6(iv) shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without
limitation, Stock, other Awards, notes or other property, as the Committee shall determine, subject to any required corporate action. 

  

	 	(B)	With respect to a Covered Employee, the maximum value of the aggregate payment that any Grantee may receive with respect to Other Cash-Based Awards pursuant to this
Section 6(b)(iii) in respect of any annual performance period is $5,000,000 and for any other performance period in excess of one year, such amount multiplied by a fraction, the numerator of which is the number of months in the performance
period and the denominator of which is twelve. No payment shall be made to a Covered Employee prior to the certification by the Committee that the Performance Goals have been attained. The Committee may establish such other rules applicable to the
Other Stock- or Cash-Based Awards to the extent not inconsistent with Section 162(m) of the Code. 

  

	 	(C)	Payments earned in respect of any Cash-Based Award may be decreased or, with respect to any Grantee who is not a Covered Employee, increased in the sole discretion of the Committee
based on such factors as it deems appropriate. 

 7. GENERAL PROVISIONS. 
 (a) Nontransferability, Deferrals and Settlements. Unless otherwise determined by the Committee or provided in an Award Term or set forth below,
but in accordance with the Code and any applicable laws, Awards shall not be transferable by a Grantee except by will or the laws of descent and distribution and shall be exercisable during the lifetime of a Grantee only by such Grantee or his
guardian or legal representative. Any Award shall be null and void and without effect upon any attempted assignment or transfer, except as herein provided, including without limitation any purported assignment, whether voluntary or by operation of
law, pledge, hypothecation or other disposition, attachment, divorce, trustee process or similar process, whether legal or 

  

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equitable, upon such Award. The Committee may permit Grantees to elect to defer the issuance of shares of Stock or the settlement of Awards in cash under
such rules and procedures as established under the Plan to the extent that such deferral complies with Section 409A of the Code and any regulations or guidance promulgated thereunder. Notwithstanding the foregoing but subject to applicable law,
the Committee in its sole discretion may grant transferable NQSOs that, upon becoming fully vested and exercisable, may be transferred to a third-party pursuant to an auction process approved or established up by the Company. 
 (b) No Right to Continued Employment, etc. Nothing in the Plan or in any Award granted or any Award Terms, promissory note or other agreement
entered into pursuant hereto shall confer upon any Grantee the right to continue in the employ or service of the Company, any Subsidiary or any Affiliate or to be entitled to any remuneration or benefits not set forth in the Plan or the applicable
Award Terms or to interfere with or limit in any way the right of the Company or any such Subsidiary or Affiliate to terminate such Grantee’s employment or service. 
 (c) Cancellation and Rescission of Awards. The following provisions of this Section 7(c) shall apply to Awards granted to (i) Grantees who are classified by the Company or a Subsidiary as an executive
officer, senior officer, or officer (collectively, “Officers”) of the Company or a Subsidiary, (ii) Grantees who are non-employee directors of the Company, and (iii) certain other Grantees designated by the Committee or the Board
to be subject to the terms of this Section 7(c) (such designated Grantees together with Officers and non-employee directors are referred to collectively as “Senior Grantees”). The Committee or the Board, in its sole discretion, may
cancel, rescind, forfeit, suspend or otherwise limit or restrict any unexpired Award at any time if the Senior Grantee engages in “Detrimental Activity” (as defined below). Furthermore, in the event a Senior Grantee engages in Detrimental
Activity at any time prior to or during the six months after any exercise of an Award, lapse of a restriction under an Award or delivery of Common Stock pursuant to an Award, such exercise, lapse or delivery may be rescinded until the later of
(i) two years after such exercise, lapse or delivery or (ii) two years after such Detrimental Activity. Upon such rescission, the Company at its sole option may require the Senior Grantee to (i) deliver and transfer to the Company the
shares of Stock received by the Senior Grantee upon such exercise, lapse or delivery, (ii) pay to the Company an amount equal to any realized gain received by the Senior Grantee from such exercise, lapse or delivery, (iii) pay to the
Company an amount equal to the market price (as of the exercise, lapse or delivery date) of the Stock acquired upon such exercise, lapse or delivery minus the respective price paid upon exercise, lapse or delivery, if applicable or (iv) pay the
Company an amount equal to any cash awarded with respect to an Award. The Company shall be entitled to set-off any such amount owed to the Company against any amount owed to the Senior Grantee by the Company. Further, if the Company commences an
action against such Senior Grantee (by way of claim or counterclaim and including declaratory claims), in which it is preliminarily or finally determined that such Senior Grantee engaged in Detrimental Activity or otherwise violated this
Section 7(c), the Senior Grantee shall reimburse the Company for all costs and fees incurred in such action, including but not limited to, the Company’s reasonable attorneys’ fees. As used in this Section 6.7, “Detrimental
Activity” shall include: (i) the 

