Document:

Exhibit
10.2

EXECUTION COPY

Opening Transaction

	
  

  	
   

  	
  EMC Corporation 176

  
	
  To:

  	
   

  	
  South Street

  
	
   

  	
   

  	
  Hopkinton, MA 01748

  
	
   

  	
   

  	
   

  
	
  From:

  	
   

  	
  JPMorgan Chase Bank, National Association, London
  Branch

  
	
   

  	
   

  	
   

  
	
  Re:

  	
   

  	
  Issuer Warrant Transaction

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
  November 13, 2006

  
	
   

  	
   

  	
   

  

 

Dear Sir(s):

The purpose of this communication (this “Confirmation”) is to set forth the terms and
conditions of the above-referenced transaction entered into on the Trade Date
specified below (the “Transaction”)
between JPMorgan Chase Bank, National Association, London Branch (“Dealer”) and EMC
Corporation (“Issuer”).  This communication constitutes a “Confirmation” as referred to in the ISDA Master
Agreement specified below.

1.               This
Confirmation is subject to, and incorporates, the definitions and provisions of
the 2000 ISDA Definitions (including the Annex thereto) (the “2000 Definitions”)
and the definitions and provisions of the 2002 ISDA Equity Derivatives
Definitions (the “Equity Definitions”,
and together with the 2000 Definitions, the “Definitions”), in each case as published by the
International Swaps and Derivatives Association, Inc. (“ISDA”).  In the event of any inconsistency between the
2000 Definitions and the Equity Definitions, the Equity Definitions will govern.  For purposes of the Equity Definitions, each
reference herein to a Warrant shall be deemed to be a reference to a Call
Option or an Option, as context requires.

Each party is hereby advised, and each such party
acknowledges, that the other party has engaged in, or refrained from engaging
in, substantial financial transactions and has taken other material actions in
reliance upon the parties’ entry into the Transaction to which this
Confirmation relates on the terms and conditions set forth below.

This Confirmation evidences a complete and binding
agreement between Dealer and Issuer as to the terms of the Transaction to which
this Confirmation relates.  This
Confirmation shall be subject to an agreement (the “Agreement”)
in the form of the 1992 ISDA Master Agreement as if Dealer and Issuer had
executed an agreement in such form on the date hereof (but without any Schedule
except for (i) the election of Loss and Second Method and US Dollars (“USD”) as the Termination Currency and (ii) the replacement
of the word “third” in the last line of Section 5(a)(i) with the word “first”).

All provisions contained in, or incorporated by reference to, the
Agreement will govern this Confirmation except as expressly modified herein.  In the event of any inconsistency between
this Confirmation and either the Definitions or the Agreement, this
Confirmation shall govern.

JPMorgan
Chase Bank, National Association

Organised
under the laws of the United States as a National Banking Association.

Main
Office 1111 Polaris Parkway, Columbus, Ohio 43271

Registered
as a branch in England & Wales branch No. BR000746.  Registered

Branch
Office 125 London Wall, London EC2Y 5AJ

Authorised and regulated by the Financial Services
Authority

2.               The
Transaction is a Warrant Transaction, which shall be considered a Share Option
Transaction for purposes of the Equity Definitions.  The terms of the particular Transaction to
which this Confirmation relates are as follows:

	
  General Terms:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Trade Date:

  	
   

  	
  November 13, 2006

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  November 17, 2006, or such other date as agreed
  between the parties, subject to Section 8(k) below

  
	
   

  	
   

  	
   

  
	
  Components:

  	
   

  	
  The Transaction will be divided into individual
  Components, each with the terms set forth in this Confirmation, and, in
  particular, with the Number of Warrants and Expiration Date set forth in this
  Confirmation. The payments and deliveries to be made upon settlement of the
  Transaction will be determined separately for each Component as if each
  Component were a separate Transaction under the Agreement.

  
	
   

  	
   

  	
   

  
	
  Warrant Style:

  	
   

  	
  European

  
	
   

  	
   

  	
   

  
	
  Warrant Type:

  	
   

  	
  Call

  
	
   

  	
   

  	
   

  
	
  Seller:

  	
   

  	
  Issuer

  
	
   

  	
   

  	
   

  
	
  Buyer:

  	
   

  	
  Dealer

  
	
   

  	
   

  	
   

  
	
  Shares:

  	
   

  	
  The Common Stock of Issuer, par value USD 0.01
  per share (Ticker Symbol: “EMC”).

  
	
   

  	
   

  	
   

  
	
  Number of Warrants:

  	
   

  	
  For each Component, as provided in Annex A to this
  Confirmation.

  
	
   

  	
   

  	
   

  
	
  Warrant Entitlement:

  	
   

  	
  One Share per Warrant

  
	
   

  	
   

  	
   

  
	
  Strike Price:

  	
   

  	
  USD19.5455

  
	
   

  	
   

  	
   

  
	
  Premium:

  	
   

  	
  USD234,427,500 (Premium per Warrant USD2.1850).

  
	
   

  	
   

  	
   

  
	
  Premium Payment Date:

  	
   

  	
  The Effective Date

  
	
   

  	
   

  	
   

  
	
  Exchange:

  	
   

  	
  New York Stock Exchange

  
	
   

  	
   

  	
   

  
	
  Related Exchange:

  	
   

  	
  All Exchanges

  
	
   

  	
   

  	
   

  
	
  Procedures for
  Exercise:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  In
  respect of any Component:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Expiration Time:

  	
   

  	
  Valuation Time

  
	
   

  	
   

  	
   

  
	
  Expiration Date:

  	
   

  	
  As provided in Annex A to this Confirmation
  (or, if such date is not a Scheduled Trading Day, the next following
  Scheduled Trading Day that is not already an Expiration Date for another
  Component); provided that if
  that date is a Disrupted Day, the Expiration Date for such Component shall be
  the first

  

 

 2
 

 

	
  

  	
   

  	
  succeeding Scheduled Trading Day that is not a
  Disrupted Day and is not or is not deemed to be an Expiration Date in respect
  of any other Component of the Transaction hereunder; and provided further that
  if the Expiration Date has not occurred pursuant to the preceding proviso as
  of the Final Disruption Date, the Final Disruption Date shall be the
  Expiration Date (irrespective of whether such date is an Expiration Date in
  respect of any other Component for the Transaction). “Final Disruption Date” means March 28, 2014. Notwithstanding the foregoing and
  anything to the contrary in the Equity Definitions, if a Market Disruption
  Event occurs on any Expiration Date, the Calculation Agent may determine that
  such Expiration Date is a Disrupted Day only in part, in which case the
  Calculation Agent shall make adjustments to the number of Warrants for the
  relevant Component for which such day shall be the Expiration Date and shall
  designate the Scheduled Trading Day determined in the manner described in the
  immediately preceding sentence as the Expiration Date for the remaining
  Warrants for such Component. Section 6.6 of the Equity Definitions shall not
  apply to any Valuation Date occurring on an Expiration Date.

  
	
   

  	
   

  	
   

  
	
  Market Disruption
  Event:

  	
   

  	
  Section 6.3(a) of the Equity Definitions is hereby
  amended by deleting the words “during the one hour period that ends at the
  relevant Valuation Time, Latest Exercise Time, Knock-in Valuation Time or
  Knock-out Valuation Time, as the case may be,” in clause (ii) thereof.

  
	
   

  	
   

  	
   

  
	
  Automatic Exercise:

  	
   

  	
  Applicable; and means that the Number of Warrants
  for the corresponding Expiration Date will be deemed to be automatically
  exercised at the Expiration Time on
  such Expiration Date unless Buyer notifies Seller (by telephone or in
  writing) prior to the Expiration Time on such Expiration Date that it does
  not wish Automatic Exercise to occur, in which case Automatic Exercise will
  not apply to such Expiration Date.

  
	
   

  	
   

  	
   

  
	
  Issuer’s Telephone
  Number and 

  	
   

  	
   

  
	
  Telex and/or Facsimile
  Number and 

  	
   

  	
   

  
	
  Contact Details for
  purpose of

  	
   

  	
   

  
	
  Giving Notice:

  	
   

  	
  To:

  	
  EMC Corporation

  
	
   

  	
   

  	
  Attn:

  	
  Office of General Counsel

  
	
   

  	
   

  	
  Telephone:

  	
  (508) 435-1000

  
	
   

  	
   

  	
  Facsimile:

  	
  (508) 497-6915

  
	
   

  	
   

  	
   

  
	
  Settlement
  Terms:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  In
  respect of any Component:

  	
   

  	
   

  

 

 3
 

 

	
  Settlement Currency:

  	
   

  	
  USD

  
	
   

  	
   

  	
   

  
	
  Net Share Settlement:

  	
   

  	
  On each Settlement Date, Issuer shall deliver to
  Dealer a number of Shares equal to the Number of Shares to be Delivered for
  such Settlement Date to the account specified by Dealer and cash in lieu of
  any fractional shares valued at the Relevant Price on the Valuation Date
  corresponding to such Settlement Date. If, in the reasonable opinion of
  Issuer or Dealer based on advice of counsel, for any reason, the Shares deliverable
  upon Net Share Settlement would not be immediately freely transferable by
  Dealer under Rule 144(k) under the Securities Act of 1933, as amended (the “Securities Act”), then Dealer may elect to either (x)
  accept delivery of such Shares notwithstanding any restriction on transfer or
  (y) have the provisions set forth in Section 8(b) below apply.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The Number of Shares to be Delivered shall be
  delivered by Issuer to Dealer no later than 12:00 noon (local time in New
  York City) on the relevant Settlement Date.

  
	
   

  	
   

  	
   

  
	
  Number of Shares to be
  Delivered:

  	
   

  	
  In respect of any Exercise Date, subject to the last
  sentence of Section 9.5 of the Equity Definitions, the product of (i) the
  number of Warrants exercised or deemed exercised on such Exercise Date, (ii)
  the Warrant Entitlement and (iii) (A) the excess of the VWAP Price on the
  Valuation Date occurring on such Exercise Date over the Strike Price (or, if
  no such excess, zero) divided by
  (B) such VWAP Price.

  
	
   

  	
   

  	
   

  
	
  VWAP Price:

  	
   

  	
  For any Valuation Date, the New York 10b-18 Volume
  Weighted Average Price per share of the Shares for the regular trading
  session (including any extensions thereof) of the Exchange on such Valuation
  Date (without regard to pre-open or after hours trading outside of such
  regular trading session) as published by Bloomberg at 4:15 p.m. New York
  time on such date, on Bloomberg page “EMC.N <Equity> AQR_SEC” (or any
  successor thereto).

  
	
   

  	
   

  	
   

  
	
  Other Applicable
  Provisions:

  	
   

  	
  The provisions of Sections 9.1(c), 9.8, 9.9, 9.10,
  9.11 (except that the Representation and Agreement contained in Section 9.11
  of the Equity Definitions shall be modified by excluding any representations
  therein relating to restrictions, obligations, limitations or requirements
  under applicable securities laws as a result of the fact that Seller is the
  Issuer of the Shares) and 9.12 of the Equity Definitions will be applicable
  as if “Physical Settlement” applied to the Transaction.

  

 

 4
 

 

	
  Adjustments:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  In respect of any Component:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Method of Adjustment:

  	
   

  	
  Calculation Agent Adjustment; provided
  that in respect of an Extraordinary Dividend, “Calculation Agent Adjustment”
  shall be as described in the provision below.

  
	
   

  	
   

  	
   

  
	
  Extraordinary Dividend:

  	
   

  	
  If at any time during the period from and including
  the Trade Date, to but excluding the last Expiration Date, an ex-dividend
  date for a cash dividend occurs with respect to the Shares (an “Ex-Dividend
  Date” and such dividend, an “Extraordinary Dividend”), then the Calculation
  Agent will make adjustments to the Strike Price, the Number of Warrants, the
  Daily Number of Warrants, the Warrant Entitlement and any other variable
  relevant to the exercise, settlement, payment or other terms of the
  Transaction to preserve the fair value of the Transaction to Buyer after
  taking into account such dividend.

