Document:

EX-10.8

 Exhibit 10.8 
  

 
  

DELL TECHNOLOGIES INC. 

MSD PARTNERS STOCKHOLDERS AGREEMENT 

Dated as of [●], 2018 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	  
 ARTICLE I
	 
  

	DEFINITIONS	  

	Section 1.1.	 	Definitions	  	 	2	 
	Section 1.2.	 	General Interpretive Principles	  	 	12	 
	
	ARTICLE II	  

	REPRESENTATIONS AND WARRANTIES	  

			
	Section 2.1.	 	Representations and Warranties of the Stockholders	  	 	13	 
	Section 2.2.	 	Representations and Warranties of the MSD Partners Stockholders	  	 	14	 
	
	ARTICLE III	  

	GOVERNANCE	  

			
	Section 3.1.	 	Board of Directors of the Company	  	 	14	 
	Section 3.2.	 	Specified Subsidiaries	  	 	14	 
	Section 3.3.	 	Additional Management Provisions	  	 	15	 
	Section 3.4.	 	VCOC Investors	  	 	15	 
	
	ARTICLE IV	  

	TRANSFER RESTRICTIONS	  

			
	Section 4.1.	 	General Restrictions on Transfers	  	 	16	 
	Section 4.2.	 	Restrictions on Transfers During Restricted Period	  	 	20	 
	Section 4.3.	 	Permitted Transfers	  	 	20	 
	Section 4.4.	 	Tag-Along Rights	  	 	20	 
	Section 4.5.	 	Diligence Access and Cooperation	  	 	25	 
	
	ARTICLE V	  

	ADDITIONAL AGREEMENTS	  

			
	Section 5.1.	 	Further Assurances	  	 	25	 
	Section 5.2.	 	Other Businesses; Waiver of Certain Duties	  	 	26	 
	Section 5.3.	 	Confidentiality	  	 	27	 
	Section 5.4.	 	Publicity	  	 	28	 
	Section 5.5.	 	Certain Tax Matters	  	 	28	 
	Section 5.6.	 	Expense Reimbursement	  	 	29	 
	Section 5.7.	 	Information Rights; Visitation Rights	  	 	29	 
	Section 5.8.	 	Cooperation with Reorganizations and SEC Filings	  	 	30	 
	Section 5.9.	 	Termination of Other Agreements	  	 	31	 

  
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	ARTICLE VI	  

	ADDITIONAL PARTIES	  

	Section 6.1.	 	Additional Parties	  	 	31	 
	
	ARTICLE VII	  

	INDEMNIFICATION; INSURANCE	  

			
	Section 7.1.	 	Indemnification of Stockholders	  	 	31	 
	
	ARTICLE VIII	  

	MISCELLANEOUS	  

			
	Section 8.1.	 	Entire Agreement	  	 	33	 
	Section 8.2.	 	Effectiveness	  	 	33	 
	Section 8.3.	 	Specific Performance	  	 	33	 
	Section 8.4.	 	Governing Law	  	 	33	 
	Section 8.5.	 	Submissions to Jurisdictions; WAIVER OF JURY TRIAL	  	 	34	 
	Section 8.6.	 	Obligations	  	 	35	 
	Section 8.7.	 	Consents, Approvals and Actions	  	 	35	 
	Section 8.8.	 	Amendment; Waiver	  	 	35	 
	Section 8.9.	 	Assignment of Rights By Stockholders	  	 	36	 
	Section 8.10.	 	Binding Effect	  	 	36	 
	Section 8.11.	 	Third Party Beneficiaries	  	 	36	 
	Section 8.12.	 	Termination	  	 	36	 
	Section 8.13.	 	Notices	  	 	37	 
	Section 8.14.	 	No Third Party Liability	  	 	38	 
	Section 8.15.	 	No Partnership	  	 	38	 
	Section 8.16.	 	Aggregation; Beneficial Ownership	  	 	38	 
	Section 8.17.	 	Severability	  	 	39	 
	Section 8.18.	 	Counterparts	  	 	39	 

 ANNEXES AND EXHIBITS 
  

					
	 ANNEX A-1
	  	 –
	  	 FORM OF JOINDER AGREEMENT

	 ANNEX A-2
	  	 –
	  	 FORM OF SPECIFIED SUBSIDIARY JOINDER AGREEMENT

	 ANNEX B
	  	 –
	  	 FORM OF SPOUSAL CONSENT

  
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 DELL TECHNOLOGIES INC. 

MSD PARTNERS STOCKHOLDERS AGREEMENT 

This MSD PARTNERS STOCKHOLDERS AGREEMENT is made as of [●], 2018, by and among Dell Technologies Inc., a Delaware corporation (together
with its successors and assigns, the “Company”), Denali Intermediate Inc., a Delaware corporation and wholly-owned subsidiary of the Company (together with its successors and assigns, “Intermediate”), Dell Inc., a
Delaware corporation and wholly-owned subsidiary of Intermediate (together with its successors and assigns, “Dell”), Denali Finance Corp., a Delaware corporation (together with its successors and assigns, “Denali
Finance”), Dell International L.L.C., a Delaware limited liability company (together with its successors and assigns, “Dell International”), EMC Corporation, a Massachusetts corporation and wholly-owned subsidiary of the
Company (together with its successors and assigns, “EMC”), each other Specified Subsidiary (as defined herein) that becomes a party hereto pursuant to, and in accordance with, Section 3.2, solely for the purposes of
Section 4.4, Michael S. Dell (“MD”) and Susan Lieberman Dell Separate Property Trust (the “SLD Trust”), and each of the following (hereinafter severally referred to as a “Stockholder”
and collectively referred to as the “Stockholders”): 
  

	 	(a)	 MSDC Denali Investors, L.P., a Delaware limited partnership (“MSDC Denali Investors”) and MSDC
Denali EIV, LLC, a Delaware limited liability company (“MSDC Denali EIV” and, together with MSDC Denali Investors, and (i)their respective Permitted Transferees (as defined herein) that acquire Common Stock (as defined herein)
pursuant to the terms of this Agreement (as defined herein) and (ii)(I) any Person (as defined herein) or group of Affiliated Persons (as defined herein) to whom the MSD Partners Stockholders and their respective Permitted Transferees have
transferred, at substantially the same time, an aggregate number of shares of Common Stock greater than 50% of the outstanding shares of Common Stock owned by the MSD Partners Stockholders immediately following the EMC Closing (as defined herein)
(as adjusted for any stock split, stock dividend, reverse stock split or similar event occurring after the EMC Closing) and (II) any Permitted Transferees of such Persons specified in clause (I), collectively, the “MSD Partners
Stockholders”); 

  

	 	(b)	 each Person signatory hereto and identified on the signature pages hereto as a “MSD Partners
Co-Investor” (the “MSD Partners Co-Investors”); and 

  

	 	(c)	 any other Person who becomes a party hereto pursuant to, and in accordance with, ARTICLE VI.

 WHEREAS, the parties hereto, together with the MD Stockholders (as defined herein), the SLP Stockholders (as defined
herein) and the other parties thereto, are party to that certain Sponsor Stockholders Agreement, dated as of October 29, 2013 (the “Original Agreement”), as amended and restated by the Amended and Restated Sponsor Stockholders
Agreement, dated as of September 7, 2016 (the “First Restated Agreement”); 

 WHEREAS, pursuant to an Agreement and Plan of Merger, dated as of July 1, 2018 (as
further amended, restated, supplemented or modified from time to time, the “Merger Agreement”), by and between the Company and Teton Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger
Sub”), Merger Sub will be merged with and into the Company (the “Merger”), with the Company as the surviving corporation; 

WHEREAS, in connection with the execution of the Merger Agreement, the Company and the Sponsor Stockholders (as defined herein) entered into
that certain Voting and Support Agreement, dated as of July 1, 2018 (the “Voting and Support Agreement”), pursuant to which the Company and the parties thereto agreed to amend the First Restated Agreement to make certain
changes to the rights and obligations of the Company and parties thereto under the First Restated Agreement, effective upon the consummation of the Merger; 

WHEREAS, as of the date hereof, the First Restated Agreement, the Class A Stockholders Agreement (as defined herein), the Class C
Stockholders Agreement (as defined herein) and the Management Stockholders Agreement (as defined herein) shall each be amended and restated by the Company and the Sponsor Stockholders in order to, among other things, remove the MSD Partners
Stockholders and the MSD Partners Co-Investors as parties to such agreements; and 
 WHEREAS, the Company and the Stockholders desire to
provide for certain rights and obligations of the MSD Partners Stockholders and the MSD Partners Co-Investors with respect to the ownership of DTI Securities (as defined herein) by the Stockholders. 

NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the receipt
of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1. Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Additional Consideration” has the meaning ascribed to such term in Section 4.4(a). 

“Affiliate” means, with respect to any Person, any other Person that controls, is controlled by, or is under common control
with such Person. The term “control” means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise. The terms “controlled” and “controlling” have meanings correlative to the foregoing. Notwithstanding the foregoing, for purposes of this Agreement, (i) the Company, its Subsidiaries and its other
controlled Affiliates (including VMware and its subsidiaries) shall not be considered Affiliates of any of the MSD Partners Stockholders or any of such party’s Affiliates (other than the Company, its Subsidiaries and its other controlled
Affiliates), (ii) none of the MD Stockholders and the MSD Partners Stockholders, on the one hand, and/or the SLP Stockholders, on the other hand, shall be considered Affiliates of each other, and (iii) except with respect to

  
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Section 5.1 and Section 8.14, none of the MSD Partners Stockholders shall be considered Affiliates of (x) any portfolio company in which any of the Sponsor
Stockholders or any of their investment fund Affiliates have made a debt or equity investment (and vice versa) or (y) any limited partners, non-managing members or other similar direct or indirect investors in any of the Sponsor Stockholders or
their affiliated investment funds. 
 “Agreement” means this MSD Partners Stockholders Agreement (including the annexes and
exhibits attached hereto) as the same may be amended, restated, supplemented or modified from time to time. 
 “Approved
Exchange” means the New York Stock Exchange and/or the Nasdaq Stock Market. 
 “beneficial ownership” and
“beneficially own” and similar terms have the meaning set forth in Rule 13d-3 under the Exchange Act; provided, however, that (i) subject to Section 8.16, no party hereto shall be deemed to
beneficially own any Securities held by any other party hereto solely by virtue of the provisions of this Agreement (other than this definition) and (ii) with respect to any Securities held by a party hereto that are exercisable for,
convertible into or exchangeable for shares of Common Stock upon delivery of consideration to the Company or any of its Subsidiaries, such shares of Common Stock shall not be deemed to be beneficially owned by such party unless, until and to the
extent such Securities have been exercised, converted or exchanged and such consideration has been delivered by such party to the Company or such Subsidiary. 

“Board” means the Board of Directors of the Company or, if the context so requires, the board of directors or equivalent
governing body of any Specified Subsidiary. 
 “Business Day” means a day, other than a Saturday, Sunday or other day on
which banks located in New York, New York, Austin, Texas or San Francisco, California are authorized or required by law to close. 

“Class A Common Stock” means the Class A Common Stock, par value $0.01 per share, of the Company. 

“Class A Stockholders Agreement” means the Amended and Restated Class A Stockholders Agreement, dated as of
September 6, 2016, by and among the Company, the Class A Stockholders (as defined therein) party thereto, the Sponsor Stockholders, the Stockholders party thereto and the other signatories thereto, as it may be amended from time to time.

 “Class B Common Stock” means the Class B Common Stock, par value $0.01 per share, of the Company. 

“Class C Common Stock” means the Class C Common Stock, par value $0.01 per share, of the Company. 

“Class C Stockholders Agreement” means the Class C Stockholders Agreement, dated as of September 7, 2016, by and among
the Company, the Class C Stockholders (as defined therein) party thereto, the Sponsor Stockholders, the Stockholders party thereto and the other signatories thereto, as it may be amended from time to time. 

  
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 “Class D Common Stock” means the Class D Common Stock, par value $0.01 per
share, of the Company. 
 “Closing” has the meaning ascribed to such term in the Merger Agreement. 

“Closing Date” has the meaning ascribed to such term in the Merger Agreement. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time. 

“Common Stock” means the Class A Common Stock, the Class B Common Stock, the Class C Common Stock, the Class D Common
Stock and any other series or class of common stock of the Company. 
 “Company” has the meaning ascribed to such term in
the Preamble. 
 “Company Stock Option” means an option to subscribe for, purchase or otherwise acquire shares of Common
Stock. 
 “Confidential Information” has the meaning ascribed to such term in Section 5.3(a). 

“Covered Person” means the MSD Partners Stockholders. 

“Dell” has the meaning ascribed to such term in the Preamble. 

“Dell International” has the meaning ascribed to such term in the Preamble. 

“Demand Registration” has the meaning ascribed to such term in the Registration Rights Agreement. 

“Denali Acquiror” means Denali Acquiror Inc. 

“Denali Finance” has the meaning ascribed to such term in the Preamble. 

“DGCL” means the General Corporation Law of the State of Delaware. 

“DTI Securities” means the Common Stock, any equity or debt securities exercisable or exchangeable for, or convertible into
Common Stock, and any option, warrant or other right to acquire any Common Stock or such equity or debt securities of the Company. 

“Electing Tag-Along Seller” has the meaning ascribed to such term in Section 4.4(b). 

“Electronic Transmission” means any form of communication, not directly involving the physical transmission of paper, that
creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process. 

  
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 “Eligible Tag-Along Seller” means any of the Stockholders other than the MD
Stockholders. 
 “EMC” has the meaning ascribed to such term in the Preamble. 

“EMC Closing” means the closing of the EMC Merger on September 7, 2016. 

“EMC Merger” means the merger of EMC Merger Sub and EMC pursuant to that certain Agreement and Plan of Merger, dated as of
October 12, 2015 (as further amended, restated, supplemented or modified), by and among the Company, EMC Merger Sub, Dell and EMC, in which EMC Merger Sub was merged with and into EMC, with EMC surviving as a wholly-owned subsidiary of the
Company. 
 “EMC Merger Sub” means Universal Acquisition Co., a Delaware corporation and direct wholly-owned subsidiary of
Dell, which, pursuant to the EMC Merger was merged with and into EMC, with EMC as the surviving corporation. 
 “ERISA”
means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated pursuant thereto. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations
promulgated pursuant thereto. 
 “First Restated Agreement” has the meaning ascribed to such term in the Recitals. 

“Indemnification Sources” has the meaning ascribed to such term in Section 7.1(b). 

“Indemnified Liabilities” has the meaning ascribed to such term in Section 7.1(a). 

“Indemnitee-Related Entities” means any exempted company, corporation, limited liability company, partnership, joint venture,
trust, employee benefit plan or other enterprise (other than the Company, any Specified Subsidiary or the insurer under and pursuant to an insurance policy of the Company or any Specified Subsidiary) 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 Specified Subsidiary may also have an indemnification or advancement obligation. 

“Indemnitees” has the meaning ascribed to such term in Section 7.1(a). 

“Initiating Tag-Along Seller” means any of the MD Stockholders. 

“Intermediate” has the meaning ascribed to such term in the Preamble. 

  
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 “Joinder Agreement” means a joinder agreement substantially in the form of
Annex A-1 attached hereto. 
 “Jointly Indemnifiable Claims” shall be broadly construed and shall include, without
limitation, any Indemnified Liabilities for which the Indemnitee shall be entitled to indemnification from both (i) the Company and/or any Specified Subsidiary 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 Organizational Documents of any Indemnitee-Related Entity, on the other hand. 
 “Management
Stockholders Agreement” means the Amended and Restated Management Stockholders Agreement, dated as of September 7, 2016, by and among the Company, the Management Stockholders (as defined therein) party thereto, the Sponsor
Stockholders, the Stockholders party thereto and the other signatories thereto, as it may be amended from time to time. 
 “Marketed
Underwritten Shelf Take-Down” has the meaning ascribed to such term in the Registration Rights Agreement. 
 “MD”
has the meaning ascribed to such term in the Preamble. 
 “MD Co-Investor” has the meaning ascribed to such term in the
Sponsor Stockholders Agreement. 
 “MD Director Nominee” has the meaning ascribed to such term in the Sponsor Stockholders
Agreement. 
 “MD Related Parties” means any or all of MD, the MD Stockholders, the MSD Partners Stockholders, any
Permitted Transferee of the MD Stockholders or the MSD Partners Stockholders, any Affiliate or family member of any of the foregoing and/or any business, entity or person which any of the foregoing controls, is controlled by or is under common
control with; provided, that neither the Company nor any of its Subsidiaries shall be considered an “MD Related Party” regardless of the number of shares of Common Stock beneficially owned by the MD Stockholders. 

“MD Stockholders” means MD and SLD Trust, together with their respective Permitted Transferees that acquire Common Stock
pursuant to the terms of the Sponsor Stockholders Agreement. 
 “Merger” has the meaning ascribed to such term in the
Recitals. 
 “Merger Agreement” has the meaning ascribed to such term in the Recitals. 

“Merger Sub” has the meaning ascribed to such term in the Recitals. 

“MSDC Denali EIV” has the meaning ascribed to such term in the Preamble. 

  
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 “MSDC Denali Investors” has the meaning ascribed to such term in the
Preamble. 
 “MSD Partners” means MSD Partners, L.P. and its Affiliates (other than MD for so long as MD serves as the
Chief Executive Officer of the Company). 
 “MSD Partners Co-Investors” has the meaning ascribed to such term in the
Preamble. 
 “MSD Partners Stockholders” has the meaning ascribed to such term in the Preamble. 

“MSD Partners Subscription Agreement” means that certain Common Stock Purchase Agreement, dated as of October 12, 2015,
among the Company, MSDC Denali Investors and MSDC Denali EIV. 
 “Organizational Documents” means, with respect to any
Person, the articles and/or memorandum of association, certificate of incorporation, certificate of organization, bylaws, partnership agreement, limited liability company agreement, operating agreement, certificate of formation, certificate of
limited partnership and/or other organizational or governing documents of such Person. 
 “Original Agreement” has the
meaning ascribed to such term in the Recitals. 
 “Original Closing” means the closing of the Original Merger pursuant to
the Original Merger Agreement. 
 “Original Merger” means the merger of Denali Acquiror and Dell pursuant to the Original
Merger Agreement. 
 “Original Merger Agreement” means that certain Agreement and Plan of Merger, dated as of
February 5, 2013, between the Company, Intermediate, Denali Acquiror and Dell, as amended by Amendment No. 1 on August 2, 2013 (as further amended, restated, supplemented or modified from time to time). 

“Original Stock” has the meaning ascribed to such term in the Company’s Fourth Amended and Restated Certificate of
Incorporation. 
 “Participating Sellers” has the meaning ascribed to such term in Section 4.4(c). 