  

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failure to comply with the terms of the Plan or Award Terms; (ii) the failure to comply with any term set forth in the Company’s Key Employee
Agreement (irrespective of whether the Senior Grantee is a party to the Key Employee Agreement); (iii) any activity that results in termination of the Senior Grantee’s employment for Cause; (iv) a violation of any rule, policy,
procedure or guideline of the Company; or (v) the Senior Grantee being convicted of, or entering a guilty plea with respect to a crime whether or not connected with the Company. 
 (d) Taxes. The Company or any Subsidiary or Affiliate is authorized to withhold from any Award granted, any payment relating to an Award under the
Plan, including from a distribution of Stock, or any other payment to a Grantee, amounts of withholding and other taxes due in connection with any transaction involving an Award, and to take such other action as the Committee may deem advisable to
enable the Company and Grantees to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This authority shall include authority to withhold or receive Stock or other property and to make cash
payments in respect thereof in satisfaction of a Grantee’s tax obligations; provided, however, that the amount of tax withholding to be satisfied by withholding Stock shall be limited to the minimum amount of taxes, including employment taxes,
required to be withheld under applicable federal, state and local law. 
 (e) Stockholder Approval; Amendment and Termination. The
Plan shall take effect on the Adoption Date, subject to the requisite approval of a majority of the stockholders of the Company, which approval must occur within twelve (12) months of the date that the Plan is adopted by the Board. If such
approval has not been obtained within the twelve (12) month period, all Awards previously granted, exercised or purchased under the Plan shall be rescinded, canceled and become null and void. The Board may amend, alter or discontinue the Plan
and outstanding Awards thereunder, but no amendment, alteration, or discontinuation shall be made that would impair the rights of a Grantee under any Award theretofore granted without such Grantee’s consent, or that without the approval of the
stockholders (as described below) would, except in the case of an adjustment as provided in Section 5, increase the total number of shares of Stock reserved for the purpose of the Plan. In addition, stockholder approval shall be required with
respect to any amendment with respect to which shareholder approval is required under the Code, the rules of any stock exchange on which Stock is then listed or any other applicable law. Unless earlier terminated by the Board pursuant to the
provisions of the Plan, the Plan shall terminate on the tenth anniversary of (i) its Adoption Date or (ii) the date the Plan is approved by a majority of the stockholders of the Company, whichever is earlier. No Awards shall be granted
under the Plan after such termination date. 
 (f) No Rights to Awards; No Stockholder Rights. No Grantee shall have any claim to be
granted any Award under the Plan, and there is no obligation for uniformity of treatment of Grantees. No Grantee shall have any right to payment or settlement under any Award unless and until the Committee or its designee shall have determined that
payment or settlement is to be made. Except as provided specifically herein, a Grantee or a transferee of an Award shall have no rights as a stockholder with respect to any shares covered by the Award until the date of the issuance of such shares.

  

 13 

 (g) Unfunded Status of Awards. The Plan is intended to constitute an “unfunded” plan for
incentive and deferred compensation. With respect to any payments not yet made to a Grantee pursuant to an Award, nothing contained in the Plan or any Award shall give any such Grantee any rights that are greater than those of a general creditor of
the Company. 
 (h) No Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any
Award. The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 (i) Regulations and Other Approvals. 
  

	 	(i)	The obligation of the Company to sell or deliver Stock with respect to any Award granted under the Plan shall be subject to all applicable laws, rules and regulations, including all
applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 

  

	 	(ii)	Each Award is subject to the requirement that, if at any time the Committee determines, in its absolute discretion, that the listing, registration or qualification of Stock issuable
pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award
or the issuance of Stock, no such Award shall be granted or payment made or Stock issued, in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to
the Committee. 