  
	
   

  	
   

  	
   

  
	
  Extraordinary
  Events:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Consequences of Merger
  Events:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (a)  Share-for-Share:

  	
   

  	
  Modified Calculation Agent Adjustment

  
	
   

  	
   

  	
   

  
	
  (b)  Share-for-Other:

  	
   

  	
  Modified Calculation Agent Adjustment

  
	
   

  	
   

  	
   

  
	
  (c)  Share-for-Combined:

  	
   

  	
  Modified Calculation Agent Adjustment; provided that if Cancellation and Payment would otherwise
  be deemed to be applicable to the Transaction pursuant to Section 12.2(e)(ii)
  of the Equity Definitions, the Calculation Agent may elect to have
  Cancellation and Payment apply to the Transaction in whole or in part.

  
	
   

  	
   

  	
   

  
	
  Tender Offer:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Consequences of Tender
  Offers:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (a)  Share-for-Share:

  	
   

  	
  Modified Calculation Agent Adjustment

  
	
   

  	
   

  	
   

  
	
  (b)  Share-for-Other:

  	
   

  	
  Modified Calculation Agent Adjustment

  
	
   

  	
   

  	
   

  
	
  (c)  Share-for-Combined:

  	
   

  	
  Modified Calculation Agent Adjustment

  
	
   

  	
   

  	
   

  
	
  Modified Calculation
  Agent

  	
   

  	
   

  
	
  Adjustment:

  	
   

  	
  If, in respect of any Merger Event or Tender Offer
  to which Modified Calculation Agent Adjustment applies, the adjustments to be
  made in accordance with Section 12.2(e)(i) or Section 12.3(d)(i), as the case
  may be, of the Equity Definitions would result in Issuer being different from
  the issuer of the Shares, then with respect to such Merger Event or Tender Offer,
  as a condition precedent to the adjustments contemplated in Section
  12.2(e)(i) or Section 12.3(d)(i), as the case may be, of the Equity
  Definitions, Issuer and the issuer of the Shares shall,

  

 

 5
 

 

	
  

  	
   

  	
  prior to the Merger Date or Tender Offer, as the
  case may be, have entered into such documentation containing representations,
  warranties and agreements relating to securities law and other issues as
  requested by Buyer that Buyer has determined, in its reasonable discretion,
  to be reasonably necessary or appropriate to allow Buyer to continue as a
  party to the Transaction, as adjusted under Section 12.2(e)(i) or Section
  12.3(d)(i), as the case may be, of the Equity Definitions, and to preserve
  its hedging or hedge unwind activities in connection with the Transaction in
  a manner compliant with applicable legal, regulatory or self-regulatory
  requirements, or with related policies and procedures applicable to Buyer,
  and if such conditions are not met or if the Calculation Agent determines
  that no adjustment that it could make under Section 12.2(e)(i) or Section
  12.3(d)(i), as the case may be, of the Equity Definitions will produce a
  commercially reasonable result, then the consequences set forth in Section
  12.2(e)(ii) or Section 12.3(d)(ii), as the case may be, of the Equity
  Definitions shall apply.

  
	
   

  	
   

  	
   

  
	
  Reference Markets:

  	
   

  	
  For the avoidance of doubt, and without limiting the
  generality of the foregoing provisions, any adjustment effected by the
  Calculation Agent pursuant to Section 12.2(e) and/or Section 12.3(d) of the
  Equity Definitions may be determined by reference to the adjustment(s) made
  in respect of Merger Events or Tender Offers, as the case may be, in the
  convertible bond market.

  
	
  Nationalization,
  Insolvency

  	
   

  	
   

  
	
  or Delisting:

  	
   

  	
  Cancellation and Payment (Calculation Agent
  Determination); provided that in addition to the provisions of Section
  12.6(a)(iii) of the Equity Definitions, it shall also constitute a Delisting
  if the Exchange is located in the United States and the Shares are not
  immediately re-listed, re-traded or re-quoted on any of the New York Stock
  Exchange, the American Stock Exchange, The NASDAQ Global Select Market or The
  NASDAQ Global Market (or their respective successors); if the Shares are
  immediately re-listed, re-traded or re-quoted on any such exchange or
  quotation system, such exchange or quotation system shall thereafter be
  deemed to be the Exchange.

  
	
   

  	
   

  	
   

  
	
  Additional Disruption
  Events:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (a)  Change
  in Law:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  (b)  Failure
  to Deliver:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  (c)  Insolvency
  Filing:

  	
   

  	
  Applicable

  

 

 6
 

 

	
  (d)  Hedging
  Disruption:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  (e)  Increased
  Cost of Hedging:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  (f)  Loss
  of Stock Borrow:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Maximum Stock
  Loan Rate:

  	
   

  	
  1.00% per annum

  
	
   

  	
   

  	
   

  
	
  (g)  Increased
  Cost of Stock Borrow:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Initial Stock
  Loan Rate:

  	
   

  	
  0.25% per annum

  
	
   

  	
   

  	
   

  
	
  Hedging Party:

  	
   

  	
  Buyer for all applicable Additional Disruption
  Events

  
	
   

  	
   

  	
   

  
	
  Determining Party:

  	
   

  	
  Buyer for all applicable Additional Disruption
  Events

  
	
   

  	
   

  	
   

  
	
  Non-Reliance:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Agreements and
  Acknowledgments

  	
   

  	
   

  
	
  Regarding Hedging
  Activities:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Additional
  Acknowledgments:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  3.    Calculation
  Agent:

  	
   

  	
  Dealer.

  

 

4.               Account
Details:

Dealer Payment Instructions:

JPMorgan Chase Bank,
National Association, New York

SWIFT:  

Bank Routing: 

Account Name:  JPMorgan Chase Bank,
National Association – London

Account No. :
Account for delivery of Shares from
JPMorgan: 

Issuer Payment Instructions:                     To be provided by Issuer.

5.               Offices:

The Office of
Dealer for the Transaction is: London

JPMorgan
Chase Bank, National Association

London Branch

P.O. Box 161

60 Victoria Embankment

London EC4Y 0JP

England

The Office of
Issuer for the Transaction is:

176 South Street,
Hopkinton, MA 01748

6.               Notices:
For purposes of this Confirmation:

(a)                                  Address
for notices or communications to Issuer:

	
  To:

  	
   

  	
  EMC Corporation

  
	
  Attn:

  	
   

  	
  Office of General Counsel

  
	
  Telephone:

  	
   

  	
  (508) 435-1000

  
	
  Facsimile:

  	
   

  	
  (508) 497-6915

  

 

 7
 

(b)                                 Address
for notices or communications to Dealer:

	
  To:

  	
   

  	
  JPMorgan Chase Bank, National Association

  
	
   

  	
   

  	
  277 Park Avenue, 11th Floor

  
	
   

  	
   

  	
  New York, NY 10172

  
	
  Attention:

  	
   

  	
  Nathan Lulek

  
	
   

  	
   

  	
  EDG Corporate Marketing

  
	
  Telephone No.:

  	
   

  	
  (212) 622-2262

  
	
  Facsimile No.:

  	
   

  	
  (212) 622-8091

  

 

7.               Representations,
Warranties and Agreements:

(a)                                  In
addition to the representations and warranties in the Agreement and those
contained elsewhere herein, Issuer represents and warrants to and for the
benefit of, and agrees with, Dealer as follows:

(i)                                     On
the Trade Date, (A) none of Issuer and its officers and directors is aware of
any material nonpublic information regarding Issuer or the Shares and (B) all
reports and other documents filed by Issuer with the Securities and Exchange
Commission pursuant to the Exchange Act when considered as a whole (with the
more recent such reports and documents deemed to amend inconsistent statements
contained in any earlier such reports and documents), do not contain any untrue
statement of a material fact or any omission of a material fact required to be
stated therein or necessary to make the statements therein, in the light of the
circumstances in which they were made, not misleading.

(ii)                                  Without
limiting the generality of Section 13.1 of the Equity Definitions, Issuer
acknowledges that Dealer is not making any representations or warranties with
respect to the treatment of the Transaction under FASB Statements 128, 133, 149
or 150, EITF Issue No. 00-19 (or any successor issue statements) or under FASB’s
Liabilities & Equity Project.

(iii)                               Prior
to the Trade Date, Issuer shall deliver to Dealer a resolution of Issuer’s
board of directors authorizing the Transaction and such other certificate or
certificates as Dealer shall reasonably request.

(iv)                              Issuer
is not entering into this Confirmation to create actual or apparent trading
activity in the Shares (or any security convertible into or exchangeable for
Shares) or to raise or depress or otherwise manipulate the price of the Shares
(or any security convertible into or exchangeable for Shares) or otherwise in
violation of the Exchange Act.

(v)                                 Issuer
is not, and after giving effect to the transactions contemplated hereby will
not be, an “investment company” as such term is defined in the Investment
Company Act of 1940, as amended.

(vi)                              On
the Trade Date (A) the assets of Issuer at their fair valuation exceed the
liabilities of Issuer, including contingent liabilities, (B) the capital of
Issuer is adequate to conduct the business of Issuer and (C) Issuer has the
ability to pay its debts and obligations as such debts mature and does not
intend to, or does not believe that it will, incur debt beyond its ability to
pay as such debts mature.

(vii)                           Issuer
shall not take any action to decrease the number of Available Shares below the
Capped Number (each as defined below).

(viii)                        The
representations and warranties of Issuer set forth in Section 3 of the
Agreement and Section 1 of the Purchase Agreement dated as of the Trade Date
between Issuer and Goldman, Sachs & Co., Lehman Brothers Inc. and Citigroup
Global Markets Inc. as

 8
 

representatives of the Initial Purchasers party
thereto are true and correct as of the Trade Date and the Effective Date and
are hereby deemed to be repeated to Dealer as if set forth herein.

(ix)                                Issuer
understands no obligations of Dealer to it hereunder will be entitled to the
benefit of deposit insurance and that such obligations will not be guaranteed
by any affiliate of Dealer or any governmental agency.

(x)                                   (A)
During the period starting on the first Expiration Date and ending on the last Expiration
Date (the “Settlement Period”), the Shares or
securities that are convertible into, or exchangeable or exercisable for
Shares, are not, and shall not be, subject to a “restricted period,” as such
term is defined in Regulation M under the Exchange Act (“Regulation M”)
and (B) Issuer shall not engage in any “distribution,” as such term is defined
in Regulation M, other than a distribution meeting the requirements of the
exceptions set forth in sections 101(b)(10) and 102(b)(7) of Regulation M,
until the second Exchange Business Day immediately following the Settlement
Period.

(xi)                                During
the Settlement Period, neither Issuer nor any “affiliate” or “affiliated
purchaser” (each as defined in Rule 10b-18 of the Exchange Act (“Rule 10b-18”)) shall directly or indirectly (including,
without limitation, by means of any cash-settled or other derivative
instrument) purchase, offer to purchase, place any bid or limit order that
would effect a purchase of, or commence any tender offer relating to, any
Shares (or an equivalent interest, including a unit of beneficial interest in a
trust or limited partnership or a depository share) or any security convertible
into or exchangeable or exercisable for Shares.

(b)                                 Each
of Dealer and Issuer agrees and represents that it is an “eligible contract
participant” as defined in Section 1a(12) of the U.S. Commodity Exchange Act,
as amended.

(c)                                  Each
of Dealer and Issuer acknowledges that the offer and sale of the Transaction to
it is intended to be exempt from registration under the Securities Act of 1933,
as amended (the “Securities Act”), by virtue of
Section 4(2) thereof.  Accordingly, Dealer
represents and warrants to Issuer that (i) it has the financial ability to bear
the economic risk of its investment in the Transaction and is able to bear a
total loss of its investment and its investments in and liabilities in respect
of the Transaction, which it understands are not readily marketable, are not
disproportionate to its net worth, and it is able to bear any loss in
connection with the Transaction, including the loss of its entire investment in
the Transaction, (ii) it is an “accredited investor” as that term is defined in
Regulation D as promulgated under the Securities Act, (iii) it is entering into
the Transaction for its own account without a view to the distribution or
resale thereof, (iv) the assignment, transfer or other disposition of the
Transaction has not been and will not be registered under the Securities Act
and is restricted under this Confirmation, the Securities Act and state
securities laws, (v) its financial condition is such that it has no need for
liquidity with respect to its investment in the Transaction and no need to
dispose of any portion thereof to satisfy any existing or contemplated
undertaking or indebtedness and is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of the
Transaction.