“Permitted Transferee”: 

(i) in the case of the MD Stockholders, has the meaning ascribed to such term in the Sponsor Stockholders Agreement; 

(ii) in the case of the MSD Partners Stockholders, shall mean (A) any of its controlled Affiliates (other than portfolio
companies) or (B) an affiliated private equity fund of the MSD Partners Stockholders that remains such an Affiliate or affiliated private equity fund of such MSD Partners Stockholders; provided, that for the avoidance

  
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of doubt, except as set forth in Section 4.1(a)(i), the MD Stockholders and Permitted Transferees of the MD Stockholders shall not be Permitted Transferees of any MSD Partners
Stockholder; and 
 (iii) in the case of (A) any other Stockholder (other than the MD Stockholders or the MSD Partners
Stockholders) or (B) the SLP Stockholders or MD Co-Investors, in each case that is a partnership, limited liability company or other entity, shall mean (1) any of its controlled Affiliates (other than portfolio companies) or (2) an
affiliated private equity fund of such Stockholder or other entity that remains such an Affiliate or affiliated private equity fund of such Stockholder or other entity (which, for the avoidance of doubt, shall include any special purpose entity
formed as part of a “fund-to-fund” transfer of all or a portion of such Stockholder’s or other entity’s investment in the Company, provide that all of the investors in such special purpose entity are, at the time of such
transfer, partners or stockholders of such Stockholder or other entity and such special purpose entity is managed by such Stockholder or other entity or one of their respective Affiliates). 

For the avoidance of doubt, each MSD Partners Stockholder will be a Permitted Transferee of each other MSD Partners Stockholder. 

“Person” means an individual, any general partnership, limited partnership, limited liability company, corporation, trust,
business trust, joint stock company, joint venture, unincorporated association, cooperative or association or any other legal entity or organization of whatever nature, and shall include any successor (by merger or otherwise) of such entity, or a
government or any agency or political subdivision thereof. 
 “Piggyback Registration” means an offering by the Company,
pursuant to, and in accordance with, Section 2.5 of the Registration Rights Agreement. 
 “Plan Assets Regulations”
means the regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the Code of Federal Regulations, or any successor regulations as the same may be amended from time to time. 

“Priority Sell-Down” has the meaning ascribed to such term in the Registration Rights Agreement. 

“Qualified Sale Transaction” has the meaning ascribed to such term in the Sponsor Stockholders Agreement. 

“Registration Rights Agreement” means the Second Amended and Restated Registration Rights Agreement, dated as of the date
hereof, by and among the Company, the Sponsor Stockholders, the Stockholders party thereto and the other signatories party thereto, as the same may be amended, restated, supplemented or modified from time to time. 

“Related Party Transaction” means any agreement, contract, transaction, payment or arrangement between the Company or any of
its controlled Affiliates, on the one hand, and any MD Related Party or SLP Related Party, on the other hand, other than a single or series of related transactions on arm’s-length terms involving aggregate payment by or to the Company or

  
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its Subsidiaries of less than $500,000; provided, however, that “Related Party Transaction” shall not include (i) the continuation of MD’s service as Chairman
and Chief Executive Officer, as contemplated herein, or the payment to any such persons of any compensation, bonus, incentive or benefits set forth in any employment agreement entered into with MD which has previously been approved in writing by the
SLP Stockholders, (ii) the entry into any Director Indemnification Agreements or any payment thereunder, or any payment under the advancement or indemnification provisions of the Organizational Documents of the Company or its Subsidiaries or
pursuant to this Agreement, (iii) a transfer of Common Stock to a Permitted Transferee, (iv) (A) the purchase of goods or services from the Company or its Subsidiaries on arm’s-length terms by any of MSD Capital, L.P., MSD
Capital (Europe), LLP, MSD Partners, L.P., the SLP Stockholders, the Michael & Susan Dell Foundation, DFI Resources, L.L.C. and each of their respective Affiliates and, if applicable, portfolio companies, and (B) payments for
reimbursement of business travel expenses to XRS Holdings, LLC and Raptor Management LLC or their respective Affiliates not in excess in the aggregate for all such payments described in this subclause (B) of $2,500,000 per fiscal year and/or
(v) the purchase of goods or services by the Company or its Subsidiaries on arms-length terms from ValleyCrest Holding Co. and/or one or more of its Subsidiaries. For the avoidance of doubt, in addition to the approval of the audit committee
(or such other committee or subset of the Board, as applicable), if required, the payment of any discretionary bonus or other discretionary payments or amounts to any MD Related Parties (other than payments described in the proviso of the
immediately preceding sentence) shall require approval of the SLP Stockholders. 
 “Representatives” means, with respect to
any Person, such Person’s and its Affiliates’ respective directors, officers, employees, trustees, partners, members, stockholders, controlling persons, investment committee, financial advisors, attorneys, consultants, valuators,
accountants, agents and other representatives. 
 “Restricted Period” has the meaning ascribed to such term in
Section 4.2. 
 “Rule 144” means Rule 144 (or any successor provision) under the Securities Act, as such
provision is amended from time to time. 
 “Sale Transaction” means (i) any merger, consolidation, business
combination or amalgamation of the Company or any Specified Subsidiary with or into any Person, (ii) the sale of Common Stock and/or other voting equity securities of the Company that represent (A) a majority of the Common Stock on a
fully-diluted basis and/or (B) a majority of the aggregate voting power of the Common Stock and/or (iii) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the Company and its
Subsidiaries’ assets (determined on a consolidated basis based on value) (including by means of merger, consolidation, other business combination, exclusive license, share exchange or other reorganization); provided, that in calculating the
aggregate voting power of the Common Stock for the purpose of clause (ii) of this definition of “Sale Transaction,” the voting power attaching to any shares of Class A Common Stock and/or Class B Common Stock that will convert
into Class C Common Stock in connection with such transaction shall be determined as if such conversion had already taken place; provided, further, that in each case, any transaction solely between and among the Company and/or its wholly-owned
Subsidiaries shall not be considered a Sale Transaction hereunder. 

  
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 “SEC” means the U. S. Securities and Exchange Commission or any successor
agency. 
 “Securities” means any equity securities of the Company, including any Common Stock, debt securities exercisable
or exchangeable for, or convertible into equity securities of the Company, or any option, warrant or other right to acquire any such equity securities or debt securities of the Company. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated
pursuant thereto. 
 “SLD Trust” has the meaning ascribed to such term in the Preamble. 

“SLP” means Silver Lake Management Company III, L.L.C., Silver Lake Management Company IV, L.L.C. and their respective
affiliated management companies and investment vehicles. 
 “SLP III” means Silver Lake Partners III, L.P., a Delaware
limited partnership. 
 “SLP IV” means Silver Lake Partners IV, L.P., a Delaware limited partnership. 

“SLP Director Nominee” has the meaning ascribed to such term in the Sponsor Stockholders Agreement. 

“SLP Related Parties” means any or all of SLP III, SLTI III, SLP IV, SLTI IV, any SLP Stockholders, any Permitted Transferee
of the SLP Stockholders, any SLP Director Nominee that is a partner or member of SLP III or SLP IV or affiliated private equity funds, any Affiliate or family member of any of the foregoing and/or any business, entity or person which any of the
foregoing controls, is controlled by or is under common control with; provided, that neither the Company nor any of its Subsidiaries shall be considered an “SLP Related Party” regardless of the number of shares of Common Stock
beneficially owned by the SLP Stockholders. 
 “SLP Stockholders” means, collectively, (i) SLP III, SLTI III, SLP IV,
SLTI IV and SLP Denali Co-Invest, L.P., a Delaware limited partnership, together with (ii) (A) their respective Permitted Transferees that acquire Common Stock pursuant to the terms of the Sponsor Stockholders Agreement and (B)(I) any
Person or group of Affiliated Persons to whom the SLP Stockholders and their respective Permitted Transferees have transferred, at substantially the same time, an aggregate number of shares of Common Stock greater than 50% of the outstanding shares
of Common Stock owned by the SLP Stockholders immediately following the EMC Closing (as adjusted for any stock split, stock dividend, reverse stock split or similar event occurring after the EMC Closing) and (II) any Permitted Transferees of such
Persons specified in clause (I). 
 “SLTI III” means Silver Lake Technology Investors III, L.P., a Delaware limited
partnership. 

  
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 “SLTI IV” means Silver Lake Technology Investors IV, L.P., a Delaware
limited partnership. 
 “Special Committee” has the meaning ascribed to such term in the Voting and Support Agreement. 

“Specified Subsidiary” means any of (i) Intermediate, (ii) Dell, (iii) EMC, (iv) Denali Finance,
(v) Dell International (until such time as the MD Stockholders and the SLP Stockholders otherwise agree pursuant to a separate written agreement), (vi) any successors and assigns of any of Intermediate, Dell, EMC, Denali Finance and Dell
International (until such time as the MD Stockholders and the SLP Stockholders otherwise agree pursuant to a separate written agreement), (vii) any other borrowers under the senior secured indebtedness and/or issuer of the debt securities, in
each case, incurred or issued to finance the EMC Merger and the transactions contemplated thereby and by the related transactions entered into in connection therewith and (viii) each intermediate entity or Subsidiary between the Company and any
of the foregoing. 
 “Sponsor Stockholders” means the MD Stockholders, MSD Partners Stockholders and the SLP Stockholders.

 “Sponsor Stockholders Agreement” means the Second Amended and Restated Sponsor Stockholders Agreement, dated as of the
date hereof, by and among the Company, the MD Stockholders, the SLP Stockholders and the other parties thereto, as it may be amended from time to time. 

“Spousal Consent” has the meaning ascribed to such term in Section 2.1(g). 

“Stockholders” has the meaning ascribed to such term in the Preamble. 

“Subsidiary” means, with respect to any Person, any entity of which (i) a majority of the total voting power of shares
of stock or equivalent ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, trustees or other members of the applicable governing body thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if no such governing body exists at such entity, a majority of the total voting power of shares of
stock or equivalent ownership interests of the entity is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be
deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other
business entity gains or losses or shall be or control the managing member or general partner of such limited liability company, partnership, association or other business entity. Notwithstanding the foregoing, VMware and its Subsidiaries shall not
be considered Subsidiaries of the Company and its Subsidiaries for so long as VMware is not a direct or indirect wholly-owned subsidiary of the Company. 

“Tag-Along Buyer” has the meaning ascribed to such term in Section 4.4(a). 

  
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 “Tag-Along Demand” has the meaning ascribed to such term in
Section 4.4(c). 
 “Tag-Along Participation Notice” has the meaning ascribed to such term in
Section 4.4(b). 
 “Tag-Along Sale” has the meaning ascribed to such term in Section 4.4(a). 

“Tag-Along Sale Notice” has the meaning ascribed to such term in Section 4.4(a). 

“Tag-Along Sale Percentage” has the meaning ascribed to such term in Section 4.4(a). 

“Tag-Along Sale Priority” has the meaning ascribed to such term in Section 4.4(c). 

“Tag-Along Sale Proration” has the meaning ascribed to such term in Section 4.4(c). 

“Tag-Along Sellers” has the meaning ascribed to such term in Section 4.4(b). 

“Tag-Along Shares” has the meaning ascribed to such term in Section 4.4(a). 

“transfer” has the meaning ascribed to such term in Section 4.1(a). 

“VCOC Investor” has the meaning ascribed to such term in Section 3.4(a). 

“VMware” means VMware, Inc., a Delaware corporation, together with its successors by merger or consolidation. 

“Voting and Support Agreement” has the meaning ascribed to such term in the Recitals. 

“wholly-owned subsidiary” means, with respect to any Person, any entity of which all of the shares of stock or equivalent
ownership interests (other than, with respect to non-U.S. subsidiaries, only to the extent legally required, de minimis ownership thereof by residents, natural persons or non-Affiliates) are owned by such Person or by one or more wholly-owned
subsidiaries of such Person. 
 Section 1.2. General Interpretive Principles. The name assigned to this Agreement and the
section captions used herein are for convenience of reference only and shall not be construed to affect the meaning, construction or effect hereof. Unless otherwise specified, the terms “hereof,” “herein” and similar terms refer
to this Agreement as a whole, and references herein to Articles or Sections refer to Articles or Sections of this Agreement. For purposes of this Agreement, the words, “include,” “includes” and “including,” when used
herein, shall be deemed in each case to be followed by the words “without limitation.” The terms “dollars” and “$” shall mean United States dollars. The parties hereto have participated jointly in the negotiation and
drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of 

  
 12 

 
proof will arise favoring or disfavoring any party because of the authorship of any provision of this Agreement. Furthermore, any rule of law or any legal decision that would require
interpretation of any claimed ambiguities in this Agreement against the drafting party has no application to the parties hereto and is expressly waived. 

ARTICLE II  

REPRESENTATIONS AND WARRANTIES 

Section 2.1. Representations and Warranties of the Stockholders. Each of the Stockholders hereby represents and warrants severally
and not jointly to each of the other Stockholders and to the Company as of the date of the Original Agreement (and in respect of Persons who became or become a party to this Agreement after the date of the Original Agreement, such Stockholder hereby
represents and warrants to each of the other Stockholders and the Company on the date of its execution of a Joinder Agreement) and as of the date hereof as follows: 

(a) Such Stockholder, to the extent applicable, is duly organized or incorporated, validly existing and in good standing under the laws of the
jurisdiction of its organization or incorporation and has all requisite power and authority to conduct its business as it is now being conducted and is proposed to be conducted. 

(b) Such Stockholder has the full power, authority and legal right to execute, deliver and perform this Agreement. The execution, delivery and
performance of this Agreement have been duly authorized by all necessary action, corporate or otherwise, of such Stockholder. This Agreement has been duly executed and delivered by such Stockholder and constitutes its, his or her legal, valid and
binding obligation, enforceable against it, him or her in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally. 

(c) The execution and delivery by such Stockholder of this Agreement, the performance by such Stockholder of its, his or her obligations
hereunder by such Stockholder does not and will not violate (i) in the case of parties who are not individuals, any provision of its Organizational Documents, (ii) any provision of any material agreement to which it, he or she is a party
or by which it, he or she is bound or (iii) any law, rule, regulation, judgment, order or decree to which it, he or she is subject. 

(d) No notice, consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by
such Stockholder in connection with the execution, delivery or enforceability of this Agreement. 
 (e) Such Stockholder is not currently in
violation of any law, rule, regulation, judgment, order or decree, which violation could reasonably be expected at any time to have a material adverse effect upon such Stockholder’s ability to enter into this Agreement or to perform its, his or
her obligations hereunder. 
 (f) There is no pending legal action, suit or proceeding that would materially and adversely affect the
ability of such Stockholder to enter into this Agreement or to perform its, his or her obligations hereunder. 

  
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 (g) If such Stockholder is an individual and married, he or she has delivered to the other
Stockholders and the Company a duly executed copy of a Spousal Consent in the form attached hereto as Annex B (a “Spousal Consent”). 

Section 2.2. Representations and Warranties of the MSD Partners Stockholders. Each of the MSD Partners Stockholders represents and
warrants severally and not jointly to each of the Stockholders that other than as set forth in this Agreement, the Registration Rights Agreement and/or the Voting and Support Agreement, there is no agreement, arrangement, or understanding between or
among the MSD Partners Stockholders and their Affiliates, on the one hand, and the MD Stockholders and their Affiliates, on the other hand, with respect to any Common Stock or other DTI Securities of the Company and/or their respective investments
in the Company and its Subsidiaries other than the MD Stockholders and/or one or more of their Affiliates holding (i) a direct or indirect interest in the MSD Partners Stockholders and (ii) an interest in the general partner of MSDC Denali
Investors and the managing member of MSDC Denali EIV. 
 ARTICLE III  

GOVERNANCE 

Section 3.1. Board of Directors of the Company. Each Stockholder hereby agrees, severally and not jointly, (I) to sign a
written consent voting all of such Person’s shares of Common Stock in favor of the election of each director that is included as part of the slate of directors that is included in the proxy statement (or consent solicitation or similar
document) of the Company relating to the election of directors and whose election the Board has recommended, or (II) at the Company’s annual meeting of stockholders and at any other meeting of the stockholders of the Company, however called,
including any adjournment, recess or postponement thereof, such Person shall, in each case to the extent that its shares of Common Stock are entitled to vote thereon, or in any other circumstance in which the vote, consent or other approval of the
stockholders of the Company is sought, (A) appear at each such meeting or otherwise cause all of the Common Stock beneficially owned by such Person as of the applicable record date to be counted as present thereat for purposes of calculating a
quorum and (B) vote (or cause to be voted), in person or by proxy, all of such Person’s Common Stock as of the applicable record date in favor of the election of each director that is included as part of the slate of directors that is
included in the proxy statement (or consent solicitation or similar document) of the Company relating to the election of directors and whose election the Board has recommended. No Stockholder shall act, alone or in concert with others, to seek to
propose to the Company or any of its stockholders to nominate or support any Person as a director who is not either nominated by the then incumbent directors of the Company or nominated pursuant to the Sponsor Stockholders Agreement. 

Section 3.2. Specified Subsidiaries. Each of the Company and the Specified Subsidiaries shall cause any Subsidiary that
(i) is not then a party to this Agreement and (ii) becomes, or otherwise satisfies the criteria of, a Specified Subsidiary, to promptly (and in any event, within five (5) Business Days) become party to this Agreement by executing and
delivering to the Company a Specified Subsidiary Joinder Agreement in the form attached hereto as Annex A-2, and to agree to be bound and shall be bound by all the terms and conditions of this Agreement as a “Specified Subsidiary.”
No later than one (1) Business Day following such execution, the Company shall deliver to each MSD Partners Stockholder a notice thereof, together with a copy of such Specified Subsidiary Joinder Agreement. 

  
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 Section 3.3. Additional Management Provisions. 

(a) Notwithstanding anything herein to the contrary, the Company and each Specified Subsidiary acknowledges and agrees that (i) the MD
Director Nominees may share confidential, non-public information about the Company, any Specified Subsidiary and their respective Subsidiaries (including any materials received in their capacities as members of a Board or committee of the Company or
any Specified Subsidiaries) with the MD Stockholders and the MSD Partners Stockholders and their respective Affiliates, in each case, on a confidential basis and (ii) the SLP Director Nominees may share confidential, non-public information
about the Company, any Specified Subsidiary and their respective Subsidiaries (including any materials received in their capacities as members of a Board or committee of the Company or any Specified Subsidiaries) with the SLP Stockholders and their
respective Affiliates, limited partners, members and direct and indirect investors, in each case, on a confidential basis. 
 (b) Except as
required by applicable law and/or for any authority granted to an individual as an officer or director of the Company or its Subsidiaries, no Stockholder (in its capacity as a Stockholder) shall have the authority to manage the business and affairs
of the Company or its Subsidiaries or contract for or incur on behalf of the Company or its Subsidiaries any debts, liabilities or obligations, and no such action of a Stockholder will be binding on the Company or its Subsidiaries. 

Section 3.4. VCOC Investors. 