  

	 	(iii)	In the event that the disposition of Stock acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act of 1933, as amended (the
“Securities Act”), and is not otherwise exempt from such registration, such Stock shall be restricted against transfer to the extent required by the Securities Act or regulations thereunder, and the Committee may require a Grantee
receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to represent to the Company in writing that the Stock acquired by such Grantee is acquired for investment only and not with a view to distribution.

  

 14 

 (j) Section 409A. This Plan is intended to comply and shall be administered in a manner that
is intended to comply with Section 409A of the Code and shall be construed and interpreted in accordance with such intent. To the extent that an Award, issuance and/or payment is subject to Section 409A of the Code, it shall be awarded
and/or issued or paid in a manner that will comply with Section 409A of the Code, including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect
thereto. Any provision of this Plan that would cause an Award, issuance and/or payment to fail to satisfy Section 409A of the Code shall have no force and effect until amended to comply with Code Section 409A (which amendment may be
retroactive to the extent permitted by applicable law). 
 (k) Governing Law. The Plan and all determinations made and actions taken
pursuant hereto shall be governed by the laws of the State of Delaware without giving effect to the conflict of laws principles thereof. Notwithstanding anything to the contrary herein, the Committee, in order to conform with provisions of local
laws and regulations in foreign countries in which the Company or its Subsidiaries operate, shall have sole discretion to (i) modify the terms and conditions of Awards made to Grantees employed outside the United States, (ii) establish
sub-plans with modified exercise procedures and such other modifications as may be necessary or advisable under the circumstances presented by local laws and regulations,; and (iii) take any action which it deems advisable to obtain, comply
with or otherwise reflect any necessary governmental regulatory procedures, exemptions or approvals with respect to the Plan or any sub-plan established hereunder. 
  

 15 

 Schedule A 
 California “Blue Sky” Provisions 
 Notwithstanding any provision to the contrary in this
Plan or any applicable Award Terms, Awards shall be subject to the terms and conditions set forth in this Schedule A (i) at any time prior to the first date upon which any security of the Company is listed (or approved for listing) upon notice
of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation system if such securities exchange or interdealer quotation system has been
certified in accordance with the provisions of Section 25100(o) of the California Corporate Securities Law of 1968 and (ii) to the extent required by Section 25102(o) of the California Corporate Securities Law of 1968 and the
regulations thereunder. 
  

	 	(i)	Exercise Price; Purchase Price. The exercise price per share of Stock purchasable under any NQSO shall be determined by the Committee, but in no event shall be less than 85%
of the Fair Market Value of a share of Stock as of the grant date of such Award, provided that, in the case of an individual who owns more than 10% of the total combined voting power of all classes of stock of the Company or of any Subsidiary or
parent corporation, such exercise price per share shall in no event be less than 110% of the Fair Market Value of a share of Stock as of the grant date. 

  

	 	(ii)	Exercise Period; Exercisability. 

  

	 	(A)	Each NQSO shall be exercisable over an exercise period determined by the Committee, which shall in no event exceed ten years from the date of grant. 

  

	 	(B)	Each Option shall be exercisable at such time and upon such conditions as the Committee may determine, provided that, each Option granted to individuals other than officers,
directors or consultants of the Company shall be exercisable at the rate of at least 20% per year over no more than five years from the date of grant, subject to reasonable conditions such as continued employment. 

  

	 	(C)	Upon termination of a Grantee’s employment or service with the Company and its Subsidiaries or Affiliates by reason of his or her death, disability or for any other reason
(except for Cause), the Option shall be exercisable, to the extent Grantee is entitled to exercise on the date of such termination, for such period as provided in the applicable Award Term, provided that, in no event shall such exercise period be
less than 30 days (or 6 months in the event of termination by reason of death or disability). 

  

 A-1 

	 	(iii)	Repurchase Provisions. Any provisions regarding the repurchase of Stock by the Company upon a termination of a Grantee’s employment shall be specified in the Award Terms
in accordance with the following: 

  

	 	(A)	With respect to Options, (1) the repurchase of Stock by the Company must be for cash or cancellation of purchase money indebtedness within 90 days of Grantee’s termination
of employment or, in the case of Stock issued upon exercise of such Awards after the date of termination of employment, within 90 days after the exercise date, and (2) the repurchase price shall be either: (x) no less than the fair market
value of the Stock at the date of termination (provided the repurchase right terminates upon the Company’s securities becoming publicly traded) or (y) the original exercise price (provided that the right to repurchase at the original
exercise price shall lapse at the rate of at least 20% of the Stock per year over 5 years from the date the applicable Award is granted). 