(d)                                 Each
of Dealer and Issuer agrees and acknowledges (A) that this Confirmation is (i)
a “securities contract,” as such term is defined in Section 741(7) of Title 11
of the United States Code (the “Bankruptcy Code”),
with respect to which each payment and delivery hereunder is a “settlement
payment,” as such term is defined in Section 741(8) of the Bankruptcy Code, and
(ii) a “swap agreement,” as such term is defined in Section 101(53B) of the
Bankruptcy Code, with respect to which each payment and delivery hereunder is a
“transfer,” as such term is defined in Section 101(54) of the Bankruptcy Code, and
(B) that Dealer is entitled to the protections afforded by, among other
sections, Section 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the
Bankruptcy Code.

 9
 

(e)                                  Issuer
shall deliver to Dealer an opinion of counsel, dated as of the Trade Date and
reasonably acceptable to Dealer in form and substance, with respect to the
matters set forth in Section 3(a) of the Agreement.

8.               Other
Provisions:

(a)                                  Alternative Calculations and Payment on Early Termination and on
Certain Extraordinary Events. 
If Issuer shall owe Buyer any amount pursuant to Sections 12.2, 12.3,
12.6, 12.7 or 12.9 of the Equity Definitions (except in the event of a Tender
Offer or a Merger Event, in each case, in which the consideration or proceeds
to be paid to holders of Shares consists solely of cash) or pursuant to Section
6(d)(ii) of the Agreement (except in the event of an Event of Default in which
Issuer is the Defaulting Party or a Termination Event in which Issuer is the
Affected Party, that resulted from an event or events within Issuer’s control)
(a “Payment Obligation”), Issuer shall have
the right, in its sole discretion, to satisfy any such Payment Obligation by
the Share Termination Alternative (as defined below) by giving irrevocable
telephonic notice to Buyer, confirmed in writing within one Scheduled Trading
Day, by 4:00 P.M. New York City time on the Merger Date, Tender Offer Date,
Announcement Date or Early Termination Date, as applicable (“Notice of Share Termination”).  Upon such Notice of Share Termination, the
following provisions shall apply on the Scheduled Trading Day immediately
following the Merger Date, the Tender Offer Date, Announcement Date or Early
Termination Date, as applicable:

	
  Share Termination Alternative:

  	
   

  	
  Applicable and means that Issuer shall deliver to
  Dealer the Share Termination Delivery Property on the date on which the
  Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of
  the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable
  (the “Share Termination Payment Date”), in
  satisfaction of the Payment Obligation.

  
	
   

  	
   

  	
   

  
	
  Share Termination Delivery

  	
   

  	
   

  
	
  Property:

  	
   

  	
  A number of Share Termination Delivery Units, as
  calculated by the Calculation Agent, equal to the Payment Obligation divided
  by the Share Termination Unit Price. The Calculation Agent shall adjust the
  Share Termination Delivery Property by replacing any fractional portion of
  the aggregate amount of a security therein with an amount of cash equal to
  the value of such fractional security based on the values used to calculate
  the Share Termination Unit Price.

  
	
   

  	
   

  	
   

  
	
  Share Termination Unit Price:

  	
   

  	
  The value of property contained in one Share
  Termination Delivery Unit on the date such Share Termination Delivery Units
  are to be delivered as Share Termination Delivery Property, as determined by the
  Calculation Agent in its discretion by commercially reasonable means and
  notified by the Calculation Agent to Issuer at the time of notification of
  the Payment Obligation.

  
	
   

  	
   

  	
   

  
	
  Share Termination Delivery Unit:

  	
   

  	
  In the case of a Termination Event, Event of Default
  or Delisting, one Share or, in the case of an Insolvency, Nationalization,
  Merger Event or Tender Offer, a Share or a unit consisting of the number or
  amount of each type of property received by a holder of one Share (without
  consideration of any requirement to pay cash or other consideration in lieu
  of fractional amounts of any securities) in such Insolvency, Nationalization,
  Merger Event or Tender Offer. If such Insolvency, Nationalization, Merger
  Event or Tender Offer involves a choice of consideration to be received by
  holders, such holder shall be deemed to have elected to receive the maximum
  possible amount of cash.

  
	
   

  	
   

  	
   

  
	
  Failure to Deliver:

  	
   

  	
  Applicable

  

 

 10
 

 

	
  Other applicable provisions:

  	
   

  	
  If Share Termination Alternative is applicable, the
  provisions of Sections 9.8, 9.9, 9.10, 9.11 (except that the Representation
  and Agreement contained in Section 9.11 of the Equity Definitions shall be
  modified by excluding any representations therein relating to restrictions,
  obligations, limitations or requirements under applicable securities laws as
  a result of the fact that Seller is the Issuer of the Shares) and 9.12 of the
  Equity Definitions will be applicable as if “Physical Settlement” applied to
  the Transaction, except that all references to “Shares” shall be read as
  references to “Share Termination Delivery Units”. If, in the reasonable
  opinion of counsel to Issuer or Dealer, for any reason, any securities
  comprising the Share Termination Delivery Units deliverable pursuant to this
  Section 8(a) would not be immediately freely transferable by Dealer under
  Rule 144(k) under the Securities Act, then Dealer may elect to either (x)
  accept delivery of such securities notwithstanding any restriction on
  transfer or (y) have the provisions set forth in Section 8(b) below apply.

  

 

(b)                                 Registration/Private Placement Procedures.  (i)  With
respect to the Transaction, the following provisions shall apply to the extent
provided for above opposite the caption “Net Share Settlement” in Section 2 or
in paragraph (a) of this Section 8.  If
so applicable, then, at the election of Issuer by notice to Buyer within one
Exchange Business Day after the relevant delivery obligation arises,  but in any event at least one Exchange
Business Day prior to the date on which such delivery obligation is due, either
(A) all Shares or Share Termination Delivery Units, as the case may be,
delivered by Issuer to Buyer shall be, at the time of such delivery, covered by
an effective registration statement of Issuer for immediate resale by Buyer
(such registration statement and the corresponding prospectus (the “Prospectus”) (including, without limitation, any sections
describing the plan of distribution) in form and content commercially
reasonably satisfactory to Buyer) or (B) Issuer shall deliver additional Shares
or Share Termination Delivery Units, as the case may be, so that the value of
such Shares or Share Termination Delivery Units, as determined by the
Calculation Agent to reflect an appropriate liquidity discount, equals the
value of the number of Shares or Share Termination Delivery Units that would
otherwise be deliverable if such Shares or Share Termination Delivery Units
were freely tradeable (without prospectus delivery) upon receipt by Buyer (such
value, the “Freely Tradeable Value”);
provided that Issuer may not make
the election described in this clause (B) if, on the date of its election, it
has taken, or caused to be taken, any action that would make unavailable either
the exemption pursuant to Section 4(2) of the Securities Act for the sale by
Issuer to Dealer (or any affiliate designated by Dealer) of the Shares or the
exemption pursuant to Section 4(1) or Section 4(3) of the Securities Act for
resales of the Shares by Dealer (or any such affiliate of Dealer); provided further that,
if requested by Dealer, Issuer shall make the election described in this clause
(B) with respect to Shares delivered on all Settlement Dates no later than one
Exchange Business Day prior to the first Expiration Date, and the applicable
procedures described below shall apply to all Shares delivered on the
Settlement Dates on an aggregate basis.  (For
the avoidance of doubt, as used in this paragraph (b) only, the term “Issuer”
shall mean the issuer of the relevant securities, as the context shall
require.)

(ii)                                  If
Issuer makes the election described in clause (b)(i)(A) above:

(A)                              Buyer
(or an affiliate of Buyer designated by Buyer) shall be afforded a reasonable
opportunity to conduct a due diligence investigation with respect to Issuer
that is customary in scope for underwritten offerings of equity securities and
that yields results that are commercially reasonably satisfactory to Buyer or
such affiliate, as the case may be, in its discretion; and

(B)                                Buyer
(or an affiliate of Buyer designated by Buyer) and Issuer shall enter into an
agreement (a “Registration Agreement”) on
commercially reasonable terms in connection with the public resale of such
Shares or Share Termination Delivery Units, as the case may be, by

 11
 

Buyer or such affiliate substantially similar to
underwriting agreements customary for underwritten offerings of equity
securities, in form and substance commercially reasonably satisfactory to Buyer
or such affiliate and Issuer, which Registration Agreement shall include,
without limitation, provisions substantially similar to those contained in such
underwriting agreements relating to the indemnification of, and contribution in
connection with the liability of, Buyer and its affiliates and Issuer, shall
provide for the payment by Issuer of all expenses in connection with such
resale, including all registration costs and all fees and expenses of counsel
for Buyer, and shall provide for the delivery of accountants’ “comfort letters”
to Buyer or such affiliate with respect to the financial statements and certain
financial information contained in or incorporated by reference into the
Prospectus.

(iii)                               If
Issuer makes the election described in clause (b)(i)(B) above:

(A)                              Buyer
(or an affiliate of Buyer designated by Buyer) and any potential institutional
purchaser of any such Shares or Share Termination Delivery Units, as the case
may be, from Buyer or such affiliate identified by Buyer shall be afforded a
commercially reasonable opportunity to conduct a due diligence investigation in
compliance with applicable law with respect to Issuer customary in scope for
private placements of equity securities (including, without limitation, the
right to have made available to them for inspection all financial and other
records, pertinent corporate documents and other information reasonably
requested by them), subject to execution by such recipients of customary
confidentiality agreements reasonably acceptable to Issuer;

(B)                                Buyer
(or an affiliate of Buyer designated by Buyer) and Issuer shall enter into an
agreement (a “Private Placement Agreement”) on
commercially reasonable terms in connection with the private placement of such
Shares or Share Termination Delivery Units, as the case may be, by Issuer to
Buyer or such affiliate and the private resale of such shares by Buyer or such affiliate,
substantially similar to private placement purchase agreements customary for
private placements of equity securities, in form and substance commercially
reasonably satisfactory to Buyer and Issuer, which Private Placement Agreement
shall include, without limitation, provisions substantially similar to those
contained in such private placement purchase agreements relating to the
indemnification of, and contribution in connection with the liability of, Buyer
and its affiliates and Issuer, shall provide for the payment by Issuer of all
expenses in connection with such resale, including all fees and expenses of
counsel for Buyer, shall contain representations, warranties and agreements of
Issuer reasonably necessary or advisable to establish and maintain the
availability of an exemption from the registration requirements of the
Securities Act for such resales, and shall use best efforts to provide for the
delivery of accountants’ “comfort letters” to Buyer or such affiliate with
respect to the financial statements and certain financial information contained
in or incorporated by reference into the offering memorandum prepared for the
resale of such Shares; and

(C)                                Issuer
agrees that any Shares or Share Termination Delivery Units so delivered to
Dealer, (i) may be transferred by and among Dealer and its affiliates, and
Issuer shall effect such transfer without any further action by Dealer and (ii)
after the minimum “holding period” within the meaning of Rule 144(d) under the
Securities Act has elapsed with respect to such Shares or any securities issued
by Issuer comprising such Share Termination Delivery Units, Issuer shall
promptly remove, or cause the transfer agent for such Shares or securities to
remove, any legends referring to any such restrictions or requirements from
such Shares or securities upon delivery by Dealer (or such affiliate of Dealer)
to Issuer or such transfer agent of seller’s and broker’s representation
letters customarily delivered by Dealer in connection with resales of
restricted securities pursuant to Rule 144 under the Securities Act, without
any further requirement for the delivery of any certificate, consent,
agreement, opinion of counsel, notice or any other document, any transfer tax
stamps or payment of any other amount or any other action by Dealer (or such
affiliate of Dealer).