(a) With respect to (X) each Stockholder and (Y) each Affiliate thereof that directly or indirectly has an interest in the Company,
in each such case of (X) and (Y) that is intended to qualify as a “venture capital operating company” as defined in the Plan Asset Regulations (each, a “VCOC Investor”), for so long as the VCOC Investor, directly
or through one or more Subsidiaries, continues to hold any Securities (or other securities of the Company into which such Securities may be converted or for which such Securities may be exchanged), in each case, the Company shall, with respect to
each such VCOC Investor: 
 (i) provide such VCOC Investor or its designated representative with the following: 

(A) the information rights and the visitation rights set forth in Section 5.7(a)(i)(A),
Section 5.7(a)(i)(B), Section 5.7(a)(ii), Section 5.7(a)(iii) and Section 5.7(b)(i)(B); 

(B) to the extent the Company or any of its Subsidiaries is required by law or pursuant to the terms of any outstanding
indebtedness of the Company or such Subsidiary to prepare such reports, any annual reports, quarterly reports and other periodic reports pursuant to Section 13 or 15(d) of the Exchange Act, actually prepared by the Company or such Subsidiary as
soon as available; and 

  
 15 

 (C) copies of all materials provided to the Board at substantially the same
time as provided to the members of the Board and, if requested, copies of the materials provided to the board of directors (or equivalent governing body) of any Subsidiary of the Company; provided, that the Company or such Subsidiary shall be
entitled to exclude portions of such materials to the extent providing such portions would be reasonably likely to result in the waiver of attorney-client privilege; 

provided that solely for purposes of Section 3.4(a)(i)(A), the obligation of the Company to deliver the materials described
in Section 5.7(a)(i)(A) and (B) pursuant to Section 3.4(a)(i)(A) shall be deemed satisfied if (i) delivered by the Company to a designated representative of the VCOC Investor (it being understood that the
designated representative shall be entitled to distribute copies of such materials to each VCOC Investor) or (ii) the Company makes such information available through public filings on the EDGAR system or any successor or replacement system of
the U.S. Securities and Exchange Commission; and 
 (ii) make appropriate officers of the Company and its Subsidiaries and
members of the Board available periodically and at such times as reasonably requested by such VCOC Investor for consultation with such VCOC Investor or its designated representative with respect to matters relating to the business and affairs of the
Company and its Subsidiaries. 
 (b) The Company agrees to consider, in good faith, the recommendations of each VCOC Investor or its
designated representative in connection with the matters on which it is consulted as described above, recognizing that the ultimate discretion with respect to all such matters shall be retained by the Company. 

(c) Any VCOC Investor, for so long as such VCOC Investor directly or indirectly, or through one or more Subsidiaries, continues to hold any
Securities (or other securities of the Company into which such Securities may be converted or for which such Securities may be exchanged) shall be an express third party beneficiary of this Section 3.4. 

ARTICLE IV  
 TRANSFER
RESTRICTIONS 
 Section 4.1. General Restrictions on Transfers. 

(a) Generally. 

(i) No Stockholder may directly or indirectly, sell, exchange, assign, pledge, hypothecate, mortgage, gift or otherwise
transfer, dispose of or encumber, in each case, whether in its own right or by its representative and whether voluntary or involuntary or by operation of law (any of the foregoing, whether effected directly or indirectly (including by a direct or
indirect transfer of equity, ownership or economic interests, or options, warrants or other contractual rights to acquire an equity, ownership or economic interest, in any Stockholder), shall be deemed included in the term
“transfer” 

  
 16 

 
as used in this Agreement) any DTI Securities, or any legal, economic or beneficial interest in any DTI Securities, unless (i) such transfer of DTI Securities is made on the books and
records of the Company and is in compliance with the provisions of this ARTICLE IV and any other agreement applicable to the transfer of such DTI Securities), (ii) the transferee of such DTI Securities (if other than (A) the Company
or another Stockholder, (B) a transferee of DTI Securities pursuant to an offer and sale registered under the Securities Act, (C) in reliance upon and in compliance with applicable provisions of Rule 144 under the Securities Act or
(D) a transferee of DTI Securities pursuant to a pro rata distribution by a Stockholder that is a private equity fund to its equityholders (other than a Permitted Transferee of such Stockholder) made without consideration for the transfer and
pursuant to which, in accordance with the Company’s Fifth Amended and Restated Certificate of Incorporation, any Class A Common Stock or Class B Common Stock so distributed shall convert to Class C Common Stock) agrees to become a party to this
Agreement pursuant to ARTICLE VI hereof, executes and delivers to the Company a Joinder Agreement in the form attached hereto as Annex A-1 and (iii) in the case of a transfer of DTI Securities to a natural person (other than in
connection with a transfer on an Approved Exchange), such natural person’s spouse executes and delivers to the Company a Joinder Agreement in the form attached hereto as Annex A-1 and to the extent that the failure to execute and deliver
a Spousal Consent could impair or adversely affect the obligations of the transferor or transferee set forth herein, or otherwise could impair or adversely affect the enforceability of any provisions of this Agreement, executes and delivers a
Spousal Consent in the form attached hereto as Annex B. Notwithstanding the foregoing, (1) it is understood that a transfer of limited partnership interests, limited liability company interests or similar interests in any of the MSD
Partners Stockholders, any other private equity fund or any parent entity with respect to any such MSD Partners Stockholder or private equity fund shall not constitute a transfer for purposes of this Agreement so long as there is no change of
control of such entity, and such entity (other than a Stockholder party hereto) was not formed for the purpose of acquiring a direct or indirect interest in DTI Securities of the Company, (2) the foregoing clause (1) is not intended to,
and shall not permit, the transfer of any direct or indirect interest in any DTI Securities of the Company held by an MSD Partners Stockholder or its direct or indirect equityholders to the MD Stockholders or their Affiliates or Permitted
Transferees other than one or more acquisitions by an MD Stockholder or one or more of its Affiliates or Permitted Transferees of direct or indirect interests in an MSD Partners Stockholder from an employee or investment professional of MSD Partners
or any of its Affiliates in connection with the departure or termination of such employee or investment professional from MSD Partners or such Affiliate; provided, that subject to the immediately succeeding clause (3), any DTI Securities
acquired by an MD Stockholder or one or more of its Affiliates or Permitted Transferees pursuant to this clause (2) shall be subject to the transfer restrictions in this ARTICLE IV if such DTI Securities are proposed to be subsequently
transferred by such MD Stockholder, Affiliate or Permitted Transferee to any Person that is not an employee or investment professional of MSD Partners or any of its Affiliates or Permitted Transferee of the MD Stockholders, (3) nothing herein
prohibits MD Stockholders from having a direct or indirect interest in the MSD Partners Stockholders on the Closing Date or from selling or transferring any interest in an MSD Partners Stockholder at any time following the Closing Date to an
employee or investment professional of MSD Partners or any of its Affiliates and no such sale shall be deemed a “transfer” hereunder and (4) any conversion of Class A Common Stock, Class B Common Stock or Class D Common Stock to
Class C Common Stock shall not be deemed a “transfer” hereunder. 

  
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 (ii) Any purported transfer of DTI Securities or any interest in any DTI
Securities by any Stockholder that is not in compliance with this Agreement shall be null and void, and the Company shall refuse to recognize any such transfer for any purpose and shall not reflect in its register of stockholders or otherwise any
change in record ownership of DTI Securities pursuant to any such transfer. 
 (b) Fees and Expenses. Except as otherwise provided
herein or in any other applicable agreement between a Stockholder (or any of its Affiliates) and the Company, any Stockholder that proposes to transfer DTI Securities in accordance with the terms and conditions hereof shall be responsible for any
fees and expenses incurred by the Company in connection with such transfer. 
 (c) Securities Law Acknowledgement. Each Stockholder
acknowledges that none of the Common Stock (except any shares of Class C Common Stock registered (1) on Form S-8 prior to the Closing Date, (2) in connection with the Merger or (3) after the Closing Date) has been registered under the
Securities Act and such unregistered shares may not be transferred, except as otherwise provided herein, pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from registration under the Securities Act.
Each Stockholder agrees that it will not transfer any Common Stock at any time if such action would (i) constitute a violation of any securities laws of any applicable jurisdiction or a breach of the conditions to any exemption from
registration of Common Stock under any such laws or a breach of any undertaking or agreement of such Stockholder entered into pursuant to such laws or in connection with obtaining an exemption thereunder, (ii) cause the Company to become
subject to the registration requirements of the U.S. Investment Company Act of 1940, as amended from time to time, or (iii) be a non-exempt “prohibited transaction” under ERISA or Section 4975 of the Code or cause all or any
portion of the assets of the Company to constitute “plan assets” for purposes of fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code. Each Stockholder agrees it shall not be
entitled to any certificate for any or all of the Common Stock, unless the Board shall otherwise determine. 
 (d) Legend. 

(i) Each certificate (or book-entry share) evidencing Common Stock held by a Stockholder shall, unless
Section 4.1(d)(ii) or Section 4.1(d)(iii) applies, bear the following restrictive legend, either as an endorsement or on the face thereof: 

THE SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED BY THIS CERTIFICATE IS RESTRICTED BY THE TERMS OF A MSD
PARTNERS STOCKHOLDERS AGREEMENT, DATED AS OF [●], 2018, AS IT MAY BE AMENDED, MODIFIED OR SUPPLEMENTED FROM TIME TO TIME, COPIES OF WHICH ARE ON FILE WITH THE ISSUER OF THIS CERTIFICATE. NO SUCH SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION
SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND CONDITIONS OF SUCH STOCKHOLDERS AGREEMENT HAVE BEEN COMPLIED WITH IN FULL. 

  
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 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER
APPLICABLE LAW), OR AN EXEMPTION THEREFROM. 
 (ii) Each certificate (or book-entry share) evidencing Common Stock held by a
Stockholder issued after the Closing Date in a registered transaction shall bear the following restrictive legend, either as an endorsement or on the face thereof: 

THE SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED BY THIS CERTIFICATE IS RESTRICTED BY THE TERMS OF A MSD
PARTNERS STOCKHOLDERS AGREEMENT, DATED AS OF [●], 2018, AS IT MAY BE AMENDED, MODIFIED OR SUPPLEMENTED FROM TIME TO TIME, COPIES OF WHICH ARE ON FILE WITH THE ISSUER OF THIS CERTIFICATE. NO SUCH SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION
SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND CONDITIONS OF SUCH STOCKHOLDERS AGREEMENT HAVE BEEN COMPLIED WITH IN FULL. 

(iii) In the event that any or all of the paragraphs in the restrictive legend set forth in Section 4.1(d)(i) or
Section 4.1(d)(ii) has ceased to be applicable, the Company shall provide any Stockholder, or their respective transferees, at their request, without any expense to such Persons (other than applicable transfer taxes and similar
governmental charges, if any), with new certificates (or evidence of book-entry share) for such DTI Securities of like tenor not bearing such paragraph(s) of the legend with respect to which the restriction has ceased and terminated (it being
understood that the restriction referred to in the first paragraph of the legend in Section 4.1(d)(i) and in the legend in Section 4.1(d)(ii) shall cease and terminate only upon the termination of this ARTICLE IV with
respect to the Stockholder holding such DTI Securities). 
 (e) No Other Proxies or Voting Agreements. No Stockholder shall grant any
proxy or enter into or agree to be bound by any voting trust with respect to any DTI Securities or enter into any agreements or arrangements of either kind with any person with respect to any DTI Securities inconsistent with the provisions of this
Agreement (whether or not such agreements and arrangements are with other Stockholders or holders of DTI Securities who are not parties to this Agreement), including agreements or arrangements with respect to the acquisition, disposition or voting
(if applicable) of any DTI Securities, nor shall any Stockholder 

  
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act, for any reason, as a member of a group or in concert with any other persons in connection with the acquisition, disposition or voting (if applicable) of any DTI Securities in any manner
which is inconsistent with the provisions of this Agreement. 
 Section 4.2. Restrictions on Transfers During Restricted Period.

 (a) Prior to the 181st day following the Closing Date (the “Restricted Period”), no Stockholder (including, for the
avoidance of doubt, any Permitted Transferee of a Stockholder) may transfer any DTI Securities, except transfers of DTI Securities: 

(i) with the prior written consent of the Company (which Company consent shall require the approval of the Special Committee);

 (ii) in a Qualified Sale Transaction; or 

(iii) to a Permitted Transferee of such Stockholder (provided that, in the case of a transfer pursuant to this
Section 4.2(a)(iii), the Permitted Transferee of such Stockholders agrees to hold such DTI Securities subject to the transfer restriction in this Section 4.2(a) for the balance of the Restricted Period). 

Section 4.3. Permitted Transfers. Notwithstanding anything to the contrary herein, each Stockholder and its Permitted Transferees
may transfer DTI Securities held by him, her or it to a Permitted Transferee of such Stockholder without complying with the provisions of this ARTICLE IV, other than Section 4.1 and Section 4.2; provided, that
such Permitted Transferee shall have executed and delivered to the Company a Joinder Agreement in the form attached hereto as Annex A-1 as contemplated in Section 4.1(a) and ARTICLE VI, or otherwise agreed with all parties
hereto, in a written instrument reasonably satisfactory to the Company, that he, she or it will immediately convey record and beneficial ownership of all such DTI Securities and all rights and obligations hereunder to such Stockholder or another
Permitted Transferee of such Stockholder if, and immediately prior to such time that, he, she or it ceases to be a Permitted Transferee of such Stockholder. 

Section 4.4. Tag-Along Rights. 

(a) Subject to Section 4.4(h) and receipt of any prior written approval of the Company as may be required pursuant to
Section 4.2, (x) if any Initiating Tag-Along Seller proposes to transfer all or a portion of their DTI Securities equal to 10% or more of the then outstanding Common Stock to the same Person or “group” (within the meaning
of Section 13(d) of the Exchange Act and the rules thereunder) (other than to a Permitted Transferee of such Initiating Tag-Along Seller) or (y) a Sale Transaction is entered into by the MD Stockholders that either is a Qualified Sale
Transaction or has been approved by the SLP Stockholders pursuant to the Sponsor Stockholders Agreement (each of the transfers in the foregoing clauses (x) and (y), a “Tag-Along Sale”), then the Initiating Tag-Along Seller
shall give, or direct the Company to give and the Company shall so promptly give, written notice (a “Tag-Along Sale Notice”) of such proposed transfer to all Eligible Tag-Along Sellers with respect to such Tag-Along Sale at least
fifteen (15) days prior to each of the consummation of such proposed transfer and the delivery of a Tag-Along Sale Notice setting forth (i) the number and type of each class of DTI Securities proposed to be transferred, (ii) the
consideration to be received for such DTI 

  
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Securities by such Initiating Tag-Along Seller, including any Additional Consideration received, (iii) the identity of the purchaser (the “Tag-Along Buyer”), (iv) a
copy of all definitive documents relating to such Tag-Along Sale, including all documents that the Eligible Tag-Along Seller would be required to execute in order to participate in such Tag-Along Sale and all other agreements or documents referred
to, or referenced, therein, (v) a detailed summary of all material terms and conditions of the proposed transfer, (vi) the fraction, expressed as a percentage, determined by dividing the number of DTI Securities to be purchased from the
Initiating Tag-Along Seller and its Permitted Transferees by the total number of DTI Securities held by the Initiating Tag-Along Seller and its Permitted Transferees (the “Tag-Along Sale Percentage”) and (vii) an invitation to
each Eligible Tag-Along Seller to irrevocably agree to include in the Tag-Along Sale up to a number of DTI Securities held by such Eligible Tag-Along Seller equal to the product of the total number of DTI Securities held by such Eligible Tag-Along
Seller multiplied by the Tag-Along Sale Percentage, subject to adjustment pursuant to the Tag-Along Sale Priority and the Tag-Along Sale Proration as contemplated in Section 4.4(c) (such amount of DTI Securities with respect to each
Eligible Tag-Along Seller, such Eligible Tag-Along Seller’s “Tag-Along Shares”). In the event that any MD Related Party directly or indirectly receives any compensation or other consideration or benefit arising out of or in
connection with the applicable Tag-Along Sale (other than any bona fide cash and/or equity compensation (whether in the form of an initial equity grant or otherwise) for service as an executive officer of the acquiring or surviving company or
any of their Subsidiaries or, with respect to MD Related Parties, any bona fide commercial arrangement that is not a “Related Party Transaction” because of the proviso of the definition thereof between an MD Related Party and the
proposed Tag-Along Buyer or any of its Affiliates which commercial arrangement has been binding and in full force and effect (or, in the absence of a binding legal arrangement, to the extent a course of dealing has been in place) for at least twelve
(12) months prior to the date that the Tag-Along Sale Notice is provided to the Eligible Tag-Along Seller) pursuant to any non-competition, non-solicitation, no-hire, or other arrangement separate from the transfer of the DTI Securities of the
Company (“Additional Consideration”), the value of such Additional Consideration (as reasonably determined by the Board, subject to the consent of the SLP Stockholders not to be unreasonably withheld, conditioned or delayed) shall
be deemed to have been part of the consideration paid or payable to the MD Stockholders in respect of their DTI Securities in such Tag-Along Sale and shall be reflected in the amount offered by the Tag-Along Buyer set forth in the applicable
Tag-Along Sale Notice. In the event that more than one MD Stockholder, more than one MSD Partners Stockholder or more than one SLP Stockholder, as the case may be, proposes to execute a Tag-Along Sale as an Initiating Tag-Along Seller, then all such
transferring MD Stockholders, MSD Partners Stockholders and/or SLP Stockholders, as the case may be, shall be treated as the Initiating Tag-Along Seller, and the DTI Securities held and to be transferred by such MD Stockholders, MSD Partners
Stockholders or SLP Stockholders, as the case may be, shall be aggregated as set forth in Section 8.16, including for purposes of calculating the applicable Tag-Along Sale Percentage. Notwithstanding anything in this
Section 4.4 to the contrary, but subject to Section 4.4(c), if the Initiating Tag-Along Seller is transferring Common Stock or vested in-the-money Company Stock Options in such Tag-Along Sale, each of the Eligible Tag-Along
Sellers shall be entitled to transfer the same proportion of DTI Securities held by such Eligible Tag-Along Seller as the proportion of the Initiating Tag-Along Seller’s Common Stock and vested in-the-money Company Stock Options relative to the
Initiating Tag-Along Seller’s total number of such DTI Securities that are being sold by the Initiating Tag- 

  
 21 

 
Along Seller in such Tag-Along Sale. For the avoidance of doubt, no DTI Securities that are subject to any vesting or similar condition may be transferred prior to such time as such DTI
Securities have fully vested; provided, that it is understood that if such DTI Securities vest in connection with such Tag-Along Sale, such DTI Securities may be transferred in connection therewith in accordance with this Section 4.4.