  

	 	(B)	In addition to the restrictions set forth in subparagraph (A), the Stock held by officers, directors, managers or consultants may be subject to additional or greater restrictions.

  

	 	(iv)	Nontransferability. The Committee may provide that any NQSO may be transferable by a Grantee by will or the laws of descent and distribution or as permitted by Rule 701 of
the Securities Act of 1933, as amended. 

  

	 	(v)	Financial Statements. The Company shall provide to each Grantee and to each individual who acquires Stock pursuant to the Plan, not less frequently than annually during the
period such Grantee or purchaser has one or more Awards granted under the Plan outstanding, and, in the case of an individual who acquires Stock pursuant to the Plan, during the period such individual owns such Stock, copies of the Company’s
annual financial statements. The Company shall not be required to provide such statements to key employees of the Company whose duties in connection with the Company assure their access to equivalent information. 

  

 A-2 

	 	(vi)	California Code of Regulations. The provisions of Sections 260.140.41, 260.140.42, 260.140.45 and 240.140.46 of Title 10 of the California Code of Regulations are
incorporated herein by reference. 

  

 A-3Form of Insurance Matters Agreement

 Exhibit 10.11 
 INSURANCE MATTERS AGREEMENT 
 This Insurance Matters Agreement is dated as of
[            ], 2007 by and between VMware, Inc., a Delaware corporation (“VMware”), and EMC Corporation, a Massachusetts corporation (“EMC”). VMware and EMC are
sometimes referred to herein separately as a “Party” and together as the “Parties”. Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in Article I hereof. 
 RECITALS 
 WHEREAS, EMC is the
beneficial owner of all the issued and outstanding common stock of VMware; 
 WHEREAS, the Parties currently contemplate that VMware
will make an initial public offering (the “Offering”) of its Class A common stock pursuant to a Registration Statement on Form S-1 filed on April 26, 2007, as amended (the “Registration Statement”), under the Securities
Act of 1933, as amended; 
 WHEREAS, EMC maintains insurance coverage under the EMC Insurance Policies (as defined below) for the
VMware Entities (as defined below); 
 WHEREAS, following consummation of the Offering, VMware desires for EMC to continue to maintain
insurance coverage for the VMware Entities under the EMC Insurance Policies, as more fully set forth in this Agreement; and 
 NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, for themselves and their respective successors and assigns, hereby
covenant and agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Definitions. (a) As used in this Agreement, the following
terms shall have the following meanings, applicable both to the singular and the plural forms of the terms described: 
 “Agreement” means this Insurance Matters Agreement, together with the schedules and exhibits hereto, as the same may be amended and supplemented from time to time in accordance with the provisions hereof. 
 “Contract” means any contract, agreement, lease, license, sales order, purchase order, instrument or other commitment that is binding on any
Person or any part of such Person’s property under applicable law. 

 “EMC Entities” means EMC and its Subsidiaries (other than the VMware Entities), and “EMC
Entity” means any of EMC and its Subsidiaries (other than the VMware Entities) in place on the effective date of the Registration Statement and any entity which becomes a Subsidiary of EMC (other than any VMware Entity) after the date hereof.

 “Insurance Policies” means insurance policies pursuant to which a Person makes a true risk transfer to an insurer. 

“Insurance Proceeds” means those monies: (a) received by an insured from an insurance carrier; or (b) paid by an insurance carrier
on behalf of the insured; or (c) from Insurance Policies. 
 “Insured VMware Liability” means any VMware Liability to the
extent that (i) it is covered under the terms of the EMC Insurance Policies in effect prior to the end of the Insurance Transition Period, and (ii) VMware is not a named insured under, or otherwise entitled to the benefits of, such
Insurance Policies. 
 “Liabilities” means all debts, liabilities, guarantees, assurances, commitments and obligations, whether
fixed, contingent or absolute, asserted or unasserted, matured or unmatured, liquidated or unliquidated, accrued or not accrued, known or unknown, due or to become due, whenever or however arising (including, without limitation, whether arising out
of any Contract or tort based on negligence or strict liability) and whether or not the same would be required by generally accepted principles and accounting policies to be reflected in financial statements or disclosed in the notes thereto.