 12
 

(c)                                  Make-whole Shares.  If (x) Issuer elects to deliver Share
Termination Delivery Units pursuant to paragraph (a) of this Section 8 or (y)
Issuer makes the election described in clause (b)(i)(B) of paragraph (b) of
this Section 8, then in either case Dealer or its affiliate may sell (which
sale shall be made in a commercially reasonable manner) such Shares or Share
Termination Delivery Units, as the case may be, during a period (the “Resale Period”) commencing on the Exchange Business Day
following delivery of such Shares or Share Termination Delivery Units, as the
case may be, and ending on the Exchange Business Day on which Dealer completes
the sale of all such Shares or Share Termination Delivery Units, as the case
may be, or a sufficient number of Shares or Share Termination Delivery Units,
as the case may be, so that the realized net proceeds of such sales exceed the
amount of the Payment Obligation (in the case of clause (x), or in the case
that both clause (x) and clause (y) apply) or the Freely Tradeable Value (in
the case that only clause (y) applies)(such amount of the Payment Obligation or
Freely Tradeable Value, as the case may be, the “Required Proceeds”).  If
any of such delivered Shares or Share Termination Delivery Units remain after
such realized net proceeds exceed the Required Proceeds, Dealer shall return
such remaining Shares or Share Termination Delivery Units to Issuer.  If the Required Proceeds exceed the realized
net proceeds from such resale, Issuer shall transfer to Dealer by the open of
the regular trading session on the Exchange on the Exchange Trading Day
immediately following the last day of the Resale Period the amount of such excess
(the “Additional Amount”) in cash or in a
number of additional Shares (“Make-whole Shares”)
in an amount that, based on the Relevant Price on the last day of the Resale
Period (as if such day was the “Valuation Date” for purposes of computing such
Relevant Price), has a dollar value equal to the Additional Amount.  The Resale Period shall continue to enable
the sale of the Make-whole Shares in the manner contemplated by this Section
8(c).  This provision shall be applied
successively until the Additional Amount is equal to zero, subject to Section
8(e).

(d)                                 Beneficial Ownership. 
Notwithstanding anything to the contrary in the Agreement or this
Confirmation, in no event shall Buyer be entitled to receive, or shall be
deemed to receive, any Shares if, upon such receipt of such Shares, the “beneficial
ownership” (within the meaning of Section 13 of the Exchange Act and the rules
promulgated thereunder) of Shares by Buyer or any entity that directly or
indirectly controls Buyer (collectively, “Buyer Group”)
would be equal to or greater than 9.5% or more of the outstanding Shares.  If any delivery owed to Buyer hereunder is
not made, in whole or in part, as a result of this provision, Issuer’s
obligation to make such delivery shall not be extinguished and Issuer shall
make such delivery as promptly as practicable after, but in no event later than
one Exchange Business Day after, Buyer gives notice to Issuer that such
delivery would not result in Buyer Group directly or indirectly so beneficially
owning in excess of 9.5% of the outstanding Shares.  For the avoidance of doubt, nothing in this
subsection (d) obligates Issuer to pay cash to Buyer in lieu of any Share
delivery obligation owed by Issuer to Buyer under this Confirmation.

(e)                                  Limitations on Settlement by Issuer.  Notwithstanding anything herein or in the
Agreement to the contrary, in no event shall Issuer be required to deliver
Shares in connection with the Transaction in excess of a number of Shares equal
to two times the Number of Shares for all Components (as such number may be
adjusted from time to time in accordance with the provisions hereof) (the “Capped Number”).  Issuer
represents and warrants (which representation and warranty shall be deemed to
be repeated on each day that the Transaction is outstanding) that the Capped
Number is equal to or less than the number of authorized but unissued Shares of
the Issuer that are not reserved for future issuance in connection with
transactions in the Shares (other than the Transaction) on the date of the determination
of the Capped Number (such Shares, the “Available Shares”).  In the event Issuer shall not have delivered
the full number of Shares otherwise deliverable as a result of this Section
8(e) (the resulting deficit, the “Deficit Shares”),
Issuer shall be continually obligated to deliver, from time to time until the
full number of Deficit Shares have been delivered pursuant to this paragraph,
Shares when, and to the extent, that (i) Shares are repurchased, acquired or
otherwise received by Issuer or any of its subsidiaries after the Trade Date
(whether or not in exchange for cash, fair value or any other consideration),
(ii) authorized and unissued Shares reserved for issuance in respect of other
transactions prior to such date which prior to the relevant date become no
longer so reserved and (iii) Issuer additionally authorizes any unissued Shares
that are not reserved for other transactions. 
Issuer shall immediately notify Dealer of the occurrence of any of

 13
 

the foregoing events (including the number of Shares
subject to clause (i), (ii) or (iii) and the corresponding number of Shares to
be delivered) and promptly deliver such Shares thereafter.

(f)                                    Equity Rights.  Buyer
acknowledges and agrees that this Confirmation is not intended to convey to it rights
with respect to the Transaction that are senior to the claims of common
stockholders in the event of Issuer’s bankruptcy.  For the avoidance of doubt, the parties agree
that the preceding sentence shall not apply at any time other than during
Issuer’s bankruptcy to any claim arising as a result of a breach by Issuer of
any of its obligations under this Confirmation or the Agreement.  For the avoidance of doubt, the parties
acknowledge that this Confirmation is not secured by any collateral that would
otherwise secure the obligations of Issuer herein under or pursuant to any
other agreement.

(g)                                 Amendments to Equity Definitions and the Agreement.  The following amendments shall be made to the
Equity Definitions and to the Agreement:

(i)                                 The
first sentence of Section 11.2(c) of the Equity Definitions, prior to clause
(A) thereof, is hereby amended to read as follows: ‘(c) If “Calculation Agent
Adjustment” is specified as the Method of Adjustment in the related
Confirmation of a Share Option Transaction, then following the announcement or
occurrence of any Potential Adjustment Event, the Calculation Agent will
determine whether such Potential Adjustment Event has a material effect on the
theoretical value of the relevant Shares or options on the Shares and, if so,
will (i) make appropriate adjustment(s), if any, to any one or more of:’ and,
the portion of such sentence immediately preceding clause (ii) thereof is
hereby amended by deleting the words “diluting or concentrative” and the words “(provided
that no adjustments will be made to account solely for changes in volatility,
expected dividends, stock loan rate or liquidity relative to the relevant
Shares)” and replacing such latter phrase with the words “(and, for the
avoidance of doubt, adjustments may be made to account solely for changes in
volatility, expected dividends, stock loan rate or liquidity relative to the
relevant Shares)”; and

(ii)                              Section
11.2(e)(vii) of the Equity Definitions is hereby amended by deleting the words “diluting
or concentrative” and replacing them with “material”.

(h)                                 Transfer and Assignment. 
Buyer may transfer or assign its rights and obligations hereunder and
under the Agreement, in whole or in part, at any time to any bank or
broker-dealer or any affiliate thereof that in either case regularly enters
into over-the-counter equity derivative transactions without the consent of
Issuer.

(i)                                     Disclosure.  Effective
from the date of commencement of discussions concerning the Transaction, Issuer
and each of its employees, representatives, or other agents may disclose to any
and all persons, without limitation of any kind, the tax treatment and tax
structure of the Transaction and all materials of any kind (including opinions
or other tax analyses) that are provided to Issuer relating to such tax
treatment and tax structure.

(j)                                     Additional Termination Event.  If within the period commencing on the Trade
Date and ending on the second anniversary of the Premium Payment Date, Buyer
reasonably determines that it is advisable to terminate a portion of the
Transaction so that Buyer’s related hedging activities will comply with
applicable securities laws, rules or regulations, an Additional Termination
Event shall occur in respect of which (1) Issuer shall be the sole Affected
Party and (2) the Transaction shall be the sole Affected Transaction.

(k)                                  Effectiveness.  If, prior to the Effective Date, Buyer
reasonably determines that it is advisable to cancel the Transaction because of
concerns that Buyer’s related hedging activities could be viewed as not
complying with applicable securities laws, rules or regulations, the
Transaction shall be cancelled and shall not become effective, and neither
party shall have any obligation to the other party in respect of the
Transaction.

 14
 

(l)                                     Extension of Settlement. 
Dealer may divide any Component into additional Components and designate
the Expiration Date and the Number of Warrants for each such Component if Dealer
determines, in its reasonable discretion, that such further division is
necessary or advisable to preserve Dealer’s hedging activity hereunder in light
of existing liquidity conditions or to enable Dealer to effect purchases of
Shares in connection with its hedging activity hereunder in a manner that
would, if Dealer were the Issuer or an affiliated purchaser of the Issuer, be in
compliance with applicable legal and regulatory requirements.

(m)                               Governing Law.  THIS CONFIRMATION SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK (WITHOUT REFERENCE TO ITS CHOICE OF LAW DOCTRINE).

(n)                                 Waiver of Jury Trial.  Each party waives, to the fullest extent permitted by
applicable law, any right it may have to a trial by jury in respect of any
suit, action or proceeding relating to the Transaction.  Each party (i) certifies that no
representative, agent or attorney of the other party has represented, expressly
or otherwise, that such other party would not, in the event of such a suit,
action or proceeding, seek to enforce the foregoing waiver and (ii)
acknowledges that it and the other party have been induced to enter into the
Transaction, as applicable, by, among other things, the mutual waivers and
certifications provided herein.

(o)                                 No Set-off.  The
provisions of Section 2(c) of the Agreement shall not apply to the Transaction.  Each party waives any and all rights it may
have to set-off delivery or payment obligations it owes to the other party
under the Transaction against any delivery or payment obligations owed to it by
the other party, whether arising under the Agreement, under any other agreement
between parties hereto, by operation of law or otherwise.

(p)                                 Roleof Agent.  Each
party agrees and acknowledges that (i) J.P. Morgan Securities Inc., an
affiliate of Dealer (“JPMSI”), has
acted solely as agent and not as principal with respect to the Transaction and
(ii) JPMSI has no obligation or liability, by way of guaranty, endorsement or
otherwise, in any manner in respect of the Transaction (including, if
applicable, in respect of the settlement thereof). Each party agrees it will
look solely to the other party (or any guarantor in respect thereof) for
performance of such other party’s obligations under the Transaction.

 15

Issuer hereby agrees (a) to check this
Confirmation carefully and immediately upon receipt so that errors or
discrepancies can be promptly identified and rectified and (b) to confirm
that the foregoing (in the exact form provided by Dealer) correctly sets forth
the terms of the agreement between Dealer and Issuer with respect to the
Transaction, by manually signing this Confirmation or this page hereof as
evidence of agreement to such terms and providing the other information
requested herein and immediately returning an executed copy to EDG
Confirmation Group, J.P. Morgan Securities Inc., 277 Park Avenue, 11th Floor, New York, NY 10172-3401, Facsimile No. (212) 622-8519.

 

	
  

  	
  Yours faithfully,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  J.P.

  	
  MORGAN SECURITIES INC.,

  
	
   

  	
   

  	
  AS AGENT FOR JPMORGAN CHASE BANK,

  
	
   

  	
   

  	
  NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  	
    /s/ Jeff Zajkowski

  
	
   

  	
   

  	
   

  	
  Name: Jeff Zajkowski

  
	
   

  	
   

  	
   

  	
  Title: Managing Director

  

 

Agreed and accepted by:

	
  EMC CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ Irina Simmons

  	
   

  
	
   

  	
   

  	
  Name: Irina Simmons

  
	
   

  	
   

  	
  Title: Senior Vice President and Treasurer

  

 

Annex A

For each Component of the
Transaction, the Number of Warrants and Expiration Date is set forth below.