 (b) Upon delivery of a Tag-Along Sale Notice, each Eligible Tag-Along Seller may elect to include all or a portion of such Eligible
Tag-Along Seller’s Tag-Along Shares in such Tag-Along Sale (Eligible Tag-Along Sellers who make such an election being an “Electing Tag-Along Seller” and, together with the Initiating Tag-Along Seller and all other Persons
(other than any Affiliates of the Initiating Tag-Along Seller) who otherwise are transferring, or have exercised a contractual or other right to transfer, DTI Securities in connection with such Tag-Along Sale, the “Tag-Along
Sellers”), at the same price per share equivalent of Common Stock and pursuant to the same terms and conditions as agreed to by the Initiating Tag-Along Seller and otherwise in accordance with this Section 4.4, by sending an
irrevocable written notice (a “Tag-Along Participation Notice”) to the Initiating Tag-Along Seller within fifteen (15) days of the date the Tag-Along Sale Notice is received by such Eligible Tag-Along Seller, indicating such
Electing Tag-Along Seller’s irrevocable election, subject to Section 4.4(d), to include its Tag-Along Shares in the Tag-Along Sale and setting forth the number of Eligible Tag-Along Seller’s Tag-Along Shares it elects to
include. Following such fifteen (15) day period, each Electing Tag-Along Seller that has delivered a Tag-Along Participation Notice shall be entitled to sell to such proposed transferee, on the same terms and conditions as, and concurrently
with, the other Electing Tag-Along Sellers and the Initiating Tag-Along Seller, such Electing Tag-Along Seller’s Tag-Along Shares it elects to include, which terms and conditions have been set forth in the Tag-Along Sale Notice, subject to the
Tag-Along Sale Priority and the Tag-Along Sale Proration as contemplated in Section 4.4(c). Each Eligible Tag-Along Seller who does not deliver a Tag-Along Participation Notice within such fifteen (15) day period shall have waived
and be deemed to have waived all of such Eligible Tag-Along Seller’s rights with respect to such Tag-Along Sale. For the avoidance of doubt, it is understood that in order to be entitled to exercise its right to include Tag-Along Shares in a
Tag-Along Sale pursuant to this Section 4.4, each Electing Tag-Along Seller must agree to make the same representations and warranties, covenants, indemnities and agreements to the Tag-Along Buyer as made by the Initiating Tag-Along
Seller and any Electing Tag-Along Seller in connection with the Tag-Along Sale (and shall be subject to the same escrow or other holdback arrangements as such Persons so long as such escrows or other holdbacks are proportionately based on the amount
of consideration received for the sale of DTI Securities in such Tag-Along Sale transaction); provided, that: 
 (i)
each Electing Tag-Along Seller shall be entitled to receive its pro rata portion (based on the relative amount (and taking into account the per share equivalent of Common Stock) of DTI Securities sold in such Tag-Along Sale transaction) of any
deferred consideration or indemnification payments relating to such Tag-Along Sale (provided, however, that, with respect to any unexercised Company Stock Options proposed to be transferred in such Tag-Along Sale by any Tag-Along
Seller, the per share consideration in respect thereof shall be reduced by the exercise price of such options or, if required pursuant to the terms of such options or such Tag-Along Sale, such Tag-Along Seller must exercise the relevant option and
transfer the relevant shares of Common Stock (rather than the option) (in each case, net of any amounts required to be withheld by the Company in connection with such exercise)); 

  
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 (ii) the aggregate amount of liability of each Electing Tag-Along Seller
shall not exceed the proceeds received by such Electing Tag-Along Seller in such Tag-Along Sale; 
 (iii) all indemnification
obligations (other than with respect to the matters referenced in Section 4.4(b)(iv)) shall be on a several and not joint basis to the Tag-Along Sellers pro rata (based on the amount of consideration received by each Tag-Along
Seller in the Tag-Along Sale transaction); 
 (iv) no Electing Tag-Along Seller shall be responsible for any indemnification
obligations and/or liabilities (including through escrow or hold back arrangements) for (A) breaches or inaccuracies of representations and warranties made with respect to any other Tag-Along Seller’s (1) ownership of and title to DTI
Securities, (2) organization and authority or (3) conflicts and consents and any other matter concerning such other Person and/or (B) breaches of any covenant specifically relating to any other Tag-Along Seller; and 

(v) no Stockholders that have elected to be an Electing Tag-Along Seller shall be required in connection with such Tag-Along
Sale transaction to agree to (A) any employee, customer or other non-solicitation, no-hire or other similar provision, (B) any non-competition or similar restrictive covenant and/or (C) any term that purports to bind any portfolio
company or investment of any Electing Tag-Along Seller or any of their respective Affiliates. 
 (c) Notwithstanding anything in this
Section 4.4 to the contrary, if the Initiating Tag-Along Seller is any of the MD Stockholders (or, for the avoidance of doubt, any of their Permitted Transferees) and such Initiating Tag-Along Seller seeks to transfer Common Stock
representing a majority of the Common Stock beneficially owned by the MD Stockholders immediately following the Original Closing, then the number of Tag-Along Shares that an Eligible Tag-Along Seller may include in any Tag-Along Sale pursuant to
this Section 4.4 shall be an amount equal to 100% of the equity securities in the Company, Dell and their respective Subsidiaries held by such Eligible Tag-Along Seller (such right, the “Tag-Along Sale Priority”).
Further, in the event that Stockholders having the right to participate in a Tag-Along Sale (including the Initiating Tag-Along Seller, the “Participating Sellers”) have elected to include more DTI Securities in the aggregate than
the Tag-Along Buyer is willing to purchase (the “Tag-Along Demand”), the number of DTI Securities permitted to be sold by the Participating Sellers shall be reduced such that each Tag-Along Seller is permitted to sell only its
pro rata share of the Tag-Along Demand (in proportion to the number of DTI Securities held by each Participating Seller) (the “Tag-Along Sale Proration”); provided that, in a Tag-Along Sale subject to Tag-Along Sale
Priority rights, the number of DTI Securities to be sold by Participating Sellers with Tag-Along Sale Priority shall not be reduced. 
 (d)
Notwithstanding the delivery of any Tag-Along Sale Notice, all determinations as to whether to complete any Tag-Along Sale and as to the timing, manner, price 

  
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and, subject to Section 4.4(b)(i) through (v), other terms and conditions of any such Tag-Along Sale shall be at the sole discretion of the Initiating Tag-Along Seller, and
none of the Initiating Tag-Along Seller, its Affiliates and their respective Representatives shall have any liability to any Electing Tag-Along Seller arising from, relating to or in connection with the pursuit, consummation, postponement,
abandonment or terms and conditions of any proposed Tag-Along Sale except to the extent such Initiating Tag-Along Seller failed to comply with the provisions of this Section 4.4; provided, that (i) if the Initiating Tag-Along
Seller agrees to amend, restate, modify or supplement the terms and/or conditions of the Tag-Along Sale after such time that any Stockholder has elected to be an Electing Tag-Along Seller in accordance with the terms of this Section 4.4,
the Initiating Tag-Along Seller shall promptly notify the Company and each Electing Tag-Along Seller of such amendment, restatement, modification and/or supplement and (ii) each such Electing Tag-Along Seller shall have the right to withdraw
its Tag-Along Participation Notice by delivering written notice of such withdrawal to the Initiating Tag-Along Seller within five (5) Business Days of the date of receipt of such notice from the Initiating Tag-Along Seller. 

(e) Notwithstanding anything in this Section 4.4 to the contrary, this Section 4.4 shall not apply to (i) any
transfers of DTI Securities to a Permitted Transferee of the transferring Stockholder and/or (ii) any transfer of Common Stock in a registered public offering (whether in a Demand Registration, Piggyback Registration, Marketed Underwritten
Shelf Take-Down or otherwise), it being understood that participation rights in connection with transfers of Common Stock in a registered public offering (whether in a Demand Registration, Piggyback Registration, Marketed Underwritten Shelf
Take-Down or otherwise) shall be governed by the terms of the Registration Rights Agreement. 
 (f) All reasonable and documented
out-of-pocket costs and expenses incurred by the Company, its Subsidiaries and/or the Tag-Along Sellers in connection with such Tag-Along Sale shall be allocated and borne on a pro rata basis by each Tag-Along Seller in accordance with the
amount of consideration otherwise received by each Tag-Along Seller in such Tag-Along Sale. For the avoidance of doubt, it is understood that this Section 4.4(f) shall not prevent any Tag-Along Sale to be structured in a manner such that
some or all of the such costs and expenses result in a pro rata reduction in the consideration received by the Tag-Along Sellers in such Tag-Along Sale. 

(g) Notwithstanding anything herein to the contrary, if the Initiating Tag-Along Seller has not completed the proposed Tag-Along Sale within
one hundred twenty (120) days following delivery of the Tag-Along Sale Notice in accordance with this Section 4.4, the Initiating Tag-Along Seller may not then effect such proposed Tag-Along Sale without again complying with the
provisions of this Section 4.4; provided, that if such proposed Tag-Along Sale is subject to, and conditioned on, one or more prior regulatory approvals, then such one hundred twenty (120) day period shall be extended solely
to the extent necessary until no later than the expiration of ten (10) days after all such approvals shall have been received. 
 (h)
The “tag-along” rights described in this Section 4.4 shall survive the Closing and shall automatically terminate upon the earlier of (i) the 18-month anniversary of the Closing Date and (ii) such time following the
Closing Date that the MD Stockholders no longer beneficially own Common Stock representing a majority of the Common Stock beneficially 

  
 24 

 
owned by the MD Stockholders immediately following the Original Closing Date; provided, that in addition to any other applicable provisions in this Section 4.4 (including the
Tag-Along Sale Priority and the Tag-Along Sale Proration), such transfer of DTI Securities shall also be subject to the Priority Sell-Down pursuant to the Registration Rights Agreement; provided, further, that any registered offering
of DTI Securities shall be governed by the terms of the Registration Rights Agreement. 
 Section 4.5. Diligence Access and
Cooperation. The Company agrees to provide, and shall cause its Subsidiaries and controlled Affiliates and its and their respective officers, employees, financial advisors, attorneys, accountants, consultants, agents and other representatives to
provide, such cooperation as may reasonably be requested (including with respect to timeliness) in connection with and to assist in the structuring and/or facilitation of any sale or transfer of DTI Securities by any Stockholder and/or their
respective Permitted Transferees permitted by this ARTICLE IV. Such reasonable cooperation will include (a) participation in meetings, drafting sessions and due diligence sessions, (b) access to the properties, facilities, material
contracts and books and records, including financial statements, projections and accountants’ work papers, (c) access to the officers, management, employees, financial advisors, attorneys, accountants, consultants, agents and other
representatives of the Company and its Subsidiaries as may be required or requested in connection with such transaction, (d) promptly furnishing to the transferor, transferee or acquiror and its or their advisors and representatives financial
and other pertinent information regarding the Company and its Subsidiaries as may be reasonably requested by the transferor and (e) assisting the transferor and their advisors and/or representatives in the preparation and execution of any
documents in connection with such transfer or sale, each of subclauses (a) through (e) to the extent reasonably requested and required for such sale or transfer to be effectuated. Prior to the Company, its Subsidiaries or its or their
respective officers, employees, financial advisors, attorneys, accountants, consultants, agents and other representatives providing any confidential information to a third party as contemplated in this Section 4.5, such third party shall
be required to execute a confidentiality agreement as provided for in Section 5.3(c)(ii). 
 ARTICLE V  

ADDITIONAL AGREEMENTS 

Section 5.1. Further Assurances. From time to time, at the reasonable request of the MSD Partners Stockholders and without further
consideration, each party hereto shall execute and deliver such additional documents and take all such further action as may be necessary or appropriate to consummate and make effective, in the most expeditious manner practicable, the transactions
contemplated by this Agreement. 

  
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 Section 5.2. Other Businesses; Waiver of Certain Duties. 

(a) Each of the Company, the Specified Subsidiaries, and each Stockholder (for itself and on behalf of the Company) hereby expressly
acknowledges and agrees, to the fullest extent permitted by applicable law and subject to any express agreement that may from time to time be in effect, any Covered Person may, and shall have no duty not to: 

(i) invest in, carry on and conduct, whether directly, or as a partner in any partnership, or as a joint venturer in any joint
venture, or as an officer, director, stockholder, equityholder or investor in any Person, or as a participant in any syndicate, pool, trust or association, any business of any kind, nature or description, whether or not such business is competitive
with or in the same or similar lines of business as the Company or any of its Subsidiaries (including for this purpose VMware and its subsidiaries); 

(ii) do business with any client, customer, vendor or lessor of any of the Company or its Affiliates; and/or 

(iii) make investments in any kind of property in which the Company may make investments. 

To the fullest extent permitted by Section 122(17) of the DGCL or any other applicable law in the event that the applicable entity is not incorporated,
formed or organized as a corporation in the State of Delaware, the Company and the Specified Subsidiaries hereby renounce any interest or expectancy of the Company or such Specified Subsidiary, as the case may be, to participate in any business or
investments of any Covered Person as currently conducted or as may be conducted in the future, and waives any claim against a Covered Person and shall indemnify a Covered Person against any claim that such Covered Person is liable to the Company,
any Specified Subsidiary or their respective stockholders for breach of any fiduciary duty solely by reason of such Person’s participation in any such business or investment. The Company and the Specified Subsidiaries shall pay in advance any
expenses incurred in defense of such claim as provided in this provision. In the event that a Covered Person acquires knowledge of a potential transaction or matter which may constitute a corporate opportunity for both (x) the Covered Person in
his or her capacity as a partner, member, employee, officer or director of the MSD Partners Stockholders, and (y) the Company or any Specified Subsidiary, the Covered Person shall not have any duty to offer or communicate information regarding
such corporate opportunity to the Company or any Specified Subsidiary. To the fullest extent permitted by Section 122(17) of the DGCL or any other applicable law in the event that the applicable entity is not incorporated, formed or organized
as a corporation in the State of Delaware, the Company and each Specified Subsidiary hereby renounces any interest or expectancy of the Company or such Specified Subsidiary in any potential transaction or matter of which the Covered Person acquires
knowledge, except for any corporate opportunity which is expressly offered to a Covered Person in writing solely in his or her capacity as an officer or director of the Company, any Specified Subsidiary or any of their respective Subsidiaries
(including for this purpose VMware and its subsidiaries) and waives any claim against each Covered Person and shall indemnify a Covered Person against any claim, that such Covered Person is liable to the Company, any Specified Subsidiary or their
respective stockholders for breach of any fiduciary duty solely by reason of the fact that such Covered Person (A) pursues or acquires any corporate opportunity for its own account or the account of any Affiliate or other Person,
(B) directs, recommends, sells, assigns or otherwise transfers such corporate opportunity to another Person or (C) does not communicate information regarding such corporate opportunity to the Company or such Specified Subsidiary;
provided, however, in each such case, that any corporate opportunity which is expressly offered to a Covered Person in writing solely in his or her capacity as an officer or director of the Company, a Specified Subsidiary or any of
their 

  
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respective Subsidiaries (including for this purpose VMware and its subsidiaries) shall belong to the Company or such Specified Subsidiary, as the case may be. The Company and the Specified
Subsidiaries shall pay in advance any expenses incurred in defense of such claim as provided in this provision, except to the extent that a Covered Person is determined by a final, non-appealable order of a Delaware court having competent
jurisdiction (or any other judgment which is not appealed in the applicable time) to have breached this Section 5.2(a), in which case any such advanced expenses shall be promptly reimbursed to the Company or such Specified Subsidiary, as
applicable. 
 (b) The Company, the Specified Subsidiaries and each of the Stockholders agrees that the waivers, limitations,
acknowledgments and agreements set forth in this Section 5.2 shall not apply to any alleged claim or cause of action against any of the MSD Partners Stockholders based upon the breach or nonperformance by such MSD Partners Stockholder of
this Agreement or any other agreement to which such Person is a party. 
 (c) The provisions of this Section 5.2, to the extent
that they restrict the duties and liabilities of the MSD Partners Stockholder otherwise existing at law or in equity, are agreed by the Company, the Specified Subsidiaries and each of the Stockholders to replace such other duties and liabilities of
the MSD Partners Stockholder to the fullest extent permitted by applicable law. 
 Section 5.3. Confidentiality. 

(a) Each Stockholder agrees to keep confidential and not disclose to any third party any materials and/or information provided to it by or on
behalf of the Company or any of its Subsidiaries (which for purposes of this Section 5.3 shall include VMware and its subsidiaries), and, subject to Section 5.3(b), not to use any such information other than in connection
with its investment in the Company (“Confidential Information”); provided, however, that the term “Confidential Information” does not include information that: 

(i) is already in such recipient’s possession (provided, that such information is not subject to another
confidentiality agreement with or other obligation of secrecy to any Person); 
 (ii) is or becomes generally available to
the public other than as a result of a disclosure, directly or indirectly, by such recipient or its Representatives; 
 (iii)
is or becomes available to such recipient on a non-confidential basis from a source other than any of the Stockholders or any of their respective Representatives (provided, that such source is not known by such recipient to be bound by a
confidentiality agreement with or other obligation of secrecy to any Person); and/or 
 (iv) is or was independently
developed by such recipient or its Representatives without the use of any Confidential Information. 
 (b) The Company acknowledges that the
MSD Partners Stockholders’ (including its affiliated private equity funds’) review of the Confidential Information will inevitably enhance their knowledge and understanding of the Company’s and its Subsidiaries’

  
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industries in a way that cannot be separated from such Stockholder’s or its affiliated private equity funds’ other knowledge and the Company agrees that Section 5.3(a) shall
not restrict such Stockholder’s (including its affiliated private equity funds’) use of such overall knowledge and understanding of such industries, including in connection with the purchase, sale, consideration of and decisions related to
other investments and serving on the boards of such investments. 
 (c) Notwithstanding anything in this Section 5.3 to the
contrary, any such Stockholder may disclose Confidential Information to: 
 (i) such Stockholder’s and its
Affiliates’ Representatives who are subject to a customary confidentiality obligation to such Stockholder or its Affiliates; 

(ii) any Person to which such Stockholder offers or may propose to offer to transfer any DTI Securities (provided, that
(x) such transfer would be permitted by the terms of this Agreement (assuming the receipt of all consents required hereunder) and (y) the prospective transferee agrees to be subject to a customary confidentiality agreement with the Company
or Dell); 
 (iii) any other Stockholder or its Affiliates, or their respective Representatives, or any member of a Board or
any board of directors of any Subsidiary of the Company; 
 (iv) the extent required to be disclosed by such Stockholder or
its Affiliates, or their respective Representatives, by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process, law, regulation, legal or judicial process or audit or inquiries by a regulator, bank
examiner or self-regulatory organization or pursuant to mandatory professional ethics rules (but only to the extent so required and after notifying the Company to the extent reasonably practicable and requesting confidential treatment); 

(v) current or prospective limited partners of a Stockholder or its affiliated private equity funds who are subject to
confidentiality obligations to such Stockholder or its affiliated private equity funds; and/or 
 (vi) to such other
Person(s) with the Company’s prior written consent. 
 Section 5.4. Publicity. Except as may be required by applicable law
or regulation (but only after using reasonable best efforts to give the Company an opportunity to review and comment), no Stockholder shall make any public announcement regarding, or filings with respect to, the transactions contemplated by the
Merger Agreement without the prior written consent of the Company. 
 Section 5.5. Certain Tax Matters. Each of the MSD Partners
Stockholders and the Company acknowledge that, in connection with the Original Merger, (i) the contribution by the Stockholders of shares of common stock, par value $0.01 per share, of Dell, and cash to the Company in exchange for shares of
Original Stock, in each case, at the Original Closing, taken together , were intended to qualify as an exchange described in Section 351 of the Code. 

  
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 Section 5.6. Expense Reimbursement. To the extent (A) the MSD Partners
Stockholders agreed with one or more MSD Partners Co-Investors to provide for ongoing reimbursement of reasonable and documented out-of-pocket expenses of such MSD Partners Co-Investors for monitoring their investment in the Company and (B) EMC
Merger Sub entered into one or more letter agreements with any such MSD Partners Co-Investors with respect thereto, the Company hereby reaffirms its prior assumption of each such letter agreement pursuant to the First Restated Agreement and agrees
to pay and perform all unperformed obligations of EMC Merger Sub under and pursuant to each such letter agreement; provided, that in no event shall the aggregate amount of reimbursement of such expenses for all MD Co-Investors and MSD
Partners Co-Investors exceed $1,000,000 pursuant to this Agreement and the Sponsor Stockholders Agreement without the prior written consent of the SLP Stockholders. 

Section 5.7. Information Rights; Visitation Rights. 

(a) Information Rights. 