 “Master Transaction Agreement” means the Master Transaction Agreement between the Parties dated as of
[            , 2007]. 
 “Offering Date” means [12:01 a.m.] New
York City Time, on the date on which the Offering is consummated. 
 “Person” means any individual, partnership, limited liability
company, joint venture, corporation, trust, unincorporated organization, government (including any department or agency thereof) or other entity. 
 “Schedule I” means the first Schedule attached hereto which lists the Insurance Policies to be maintained by EMC on behalf of or for the VMware Entities and premium expenses and/or the methodology for calculating the premium
expenses to be paid by VMware for insurance coverage under such Insurance Policies. 
 “Subsidiary” means, as to any Person, a
corporation, limited liability company, joint venture, partnership, trust, association or other entity in which such Person: (1) beneficially owns, either directly or indirectly, more than fifty percent (50%) of (A) the total combined
voting power of all classes of voting securities of such entity, (B) the total combined equity interests, or (C) the capital or profits interest, in the case of a partnership; or (2) otherwise has the power to vote, either directly or
indirectly, sufficient securities to elect a majority of the board of directors or similar governing body. 
  

 2 

 “VMware Business” means the business of virtual infrastructure technology presently conducted
by VMware, as more completely described in the Registration Statement, or following the Offering Date, such business that is then conducted by VMware and described in its periodic filings with the U.S. Securities and Exchange Commission. 

“VMware Entities” means VMware, Inc. and its Subsidiaries from time to time, and “VMware Entity” means any one of the VMware
Entities. 
 “VMware Liabilities” has the meaning set forth in the Master Transaction Agreement. 
 (b) Each of the following terms is defined in the Section set forth opposite such term: 
  

			
	 TERM
	  	 SECTION

	 Action
	  	3.01
	 EMC
	  	Preamble
	 EMC Indemnified Person
	  	2.08
	 EMC Insurance Policies
	  	2.01(a)
	 Initial Term
	  	4.01
	 Insurance Transition Period
	  	2.01(a)
	 Offering
	  	Preamble
	 Parties
	  	Preamble
	 Party
	  	Preamble
	 Registration Statement
	  	Preamble
	 VMware Covered Parties
	  	2.01(a)
	 VMware
	  	Preamble

 Section 1.02 Internal References. Unless the context indicates otherwise, references to
Articles, Sections and paragraphs shall refer to the corresponding articles, sections and paragraphs in this Agreement and references to the parties shall mean the parties to this Agreement. 
 ARTICLE II 
 INSURANCE MATTERS 
 Section 2.01 VMware Insurance Coverage During Transition Period. 
 (a) As of the Offering Date, EMC maintains insurance coverage under the Insurance Policies listed in Part (a) of Schedule I that
cover and are for the benefit of, among others, the VMware Entities and their respective directors, officers and employees (collectively, the “VMware Covered Parties”). Throughout the period beginning on the Offering Date and ending upon
the termination or expiration of this Agreement in accordance with its terms (the “Insurance Transition Period”), EMC shall continue to maintain Insurance Policies covering and for the benefit of the VMware Covered Parties which are
comparable to those maintained 

  