	
  Component
  Number

  	
   

  	
  Number of Warrants

  	
   

  	
  Expiration Date

  
	
  1

  	
   

  	
  5,364,560

  	
   

  	
  February 18,
  2014

  
	
  2

  	
   

  	
  5,364,560

  	
   

  	
  February 19,
  2014

  
	
  3

  	
   

  	
  5,364,560

  	
   

  	
  February 20,
  2014

  
	
  4

  	
   

  	
  5,364,560

  	
   

  	
  February 21,
  2014

  
	
  5

  	
   

  	
  5,364,560

  	
   

  	
  February 24,
  2014

  
	
  6

  	
   

  	
  5,364,560

  	
   

  	
  February 25,
  2014

  
	
  7

  	
   

  	
  5,364,560

  	
   

  	
  February 26,
  2014

  
	
  8

  	
   

  	
  5,364,560

  	
   

  	
  February 27,
  2014

  
	
  9

  	
   

  	
  5,364,560

  	
   

  	
  February 28,
  2014

  
	
  10

  	
   

  	
  5,364,560

  	
   

  	
  March 3, 2014

  
	
  11

  	
   

  	
  5,364,560

  	
   

  	
  March 4, 2014

  
	
  12

  	
   

  	
  5,364,560

  	
   

  	
  March 5, 2014

  
	
  13

  	
   

  	
  5,364,560

  	
   

  	
  March 6, 2014

  
	
  14

  	
   

  	
  5,364,560

  	
   

  	
  March 7, 2014

  
	
  15

  	
   

  	
  5,364,560

  	
   

  	
  March 10, 2014

  
	
  16

  	
   

  	
  5,364,560

  	
   

  	
  March 11, 2014

  
	
  17

  	
   

  	
  5,364,560

  	
   

  	
  March 12, 2014

  
	
  18

  	
   

  	
  5,364,560

  	
   

  	
  March 13, 2014

  
	
  19

  	
   

  	
  5,364,560

  	
   

  	
  March 14, 2014

  
	
  20

  	
   

  	
  5,364,565

  	
   

  	
  March 17, 2014

  

 

 A-2Exhibit.10.3

EXECUTION
COPY

Dresdner
Bank AG, New York Branch | 1301 Avenue of the Americas | New York, NY 10019 |
Tel: (212) 969-2700 

Opening Transaction

	
  To:

  	
  EMC Corporation

  
	
   

  	
  176 South Street

  
	
   

  	
  Hopkinton, MA 01748

  
	
   

  	
   

  
	
  From:

  	
  Dresdner Bank AG, New York Branch

  
	
   

  	
   

  
	
  Re:

  	
  Convertible Bond Hedge Transaction

  
	
   

  	
   

  
	
  Date:

  	
  November 13, 2006

  

 

Dear Sir(s):

The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of
the above-referenced transaction entered into on the Trade Date specified below
(the “Transaction”) between Dresdner Bank AG,
New York Branch (“Dealer”) and EMC Corporation (“Counterparty”).  This communication constitutes a “Confirmation”
as referred to in the ISDA Master Agreement specified below.

1.     This Confirmation is
subject to, and incorporates, the definitions and provisions of the 2000 ISDA
Definitions (including the Annex thereto) (the “2000
Definitions”) and the definitions and provisions of the 2002 ISDA
Equity Derivatives Definitions (the “Equity Definitions”,
and together with the 2000 Definitions, the “Definitions”),
in each case as published by the International Swaps and Derivatives
Association, Inc. (“ISDA”).  In the event of any inconsistency between the
2000 Definitions and the Equity Definitions, the Equity Definitions will govern.  Certain defined terms used herein have the
meanings assigned to them in the Indenture to be dated as of November 17, 2006
between Counterparty and Wells Fargo Bank, N.A., as trustee (the “Indenture”) relating to the USD1,725,000,000 principal
amount of 1.75% convertible senior notes due December 1, 2011 (the “Convertible Debentures”) and the USD1,725,000,000 principal
amount of 1.75% convertible senior notes due December 1, 2013.  In the
event of any inconsistency between the terms defined in the Indenture and this
Confirmation, this Confirmation shall govern. 
For the avoidance of doubt, (i) the Transaction shall be the only
transaction under the Agreement; and (ii) references herein to sections of the
Indenture are based on the draft of the Indenture most recently reviewed by the
parties at the time of execution of this Confirmation.  If any relevant sections of the Indenture are
changed, added or renumbered upon execution of this Confirmation, the parties
will amend this Confirmation in good faith to preserve the economic intent of
the parties.  Furthermore, for the
avoidance of doubt, even if all Convertible Debentures cease to be outstanding
prior to the Expiration Date (as set forth below), for purposes of the
references herein to sections of the Indenture, the Convertible Debentures
shall be deemed to remain outstanding.  The
Transaction is subject to early unwind if the closing of the Convertible
Debentures is not consummated for any reason, as set forth below in Section
8(k).

Each party is hereby advised, and each such party acknowledges, that
the other party has engaged in, or refrained from engaging in, substantial
financial transactions and has taken other material actions in reliance upon
the parties’ entry into the Transaction to which this Confirmation relates on
the terms and conditions set forth below.

This Confirmation evidences a complete and binding
agreement between Dealer and Counterparty as to the terms of the Transaction to
which this Confirmation relates.  This
Confirmation shall be subject to an agreement (the “Agreement”)
in the form of the 1992 ISDA Master Agreement as if Dealer and

Counterparty had executed
an agreement in such form on the date hereof (but without any Schedule except
for (i) the election of Loss and Second Method and US Dollars (“USD”) as the Termination Currency and (ii) the replacement
of the word “third” in the last line of Section 5(a)(i) with the word “first”).

All provisions contained in, or incorporated by
reference to, the Agreement will govern this Confirmation except as expressly
modified herein.  In the event of any
inconsistency between this Confirmation and either the Definitions or the
Agreement, this Confirmation shall govern.

2.     The Transaction constitutes
a Share Option Transaction for purposes of the Equity Definitions.  The terms of the particular Transaction to
which this Confirmation relates are as follows:

General Terms:

	
  Trade Date:

  	
   

  	
  November 13, 2006

  
	
   

  	
   

  	
   

  
	
  Effective Date:

  	
   

  	
  November 17, 2006 or such other date as agreed by
  the parties.

  
	
   

  	
   

  	
   

  
	
  Option Style:

  	
   

  	
  American

  
	
   

  	
   

  	
   

  
	
  Option Type:

  	
   

  	
  Call

  
	
   

  	
   

  	
   

  
	
   

  	
  Seller:

  	
   

  	
  Dealer

  
	
   

  	
   

  	
   

  
	
  Buyer:

  	
   

  	
  Counterparty

  
	
   

  	
   

  	
   

  
	
  Shares:

  	
   

  	
  The Common Stock of Counterparty, par value USD0.01
  per share (Ticker Symbol: “EMC”).

  
	
   

  	
   

  	
   

  
	
  Number of
  Options:

  	
   

  	
  The number of Convertible Debentures in
  denominations of USD1,000 principal amount issued by Counterparty on the
  closing date for the initial issuance of the Convertible Debentures. For the
  avoidance of doubt, the Number of Options outstanding shall be reduced by
  each exercise of Options hereunder.

  
	
   

  	
   

  	
   

  
	
  Option Entitlement:

  	
   

  	
  As of any date, a
  number of Shares per Option equal to the Conversion Rate (as defined in the
  Indenture, but without regard to any adjustments to the Conversion Rate
  pursuant to Section 12.4(f) or Sections 12.1(e)(1), (2) and (3) of the
  Indenture) as of such date. For the avoidance of doubt, the Option
  Entitlement shall take into consideration any Public Acquirer Change in
  Control Adjustments (as defined below), subject to the conditions set forth
  under “Consequences of Merger Events.”

  
	
  Strike Price:

  	
   

  	
  As of any date, an amount in USD, rounded to the
  nearest cent (with 0.5 cents being rounded upwards), equal to USD1,000 divided by the Option Entitlement as of such date.

  
	
   

  	
   

  	
   

  
	
  Number of
  Shares:

  	
   

  	
  The product of the Number of Options, the Option
  Entitlement and the Applicable Percentage.

  
	
   

  	
   

  	
   

  
	
  Applicable
  Percentage:

  	
   

  	
  30%

  
	
   

  	
   

  	
   

  
	
  Premium:

  	
   

  	
  USD87,768,000

  
	
   

  	
   

  	
   

  
	
  Premium Payment
  Date:

  	
   

  	
  The Effective Date

  
				

 2
 

 

	
  Exchange:

  	
   

  	
  New York Stock Exchange

  
	
   

  	
   

  	
   

  
	
  Related
  Exchange:

  	
   

  	
  All Exchanges

  
	
   

  	
   

  	
   

  
	
  Procedures for Exercise:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Independent
  Threshold Date:

  	
   

  	
  The earlier to occur of (x) any Conversion Date (as
  defined below) that is not also an Exercise Date and (y) the first Exercise
  Date on which Counterparty exercises a number of Options not equal to the
  number of Relevant Convertible Debentures (as defined below) in denominations
  of USD1,000 principal amount submitted for conversion on such date, if any, in
  accordance with the terms of the Indenture.

  
	
   

  	
   

  	
   

  
	
  Conversion Date:

  	
   

  	
  Each “Conversion Date”, as defined in the Indenture,
  occurring during the Exercise Period for Convertible Debentures other than
  Convertible Debentures with respect to which Counterparty makes the direction
  described in Section 12.2(a)(3) of the Indenture and the financial
  institution designated by Counterparty accepts such Convertible Debentures in
  accordance with Section 12.2(a)(3) of the Indenture (such Convertible
  Debentures, other than those excluded above, the “Relevant Convertible Debentures”
  for such Conversion Date).

  
	
   

  	
   

  	
   

  
	
  Exercise Period:

  	
   

  	
  The period from and excluding the Trade Date to and
  including the Expiration Date.

  
	
   

  	
   

  	
   

  
	
  Expiration Date:

  	
   

  	
  The scheduled
  “Trading Day”, as defined in the Indenture, immediately preceding December
  1, 2011.

  
	
   

  	
   

  	
   

  
	
  Multiple
  Exercise:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Minimum Number
  of Options:

  	
   

  	
  Zero

  
	
   

  	
   

  	
   

  
	
  Maximum Number
  of Options:

  	
   

  	
  Number of Options

  
	
   

  	
   

  	
   

  
	
  Integral
  Multiple:

  	
   

  	
  One

  
	
   

  	
   

  	
   

  
	
  Automatic
  Exercise:

  	
   

  	
  Applicable; subject to the provisions of “Notice of
  Exercise” below.

  
	
   

  	
   

  	
   

  
	
  Notice of
  Exercise:

  	
   

  	
  Notwithstanding anything to the contrary in the
  Equity Definitions, (x) in order to exercise any Options on any Exercise Date
  that precedes the Independent Threshold Date, Counterparty must notify Dealer
  and the Calculation Agent in writing prior to 5:00 PM, New York City time, on
  the Exchange Business Day prior to the first Scheduled Trading Day of the
  “Observation Period”, as defined in the Indenture, relating to the Relevant Convertible
  Debentures converted on the Conversion Date on which such Exercise Date
  occurs (the “Notice Deadline”) of (i) the relevant Exercise Date, (ii)
  the number of Options being exercised on such Exercise Date, (iii) the
  scheduled settlement date under the Indenture for the Relevant Convertible
  Debentures converted on the Conversion Date on which such Exercise Date
  occurs, (iv) the first day of the relevant

  

 

 3
 

 

	
  

  	
   

  	
  Observation Period, and (v) the applicable Cash
  Percentage (as defined in the Indenture); provided that,
  notwithstanding the foregoing, such notice shall be effective so long as it
  relates to an Exercise Date that would not have been the Independent
  Threshold Date, if the notice were delivered by the Notice Deadline and the
  notice is given after the Notice Deadline but prior to 5:00 PM (New York City
  time) on the fifth Exchange Business Day of such Observation Period and prior
  to the Independent Threshold Date (it being understood that such delayed
  notice does not itself cause the Independent Threshold Date to occur),
  in which event the Calculation Agent shall have the right to adjust the
  Delivery Obligation as appropriate to reflect the additional costs
  (including, but not limited to, hedging mismatches and market losses) and
  expenses incurred by Dealer or any of its affiliates in connection with its
  hedging activities (including the unwinding of any hedge position) as a
  result of its not having received such notice prior to the Notice Deadline;
  and (y) in order to exercise any Options on any Exercise Date that is or is
  following the Independent Threshold Date, Counterparty must notify Dealer and
  the Calculation Agent in writing prior to 5:00 PM, New York City time, on the
  Exchange Business Day prior to the first Scheduled Trading Day of the
  “Observation Period”, determined as if the Exercise Date were a Conversion
  Date, as defined in the Indenture, of (i) the relevant Exercise Date, (ii)
  the number of Options being exercised on such Exercise Date, (iii) the first
  day of the Observation Period (determined in accordance with Section 1.1 of
  the Indenture for Relevant Convertible Debentures for the corresponding
  Conversion Date, if any, or, if such Exercise Date did not occur on a
  Conversion Date, determined in accordance with Section 1.1 of the Indenture
  as if such Exercise Date were a Conversion Date) and (iv) the applicable Cash
  Percentage and, except for any Exercise Date occurring during the
  period from and including November 1, 2011 to and including the Expiration Date,
  Counterparty shall also make in such written notice representations,
  warranties and agreements set forth in Sections 7(a)(i) and (ii) hereof; provided that, in either case, with respect to any
  Exercise Dates occurring during the period starting on and including November
  1, 2011 to and including the Expiration Date, Counterparty may provide a
  single notice containing the information required above with respect to such
  Exercise Dates. For the avoidance of doubt, if an exercise of Options is in
  connection with a conversion of the Relevant Convertible Debentures,
  Counterparty shall designate the Exercise Date in its Notice of Exercise as
  the corresponding Conversion Date.