(i) Information Generally. The Company shall deliver, or cause to be delivered, to each of the MSD Partners Stockholders
(provided, that the Company shall not deliver, or cause to be delivered, the information in subsequent clause (C) to the MSD Partners Stockholders other than as requested in advance in writing by the MSD Partners Stockholders): 

(A) as soon as available and in any event within forty-five (45) days after the end of each of the first three
(3) quarters of each fiscal year of the Company, consolidated balance sheets of the Company and its consolidated Subsidiaries as of the end of such period, and the related consolidated statements of income, cash flows and changes in
stockholders’ equity of the Company and its consolidated Subsidiaries for the period then ended and the portion of the fiscal year then ended, in each case (x) prepared in conformity with generally accepted accounting principles in the
United States applied on a consistent basis, except as otherwise noted therein, and subject to the absence of footnotes and to year-end adjustments and (y) setting forth the figures for the corresponding periods of the previous fiscal year, or,
in the case of such balance sheet, for the last day of such fiscal quarter, in comparative form, all in reasonable detail; 

(B) as soon as available and in any event within ninety (90) days after the end of each fiscal year of the Company,
(1) a copy of the audited consolidated balance sheet of the Company and its consolidated Subsidiaries as of the end of such fiscal year, and the audited consolidated statements of income, cash flows and changes in stockholders’ equity of
the Company and its consolidated Subsidiaries for the fiscal year then ended, in each case, (x) prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis, except as otherwise noted
therein and (y) setting forth in comparative form the figures for the immediately preceding fiscal year, all in reasonable detail and (2) a copy of the report, opinion or certification of the Company’s independent accountant with
respect to the Company’s financial statements for such fiscal year; and 

  
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 (C) to the extent prepared in the ordinary course of business, with
reasonable promptness after the transmission (but in any event, within three (3) Business Days), a copy of each valuation of the Company undertaken for purposes of management equity grants. 

(ii) Debt Financing-Related Information. At the written request of the MSD Partners Stockholders, the Company shall
deliver, or cause to be delivered, to the MSD Partners Stockholders all information requested by the MSD Partner Stockholders required to be delivered by the Company or its Subsidiaries to the creditors, lenders and/or noteholders pursuant to the
terms of the senior secured indebtedness and the debt securities, in each case, incurred or issued to finance the EMC Merger and the transactions contemplated thereby and by the related transactions entered into in connection therewith, as such
indebtedness may be in effect from time to time. 
 (iii) SEC Filings. At any time during which the Company is subject
to the periodic reporting requirements of the Exchange Act or voluntarily reports thereunder, the Company may satisfy its obligations pursuant to Section 5.7(a)(i)(A) and Section 5.7(a)(i)(B) by filing with the SEC (via the
EDGAR system) on a timely basis annual and quarterly reports satisfying the requirements of the Exchange Act. 
 (b) Visitation
Rights. 
 (i) The Company shall, and shall cause its Subsidiaries to, permit the MSD Partners Stockholders (for so long
as they beneficially own at least 5% of the issued and outstanding Common Stock), at any time and from time to time during normal business hours and with reasonable prior notice, reasonable access to: 

(A) examine and make copies of and abstracts from the books, records, material contracts, properties, employees and management
of the Company and its Subsidiaries; 
 (B) visit the properties of the Company and its Subsidiaries; and 

(C) discuss the affairs, finances and accounts of the Company and its Subsidiaries with any of the directors, officers or
employees of the Company and the independent accountants of the Company. 
 Section 5.8. Cooperation with Reorganizations and SEC
Filings. 
 (a) Mergers, Reorganizations, Etc. In the event of any merger, amalgamation, statutory share exchange or other
business combination or reorganization of the Company, on the one hand, with any of its Subsidiaries (including for this purpose VMware and its subsidiaries), on the other hand, the Stockholders shall, to the extent necessary, as determined by the
Company, execute a stockholders agreement with terms that are substantially equivalent (to the extent practicable) to, mutatis mutandis, such terms of this Agreement. 

  
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 (b) Further Assurances. In connection with any proposed transaction contemplated by
Section 5.8(a), each Stockholder shall take such actions as may be reasonably required and otherwise cooperate in good faith with the Company and the other Stockholders, including taking all actions reasonably requested by the Company
and executing and delivering all agreements, instruments and documents as may be reasonably required in order to consummate any such proposed transaction contemplated by Section 5.8(a). 

Section 5.9. Termination of Other Agreements. The parties hereto hereby agree that effective as of the effectiveness of this
Agreement, all rights and obligations of the MSD Partners Stockholders and the MSD Partners Co-Investors pursuant to the First Restated Agreement, the Class A Stockholders Agreement, the Class C Stockholders Agreement and the Management
Stockholders Agreement shall be terminated; provided that (i) Section 5.6 and ARTICLE VII of the First Restated Agreement shall survive such termination and remain in full force and effect in respect of any reimbursable expenses or
rights to indemnification, as applicable, arising prior to the effectiveness of this Agreement and (ii) the foregoing shall not terminate, restrict or otherwise prejudice any other rights the MSD Partners Stockholders or the MSD Partners
Co-Investors are entitled to pursuant to the First Restated Agreement arising prior to the effectiveness of this Agreement. 
 ARTICLE VI
 
 ADDITIONAL PARTIES 

Section 6.1. Additional Parties. Additional parties may be added to and be bound by and receive the benefits afforded by, and be
subject to the obligations provided by, this Agreement upon the execution and delivery of a Joinder Agreement in the form attached hereto as Annex A-1 by such additional party to the Company and the acceptance thereof by the Company,
provided, however, that the addition of Specified Subsidiaries to this Agreement shall be governed by Section 3.2 and not this Section 6.1. To the extent permitted by Section 8.8, amendments may be
effected to this Agreement reflecting such rights and obligations, consistent with the terms of this Agreement, of such additional Stockholder as the Company, the MSD Partners Stockholders and such additional Stockholder may agree. 

ARTICLE VII 

INDEMNIFICATION; INSURANCE 

Section 7.1. Indemnification of Stockholders. 

(a) To the fullest extent permitted by applicable law, the Company will, and will cause each of the Specified Subsidiaries to, indemnify,
exonerate and hold the Stockholders and each of their respective partners, stockholders, members, Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents and each of the partners, stockholders, members,
Affiliates, directors, officers, fiduciaries, managers, controlling Persons, employees and agents of each of the foregoing (collectively, the “Indemnitees”) free and harmless from and against any and all actions, causes of action,
suits, claims, proceedings, liabilities, losses, damages and costs and out-of-pocket expenses in connection therewith (including reasonable attorneys’ fees and expenses) incurred by the Indemnitees or any of them before or after the date of
this Agreement (collectively, the “Indemnified Liabilities”), arising out 

  
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of any action, cause of action, suit, arbitration or claim arising directly or indirectly out of, or in any way relating to, (i) such Stockholder’s or its Affiliates’ ownership of
Securities or such Stockholder’s or its Affiliates’ control or ability to influence the Company or any of its Subsidiaries (which for purposes of this ARTICLE VII shall include VMware and its subsidiaries) or their respective predecessors
or successors (other than any such Indemnified Liabilities (x) to the extent such Indemnified Liabilities arise out of any willful breach of this Agreement by such Indemnitee or its Affiliates or other related Persons or (y) without
limiting any other rights to indemnification, to the extent such control or the ability to control the Company or any of its Subsidiaries derives from such Stockholder’s or its Affiliates’ capacity as an officer or director of the Company
or any of its Subsidiaries) or (ii) the business, operations, properties, assets or other rights or liabilities of the Company or any of its Subsidiaries; provided, however, that if and to the extent that the foregoing undertaking
may be unavailable or unenforceable for any reason, the Company will, and will cause the Specified Subsidiaries to, make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under
applicable law. For the purposes of this Section 7.1, none of the circumstances described in the limitations contained in the proviso in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment
of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Indemnitee as to any previously advanced indemnity payments made by the Company or any of the Specified
Subsidiaries, then such payments shall be promptly repaid by such Indemnitee to the Company and the Specified Subsidiaries, as applicable. The rights of any Indemnitee to indemnification hereunder will be in addition to any other rights any such
Person may have under any other agreement or instrument to which such Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation or under the Organizational Documents of the Company or any of its
Subsidiaries. 
 (b) The Company acknowledges and agrees that the Company shall, and to the extent applicable shall cause the Specified
Subsidiaries to, be fully and primarily responsible for the payment to the Indemnitee in respect of Indemnified Liabilities in connection with any Jointly Indemnifiable Claim, pursuant to and in accordance with (as applicable) the terms of
(i) applicable law, (ii) the Organizational Documents of the Company, (iii) this Agreement, (iv) any other agreement between the Company or any Specified Subsidiary and the Indemnitee pursuant to which the Indemnitee is
indemnified, (v) the laws of the jurisdiction of incorporation or organization of any Specified Subsidiary and/or (vi) the Organizational Documents of any Specified Subsidiary (clauses (i) through (vi) collectively, the
“Indemnification Sources”), irrespective of any right of recovery the Indemnitee may have from any Indemnitee-Related Entities. Under no circumstance shall the Company or any Specified Subsidiary 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 Specified Subsidiary 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 with respect to any Jointly Indemnifiable
Claim, (x) the Company shall, and to the extent applicable shall cause the Specified Subsidiaries to, reimburse the Indemnitee-Related Entity making such payment to the extent of such payment promptly upon written demand from such
Indemnitee-Related Entity, (y) to the extent not previously and fully reimbursed by the Company and/or any Specified Subsidiary pursuant to clause (x), the Indemnitee-Related Entity making such payment

  
 32 

 
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 Specified Subsidiary, as applicable,
and (z) Indemnitee 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. 
 (c) The Company and Stockholders agree that each of the Indemnitees and
Indemnitee-Related Entities shall be third-party beneficiaries with respect to this Section 7.1, entitled to enforce this Section 7.1 as though each such Indemnitee and Indemnitee-Related Entity were a party to this
Agreement. The Company shall cause each of the Specified Subsidiaries to perform the terms and obligations of this Section 7.1 as though each such Specified Subsidiary was a party to this Agreement. 

ARTICLE VIII  

MISCELLANEOUS 

Section 8.1. Entire Agreement. This Agreement (together with the Registration Rights Agreement, the Sponsor Stockholders Agreement
and the MSD Partners Subscription Agreement) constitutes the entire understanding and agreement between the parties and supersedes and replaces any prior understanding, agreement or statement of intent, in each case, written or oral, of any and
every nature with respect thereto. In the event of any inconsistency between this Agreement and any document executed or delivered to effect the purposes of this Agreement, including the Organizational Documents of any Person, this Agreement shall
govern as among the parties hereto. Each of the parties hereto shall exercise all voting and other rights and powers available to it so as to give effect to the provisions of this Agreement and, if necessary, to procure (so far as it is able to do
so) any required amendment to the Company’s and/or its Subsidiaries’ Organizational Documents, in order to cure any such inconsistency. 

Section 8.2. Effectiveness. This Agreement shall become effective on the Closing Date upon execution of this Agreement by each of
the Company and the Stockholders. In the event that the Merger Agreement is terminated for any reason without the Closing having occurred, this Agreement shall not become effective and shall be void ab initio. 

Section 8.3. Specific Performance. The parties hereto agree that the obligations imposed on them in this Agreement are special,
unique and of an extraordinary character, and that, in the event of breach by any party, damages would not be an adequate remedy and each of the other parties shall be entitled to specific performance and injunctive and other equitable relief in
addition to any other remedy to which it may be entitled, at law or in equity. The parties hereto further agree to waive any requirement for the securing or posting of any bond in connection with the obtaining of any such injunctive or other
equitable relief. 
 Section 8.4. Governing Law. This Agreement and all claims or causes of action (whether in tort, contract or
otherwise) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or
warranty made in or in connection with this Agreement) shall be governed by and construed in accordance with the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws. 

  
 33 

 Section 8.5. Submissions to Jurisdictions; WAIVER OF JURY TRIAL. 

(a) Each of the parties hereto hereby irrevocably acknowledges and consents that any legal action or proceeding brought with respect to this
Agreement or any of the obligations arising under or relating to this Agreement shall be brought and determined exclusively in the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to
accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware), and each of the parties hereto hereby irrevocably submits to and accepts with regard to any such action or proceeding,
for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a
particular matter, any Federal court of the United States of America sitting in the State of Delaware). Each party hereby further irrevocably waives any claim that the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in
the State of Delaware declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware) lacks jurisdiction over such party, and agrees not to plead or claim, in any legal
action or proceeding with respect to this Agreement or the transactions contemplated hereby brought in the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a
particular matter, any Federal court of the United States of America sitting in the State of Delaware), that any such court lacks jurisdiction over such party. 

(b) Each party irrevocably consents to the service of process in any legal action or proceeding brought with respect to this Agreement or any
of the obligations arising under or relating to this Agreement by the mailing of copies thereof by registered or certified mail, postage prepaid, to such party, at its address for notices as provided in Section 8.13 of this Agreement,
such service to become effective ten (10) days after such mailing. Each party hereby irrevocably waives any objection to such service of process and further irrevocably waives and agrees not to plead or claim in any action or proceeding
commenced hereunder or under any other documents contemplated hereby, that service of process was in any way invalid or ineffective. Subject to Section 8.5(c), the foregoing shall not limit the rights of any party to serve process in any
other manner permitted by applicable law. The foregoing consents to jurisdiction shall not constitute general consents to service of process in the State of Delaware for any purpose except as provided above and shall not be deemed to confer rights
on any Person other than the respective parties to this Agreement. 
 (c) Each of the parties hereto hereby waives any right it may have
under the laws of any jurisdiction to commence by publication any legal action or proceeding with respect to this Agreement or any of the obligations under or relating to this Agreement. To the fullest extent permitted by applicable law, each of the
parties hereto hereby irrevocably waives the objection which it may now or hereafter have to the laying of the venue of any suit, action or proceeding with respect to this Agreement or any of the obligations arising under or relating to this
Agreement in the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a particular matter, any 

  
 34 

 
Federal court of the United States of America sitting in the State of Delaware), and hereby further irrevocably waives and agrees not to plead or claim that the Court of Chancery in the State of
Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware) is not a convenient forum for any such
suit, action or proceeding. 
 (d) The parties hereto agree that any judgment obtained by any party hereto or its successors or assigns in
any action, suit or proceeding referred to above may, in the discretion of such party (or its successors or assigns), be enforced in any jurisdiction, to the extent permitted by applicable law. 

(e) EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT
TO ANY SUIT, ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY SUIT, ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER
INTO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.5(E). 

Section 8.6. Obligations. All obligations hereunder shall be satisfied in full without set-off, defense or counterclaim. 

Section 8.7. Consents, Approvals and Actions. All actions required to be taken by, or approvals or consents of, the MSD Partners
Stockholders under this Agreement, the Management Stockholders Agreement, the Class A Stockholders Agreement, the Class C Stockholders Agreement, the Sponsor Stockholders Agreement and the Registration Rights Agreement shall be taken by consent
or approval by, or agreement of, the holders of a majority of the DTI Securities held by the MSD Partners Stockholders, and such consent, approval or agreement shall constitute the necessary action, approval or consent by the MSD Partners
Stockholders. 
 Section 8.8. Amendment; Waiver. 

(a) Except as set forth in Section 8.8(b), any amendment, modification, supplement or waiver to or of any provision of this
Agreement shall require the prior written approval of the Company. 
 (b) Notwithstanding the foregoing, (i) any addition of a
transferee of DTI Securities or a recipient of DTI Securities as a party hereto pursuant to ARTICLE VI shall not constitute an amendment hereto and the applicable Joinder Agreement need be signed only by the Company and such transferee or
recipient and (ii) the Company shall promptly amend the books and records of the Company appropriately and as and to the extent necessary to reflect the 

  
 35 

 
removal or addition of a Stockholder, any changes in the amount and/or type of DTI Securities beneficially owned by each Stockholder and/or the addition of a transferee of DTI Securities or a
recipient of any DTI Securities, in each case, pursuant to and in accordance with the terms of this Agreement. 
 (c) Any failure by any
party at any time to enforce any of the provisions of this Agreement shall not be construed a waiver of such provision or any other provisions hereof. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or
be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. Except as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right,
power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise
thereof or the exercise of any other right, power or remedy. 
 Section 8.9. Assignment of Rights By Stockholders. 

(a) Subject to Section 8.9(b), no Stockholder may assign or transfer its rights under this Agreement except with the prior consent
of the Company. Any purported assignment of rights or obligations under this Agreement in derogation of this Section 8.9 shall be null and void. 

(b) Notwithstanding anything in this Agreement to the contrary (but without limiting the restrictions on transfer contained in ARTICLE
IV), the MSD Partners Stockholders may assign or transfer all of their rights under this Agreement to any Person or group of Affiliated Persons to whom the MSD Partners Stockholders transfer greater than a majority of the DTI Securities
beneficially owned by the MSD Partners Stockholders immediately following the EMC Closing (as adjusted for any stock split, stock dividend, reverse stock split or similar event occurring after the EMC Closing) (and such transferee who is transferred
such rights shall be deemed to be the MSD Partners Stockholders for all purposes hereunder). 
 Section 8.10. Binding Effect.
Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the parties’ successors and permitted assigns. 

Section 8.11. Third Party Beneficiaries. Except for Section 3.4, Section 5.1, ARTICLE VII and
Section 8.14 (which will be for the benefit of the Persons set forth therein, and any such Person will have the rights provided for therein), this Agreement does not create any rights, claims or benefits inuring to any Person that is not
a party hereto, and it does not create or establish any third party beneficiary hereto. 
 Section 8.12. Termination. This
Agreement shall terminate only (i) by written consent of the MSD Partners Stockholders (for so long as the MSD Partners Stockholders own DTI Securities) and the Company (which Company consent shall require the approval by the Special Committee
during the Restricted Period), (ii) upon the dissolution or liquidation of the Company, (iii) in the event the MSD Partners Stockholders beneficially own less than one percent (1%) of the issued and outstanding DTI Securities or
(iv) upon the termination of the Sponsor 

  
 36 

 
Stockholders Agreement pursuant to the terms thereof; provided, that Section 3.4 shall survive any such termination and remain in full force and effect; provided,
further, that in the case of a termination pursuant to clause (i), Section 5.6 and ARTICLE VII shall survive any such termination and remain in full force and effect unless and solely to the extent expressly waived in
writing, with reference to such provisions, by the MSD Partners Stockholders. 
 Section 8.13. Notices. Any and all notices,
designations, offers, acceptances or other communications provided for herein shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by facsimile (with written confirmation of transmission), e-mail (with
written confirmation of transmission) or nationally-recognized overnight courier, which shall be addressed: 
 (a) in the case of the
Company, to its principal office to the attention of its General Counsel; 
 (b) in the case of the Stockholders identified below, to the
following respective addresses, e-mail addresses or facsimile numbers: 
 If to any of the MSD Partners Stockholders, to: 

MSD Partners, L.P. 
 645 Fifth
Avenue 
 21st Floor 
 New York,
NY 10022-5910 
 Attention:  Marc R. Lisker 

                  Marcello Liguori 

Facsimile: (212) 303-1772 

Email: mlisker@msdpartners.com 

Email: mliguori@msdpartners.com 

with a copy (which shall not constitute actual or constructive notice) to: 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York, NY
10019 
 Attention:  Steven A. Rosenblum 

                  Andrew J. Nussbaum 

                  Gordon S. Moodie 

Facsimile: (212) 403-2000 

Email: sarosenblum@wlrk.com 

Email: ajnussbaum@wlrk.com 

Email: gsmoodie@wlrk.com 
 (c) in
the case of any other Stockholder, to the address, e-mail address or facsimile number appearing in the books and records of the Company. 
 Any and all
notices, designations, offers, acceptances or other communications shall be conclusively deemed to have been given, delivered or received (i) in the case of personal 

  
 37 

 
delivery, on the day of actual delivery thereof, (ii) in the case of facsimile or e-mail, on the day of transmittal thereof if given during the normal business hours of the recipient, and on
the Business Day during which such normal business hours next occur if not given during such hours on any day and (iii) in the case of dispatch by nationally-recognized overnight courier, on the next Business Day following the disposition with
such nationally-recognized overnight courier. By notice complying with the foregoing provisions of this Section 8.13, each party shall have the right to change its mailing address, e-mail address or facsimile number for the notices and
communications to such party. The Stockholders hereby consent to the delivery of any and all notices, designations, offers, acceptances or other communications provided for herein by Electronic Transmission addressed to the email address or
facsimile number of such Stockholders as provided herein. 
 Section 8.14. No Third Party Liability. This Agreement may only be
enforced against the named parties hereto. All claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any
representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), may be made only against the entities that are expressly identified as parties hereto; and no past, present or future
director, officer, employee, incorporator, member, partner, stockholder, Affiliate, portfolio company in which any such party or any of its investment fund Affiliates have made a debt or equity investment (and vice versa), agent, attorney or
representative of any party hereto (including any Person negotiating or executing this Agreement on behalf of a party hereto), unless party to this Agreement, shall have any liability or obligation with respect to this Agreement or with respect any
claim or cause of action (whether in contract or tort) that may arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including a representation or warranty made in or in connection with this
Agreement or as an inducement to enter into this Agreement). 
 Section 8.15. No Partnership. Nothing in this Agreement and no
actions taken by the parties under this Agreement shall constitute a partnership, association or other co-operative entity between any of the parties or constitute any party the agent of any other party for any purpose. 