 3 

 
generally by EMC covering the VMware Covered Parties as of the Offering Date (each individually an “EMC Insurance Policy”; collectively, the
“EMC Insurance Policies”). 
 (b) Except to the extent that EMC allocates a portion of its insurance costs to the
VMware Entities, VMware shall promptly pay or reimburse EMC, as the case may be, for the VMware Covered Parties’ pro rata portion of the premium expenses, deductibles or retention amounts, and any other costs and expenses which EMC may incur in
connection with the Insurance Policies covering and for the benefit of the VMware Covered Parties maintained by EMC pursuant to this Section 2.01, including but not limited to any subsequent premium adjustments. The VMware Covered Parties’
pro rata share of such costs and expenses shall be calculated as set forth in Part (b) of Schedule I. EMC shall provide to VMware no less than 180 days advance written notice of any premium increase or other material change to any EMC Insurance
Policies. Upon any such notice, VMware shall have the right to decline to pay for coverage for any such EMC Insurance Policy and to decline to have any such costs allocated to the VMware Entities. Upon VMware notice of its exercise of such right,
the parties shall promptly modify Schedule I and any other agreements accordingly to remove such obligation to pay or to bear such allocation. 
 Section 2.02 Cooperation; Payment of Insurance Proceeds to VMware; Agreement Not to Release Carriers. Subject to the provisions of Section 3.5 of the Master Transaction Agreement, each Party shall share such information as is
reasonably necessary in order to permit the other Party to manage and conduct its insurance matters in an orderly fashion. EMC, at the request of VMware, shall cooperate with and use its reasonable best efforts to assist VMware in recovering
Insurance Proceeds under the EMC Insurance Policies for claims relating to the VMware Business, the assets of VMware or VMware Liabilities, whether such claims arise under any Contract or agreement, by operation of law or otherwise, existing or
arising from any past acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed before the Offering Date, on the Offering Date or during the Insurance
Transition Period, and EMC shall promptly pay any such recovered Insurance Proceeds to VMware. Neither EMC nor VMware, nor any of their respective Subsidiaries, shall take any action which would intentionally jeopardize or otherwise interfere with
the other Party’s ability to collect any proceeds payable pursuant to any Insurance Policy. Except as otherwise contemplated by this Agreement or any other agreement between the Parties, with effect from the Offering Date neither EMC nor VMware
(and each Party shall ensure that no affiliate of such Party), without the consent of the other Party (such consent not to be unreasonably withheld), shall provide any insurance carrier with a release, or amend, modify or waive any rights under any
such policy or agreement, if such release, amendment, modification or waiver would adversely affect any rights or potential rights of the other Party (or its Subsidiary) thereunder. However, nothing in this Section 2.02 shall (A) preclude
any EMC Entity or any VMware Entity from presenting any claim or from exhausting any policy limit or (B) require any EMC Entity or any VMware Entity to pay any premium or other amount or to incur any Liability. 
  

 4 

 Section 2.03 VMware Insurance Coverage After the Insurance Transition Period. After the expiration
of the Insurance Transition Period, VMware shall be responsible for obtaining and maintaining Insurance Policies in respect of the VMware Entities’ risk of loss and such insurance arrangements shall be separate and apart from EMC’s
Insurance Policies; provided that nothing herein shall be deemed to be a relinquishment of any rights of a VMware Covered Party under any EMC Insurance Policies written on an occurrence basis arising prior to the termination of the
Insurance Transition Period. 
 Section 2.04 Deductibles and Self-Insured Obligations. VMware shall reimburse EMC for all amounts
necessary to exhaust or otherwise to satisfy all applicable self-insured retentions, amounts for fronted policies, deductibles and retrospective premium adjustments and similar amounts not covered by EMC Insurance Policies in connection with Insured
VMware Liabilities to the extent that EMC is required to pay any such amounts. 
 Section 2.05 Procedures with Respect to Insured VMware
Liabilities. 
 (a) VMware shall reimburse EMC for all amounts reasonably incurred by EMC in pursuing insurance recoveries
from EMC Insurance Policies in respect of Insured VMware Liabilities covered by such policies. 
 (b) The defense of claims,
suits or actions giving rise to potential or actual Insured VMware Liabilities shall be managed (in conjunction with EMC’s insurers, as appropriate) by the Party that would have had responsibility for managing such claims, suits or actions had
such Insured VMware Liabilities been VMware Liabilities. 
 Section 2.06 Cooperation. EMC and VMware shall cooperate with each other
in all respects, and shall execute any additional documents which are reasonably necessary, to effectuate the provisions of this Article II. 
 Section 2.07 No Assignment or Waiver. This Agreement shall not be considered as an attempted assignment of any policy of insurance or as a contract of insurance and shall not be construed to waive any right or remedy of any EMC
Entity in respect of any Insurance Policy or any other contract or policy of insurance. 
 Section 2.08 No Liability. VMware does
hereby, for itself and as agent for each other VMware Entity, agree that no EMC Entity or their respective directors, officers, agents, and employees (each, an “EMC Indemnified Person”) shall have any Liability whatsoever as a result of
the insurance policies and practices of EMC and its Subsidiaries as in effect at any time prior to the end of the Insurance Transition Period, including as a result of the level or scope of any such insurance, the creditworthiness of any insurance
carrier, the terms and conditions of any policy, or the adequacy or timeliness of any notice to any insurance carrier with respect to any claim or potential claim or otherwise, except for Liabilities resulting from any EMC Entity’s or EMC
Indemnified Person’s breach, gross negligence, bad faith or willful misconduct. 
  