  

 

 4
 

 

	
  Dealer’s Telephone Number

  	
   

  	
   

  
	
  and Telex and/or Facsimile Number

  	
   

  	
   

  
	
  and Contact Details for purpose of

  	
   

  	
   

  
	
  Giving Notice:

  	
   

  	
  Attn:

  	
  Donald Roeill

  
	
   

  	
   

  	
  Telephone:

  	
  (212) 895-5248

  
	
   

  	
   

  	
  Facsimile:

  	
  (212) 429-3493

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  With a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attn:

  	
  Alan Skandan

  
	
   

  	
   

  	
  Telephone:

  	
  (212) 895-1582

  
	
   

  	
   

  	
  Facsimile:

  	
  (212) 429-4522

  
	
   

  	
   

  	
   

  	
   

  
	
  Calculation Agent’s Telephone Number

  	
   

  	
   

  
	
  and Telex and/or Facsimile Number

  	
   

  	
   

  
	
  and Contact Details for purpose of

  	
   

  	
   

  
	
  Giving Notice:

  	
   

  	
  All communications relating to the Transaction or
  the Agreement shall be transmitted exclusively:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Through:

  	
  Goldman, Sachs & Co.

  
	
   

  	
   

  	
   

  	
  One New York Plaza

  
	
   

  	
   

  	
   

  	
  New York, NY 10004

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attn:

  	
  Equity Operations:

  
	
   

  	
   

  	
   

  	
  Options and Derivatives

  
	
   

  	
   

  	
  Telephone:

  	
  (212) 902-1981

  
	
   

  	
   

  	
  Facsimile:

  	
  (212) 428-1980/1983

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  With a copy to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attn:

  	
  Tracey McCabe

  
	
   

  	
   

  	
   

  	
  Equity Capital Markets

  
	
   

  	
   

  	
  Telephone:

  	
  (212) 357-0428

  
	
   

  	
   

  	
  Facsimile:

  	
  (212) 902-3000

  
	
   

  	
   

  	
   

  	
   

  
	
  Settlement
  Terms:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Settlement Date:

  	
   

  	
  In respect of an Exercise Date occurring on a
  Conversion Date, the settlement date for the Shares or cash to be delivered
  under the Relevant Convertible Debentures under the terms of the Indenture;
  in respect of any other Exercise Date, the date one Settlement Cycle
  immediately following the relevant Observation Period.

  
	
   

  	
   

  	
   

  
	
  Delivery Obligation:

  	
   

  	
  In lieu of the obligations set forth in Sections 8.1
  and 9.1 of the Equity Definitions, and subject to “Notice of Exercise” above,
  in respect of any Exercise Date, Dealer will deliver to Counterparty, on the
  related Settlement Date, a number of Shares and/or an amount of cash, as
  determined by the Calculation Agent (and, if such Exercise Date does not
  occur on a Conversion Date or, if the number of Options being exercised on
  such Exercise Date differs from the number of the Relevant Convertible
  Debentures for the Conversion Date that coincides with such Exercise Date, as
  if such Exercise Date were a

  

 5
 

 

	
  

  	
   

  	
  Conversion Date for a number of Relevant Convertible
  Debentures equal to the number of Options being exercised on such Exercise
  Date), to be equal to (i) the product of the Applicable Percentage and the
  aggregate number of Shares that Counterparty is (or would have been)
  obligated to deliver to holder(s) of the Relevant Convertible Debentures for
  such Conversion Date pursuant to Section 12.2 of the Indenture (rounded down
  to the nearest whole number); (ii) an amount of cash, if any, in USD in lieu
  of any fractional Share resulting from rounding of such aggregate number of
  Shares valued at the Relevant Price on the last day of the relevant
  Observation Period; and/or (iii) the product of the Applicable Percentage and
  the aggregate amount of cash that Counterparty is (or would have been)
  obligated to deliver in lieu of “Maximum Deliverable Shares”, as defined in
  the Indenture (other than in lieu of fractional Shares if any Shares will be
  delivered under clause (i) above) to the holder(s) of the Relevant
  Convertible Debentures converted (or that would have been converted) on such
  Conversion Date pursuant to Section 12.2(a)(2) of the Indenture and
  (collectively, the “Convertible Obligation”); provided that such obligation shall be
  determined excluding any Shares or cash that Counterparty is obligated (or
  would have been obligated) to deliver to holder(s) of the Relevant
  Convertible Debentures as a result of any adjustments to the Conversion Rate
  pursuant to Section 12.2(a)(3) of the Indenture but taking into consideration
  any Public Acquirer Change in Control Adjustments (as defined below), subject
  to the conditions set forth under “Consequences of Merger Events.” For the
  avoidance of doubt, if the “Daily Conversion Value”, as defined in the
  Indenture, is (or would have been) less than or equal to USD50 for each of
  the Trading Days occurring in the relevant Observation Period, Dealer will
  have no delivery obligation hereunder.

  
	
   

  	
   

  	
   

  
	
  Notice of
  Delivery Obligation:

  	
   

  	
  No later than the Exchange Business Day immediately
  following the last day of the Observation Period, Counterparty shall give
  Dealer and the Calculation Agent notice of the final number of Shares and/or
  the amount of cash comprising the relevant Convertible Obligation; provided
  that, with respect to any Exercise Date occurring during the period from and
  including November 1, 2011 to
  and including the Expiration Date, Counterparty may provide Dealer and the
  Calculation Agent with a single notice of the aggregate number of Shares
  and/or the amount of cash comprising the Convertible Obligations for all
  Exercise Dates occurring during such period (it being understood, for
  the avoidance of doubt, that the requirement of Counterparty to deliver such
  notice shall not limit Counterparty’s obligations

  

 6
 

 

	
  

  	
   

  	
  with respect to Notice of Exercise or Dealer’s obligations with respect to
  Delivery Obligation, each as set forth above, in any way).

  
	
   

  	
   

  	
   

  
	
  Other Applicable
  Provisions:

  	
   

  	
  To the extent Dealer is obligated to deliver Shares
  hereunder, the provisions of Sections 9.1(c), 9.8, 9.9, 9.11 and 9.12 of the
  Equity Definitions will be applicable as if “Physical
  Settlement” applied to the Transaction; provided that the Representation and Agreement contained
  in Section 9.11 of the Equity Definitions shall be modified by excluding any
  representations therein relating to restrictions, obligations, limitations or
  requirements under applicable securities laws as a result of the fact that
  Buyer is the issuer of the Shares.

  
	
  Adjustments:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Method of
  Adjustment:

  	
   

  	
  Notwithstanding Section 11.2 of the Equity
  Definitions, upon the occurrence of any event or condition set forth in
  Sections 12.4(a), (b), (c), (d) or (e) of the Indenture, the Calculation
  Agent shall make the corresponding adjustment in respect of any one or more
  of the Number of Options, the Option Entitlement and any other variable
  relevant to the exercise, settlement or payment of the Transaction, to the
  extent an analogous adjustment is made under the Indenture. Immediately upon
  the occurrence of any Adjustment Event, Counterparty shall notify the
  Calculation Agent of such Adjustment Event; and once the adjustments to be
  made to the terms of the Indenture and the Convertible Debentures in respect
  of such Adjustment Event have been determined, Counterparty shall immediately
  notify the Calculation Agent in writing of the details of such adjustments.

  
	
  Extraordinary Events:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Merger Events:

  	
   

  	
  Notwithstanding Section 12.1(b) of the Equity Definitions,
  a “Merger Event” means the occurrence of any event or condition set forth in
  Section 12.11 of the Indenture.

  
	
   

  	
   

  	
   

  
	
  Consequences of
  Merger Events:

  	
   

  	
  Notwithstanding Section 12.2 of the Equity
  Definitions, upon the occurrence of a Merger Event, the Calculation Agent
  shall make the corresponding adjustment in respect of any adjustment under
  the Indenture to any one or more of the nature of the Shares, the Number of
  Options, the Option Entitlement and any other variable relevant to the
  exercise, settlement or payment for the Transaction, to the extent an
  analogous adjustment is made under the Indenture; provided that such adjustment shall be made without regard
  to any adjustment to the Conversion Rate for the issuance of additional
  Shares as set forth in Sections
  12.1(e)(1), (2) and (3) of the Indenture. Notwithstanding the foregoing, upon the occurrence of a Merger
  Event that constitutes a

  

 7
 

 

	
  

  	
   

  	
  “Public Acquirer Change in Control”, as defined in
  the Indenture, with respect to which Counterparty elects to adjust the terms
  of the Convertible Debentures in accordance with Section 12.1(e)(4) of the
  Indenture (such a Public Acquirer Change in Control, a “PACC Event”),
  the Calculation Agent may adjust in good faith and a commercially reasonable
  manner any one or more of the nature of the Shares, the Number of Options,
  the Option Entitlement and any other variable relevant to the exercise,
  settlement or payment for the Transaction to preserve the fair value of the
  Transaction to Dealer (such adjustments, the “Public
  Acquirer Change in Control Adjustments”); provided
  that, as a condition precedent to the adjustments contemplated above,
  Counterparty and, if Counterparty is not the issuer of the “Public Acquirer
  Common Stock”, as defined in the Indenture, the issuer of the Public Acquirer
  Common Stock and Dealer, shall, prior to the effective date of such Public
  Acquirer Change in Control, have entered into such documentation containing
  representations, warranties and agreements relating to securities law and
  other issues as requested by the Calculation Agent that the Calculation Agent
  has determined, in its reasonable discretion, to be reasonably necessary or
  appropriate to allow Dealer to continue as party to the Transaction, as
  adjusted, and to preserve the Hedging Party’s hedging or hedge unwind
  activities in connection with the Transaction in a manner compliant with
  applicable legal, regulatory or self-regulatory requirements, or with related
  policies and procedures applicable to Dealer.

  
	
  .

  	
   

  	
   

  
	
  Nationalization,
  Insolvency or

  	
   

  	
   

  
	
  Delisting:

  	
   

  	
  Cancellation and Payment (Calculation Agent
  Determination); provided that
  in addition to the provisions of Section 12.6(a)(iii) of the Equity
  Definitions, it will also constitute a Delisting if the Exchange is located
  in the United States and the Shares are not immediately re-listed, re-traded
  or re-quoted on any of the New York Stock Exchange, the American Stock
  Exchange, the NASDAQ Global Select Market or the NASDAQ Global Market (or
  their respective successors); if the Shares are immediately re-listed,
  re-traded or re-quoted on any such exchange or quotation system, such
  exchange or quotation system shall thereafter be deemed to be the Exchange.