Section 8.16. Aggregation; Beneficial Ownership. 

(a) All DTI Securities held or acquired by the MSD Partners Stockholders and their Affiliates and Permitted Transferees shall be aggregated
together for the purpose of determining the availability of any rights under and application of any limitations under this Agreement, and each such Stockholder and its Affiliates may apportion such rights as among themselves in any manner they deem
appropriate. 
 (b) Without limiting the generality of the foregoing, for the purposes of calculating the beneficial ownership of any
Stockholder, all of such Stockholder’s Common Stock, all of its Affiliates’ Common Stock and all of its Permitted Transferees’ Common Stock shall be included as being owned by such Stockholder and as being outstanding. 

  
 38 

 Section 8.17. Severability. If any portion of this Agreement shall be declared
void or unenforceable by any court or administrative body of competent jurisdiction, such portion shall be deemed severable from the remainder of this Agreement, which shall continue in all respects to be valid and enforceable. 

Section 8.18. Counterparts. This Agreement may be executed in any number of counterparts (which delivery may be via facsimile
transmission or e-mail if in .pdf format), each of which shall be deemed an original, but all of which together shall constitute a single instrument. 

[Remainder of page intentionally left blank] 

  
 39 

 IN WITNESS WHEREOF, each of the undersigned has executed this MSD Partners Stockholders
Agreement or caused this MSD Partners Stockholders Agreement to be signed by its officer thereunto duly authorized as of the date first written above. 
  

			
	COMPANY:
	
	DELL TECHNOLOGIES INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [MSD Partners Stockholders Agreement] 

 
			
	SPECIFIED SUBSIDIARY:
	
	DENALI INTERMEDIATE INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [MSD Partners Stockholders Agreement] 

 
			
	SPECIFIED SUBSIDIARY:
	
	DELL INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [MSD Partners Stockholders Agreement] 

 
			
	SPECIFIED SUBSIDIARY:
	
	EMC CORPORATION

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [MSD Partners Stockholders Agreement] 

 
			
	SPECIFIED SUBSIDIARY:
	
	DENALI FINANCE CORP.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [MSD Partners Stockholders Agreement] 

 
			
	SPECIFIED SUBSIDIARY:
	
	DELL INTERNATIONAL L.L.C.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [MSD Partners Stockholders Agreement] 

			
	 MSD PARTNERS STOCKHOLDERS:
  

MSDC DENALI INVESTORS, L.P.

		
	By:	 	MSDC Denali (GP), LLC, its General Partner
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	MSDC DENALI EIV, LLC
		
	By:	 	MSDC Denali (GP), LLC, its Managing Member
		
	By:	 	  

	Name:	 	
	Title:	 	

 [MSD Partners Stockholders Agreement] 

			
	 MD STOCKHOLDERS:
  

(SOLELY FOR THE PURPOSES OF SECTION 4.4)

	
	  

	
	  

	MICHAEL S. DELL
	
	 SUSAN LIEBERMAN DELL SEPARATE

PROPERTY TRUST

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 [MSD Partners Stockholders Agreement] 

 Annex A-1 

FORM OF 
 JOINDER AGREEMENT 

The undersigned is executing and delivering this Joinder Agreement pursuant to that certain MSD Partners Stockholders Agreement, dated as of
[●], 2018 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “MSD Partners Stockholders Agreement”) by and among Dell Technologies Inc., Denali Intermediate Inc., Dell Inc.,
EMC, Denali Finance Corp., Dell International L.L.C., each other Specified Subsidiary that may become a party thereto in accordance with the terms thereof, MSDC Denali Investors, L.P., MSDC Denali EIV, LLC and any other Persons who become a party
thereto in accordance with the terms thereof. Capitalized terms used but not defined in this Joinder Agreement shall have the respective meanings ascribed to such terms in the MSD Partners Stockholders Agreement. 

By executing and delivering this Joinder Agreement to the MSD Partners Stockholders Agreement, the undersigned hereby adopts and approves the
MSD Partners Stockholders Agreement and agrees, effective commencing on the date hereof and as a condition to the undersigned’s becoming the transferee of DTI Securities, to become a party to, and to be bound by and comply with the provisions
of, the MSD Partners Stockholders Agreement applicable to a Stockholder [and] [MSD Partners Stockholder / MSD Partners Co-Investor], respectively, in the same manner as if the undersigned were an original signatory to the MSD Partners Stockholders
Agreement. 
 [The undersigned hereby represents and warrants that, pursuant to this Joinder Agreement and the MSD Partners Stockholders
Agreement, it is a Permitted Transferee of [●] and will be the lawful record owner of [●] shares of [Insert description of series / type of Security] of the Company as of the date hereof. The undersigned hereby covenants
and agrees that it will take all such actions as required of a Permitted Transferee as set forth in the MSD Partners Stockholders Agreement, including but not limited to conveying its record and beneficial ownership of any DTI Securities and all
rights, title and obligations thereunder back to the initial transferor Stockholder or to another Permitted Transferee of the original transferor Stockholder, as the case may be, immediately prior to such time that the undersigned no longer meets
the qualifications of a Permitted Transferee as set forth in the MSD Partners Stockholders Agreement.]1 

The undersigned acknowledges and agrees that Section 8.2 through Section 8.5 of the MSD Partners Stockholders
Agreement are incorporated herein by reference, mutatis mutandis. 
 [Remainder of page intentionally left blank] 

 
  

	1	 [To be included for transfers of DTI Securities to Permitted Transferees] 

 Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the
     day of             ,         . 

 

			
	  

	Signature	 	
	
	  

	Print Name	 	
		
	Address:	 	  

	  

	  

	Telephone:	 	  

	Facsimile:	 	  

	Email:	 	  

 AGREED AND ACCEPTED 

as of the      day of                 ,
        . 
  

			
	DELL TECHNOLOGIES INC.

			
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Annex A-2 

FORM OF 
 SPECIFIED
SUBSIDIARY JOINDER AGREEMENT 
 The undersigned is executing and delivering this Specified Subsidiary Joinder Agreement pursuant to that
certain MSD Partners Stockholders Agreement, dated as of [●], 2018 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “MSD Partners Stockholders Agreement”) by and among Dell
Technologies Inc., Denali Intermediate Inc., Dell Inc., EMC, Denali Finance Corp., Dell International L.L.C., each other Specified Subsidiary that may become a party thereto in accordance with the terms thereof, MSDC Denali Investors, L.P., MSDC
Denali EIV, LLC and any other Persons who become a party thereto in accordance with the terms thereof. Capitalized terms used but not defined in this Joinder Agreement shall have the respective meanings ascribed to such terms in the MSD Partners
Stockholders Agreement. 
 By executing and delivering this Joinder Agreement to the MSD Partners Stockholders Agreement, the undersigned
hereby adopts and approves the MSD Partners Stockholders Agreement and agrees, effective commencing on the date hereof, to become a party to, and to be bound by and comply with the provisions of, the MSD Partners Stockholders Agreement applicable to
a Specified Subsidiary, in the same manner as if the undersigned were an original signatory to the MSD Partners Stockholders Agreement. 

The undersigned acknowledges and agrees that Section 8.2 through Section 8.5 of the MSD Partners Stockholders
Agreement are incorporated herein by reference, mutatis mutandis. 
 Accordingly, the undersigned has executed and delivered this
Specified Subsidiary Joinder Agreement as of the      day of             ,         . 

 

			
	 SPECIFIED SUBSIDIARY:
  

[●]

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 Annex B 

FORM OF 
 SPOUSAL CONSENT

 In consideration of the execution of that certain MSD Partners Stockholders Agreement, dated as of [●], 2018 (as amended,
restated, supplemented or otherwise modified in accordance with the terms thereof, the “MSD Partners Stockholders Agreement”) by and among Dell Technologies Inc., Denali Intermediate Inc., Dell Inc., EMC, Denali Finance Corp., Dell
International L.L.C., each other Specified Subsidiary that may become a party thereto in accordance with the terms thereof, MSDC Denali Investors, L.P., MSDC Denali EIV, LLC and any other Persons who become a party thereto in accordance with the
thereof, I,                     , the spouse of
                    , who is a party to the MSD Partners Stockholders Agreement, do hereby join with my spouse in executing the foregoing MSD
Partners Stockholders Agreement and do hereby agree to be bound by all of the terms and provisions thereof, in consideration of the issuance, acquisition or receipt of DTI Securities and all other interests I may have in the shares and securities
subject thereto, whether the interest may be pursuant to community property laws or similar laws relating to marital property in effect in the state or province of my or our residence as of the date of signing this consent. Capitalized terms used
but not defined herein shall have the meaning ascribed to such terms in the MSD Partners Stockholders Agreement. 
  

							
	Dated as of                      ,
            	 		 		 	  

		 		 		 	(Signature of Spouse)
				
		 		 		 	  

		 		 		 	(Print Name of Spouse)EX-10.9

 Exhibit 10.9 

DELL TECHNOLOGIES INC. 

2013 STOCK INCENTIVE PLAN 

(AS AMENDED AND RESTATED AS OF [                ], 2018)

  

	1.	 Purpose of the Plan. 

The purpose of this Dell Technologies Inc. 2013 Stock Incentive Plan (as it may be amended and restated from time to time, the
“Plan”), is to aid Dell Technologies Inc., a Delaware corporation formerly known as Denali Holding Inc. (the “Company”), and its Affiliates in recruiting and retaining employees, directors and other service
providers of outstanding ability and to motivate such persons to exert their best efforts on behalf of the Company and its Affiliates by providing incentives through the granting or selling of Stock Awards. The Company expects that it will benefit
from aligning the interests of such persons with those of the Company and its Affiliates by providing them with equity-based awards with respect to shares of Class C Common Stock. 

 

	2.	 Definitions. For purposes of the Plan, the following capitalized terms shall have their respective
meanings set forth below: 

 (a)    “Affiliate” shall have the meaning given
to such term in the Management Stockholders Agreement. 
 (b)    “Applicable Law” shall mean the legal
requirements relating to the administration of an equity compensation plan under applicable U.S. federal and state corporate and securities laws, the Code, any stock exchange rules or regulations, and the applicable laws of any other country or
jurisdiction, as such laws, rules, regulations and requirements shall be in place from time to time. 

(c)    “Board” shall mean the Board of Directors of the Company. 

(d)    “Cause” with respect to a Participant shall mean “Cause” as defined in the applicable
Stock Award Agreement or, if “Cause” is not defined therein, the occurrence of any of the following: (i) a violation of the Participant’s obligations regarding confidentiality or the protection of sensitive, confidential or
proprietary information, or trade secrets, or a violation of any other restrictive covenant by which the Participant is bound; (ii) an act or omission by the Participant resulting in the Participant being charged with a criminal offense which
constitutes a felony or involves moral turpitude or dishonesty; (iii) conduct by the Participant which constitutes gross neglect, insubordination, willful misconduct, or a breach of any Code of Conduct of the Subsidiary that employs the
Participant or a fiduciary duty to the Company, any of its Affiliates or the stockholders of the Company; or (iv) a determination by the Company’s senior management that the Participant violated state or federal law relating to the
workplace environment, including, without limitation, laws relating to sexual harassment or age, sex, race or other prohibited discrimination. 

 (e)    “Change in Control” shall mean the occurrence of
any one or more of the following events: 
  

	 	(i)	 the sale or disposition, in one or a series of related transactions, to any Person or group (as such term is
used for purposes of Section 14(d)(2) of the Exchange Act), other than to the Sponsor Stockholders or any of their respective Affiliates or to any Person or group in which any of the foregoing is a member, of all or substantially all of the
consolidated assets of the Company; 

  

	 	(ii)	 any Person or group (as such term is used for purposes of Section 14(d)(2) of the Exchange Act), other
than the Sponsor Stockholders or any of their respective Affiliates or any Person or group in which any of the foregoing is a member, is or becomes the beneficial owner (within the meaning of Rule 13d-3 under
the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the outstanding shares of Common Stock, excluding as a result of any merger or consolidation that does not constitute a Change in Control pursuant to clause
(iii); 

  

	 	(iii)	 any merger or consolidation of the Company with or into any other Person, unless the holders of the Common
Stock immediately prior to such merger or consolidation beneficially own (within the meaning of Rule 13d-3 under the Exchange Act) a majority of the outstanding shares of the common stock (or equivalent voting
securities) of the surviving or successor entity (or the parent entity thereof); or 

  

	 	(iv)	 prior to an IPO, the Sponsor Stockholders and their respective Affiliates cease to have the ability to cause
the election of that number of members of the Board who would collectively have the right to vote a majority of the aggregate number of votes represented by all of the members of the Board, and any Person or group (as such term is used for purposes
of Section 14(d)(2) of the Exchange Act), other than the Sponsor Stockholders and their respective Affiliates or any Person or group in which any of the foregoing is a member, beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act) outstanding voting stock representing a greater percentage of voting power with respect to the general election of members of the Board than the shares of outstanding voting stock of
the Sponsor Stockholders and their respective Affiliates collectively beneficially own (within the meaning of Rule 13d-3 under the Exchange Act). 

(f)     “Class C Common Stock” shall mean the Class C common stock, par value
$0.01 per share, of the Company and any class or series of Common Stock into which the Class C Common Stock may be converted or exchanged. 

(g)    “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any
successor thereto. Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance.

 (h)    “Committee” shall mean the Compensation Committee of the Board (or a subcommittee thereof),
or such other committee of the Board to which the Board has delegated power to act pursuant to the provisions of the Plan; provided, that in the absence of any such committee, the term “Committee” shall mean the Board. For the
avoidance of doubt, the Board shall at all times be authorized to act as the Committee under or pursuant to any provisions of the Plan. 

  
 2 

 (i)    “Common Stock” shall mean the Class C
Common Stock and any other class or series of common stock of the Company. 
 (j)    “Consultant” shall
mean any person engaged by the Company or any of its Affiliates as a consultant or independent contractor to render consulting, advisory or other services and who is compensated for such services and who may be offered securities registrable on Form
S-8 under the Securities Act, or offered under any available exemption from Securities Act registration, as applicable. 

(k)    “Designated Foreign Subsidiaries” shall mean the Company or any of its Affiliates that are
organized under the laws of any jurisdiction or country other than the United States of America that may be designated by the Board or the Committee from time to time. 

(l)    “Disability” shall have the meaning given to such term in the Management Stockholders Agreement.

 (m)    “Effective Date” shall mean October 29, 2013. 

(n)    “Employment” shall mean (i) a Participant’s employment if the Participant is an employee
of the Company or any of its Affiliates, (ii) a Participant’s services as a Consultant, if the Participant is a Consultant, and (iii) a Participant’s services as a non-employee member of
the Board or the board of directors (or equivalent governing body) of any Affiliate of the Company. 

(o)    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and any successor
thereto. Reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor provisions
to such section, rules, regulations or guidance. 
 (p)    “Fair Market Value” shall mean, as of any
date, the value of a share of Class C Common Stock determined as follows: (i) if there should be a public market for the Class C Common Stock on such date, the closing price of such share as reported on such date on the composite tape
of the principal national securities exchange on which such share is listed or admitted to trading, or if such share is not listed or admitted on any national securities exchange, the arithmetic mean of the per share closing bid price and per share
closing asked price on such date as quoted on any established U.S. interdealer quotation system on which such prices are regularly quoted (a “Quotation System”), or, if no sale of such share shall have been reported on the composite
tape of any national securities exchange or quoted on a Quotation System on such date, then the immediately preceding date on which sales of such share has been so reported or quoted shall be used; and (ii) if there should not be a public
market for a share of Class C Common Stock on such date, then Fair Market Value shall be the price determined in good faith by the Board (or a committee thereof). 

(q)    “GAAP” shall mean generally accepted accounting principles. 

  
 3 

 (r)    “Good Reason” with respect to a Participant
shall mean “Good Reason” as defined in the applicable Stock Award Agreement or if “Good Reason” is not defined therein and the Participant is an employee of the Company or any of its Affiliates, “Good Reason” shall mean
the occurrence of any of the following: (i) a material reduction in the Participant’s base salary; or (ii) a change in the Participant’s principal place of work to a location of more than fifty (50) miles from the
Participant’s principal place of work immediately prior to such change; provided, that the Participant provides written notice to the Company or any Affiliate employing such Participant of the existence of any such condition within
ninety (90) days of the Participant having actual knowledge of the initial existence of such condition and the Company or any Affiliate employing such Participant fails to remedy the condition within thirty (30) days of receipt of such
notice (the “Cure Period”). If the Good Reason condition remains uncured following the Cure Period, in order to resign for Good Reason a Participant must actually terminate Employment no later than thirty (30) days following
the end of such Cure Period. If a Participant is not an employee of the Company or any of its Affiliates, Good Reason shall be inapplicable to such Participant, unless such Participant’s Stock Award Agreement contains a definition of Good
Reason. 
 (s)    “Initial Director Grant” shall mean the Stock Award granted to a Participant who is a
non-employee member of the Board upon commencement of such Participant’s initial service on the Board. 

(t)    “IPO” shall have the meaning given to such term in the Management Stockholders Agreement. 

(u)    “ISO” shall mean a stock option to acquire shares of Class C Common Stock that is intended to
qualify as an “incentive stock option” within the meaning of Section 422 of the Code and the regulations promulgated thereunder, as amended from time to time. 

(v)    “LTIP” or “2012 LTIP” shall mean the Dell Technologies Inc. 2012 Long-Term
Incentive Plan. 
 (w)    “Management Stockholders Agreement” shall mean the Dell Technologies Inc.
Second Amended and Restated Management Stockholders Agreement by and among the Company and the other parties thereto, as may be amended from time to time, including, without limitation, any such amendment that may be made in a Stock Award Agreement.