 5 

 Section 2.09 Additional or Alternate Insurance. Notwithstanding any other provision of this
Agreement, during the Insurance Transition Period, EMC and VMware shall work together to evaluate insurance options and secure additional or alternate insurance for VMware and/or EMC if desired by and cost effective for VMware and EMC, as determined
by the mutual consent of the Parties. Nothing in this Agreement shall be deemed to restrict any VMware Entity from acquiring at its own expense any other Insurance Policy in respect of any Liabilities or covering any period. 
 Section 2.10 Further Agreements. The Parties acknowledge that they intend to allocate financial obligations without violating any laws regarding
insurance, self-insurance or other financial responsibility. If it is determined that any action undertaken pursuant to this Agreement or any related agreement is violative of any insurance, self-insurance or related financial responsibility law or
regulation, the Parties agree to work together to do whatever is necessary to comply with such law or regulation while trying to accomplish, as much as possible, the allocation of financial obligations as intended in this Agreement or any such
related agreement. 
 ARTICLE III 
 INDEMNIFICATION 
 Section 3.01 EMC agrees to indemnify and hold harmless each VMware director, officer, agent and employee
from and against any damages related to, and to reimburse each such individual for all reasonable expenses as they are incurred in connection with investigating, preparing, or defending, any Action arising out of or related to the breach, gross
negligence, bad faith or willful misconduct of any EMC Indemnified Person in connection with this Agreement. 
 ARTICLE IV 

TERM AND TERMINATION 
 Section 4.01
Term. Except as otherwise provided in this Article IV or as otherwise agreed in writing by the Parties, (a) this Agreement shall have an initial term from [ , 2007] through December, 31, 2007 (the “Initial Term”), and will be
renewed automatically thereafter for successive six month terms unless either Party elects not to renew this Agreement by notice in writing to the other Party not less than one hundred and eighty (180) days prior to the end of any term, and
(b) EMC’s obligation to provide coverage to the VMware Entities under the EMC Insurance Policies, and VMware’s obligation to pay or reimburse EMC, as the case may be, for premium expenses, deductibles or retention amounts, and any
other costs and expenses which EMC may incur in connection with the insurance coverage shall cease as of the applicable date determined in accordance with this Article IV. 
  

 6 

 Section 4.02 Termination. Either Party may
terminate this Agreement at any time if the other Party shall have failed to perform any of its material obligations under this Agreement, such Party shall have notified the other Party in writing of such failure, and such failure shall have
continued for a period of at least thirty (30) days after receipt by the other Party of written notice of such failure, effective as of such 30th day. 
 Section 4.03 Effect of Termination. Other than as required by law, upon the
effective date of the termination of this Agreement pursuant to Section 4.02, or upon termination of this Agreement in accordance with its terms, EMC shall have no further obligation to provide coverage under the EMC Insurance Policies in
respect of the VMware Covered Parties and VMware shall have no obligation to pay for any premium expenses, deductibles or retention amounts, and any other costs and expenses which EMC may incur in connection with such Insurance Policies or to make
any other payments hereunder; provided that, notwithstanding such termination, (i) except to the extent that EMC allocates a portion of its insurance costs to the VMware Entities, VMware shall remain liable to EMC for the VMware
Covered Parties’ pro rata portion of those premium expenses, deductibles or retention amounts owed, and any other costs and expenses which EMC has incurred in connection with EMC Insurance Policies that cover and are for the benefit of the
VMware Covered Parties arising prior to the effective date of such termination; and (ii)] the provisions of Section 2.08, Article III, this Article IV and Article V shall survive any such termination indefinitely. 
 ARTICLE V 
 MISCELLANEOUS

 Section 5.01 Other Agreements. In the event there is any inconsistency between the provisions of this Agreement and the
respective provisions of the Master Transaction Agreement, the provisions of this Agreement shall govern. 
 Section 5.02 No Agency.
Nothing in this Agreement shall constitute or be deemed to constitute a partnership or joint venture between the Parties hereto or constitute or be deemed to constitute any Party the agent or employee of the other Party for any purpose whatsoever,
and neither Party shall have authority or power to bind the other Party or to contract in the name of, or create a liability against, the other Party in any way or for any purpose. 
 Section 5.03 Force Majeure. 
 (a) For purposes of this Section 5.03, “Force Majeure” means an event beyond the control of either Party, which by its nature could not have been foreseen by such Party, or, if it could have been foreseen, was unavoidable,
and includes without limitation, acts of God, storms, floods, riots, fires, sabotage, civil commotion or civil unrest, interference by civil or military authorities, acts of war (declared or undeclared) and failure of energy sources. 
  