  
	
  Additional
  Disruption Events:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  (a)Change in Law:

  	
   

  	
  Applicable; provided that
  Section 12.9(a)(ii) of the Equity Definitions shall be amended by inserting
  (i) at the end of the fifth line thereof the following phrase: “(or GS)”,
  (ii) at the end of clause (X) the

  

 8
 

 

	
  

  	
   

  	
   

  	
   

  	
  following phrase: “(or, in the case of GS, a Hedging
  Party Related Transaction)”; and (iii) in clause (Y), immediately following
  the words “such Transaction”, the following phrase: “(or, in the case of GS,
  a Hedging Party Related Transaction).”

  	 

	
  Hedging Party
  Related

  	
   

  	
   

  	
   

  	
   

  	 

	
  Transaction:

  	
   

  	
   

  	
   

  	
  For any Transaction, a transaction between GS and
  Dealer or its affiliate in respect of such Transaction.

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  (b) Insolvency
  Filing:

  	
   

  	
   

  	
   

  	
  Applicable

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  Hedging Party:

  	
   

  	
   

  	
   

  	
  GS

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  Determining Party:

  	
   

  	
   

  	
   

  	
  For all applicable Additional Disruption Events, the
  Calculation Agent

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  Non-Reliance:

  	
   

  	
   

  	
   

  	
  Applicable

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  Agreements and Acknowledgments

  	
   

  	
   

  	
   

  	
   

  	 

	
  Regarding Hedging Activities:

  	
   

  	
   

  	
   

  	
  Applicable

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  Additional Acknowledgments:

  	
   

  	
   

  	
   

  	
  Applicable

  	 

	
   

  	
   

  	
   

  	
   

  	
   

  	 

	
  3. Calculation Agent:

  	
   

  	
   

  	
   

  	
  Goldman Sachs International or any of its affiliates
  to which Goldman Sachs International assigns its rights and obligations under
  a transaction with the Dealer that is related to this Transaction (“GS”).

  	 

	
  4. Account Details:

  
	
   

  
	
  Dealer Payment
  Instructions:

  
	
   

  
	
  Dresdner Bank A.G.

  
	
  For A/C Dresdner Bank NYC

  
	
  FED Routing Number 

  
	
  FED Short Name

  
	
   

  
	
  Counterparty
  Payment Instructions:

  
	
   

  
	
  To be provided
  by Counterparty.

  
	
   

  
	
  5. Offices:

  
	
   

  
	
  The Office of
  Dealer for the Transaction is:

  
	
   

  
	
  1301 Avenue of
  the Americas, New York, NY 10019

  
	
   

  
	
  The Office of
  Counterparty for the Transaction is:

  
	
   

  
	
  176 South
  Street, Hopkinton, MA 01748

  
	
   

  
	
  6. Notices: For purposes of this
  Confirmation:

  
	
   

  
	
  (a)           Address
  for notices or communications to Counterparty:

  
	
   

  
	
  To:

  	
  EMC Corporation

  
	
  Attn:

  	
  Office of General Counsel

  
	
  Telephone:

  	
  (508) 435-1000

  
	
  Facsimile:

  	
  (508) 497-6915

  
	
   

  	
   

  
	
  (b)           Address
  for notices or communications to Dealer:

  
	
   

  
	
  To:

  	
  Dresdner Bank AG, New York Branch

  
							

 

 9
 

 

	
  Attn:

  	
   

  	
  Donald Roeill

  
	
  Telephone:

  	
   

  	
  (212) 895-5248

  
	
  Facsimile:

  	
   

  	
  (212) 429-3493

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attn:

  	
   

  	
  Alan Skandan

  
	
  Facsimile:

  	
   

  	
  (212) 429-4522

  
	
   

  	
   

  	
   

  
	
  (c)           Address for notices or
  communications to Calculation Agent:

  
	
   

  	
   

  
	
  All
  communications relating to the Transaction or the Agreement shall be
  transmitted exclusively:

  
	
   

  	
   

  
	
  Through:

  	
   

  	
  Goldman, Sachs & Co.

  
	
   

  	
   

  	
  One New York Plaza

  
	
   

  	
   

  	
  New York, NY 10004

  
	
  Attn:

  	
   

  	
  Equity Operations: Options and Derivatives

  
	
  Telephone:

  	
   

  	
  (212) 902-1981

  
	
  Facsimile:

  	
   

  	
  (212) 428-1980/1983

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attn:

  	
   

  	
  Tracey McCabe

  
	
   

  	
   

  	
  Equity Capital Markets

  
	
  Telephone:

  	
   

  	
  (212) 357-0428

  
	
  Facsimile:

  	
   

  	
  (212) 902-3000

  
						

7.     Representations, Warranties and Agreements:

(a)           In addition to the
representations and warranties in the Agreement and those contained elsewhere herein,
Counterparty represents and warrants to and for the benefit of, and agrees
with, Dealer and GS as follows:

(i)            On the Trade Date
and each date on which Counterparty delivers a Notice of Exercise relating to
an Exercise Date that is or is following the Independent Threshold Date (other
than any Exercise Date occurring during the period from and including November
1, 2011 to and including the Expiration Date) (A) none of Counterparty and its
officers and directors is aware of any material nonpublic information regarding
Counterparty or the Shares and (B) all reports and other documents filed by
Counterparty with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended (the “Exchange Act”)
when considered as a whole (with the more recent such reports and documents
deemed to amend inconsistent statements contained in any earlier such reports
and documents), do not contain any untrue statement of a material fact or any
omission of a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances in which they were
made, not misleading.

(ii)           (A) On the Trade
Date and each date on which Counterparty delivers a Notice of Exercise relating
to an  Exercise Date that is or is
following the Independent Threshold Date (other than any Exercise Date
occurring during the period from and including November 1, 2011 to and
including the Expiration Date), the Shares or securities that are convertible
into, or exchangeable or exercisable for Shares, are not, and will not be,
subject to a “restricted period,” as such term is defined in Regulation M under
the Exchange Act (“Regulation M”)
and (B) Counterparty is not engaged in and will not engage in any “distribution,”
as such term is defined in Regulation M, other than a distribution meeting the
requirements of the exceptions set forth in sections 101(b)(10) and 102(b)(7)
of Regulation M, until the second Exchange Business Day immediately following
the Trade Date or the last day of the related Observation Period, as the case
may be.

(iii)          On the Trade Date,
neither Counterparty nor any “affiliate” or “affiliated purchaser” (each as
defined in Rule 10b-18 of the Exchange Act (“Rule 10b-18”))
shall directly or

 10
 

indirectly (including, without limitation, by means of
any cash-settled or other derivative instrument, other than the Transaction and
the convertible bond hedge transactions entered into by Counterparty and each
of Deutsche Bank AG, London Branch, JPMorgan Chase Bank, National Association
or  Citibank, N.A. on the Trade Date
simultaneously with the Transaction) purchase, offer to purchase, place any bid
or limit order that would effect a purchase of, or commence any tender offer
relating to, any Shares (or an equivalent interest, including a unit of
beneficial interest in a trust or limited partnership or a depository share) or
any security convertible into or exchangeable or exercisable for Shares, except
through Goldman, Sachs & Co. (“GS&Co”).

(iv)          Without limiting the
generality of Section 13.1 of the Equity Definitions, Counterparty acknowledges
that neither Dealer nor GS is making any representations or warranties with
respect to the treatment of the Transaction under FASB Statements 149 or 150,
EITF Issue No. 00-19 (or any successor issue statements) or under FASB’s
Liabilities & Equity Project.

(v)           Without limiting the
generality of Section 3(a)(iii) of the Agreement, the Transaction will not
violate Rule 13e-1 or Rule 13e-4 under the Exchange Act.

(vi)          Prior to the Trade
Date, Counterparty shall deliver to Dealer and GS a resolution of Counterparty’s
board of directors authorizing the Transaction and such other certificate or
certificates as either Dealer or GS shall reasonably request.

(vii)         Counterparty is not
entering into this Confirmation to create actual or apparent trading activity
in the Shares (or any security convertible into or exchangeable for Shares) or
to raise or depress or otherwise manipulate the price of the Shares (or any
security convertible into or exchangeable for Shares) or otherwise in violation
of the Exchange Act.

(viii)        Counterparty is not,
and after giving effect to the transactions contemplated hereby will not be, an
“investment company” as such term is defined in the Investment Company Act of
1940, as amended.

(ix)           On the Trade Date
(A) the assets of Counterparty at their fair valuation exceed the liabilities
of Counterparty, including contingent liabilities, (B) the capital of
Counterparty is adequate to conduct the business of Counterparty and (C)
Counterparty has the ability to pay its debts and obligations as such debts
mature and does not intend to, or does not believe that it will, incur debt
beyond its ability to pay as such debts mature.

(x)            The representations
and warranties of Counterparty set forth in Section 3 of the Agreement and
Section 1 of the Purchase Agreement dated as of November 13, 2006 between
Counterparty and GS&Co., Lehman Brothers Inc. and Citigroup Global Markets
Inc. as representatives of the Initial Purchasers party thereto (the “Purchase Agreement”) are true and correct as of the Trade
Date, the Effective Date and the Additional Premium Payment Date and are hereby
deemed to be repeated to Dealer and GS as if set forth herein.

(xi)           Counterparty understands
that no obligations of Dealer to it hereunder will be entitled to the benefit
of deposit insurance and that such obligations will not be guaranteed by any
affiliate of Dealer or any governmental agency.

(b)           Each of Dealer and
Counterparty agrees and represents that it is an “eligible contract participant”
as defined in Section 1a(12) of the U.S. Commodity Exchange Act, as amended.

(c)           Each of Dealer and
Counterparty acknowledges that the offer and sale of the Transaction to it is
intended to be exempt from registration under the Securities Act of 1933, as
amended (the “Securities Act”), by virtue of
Section 4(2) thereof.  Accordingly,
Counterparty represents and warrants to Dealer that (i) it has the financial
ability to bear the economic risk of its investment in the Transaction and is
able to bear a total loss of its investment and its investments in and
liabilities in respect of the Transaction, which it understands are not readily
marketable, are not disproportionate to its net worth, and it is able to bear
any loss in connection with the Transaction, including the loss of its entire
investment in the Transaction, (ii) it is an “accredited investor” as that term
is defined in Regulation D as promulgated under the Securities Act, (iii) it is
entering into the Transaction for its own account and without a view to the
distribution or resale thereof, (iv) the assignment, transfer or other disposition
of the Transaction has

 11
 

not been and will not be registered under the
Securities Act and is restricted under this Confirmation, the Securities Act
and state securities laws, and (v) its financial condition is such that it has
no need for liquidity with respect to its investment in the Transaction and no
need to dispose of any portion thereof to satisfy any existing or contemplated
undertaking or indebtedness and is capable of assessing the merits of and
understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of the Transaction.

(d)           Each of Dealer and
Counterparty agrees and acknowledges (A) that this Confirmation is (i) a “securities
contract,” as such term is defined in Section 741(7) of Title 11 of the United
States Code (the “Bankruptcy Code”),
with respect to which each payment and delivery hereunder is a “settlement
payment,” as such term is defined in Section 741(8) of the Bankruptcy Code, and
(ii) a “swap agreement,” as such term is defined in Section 101(53B) of the
Bankruptcy Code, with respect to which each payment and delivery hereunder is a
“transfer,” as such term is defined in Section 101(54) of the Bankruptcy Code,
and (B) that Dealer is entitled to the protections afforded by, among other
sections, Section 362(b)(6), 362(b)(17), 546(e), 546(g), 555 and 560 of the
Bankruptcy Code.

(e)           Counterparty shall
deliver to Dealer and GS an opinion of counsel, dated as of the Trade Date and
reasonably acceptable to Dealer and GS in form and substance, with respect to
the matters set forth in Section 3(a) of the Agreement.