 (x)    “Negative Discretion” shall mean the discretion authorized by the Plan to be applied by the
Committee to eliminate or reduce the size of a Performance Compensation Award. 
 (y)    “Option” shall
mean a stock option granted pursuant to Section 6 of the Plan. 
 (z)    “Option
Price” shall mean the purchase price per share of an Option, as determined pursuant to Section 6(a) of the Plan. 

(aa)    “Other Stock-Based Awards” shall have the meaning given to such term in
Section 8 of the Plan. 
 (bb)    “Participant” shall mean a person eligible
to receive a Stock Award pursuant to Section 4 of the Plan and who actually receives a Stock Award or, if applicable, such other Person who holds an outstanding Stock Award. 

  
 4 

 (cc)    “Performance Compensation Award” shall mean any
Stock Award or cash bonus (including a cash bonus under the 2012 LTIP) designated by the Committee as a Performance Compensation Award subject to achievement of Performance Goals over a Performance Period specified by the Committee, pursuant to
Section 9 of the Plan. 
 (dd)    “Performance Criteria” shall mean the
criterion or criteria that the Committee shall select for purposes of establishing the Performance Goals for a Performance Period with respect to any Performance Compensation Award under the Plan. 

(ee)    “Performance Formula” shall mean, for a Performance Period, the one or more objective formulae
applied against the relevant Performance Goal to determine, with regard to the Performance Compensation Award of a particular Participant, whether all, some portion less than all, or none of the Performance Compensation Award has been earned for the
Performance Period. 
 (ff)    “Performance Goals” shall mean the one or more goals established by the
Committee for the Performance Period of Performance Compensation Awards, based upon the Performance Criteria. 

(gg)    “Performance Period” shall mean the one or more periods of time of not less than twelve
(12) months, as the Committee may select, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s right to, and the payment of, a Performance Compensation Award. 

(hh)    “Person” shall mean an individual, any general partnership, limited partnership, limited
liability company, corporation, trust, business trust, joint stock company, joint venture, unincorporated association, cooperative or association or any other legal entity or organization of whatever nature, and shall include any successor (by
merger or otherwise) of such entity, or a government or any agency or political subdivision thereof. 

(ii)    “Prior Section 162(m)” shall mean Section 162(m) of the Code as in effect
prior to its amendment by the Tax Cuts and Jobs Act, P.L. 115-97, including the regulations and guidance promulgated in respect of Section 162(m) of the Code as in effect prior to such amendment. 

(jj)    “Qualifying Director” shall mean a person who is, with respect to actions intended to obtain an
exemption from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 under the Exchange Act, a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act. 
 (kk)    “Section 162(m)
Grandfather” shall mean the regulations or other guidance promulgated in respect of transition rules under Section 162(m) of the Code, as Section 162(m) of the Code is in effect from time to time on or after the amendment and
restatement of the Plan as of [                    ], 2018, extending the deductibility of Stock Awards intended to be “qualified
performance-based compensation” under Prior Section 162(m). 
 (ll)    “Securities Act” shall
mean the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under
such section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance. 

  
 5 

 (mm)    “Sponsor Stockholders” shall have the meaning
given to such term in the Management Stockholders Agreement. 
 (nn)    “Stock Appreciation Right”
shall mean a stock appreciation right granted pursuant to Section 7 of the Plan. 

(oo)    “Stock Award” shall mean (i) an Option, Stock Appreciation Right or Other Stock-Based Award
granted (or sold) pursuant to the Plan or (ii) a cash-denominated award, or portion thereof, under the 2012 LTIP that the Committee determines to settle in shares of Class C Common Stock. 

(pp)    “Stock Award Agreement” shall mean a written agreement between the Company and a holder of a
Stock Award, executed by the Company, evidencing the terms and conditions of the Stock Award. 
 (qq)    “Sub-Plans” shall mean any sub-plan to the Plan that has been adopted by the Board or the Committee for the purpose of permitting the offering of Stock Awards to
employees of certain Designated Foreign Subsidiaries or otherwise outside the United States of America, with each such sub-plan designed to comply with local laws applicable to offerings in such foreign
jurisdictions. Although any Sub-Plan may be designated a separate and independent plan from the Plan in order to comply with applicable local laws, the Absolute Share Limit and the other limits specified in
Section 4(a) and Section 5 of the Plan shall apply in the aggregate to the Plan and any and all Sub-Plans adopted hereunder. 

(rr)     “Subsidiary” shall mean with respect to any Person, any entity of which (i) a majority of
the total voting power of shares of stock or equivalent ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, trustees or other members of the applicable governing body
thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if no such governing body exists at such entity, a majority of the
total voting power of shares of stock or equivalent ownership interests of the entity is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes
hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other similar business entity if such Person or Persons shall be allocated a majority of limited liability
company, partnership, association or such other business entity gains or losses or shall be or control the managing member or general partner of such limited liability company, partnership, association or such other business entity. 

 

	3.	 Administration by Committee. 

(a)    The Plan shall be administered by the Committee, which may delegate its duties and powers in whole or in part to any
subcommittee thereof, and, to the extent required by Applicable Law, the Committee shall be composed exclusively of members who are independent directors in accordance with the rules of any stock exchange on which the Company’s stock is listed.
To the extent the Company deems it necessary to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee

  
 6 

 
under the Plan), it is intended that each member shall, at the time such member takes any action with respect to a Stock Award under the Plan that is intended to qualify for the exemptions
provided by Rule 16b-3 promulgated under the Exchange Act, be a Qualifying Director. However, the fact that a Committee member shall fail to qualify as a Qualifying Director shall not invalidate any Stock
Award granted by the Committee that is otherwise validly granted under the Plan. 
 (b)    Stock Awards may, in the
discretion of the Committee, be made under the Plan in assumption of, or in substitution for, outstanding awards previously granted by any entity acquired by the Company or with which the Company combines. The number of shares of Class C Common
Stock underlying such substitute awards shall be counted against the aggregate number of such shares available for Stock Awards under the Plan. 

(c)    Subject to the terms of the Plan and each Stock Award Agreement, the Committee is authorized to interpret the Plan,
to establish, amend and rescind any rules and regulations relating to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or supply any omission
or reconcile any inconsistency in the Plan in the manner and to the extent the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall lie within its sole
and absolute discretion and shall be final, conclusive and binding on all parties concerned (including, without limitation, Participants and their beneficiaries or successors). The Committee shall have the full power and authority to establish the
terms and conditions of any Stock Award consistent with the provisions of the Plan and to waive any such terms and conditions at any time (including, without limitation, accelerating or waiving any vesting conditions). 

(d)    The Committee may delegate the authority to grant Stock Awards under the Plan to any employee or group of employees
of the Company or an Affiliate; provided, that such delegation and grants are consistent with Applicable Law and guidelines established by the Board from time to time; and, provided, further, that the Committee may not delegate
authority hereunder to (i) make awards to directors of the Company, (ii) make awards to employees who are officers of the Company or who are delegated authority to make awards under this Section 3(d), or
(iii) interpret the Plan, any award or any Stock Award Agreement. 
  

	4.	 Shares Subject to the Plan and Participation. 

(a)    Available Shares. Subject to Section 10 of the Plan, the total number of shares of
Class C Common Stock which may be issued under the Plan is 75,500,000 (the “Absolute Share Limit”). The maximum number of shares for which ISOs may be granted under the Plan is 75,000,000. The shares of Class C Common
Stock may consist, in whole or in part, of authorized and unissued shares, shares held in the treasury of the Company, shares purchased on the open market or by private purchase or a combination of the foregoing. The issuance of shares or the
payment of cash upon the exercise of a Stock Award or in consideration of the cancellation or termination of a Stock Award shall reduce the total number of shares of Class C Common Stock available under the Plan. Shares of Class C Common
Stock which are subject to Stock Awards which terminate or lapse without the payment of consideration may be granted again under the Plan, unless prohibited by Applicable Law. 

  
 7 

 (b)    Participation. Employees, Consultants, non-employee directors and other service providers of the Company and its Affiliates shall be eligible to be selected to receive Stock Awards under the Plan; provided, that ISOs may only be granted to
employees of the Company or any subsidiary corporation, as defined in Section 424(f) of the Code, of the Company. 
  

	5.	 General Limitations. 

(a)    Tenth Anniversary. No Stock Award may be granted under the Plan after the tenth anniversary of the Effective
Date, but Stock Awards theretofore granted may extend beyond such date. 
 (b)    Stock Award Limitations for
Participants who are not Non-Employee Members of the Board. 
  

	 	(i)	 Subject to Section 10 of the Plan, grants of Options or Stock Appreciation Rights
under the Plan in respect of no more than (A) 10,000,000 shares of Class C Common Stock may be made to any individual Participant who is not a non-employee member of the Board during any single
fiscal year of the Company (for this purpose, if a Stock Appreciation Right is granted in tandem with an Option (such that the Stock Appreciation Right expires with respect to the number of shares for which the Option is exercised), only the shares
of the same class of stock underlying the Option shall count against each limitation); 

  

	 	(ii)	 Subject to Section 10 of the Plan, no more than (A) 3,000,000 shares of Class C
Common Stock may be issued in respect of Performance Compensation Awards denominated in such shares granted pursuant to Section 9 of the Plan to any individual Participant who is not a
non-employee member of the Board for a single fiscal year of the Company during a Performance Period (or with respect to each single fiscal year in the event a Performance Period extends beyond a single fiscal
year), or in the event such share-denominated Performance Compensation Award is paid in cash, other securities, other Stock Awards or other property, no more than the Fair Market Value of such shares on the last day of the Performance Period to
which such Stock Award relates; 

  

	 	(iii)	 The maximum amount that may be paid to any individual Participant who is not a
non-employee member of the Board for a single fiscal year of the Company during a Performance Period (or with respect to each single fiscal year in the event a Performance Period extends beyond a single fiscal
year) pursuant to a Performance Compensation Award denominated in cash (described in Section 9(a) of the Plan) shall not exceed 0.5% of the Company’s aggregate consolidated operating income in the fiscal year
immediately preceding the date such Performance Compensation Award is granted. 

 (c)    Stock
Award Limitations for Participants who are Non-Employee Members of the Board. Except for the Initial Director Grant, subject to Section 10 of the Plan, the maximum number of
shares of Class C Common Stock subject to Stock Awards granted during a single 

  
 8 

 
fiscal year of the Company to any non-employee member of the Board, taken together with any cash fees paid to such
non-employee member of the Board during the fiscal year, shall not, in each case, exceed $1,000,000 in total value (calculating the value of any such Stock Awards based on the grant date fair value of such
Stock Awards for financial reporting purposes and excluding, for this purpose, the value of any dividend equivalent payments paid pursuant to any Stock Award granted in a previous fiscal year). 

 

	6.	 Terms and Conditions of Options. 

Options granted under the Plan shall be, as determined by the Committee, non-qualified or ISOs for
federal income tax purposes, as evidenced by the related Stock Award Agreements, and shall be subject to the foregoing and the following terms and conditions and to such other terms and conditions, not inconsistent therewith, as the Committee shall
determine. 
 (a)    Option Price. The Option Price per share shall be determined by the Committee, but, in the
case of an Option over Class C Common Stock, shall not be less than 100% of the Fair Market Value of a share of Class C Common Stock on the date an Option is granted (other than in the case of Options granted in substitution of previously
granted awards, as described in Section 3 of the Plan). 
 (b)    Exercisability.
Options granted under the Plan shall be exercisable at such time and upon such terms and conditions as may be determined by the Committee, but in no event shall an Option be exercisable more than ten (10) years after the date it is granted.

 (c)    Exercise of Options. Except as otherwise provided in the Plan or in the applicable Stock Award
Agreement, an Option may be exercised for all, or from time to time any part, of the shares of Class C Common Stock for which it is then exercisable. For purposes of this Section 6, the exercise date of an Option shall
be the latest of (i) the date a notice of exercise is received by the Company, (ii) the date payment is received by the Company pursuant to clause (A) or (B) of the following sentence, and (iii) the date on which any condition
imposed by the Committee that is consistent with the terms of the Plan and the applicable Stock Award Agreement is satisfied. The purchase price for the shares of Class C Common Stock to which an Option is exercised shall be paid to the Company
as designated by the Committee or as specified in the applicable Stock Award Agreement, pursuant to one or more of the following methods: (A) in cash or its equivalent (e.g., by personal check or wire transfer); or (B) in each case to the
extent explicitly permitted by the Committee in the applicable Stock Award Agreement or otherwise: (1) in shares of Class C Common Stock having a Fair Market Value equal to the aggregate Option Price for the shares being purchased and
satisfying such other reasonable requirements as may be imposed by the Committee; provided, that such shares have been held by the Participant for no less than six (6) months (or such other period as established from time to time by the
Committee in order to avoid adverse accounting treatment applying GAAP), (2) partly in cash and partly in such shares, (3) if the Class C Common Stock is registered under the Exchange Act and traded on a national securities exchange,
through the delivery of irrevocable instructions to a broker to sell such shares obtained upon the exercise of such Option and to deliver promptly to the Company an amount out of the proceeds of such sale equal to the aggregate Option Price for the
shares being purchased, (4) by delivering (on a form prescribed by the Company) a full-recourse promissory note, or (5) through net settlement in shares of Class C Common Stock. No Participant shall have any rights to dividends or
other rights of a stockholder with respect to shares subject to an Option until the Participant has given written 

  
 9 

 
notice of exercise of the Option, paid in full for such shares and, if applicable, has satisfied any other reasonable conditions imposed by the Committee pursuant to the Plan. No fractional
shares of Class C Common Stock will be issued upon exercise of an Option, but instead cash will be paid for a fraction or, if the Committee should so determine, the number of shares will be rounded downward to the next whole share.
Notwithstanding the foregoing, the Committee may, in its sole discretion, elect at any time to pay cash or part cash and part shares of Class C Common Stock in lieu of issuing only shares in respect of such exercise. If a cash payment is made
in lieu of issuing any shares in respect of the exercise of an Option, the amount of such payment shall be equal to the product of the number of shares for which a cash payment is being made multiplied by excess of the Fair Market Value per share of
Class C Common Stock as of the date of exercise over the Option Price. 
 (d)    ISOs. The Committee may
grant Options exercisable for Class C Common Stock under the Plan that are intended to be ISOs. Such ISOs shall comply with the requirements of Section 422 of the Code (or any successor section thereto). No ISO may be granted to any
Participant who, at the time of such grant, owns more than 10% of the total combined voting power of all classes of stock of the Company or of any Subsidiary, unless (i) the Option Price for such ISO is at least 110% of the Fair Market Value of
the applicable share on the date the ISO is granted and (ii) the date on which such ISO terminates is a date not later than the day preceding the fifth anniversary of the date on which the ISO is granted. Any Participant who disposes of shares
acquired upon the exercise of an ISO either (i) within two (2) years after the date of grant of such ISO or (ii) within one (1) year after the transfer of such shares to the Participant, shall notify the Company of such
disposition and of the amount realized upon such disposition. All Options granted under the Plan are intended to be nonqualified stock options, unless the applicable Stock Award Agreement expressly states that the Option is intended to be an ISO. If
an Option is intended to be an ISO, and if for any reason such Option (or portion thereof) shall not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion thereof) shall be regarded as a nonqualified stock option
granted under the Plan; provided, that such Option (or portion thereof) otherwise complies with the Plan’s requirements relating to nonqualified stock options. In no event shall any member of the Committee, the Company or any of its
Affiliates (or their respective employees, officers or directors) have any liability to any Participant (or any other Person) due to the failure of an Option to qualify for any reason as an ISO. 

(e)    Attestation. Wherever in the Plan or any Stock Award Agreement a Participant is permitted to pay the
exercise price of an Option or taxes relating to the exercise of an Option by delivering shares of Class C Common Stock, the Participant may, subject to procedures satisfactory to the Committee, satisfy such delivery requirement by presenting
proof of beneficial ownership of such shares, in which case the Company shall treat the Option as exercised without further payment and/or shall withhold such number of shares from the shares acquired by the exercise of the Option, as appropriate.

 (f)    Compliance With Laws, Etc. Notwithstanding the foregoing, in no event shall a Participant be permitted
to exercise an Option in a manner in which the Committee determines would violate the Sarbanes-Oxley Act of 2002, as it may be amended from time to time, or any other Applicable Law or the applicable rules and regulations of the Securities and
Exchange Commission or the applicable rules and regulations of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or traded. 

  
 10 

	7.	 Terms and Conditions of Stock Appreciation Rights. 

(a)    Grants. The Committee may grant (i) a Stock Appreciation Right independent of an Option or (ii) a
Stock Appreciation Right in connection with an Option or a portion thereof. A Stock Appreciation Right granted pursuant to clause (ii) of the preceding sentence (A) may be granted at the time the related Option is granted or at any time
prior to the exercise or cancellation of the related Option, (B) shall cover the same class of shares as is covered by the related Option and the same number of shares of Class C Common Stock covered by such Option (or such lesser number
of shares as the Committee may determine), and (C) shall be subject to the same terms and conditions as such Option except for such additional limitations as are contemplated by this Section 7 (or such additional
limitations as may be included in the applicable Stock Award Agreement). 
 (b)    Terms. The exercise price per
share of a Stock Appreciation Right shall be an amount determined by the Committee but in no event shall such amount be less than the Fair Market Value of a share of Class C Common Stock covered by the Stock Appreciation Right on the date the
Stock Appreciation Right is granted (other than in the case of Stock Appreciation Rights granted in substitution of previously granted awards, as described in Section 3 of the Plan); provided, that in the case of a
Stock Appreciation Right granted in conjunction with an Option, or a portion thereof, the exercise price may not be less than the Option Price of the related Option. Each Stock Appreciation Right granted independent of an Option shall entitle a
Participant upon exercise to an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one share of the Class C Common Stock over (B) the exercise price per share, multiplied by (ii) the number
of shares of Class C Common Stock covered by the Stock Appreciation Right. Each Stock Appreciation Right granted in conjunction with an Option, or a portion thereof, shall entitle a Participant to surrender to the Company the unexercised
Option, or any portion thereof, and to receive from the Company in exchange therefor an amount equal to (i) the excess of (A) the Fair Market Value on the exercise date of one share of the Class C Common Stock over (B) the Option
Price per share, multiplied by (ii) the number of shares of Class C Common Stock covered by the Option, or portion thereof, which is surrendered. In addition, each Stock Appreciation Right that is granted in conjunction with an Option or a
portion thereof shall automatically terminate upon the exercise of such Option or portion thereof, as applicable. Payment shall be made in shares or in cash, or partly in shares and partly in cash (any such shares valued at such Fair Market Value),
all as shall be determined by the Committee. Stock Appreciation Rights may be exercised from time to time upon actual receipt by the Company of written notice of exercise stating the number of shares with respect to which the Stock Appreciation
Right is being exercised. The date a notice of exercise is received by the Company shall be the exercise date. No fractional shares of Class C Common Stock will be issued in payment for Stock Appreciation Rights, but instead cash will be paid
for a fraction or, if the Committee should so determine, the number of shares will be rounded downward to the next whole share. 

(c)    Limitations. The Committee may impose, in its discretion, such conditions upon the exercisability of Stock
Appreciation Rights as it may deem fit, but in no event shall a Stock Appreciation Right be exercisable more than ten (10) years after the date it is granted. 