 7 

 (b) Continued provision of insurance coverage for the benefit of the VMware Covered
Parties pursuant to the EMC Insurance Policies may be suspended immediately to the extent caused by Force Majeure. The Party claiming suspension of such insurance coverage due to Force Majeure will give prompt notice to the other of the occurrence
of the event giving rise to the suspension and of its nature and anticipated duration. The Parties shall cooperate with each other to find alternative means and methods for the provision of the suspended insurance coverage. 
 (c) Without limiting the generality of Section 2.08, neither Party shall be under any liability for failure to fulfill any obligation
under this Agreement, so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered, or delayed as a consequence of circumstances of Force Majeure. 
 Section 5.04 Entire Agreement. This Agreement (including the schedules constituting a part of this Agreement) and any other writing signed by the
Parties that specifically references or is specifically related to this Agreement constitute the entire agreement among the Parties with respect to the subject matter hereof and supersede all prior agreements, understandings and negotiations, both
written and oral, between the Parties with respect to the subject matter hereof. This Agreement is not intended to confer upon any Person other than the Parties hereto any rights or remedies hereunder. 
 Section 5.05 Information. Subject to applicable law and privileges, each Party hereto covenants with and agrees to provide to the other Party all
information regarding itself and transactions under this Agreement that the other Party reasonably believes is required to comply with all applicable federal, state, county and local laws, ordinances, regulations and codes, including, but not
limited to, securities laws and regulations. 
 Section 5.06 Notices. Any notice, instruction, direction or demand under the terms of
this Agreement required to be in writing shall be duly given upon delivery, if delivered by hand, facsimile transmission, or mail (with postage prepaid), to the following addresses: 
 (a) If to EMC, to: 
 Office of the General Counsel 
 176 South Street 
 Hopkinton, MA 01748 
 Fax: (508) 497-6915 
  

 8 

 (b) If to VMware, to: 
 Legal Department 
 VMware, Inc. 
 3401 Hillview Avenue 
 Palo Alto, CA 94304 
 Fax: (650) 475-5101 
 or to such other addresses or telecopy numbers as may be specified by like notice to the other Party. 
 Section 5.07 Governing Law. This Agreement, including the validity hereof and the rights and obligations of the Parties hereunder, shall be
construed in accordance with and shall be governed by the laws of The Commonwealth of Massachusetts applicable to contracts made and to be performed entirely in such Commonwealth (without giving effect to the conflicts of laws provisions thereof).

 Section 5.08 Severability. If any terms or other provision of this Agreement or the Schedules or exhibits hereto shall be
determined by a court, administrative agency or arbitrator to be invalid, illegal or unenforceable, such invalidity or unenforceability shall not render the entire Agreement invalid. Rather, this Agreement shall be construed as if not containing the
particular invalid, illegal or unenforceable provision, and all other provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected
in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent permitted under applicable law. 
 Section 5.09 Amendment. This Agreement may only be amended by a written agreement executed by both Parties hereto. 
  

 9 

 Section 5.10 Counterparts. This Agreement may be executed in separate counterparts, each of which
shall be deemed an original and all of which, when taken together, shall constitute one and the same agreement. 
 Section 5.11
Authority. Each of the Parties represent to the other Party that (a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this
Agreement by it have been duly authorized by all necessary corporate or other actions, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is its legal, valid and binding obligation, enforceable
against it in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles. 
 [Signature Page Follows] 
  

 10 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed by their duly authorized
representatives. 
  

			
	EMC CORPORATION
		
	By:	 	  
	Name:	 	
	Title:	 	
	
	VMWARE, INC.
		
	By:	 	  
	Name:	 	
	Title:	 	

  

 11

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