  
 11 

	8.	 Other Stock-Based Awards. 

The Committee, in its sole discretion, may grant or sell Stock Awards of shares of Class C Common Stock, Stock Awards of restricted shares
of Class C Common Stock, and Stock Awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market Value of, shares of Class C Common Stock (“Other Stock-Based Awards”). Such Other
Stock-Based Awards shall be in such form, and dependent on such conditions, as the Committee shall determine, including, without limitation, the right to receive, or vest with respect to, one or more shares of Class C Common Stock (or the
equivalent cash value of such shares), upon the completion of a specified period of service, the occurrence of an event and/or the attainment of performance objectives. Other Stock-Based Awards may be granted alone or in addition to any other Stock
Awards granted under the Plan. Subject to the provisions of the Plan, the Committee shall determine to whom and when Other Stock-Based Awards will be made; the number and class of shares to be awarded under (or otherwise related to) such Other
Stock-Based Awards; whether such Other Stock-Based Awards shall be settled in cash, shares or a combination of cash and shares; and all other terms and conditions of such Other Stock-Based Awards (including, without limitation, the vesting
provisions thereof and provisions ensuring that all shares so awarded and issued shall be fully paid and non-assessable). The Committee may, in its sole discretion, elect at any time to pay cash or part cash
and part shares in lieu of issuing any shares in respect of such Other-Stock Based Awards; provided, that, if a cash payment is made in lieu of issuing any shares in respect of an Other Stock-Based Award, the amount of such payment shall be
equal to the product of the number of shares for which a cash payment is being made multiplied by the Fair Market Value per share of the Class C Common Stock covered by the Other Stock-Based Award. 

 

	9.	 Performance Compensation Awards. 

(a)    General. In addition to Stock Awards, the Committee shall have the authority to make an award of a cash bonus
(including a cash bonus under the 2012 LTIP) to any Participant and designate such award as a Performance Compensation Award. Any Stock Award or cash bonus award (including a cash bonus under the 2012 LTIP) designated by the Committee as a
Performance Compensation Award shall be subject to achievement of Performance Goals over a Performance Period, as established by the Committee in accordance with the provisions of this Section 9. 

(b)    Discretion of Committee with Respect to Performance Compensation Awards. For Performance Compensation
Awards, the Committee shall have sole discretion to select the length of Performance Periods, the type(s) of Performance Compensation Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s)
and/or level(s) of the Performance Goal(s) that is (are) to apply and the Performance Formula(e). Within the first ninety (90) days of a Performance Period, the Committee shall, with regard to the Performance Compensation Awards to be issued
for such Performance Period, exercise its discretion with respect to each of the matters enumerated in the immediately preceding sentence and record the same in writing. 

(c)    Performance Criteria. The Performance Criteria that will be used to establish the Performance Goal(s) for
Performance Compensation Awards may be based on the attainment of specific levels of performance of the Company (and/or one or more of the Company or any of its Affiliates, divisions or operational and/or business units, product lines, brands,
business 

  
 12 

 
segments, administrative departments or any combination of the foregoing) and shall be limited to the following, which may be determined in accordance with GAAP or on a non-GAAP basis: (i) net earnings, net income (before or after taxes) or consolidated net income; (ii) basic or diluted earnings per share (before or after taxes); (iii) net revenue or net revenue growth;
(iv) gross revenue or gross revenue growth, gross profit or gross profit growth; (v) net operating profit (before or after taxes); (vi) return measures (including, without limitation, return on investment, assets, capital, employed
capital, invested capital, equity or sales); (vii) cash flow measures (including, without limitation, operating cash flow, free cash flow or cash flow return on capital), which may but are not required to be measured on a per share basis;
(viii) actual or adjusted earnings before or after interest, taxes, depreciation and/or amortization (including EBIT and EBITDA); (ix) gross or net operating margins; (x) productivity ratios; (xi) share price (including, without
limitation, growth measures and total stockholder return); (xii) expense targets or cost reduction goals, general and administrative expense savings; (xiii) operating efficiency; (xiv) objective measures of customer/client satisfaction;
(xv) working capital targets; (xvi) measures of economic value added or other ‘value creation’ metrics; (xvii) enterprise value; (xviii) sales; (xix) stockholder return; (xx) customer/client retention;
(xxi) competitive market metrics; (xxii) employee retention; (xxiii) objective measures of personal targets, goals or completion of projects (including, without limitation, succession and hiring projects, completion of specific
acquisitions, dispositions, reorganizations or other corporate transactions or capital-raising transactions, expansions of specific business operations and meeting divisional or project budgets); (xxiv) comparisons of continuing operations to other
operations; (xxv) market share; (xxvi) cost of capital, debt leverage year-end cash position or book value; (xxvii) strategic objectives; or (xxviii) any combination of the foregoing. Any
one or more of the Performance Criteria may be stated as a percentage of another Performance Criteria, or used on an absolute or relative basis to measure the performance of the Company and/or one or more of the Company and/or any of its Affiliates,
or any divisions or operational and/or business units, product lines, brands, business segments or administrative departments of the Company and/or any of its Affiliates or any combination thereof, as the Committee may deem appropriate, or any of
the above Performance Criteria may be compared to the performance of a selected group of comparison companies, or a published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market
indices. The Committee also has the authority to provide for accelerated vesting of any Stock Award or cash bonus award based on the achievement of Performance Goals pursuant to the Performance Criteria specified in this paragraph. 

(d)    Modification of Performance Goal(s). In the event that applicable tax and/or securities laws change to
permit Committee discretion to alter the governing Performance Criteria without obtaining stockholder approval of such alterations, the Committee shall have sole discretion to make such alterations without obtaining stockholder approval. Unless
otherwise determined by the Committee at the time a Performance Compensation Award is granted, the Committee may at any time specify adjustments or modifications to be made to the calculation of a Performance Goal for such Performance Period, based
on and in order to appropriately reflect the following events: (i) asset write-downs; (ii) litigation or claim judgments or settlements; (iii) the effect of changes in tax laws, accounting principles or other laws or regulatory rules
affecting reported results; (iv) any reorganization and restructuring programs; (v) acquisitions or divestitures; (vi) any other specific, unusual or nonrecurring events or objectively determinable category thereof; (vii) foreign
exchange gains and losses; (viii) discontinued operations and nonrecurring charges; and (ix) a change in the Company’s fiscal year. 

  
 13 

 (e)    Payment of Performance Compensation Awards. 

 

	 	(i)	 Condition to Receipt of Payment. Unless otherwise provided in the applicable Stock Award Agreement, a
Participant must be employed by the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance Period. 

 

	 	(ii)	 Limitation. Unless otherwise provided in the applicable Stock Award Agreement, a Participant shall be
eligible to receive payment in respect of a Performance Compensation Award only to the extent that (A) the Performance Goals for such Performance Period are achieved, and (B) all or some portion of such Participant’s Performance
Compensation Award has been earned for the Performance Period based on the application of the Performance Formula to such achieved Performance Goals. 

  

	 	(iii)	 Certification. Following the completion of a Performance Period, the Committee shall review and certify
in writing whether, and to what extent, the Performance Goals for the Performance Period have been achieved and, if so, calculate and certify in writing that amount of the Performance Compensation Awards earned for the period based upon the
Performance Formula. The Committee shall then determine the amount of each Participant’s Performance Compensation Award actually payable for the Performance Period and, in so doing, unless otherwise provided in the applicable Stock Award
Agreement, may apply Negative Discretion. 

  

	 	(iv)	 Use of Negative Discretion. In determining the actual amount of an individual Participant’s
Performance Compensation Award for a Performance Period, unless otherwise provided in the applicable Stock Award Agreement, the Committee may reduce or eliminate the amount of the Performance Compensation Award earned under the Performance Formula
in the Performance Period through the use of Negative Discretion. Unless otherwise provided in the applicable Stock Award Agreement, the Committee shall not have the discretion to (A) grant or provide payment in respect of Performance
Compensation Awards for a Performance Period if the Performance Goals for such Performance Period have not been attained, or (B) increase a Performance Compensation Award above the applicable limitations set forth in
Section 4 of the Plan. 

 (f)    Timing of Performance Compensation Award
Payments. Unless otherwise provided in the applicable Stock Award Agreement, Performance Compensation Awards granted for a Performance Period shall be paid to Participants as soon as administratively practicable following completion of the
certifications required by this Section 9 of the Plan. 
 (g)    Prior
Section 162(m). Notwithstanding anything to the contrary herein, no provision of the Plan is intended to result in non-deductibility of Performance Compensation Awards that were intended
to be deductible in accordance with Prior Section 162(m). The Company intends to avail itself of transition relief applicable to such Stock Awards, if any, in 

  
 14 

 
connection with Section 162(m) of the Code (including, without limitation, in accordance with the Section 162(m) Grandfather) to the maximum extent permitted by regulations and other
guidance promulgated to implement such transition relief. The determination by the Company regarding whether transition relief is available shall be made in its sole discretion. 

 

	10.	 Adjustments upon Certain Events. 

Notwithstanding any other provision in the Plan to the contrary, the following provisions shall apply to all Stock Awards granted hereunder:

 (a)    Generally. In the event of any change in the outstanding shares of the Class C Common Stock by
reason of any stock dividend, stock split, reverse stock split, share combination, extraordinary cash dividend, reorganization, recapitalization, merger, consolidation, stock rights offering, spin-off,
combination, transaction or exchange of such shares or other corporate exchange, or any transaction similar to the foregoing, the Committee shall make such substitution or adjustment, if any, as it deems to be equitable in order to prevent the
enlargement or diminution of the benefits or potential benefits intended to be made available under the Plan (subject to Section 19 of the Plan), as to (i) the number or kind of shares or other securities issued or
reserved for issuance pursuant to the Plan or pursuant to outstanding Stock Awards, (ii) the Option Price or exercise price of any Stock Appreciation Right and/or (iii) any other affected terms of such Stock Awards; provided, that,
for the avoidance of doubt, in the case of the occurrence of any of the foregoing events that is an “equity restructuring” (within the meaning of the Financial Accounting Standards Board Accounting Standard Codification (ASC)
Section 718, Compensation — Stock Compensation (FASB ASC 718)), the Committee shall make an equitable adjustment to outstanding Stock Awards to reflect such event. 

(b)    Change in Control. In the event of a Change in Control after the Effective Date, the Committee may (subject
to Section 19 of the Plan and any Participant’s rights under a Stock Award Agreement), but shall not be obligated to, (i) accelerate, vest or cause the restrictions to lapse with respect to all or any portion of a
Stock Award, (ii) subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code and the regulations promulgated thereunder, cancel such Stock Awards for fair value (as determined by the Committee in
its sole discretion in good faith) which, in the case of Options and Stock Appreciation Rights, may, if so determined by the Committee, equal the excess, if any, of value of the consideration to be paid in the Change in Control transaction, directly
or indirectly, to holders of the same number of shares of Class C Common Stock subject to such Options or Stock Appreciation Rights (or, if no consideration is paid in any such transaction, the Fair Market Value of the shares of Class C
Common Stock subject to such Options or Stock Appreciation Rights) over the aggregate Option Price of such Options or exercise price of such Stock Appreciation Rights (it being understood that, in such event, any Option or Stock Appreciation Right
having a per share Option Price or exercise price equal to, or in excess of, such Fair Market Value may be canceled and terminated without any payment or consideration therefor), (iii) subject to any limitations or reductions as may be necessary to
comply with Section 409A of the Code and the regulations promulgated thereunder, provide for the issuance of substitute Stock Awards that will preserve the rights under, and the otherwise applicable terms of, any affected Stock Awards
previously granted hereunder as determined by the Committee in its sole discretion in good faith, and/or (iv) provide that for a period of at least fifteen (15) days prior to the Change in Control, Options and Stock Appreciation Rights
shall be exercisable as to all shares subject thereto (whether or not vested) and that upon the occurrence of the Change in Control, such Options and Stock Appreciation Rights shall terminate and be of no further force and effect. 

  
 15 

	11.	 No Right to Employment or Stock Awards. 

The granting of a Stock Award under the Plan shall impose no obligation on the Company or any of its Affiliate to continue the Employment of a
Participant and shall not lessen or affect the Company’s right or any of its Affiliates’ rights to terminate the Employment of such Participant. No Participant or other Person shall have any claim to be granted any Stock Award, and there
is no obligation for uniformity of treatment of Participants, or holders or beneficiaries of Stock Awards. The terms and conditions of Stock Awards and the Committee’s determinations and interpretations with respect thereto need not be the same
with respect to each Participant (whether or not such Participants are similarly situated). 
  

	12.	 Successors and Assigns. 

The Plan shall be binding on all successors and assigns of the Company and each Participant, including without limitation, the estate of each
such Participant and the executor, administrator or trustee of any such estate and, if applicable, any receiver or trustee in bankruptcy or representative of the creditors of any such Participant. 

 

	13.	 Nontransferability of Stock Awards. 

Unless expressly permitted by the Committee in a Stock Award Agreement or otherwise in writing, and, in each case, to the extent permitted by
Applicable Law, a Stock Award shall not be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or by operation of law, by judgment, levy, attachment,
garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect; provided, that this Section 13 shall not prevent
transfers by will or by the laws of descent and distribution. A Stock Award exercisable after the death of a Participant may be exercised by the legatees, personal representatives or distributees of the Participant, subject to any conditions or
qualifications imposed by the Board. 
  

	14.	 Tax Withholding. 

(a)    A Participant shall be required to pay to the Company or one or more of its Affiliates, as applicable, an amount in
cash (by check or wire transfer) equal to the aggregate amount of any income, employment and/or other applicable taxes that are statutorily required to be withheld in respect of a Stock Award. Alternatively, the Company or any of its Affiliates may
elect, in its sole discretion, to satisfy this requirement by withholding such amount from any cash compensation or other cash amounts owing to a Participant. 

(b)    Without limiting the generality of Section 14(a) of the Plan, the Committee may (but is
not obligated to), in its sole discretion, in a Stock Award Agreement or otherwise, permit or require a Participant to satisfy, all or any portion of the minimum income, employment and/or other applicable taxes that are statutorily required to be
withheld with respect to a Stock Award by (i) the delivery of shares of Class C Common Stock (which are not subject to any pledge or other security interest) that have been both held by the Participant and vested for at least six
(6) months (or such other period as established from time to time by the Committee in order to avoid 

  
 16 

 
adverse accounting treatment under applicable accounting standards) having an aggregate Fair Market Value equal to such minimum statutorily required withholding liability (or portion thereof); or
(ii) having the Company withhold from the shares of Class C Common Stock otherwise issuable or deliverable to, or that would otherwise be retained by, the Participant upon the grant, exercise, vesting or settlement of the Stock Award, as
applicable, a number of shares of Class C Common Stock with an aggregate Fair Market Value equal to an amount, subject to Section 14(c) of the Plan below, not in excess of such minimum statutorily required withholding
liability (or portion thereof). 
 (c)    The Committee, subject to its having considered the applicable accounting
impact of any such determination, has full discretion to allow Participants to satisfy, in whole or in part, any additional income, employment and/or other applicable taxes payable by them with respect to a Stock Award by electing to have the
Company withhold from the shares of the Class C Common Stock otherwise issuable or deliverable to, or that would otherwise be retained by, a Participant upon the grant, exercise, vesting or settlement of the Stock Award, as applicable, shares
of Class C Common Stock having an aggregate Fair Market Value that is greater than the applicable minimum required statutory withholding liability (but such withholding may in no event be in excess of the maximum statutory withholding amount(s)
in a Participant’s relevant tax jurisdictions). 
  

	15.	 Amendments or Termination. 

The Board may amend, alter or discontinue the Plan, but no amendment, alteration or discontinuation shall be made, (a) without the
approval of the requisite stockholders of the Company, if such action would (except as is provided in Section 10 of the Plan) increase the total number of shares reserved for the purposes of the Plan or, if applicable,
change the maximum number of shares for which Stock Awards may be granted to any Participant, materially modify the requirements for participation in the Plan or otherwise require stockholder approval under Applicable Law, or (b) without the
consent of a Participant, if such action would diminish the rights of such individual Participant under any Stock Award theretofore granted to such Participant under the Plan; provided, that anything to the contrary notwithstanding, the
Committee may amend the Plan in such manner as it deems necessary to cause a Stock Award to comply with the requirements of the Code or other Applicable Laws (including, without limitation, to avoid adverse tax consequences) or for changes in GAAP
or new accounting standards; provided, further, that such amendment shall not adversely affect the rights or potential benefits of the Participant under the Stock Award, unless the Participant consents thereto in writing. 

 

	16.	 Choice of Law. 

The Plan and the Stock Awards granted hereunder shall be governed by and construed in accordance with the law of the State of Delaware, without
regard to conflicts of laws principles thereof. 
  

	17.	 Effective Date. 

The Plan was first effective as of the Effective Date. The Plan was amended and restated effective as of September 7, 2016, and is hereby
amended and restated effective as of [                    ], 2018. 

  
 17 

	18.	 Foreign Law. 

The Committee may grant Stock Awards to eligible individuals who are foreign nationals, who are located outside the United States or who are
not compensated from a payroll maintained in the United States, or who are otherwise subject to (or could cause the Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside the United States on such terms and
conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan, and, in furtherance of such purposes, the Committee may make
such modifications, amendments, procedures or Sub-Plans as may be necessary or advisable to comply with such legal or regulatory provisions. 

 

	19.	 Section 409A. 

The Plan is intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom and, with respect
to amounts that are subject to Section 409A of the Code, it is intended that the Plan be administered in all respects in accordance with Section 409A of the Code. Each payment under any Stock Award shall be treated as a separate payment
for purposes of Section 409A of the Code. A Participant may not, directly or indirectly, designate the calendar year of any payment to be made under any Stock Award that is considered “nonqualified deferred compensation” within the
meaning of Section 409A of the Code. Notwithstanding any provision of the Plan or any Stock Award Agreement to the contrary, in the event that a Participant is a “specified employee” within the meaning of Section 409A of the Code
(as determined in accordance with the methodology established by the Company), amounts that constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code that would otherwise be payable on account of a
“separation from service” within the meaning of Section 409A of the Code and during the six-month period immediately following a Participant’s “separation from service” within the
meaning of Section 409A of the Code (“Separation from Service”) shall instead be paid or provided on the first business day after the date that is six months following the Participant’s Separation from Service. If the
Participant dies following the Separation from Service and prior to the payment of any amounts delayed on account of Section 409A of the Code, such amounts shall be paid to the personal representative of the Participant’s estate within
thirty (30) days after the date of the Participant’s death. The Company shall use commercially reasonable efforts to implement the provisions of this Section 19 in good faith; provided, that neither the
Company, the Committee nor any of the Company’s employees, directors or representatives shall have any liability to any Participant with respect to this Section 19. 

 

	20.	 Clawback / Repayment 

All Stock Awards shall be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (i) any
clawback, forfeiture or other similar policy adopted by the Board or the Committee and as in effect from time to time, and (ii) Applicable Law. Further, to the extent that the Participant receives any amount in excess of the amount that the
Participant should otherwise have received under the terms of the Stock Award for any reason (including, without limitation, by reason of a financial restatement, mistake in calculations or other administrative error), the Participant shall be
required to repay any such excess amount to the Company. 

*            *           
 *            *            *            * 

  
 18 

 As originally adopted by the Board of Directors of Denali Holding Inc. on October 29, 2013. 

Amended and restated by the Board of Directors of Dell Technologies Inc. on September 2, 2016, approved by the stockholders of Dell Technologies Inc. on
September 5, 2016 and effective as of September 7, 2016. 
 Further amended and restated by the Board of Directors of Dell Technologies Inc.
effective as of [                    ], 2018. 

  
 19

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