8.  Other Provisions:

(a)           Right to Extend.  The Calculation Agent may postpone any Settlement
Date or any other date of delivery by Dealer, with respect to some or all of
the relevant Options, if the Calculation Agent determines, in its reasonable
discretion, that such extension is reasonably necessary or appropriate to
preserve Hedging Party’s hedging or hedge unwind activity under this
Transaction or a Hedging Party Related Transaction in light of existing
liquidity conditions or to enable Hedging Party to effect purchases of Shares
in connection with its hedging, hedge unwind or settlement activity under this
Transaction or a Hedging Party Related Transaction in a manner that would, if Hedging
Party were Counterparty or an affiliated purchaser of Counterparty, be in
compliance with applicable legal, regulatory or self-regulatory requirements,
or with related policies and procedures applicable to Hedging Party.

(b)           Additional Termination Events.  The occurrence of (i) an event of default
with respect to Counterparty under the terms of the Convertible Debentures as
set forth in Section 5.1 of the Indenture that results in an acceleration of
the Convertible Debentures pursuant to the terms of the Indenture, (ii) an
Amendment Event or (iii)
the occurrence of a PACC Termination Event shall be an Additional
Termination Event with respect to which the Transaction is the sole Affected
Transaction and Counterparty is the sole Affected Party, and the Calculation
Agent shall be the party entitled to designate an Early Termination Date
pursuant to Section 6(b) of the Agreement and to determine the Early
Termination Amount pursuant to Section 6(e)(ii)(1) of the Agreement.

“Amendment Event”
means that Counterparty amends, modifies, supplements or obtains a waiver in
respect of any term of the Indenture or the Convertible Debentures governing
the principal amount, coupon, maturity, repurchase obligation of Counterparty,
redemption right of Counterparty, any term relating to conversion of the
Convertible Debentures (including changes to the conversion price, conversion
settlement dates or conversion conditions), or any term that would require
consent of the holders of not less than 100% of the principal amount of the
Convertible Debentures to amend, in each case without the prior consent of the
Calculation Agent, such consent not to be unreasonably withheld.

“PACC
Termination Event” means a PACC Event with respect to which (x)
following good faith
consultation with Counterparty, the Calculation Agent determines that no Public
Acquirer Change in Control Adjustments would produce a commercially reasonable
result or (y) the Public Acquirer Change in Control Adjustments were not made
because any of the documentation requirements for such adjustments were not
met.

(c)           Alternative Calculations and Payment on Early Termination and on
Certain Extraordinary Events. 
If Dealer shall owe Counterparty any amount pursuant to Section 12.2 of
the Equity

 12
 

Definitions and “Consequences
of Merger Events” above, or Sections 12.3, 12.6, 12.7 or 12.9 of the Equity
Definitions (except in the event of a Merger Event, in which the consideration
or proceeds to be paid to holders of Shares consists solely of cash) or
pursuant to Section 6(d)(ii) of the Agreement (except in the event of an Event
of Default in which Counterparty is the Defaulting Party or a Termination Event
in which Counterparty is the Affected Party, that resulted from an event or
events within Counterparty’s control) (a “Payment Obligation”),
Counterparty shall have the right, in its sole discretion, to require Dealer to
satisfy any such Payment Obligation by the Share Termination Alternative (as
defined below) by giving irrevocable telephonic notice to Dealer and the
Calculation Agent, confirmed in writing within one Scheduled Trading Day, by 4:00
P.M. New York City time on the Merger Date, Announcement Date or Early
Termination Date, as applicable (“Notice of Share
Termination”).  Upon such Notice
of Share Termination, the following provisions shall apply on the Scheduled
Trading Day immediately following the Merger Date, Announcement Date or Early Termination
Date, as applicable:

	
  Share Termination Alternative:

  	
   

  	
  Applicable and means that Dealer shall deliver to
  Counterparty the Share Termination Delivery Property on the date on which the
  Payment Obligation would otherwise be due pursuant to Section 12.7 or 12.9 of
  the Equity Definitions or Section 6(d)(ii) of the Agreement, as applicable
  (the “Share Termination Payment Date”), in
  satisfaction of the Payment Obligation.

  
	
   

  	
   

  	
   

  
	
  Share Termination Delivery Property:

  	
   

  	
  A number of Share Termination Delivery Units, as
  calculated by the Calculation Agent, equal to the Payment Obligation divided
  by the Share Termination Unit Price. The Calculation Agent shall adjust the
  Share Termination Delivery Property by replacing any fractional portion of
  the aggregate amount of a security therein with an amount of cash equal to
  the value of such fractional security based on the values used to calculate
  the Share Termination Unit Price.

  
	
   

  	
   

  	
   

  
	
  Share Termination Unit Price:

  	
   

  	
  The value of property contained in one Share
  Termination Delivery Unit on the date such Share Termination Delivery Units
  are to be delivered as Share Termination Delivery Property, as determined by
  the Calculation Agent in its discretion by commercially reasonable means and
  notified by the Calculation Agent to Dealer at the time of notification of
  the Payment Obligation.

  
	
   

  	
   

  	
   

  
	
  Share Termination Delivery Unit:

  	
   

  	
  In the case of a Termination Event, Event of Default
  or Delisting, one Share or, in the case of an Insolvency, Nationalization or
  Merger Event, one Share or a unit consisting of the number or amount of each
  type of property received by a holder of one Share (without consideration of
  any requirement to pay cash or other consideration in lieu of fractional
  amounts of any securities) in such Insolvency, Nationalization or Merger
  Event. If such Insolvency, Nationalization or Merger Event involves a choice
  of consideration to be received by holders, such holder shall be deemed to
  have elected to receive the maximum possible amount of cash.

  
	
   

  	
   

  	
   

  
	
  Failure to Deliver:

  	
   

  	
  Applicable

  
	
   

  	
   

  	
   

  
	
  Other applicable provisions:

  	
   

  	
  If Share Termination Alternative is applicable, the
  provisions of Sections 9.8, 9.9, 9.11 and 9.12 of the Equity Definitions will
  be applicable as if “Physical Settlement” applied to the Transaction, except
  that all references to “Shares” shall be read as references to “Share
  Termination Delivery Units”; provided
  that the Representation and Agreement contained in Section 9.11 of the Equity
  Definitions shall be modified by excluding any representations therein
  relating to restrictions, obligations, limitations or requirements under
  applicable securities laws as a result of the fact that Buyer is the issuer
  of any Share Termination Delivery Units (or any part thereof).

  

 

 13
 

(d)           Disposition of Hedge Shares. 
Counterparty hereby agrees that if, in
the good faith reasonable judgment of either Hedging Party or Dealer, the
Shares (the “Hedge Shares”) acquired by Hedging
Party for the purpose of hedging its obligations pursuant to the Transaction or
a Hedging Party Related Transaction cannot be sold in the U.S. public market by
Hedging Party without registration under the Securities Act, Counterparty
shall, at its election: (i) in order to allow Hedging Party to sell the Hedge
Shares in a registered offering, make available to Dealer and Hedging Party an
effective registration statement under the Securities Act to cover the resale
of such Hedge Shares and (A) enter into an agreement, in form and substance
satisfactory to Dealer and Hedging Party, substantially in the form of an
underwriting agreement for a registered offering, (B) provide accountant’s “comfort”
letters in customary form for registered offerings of equity securities, (C) provide
disclosure opinions of nationally recognized outside counsel to Counterparty
reasonably acceptable to Dealer and Hedging Party, (D) provide other customary
opinions, certificates and closing documents customary in form for registered
offerings of equity securities and (E) afford Dealer and Hedging Party a
reasonable opportunity to conduct a “due diligence” investigation with respect
to Counterparty customary in scope for underwritten offerings of equity
securities; provided, however, that if either Dealer or Hedging Party, in its
sole reasonable discretion, is not satisfied with access to due diligence
materials, the results of its due diligence investigation, or the procedures
and documentation for the registered offering referred to above, then clause
(ii) or clause (iii) of this Section 8(d) shall apply at the election of
Counterparty; (ii) in order to allow Hedging Party to sell the Hedge Shares in
a private placement, use its best efforts to enter into a private placement
agreement substantially similar to private placement purchase agreements
customary for private placements of equity securities, in form and substance
satisfactory to Dealer and Hedging Party, including customary representations,
covenants, blue sky and other governmental filings and/or registrations,
indemnities to Dealer and Hedging Party, due diligence rights (for Dealer,
Hedging Party or any designated buyer of the Hedge Shares from Hedging Party),
opinions and certificates and such other documentation as is customary for
private placements agreements, all reasonably acceptable to Dealer and Hedging
Party (in which case, the Calculation Agent shall make any adjustments to the
terms of the Transaction that are necessary, in its reasonable judgment, to
compensate Hedging Party for any discount from the public market price of the
Shares incurred on the sale of Hedge Shares in a private placement); or (iii)
purchase the Hedge Shares from Hedging Party at the VWAP Price on such Exchange
Business Days, and in the amounts, requested by Hedging Party.  “VWAP Price”
means, on any Exchange Business Day, the per Share volume-weighted average
price as displayed under the heading “Bloomberg VWAP” on Bloomberg page EMC.N <equity>
VAP (or any successor thereto) in respect of the period from 9:30 a.m. to 4:00
p.m. (New York City time) on such Exchange Business Day (or if such
volume-weighted average price is unavailable, the market value of one Share on
such Exchange Business Day, as determined by the Calculation Agent using a
volume-weighted method).  For the
avoidance of doubt, Counterparty is not obligated to purchase Shares under any
circumstances under this Section 8(d) unless it elects to do so pursuant to
Section 8(d)(iii).

(e)           Repurchase Notices.  Counterparty
shall, on any day on which Counterparty effects any repurchase of Shares,
promptly give Dealer and the Calculation Agent a written notice of such
repurchase (a “Repurchase Notice”) on such day
if, following such repurchase, the Notice Percentage as determined on such day
is (i) greater than 6% and (ii) greater by 0.5% than the Notice Percentage
included in the immediately preceding Repurchase Notice (or, in the case of the
first such Repurchase Notice, greater than the Notice Percentage as of the date
hereof).  The “Notice
Percentage” as of any day is the fraction, expressed as a
percentage, the numerator of which is the Number of Shares and the denominator
of which is the number of Shares outstanding on such day.  In the event that Counterparty fails to
provide Dealer or the Calculation Agent with a Repurchase Notice on the day and
in the manner specified in this Section 8(e) then Counterparty agrees to
indemnify and hold harmless Dealer and Hedging Party, their respective affiliates
and their respective directors, officers, employees, agents and controlling
persons (collectively, an “Indemnified Party”)
from and against any and all losses, claims, damages and liabilities (or
actions in respect thereof), joint or several, to which such Indemnified Party
may become subject under applicable securities laws, including without
limitation, Section 16 of the Exchange Act, relating to or arising out of such
failure.  If for any reason the foregoing
indemnification is unavailable to any Indemnified Party or insufficient to hold
harmless any Indemnified Party, then Counterparty shall contribute, to the
maximum extent permitted by law, to the amount paid or payable by the
Indemnified Party as a result of such loss, claim, damage or liability.  In addition, Counterparty will reimburse any
Indemnified Party for all expenses (including reasonable counsel fees and
expenses) as they are incurred (after notice to Counterparty) in

 14
 

connection with the
investigation of, preparation for or defense or settlement of any pending or
threatened claim or any action, suit or proceeding arising therefrom, whether
or not such Indemnified Party is a party thereto and whether or not such claim,
action, suit or proceeding is initiated or brought by or on behalf of
Counterparty.  This indemnity shall
survive the completion of the Transaction contemplated by this Confirmation and
any assignment and delegation of the Transaction made pursuant to this
Confirmation or the Agreement shall inure to the benefit of any permitted
assignee of Dealer and Hedging Party.

(f)            Transfer and Assignment. 
Neither party may transfer any of its rights or obligations under the
Transaction without the prior written consent of the non-transferring party; provided that at any time at which the Equity Percentage
exceeds 9.0%, if Dealer, in the judgment of Dealer or the Calculation Agent, is
unable to effect a transfer or assignment to a third party after its
commercially reasonable efforts on pricing terms reasonably acceptable to
Dealer and the Calculation Agent such that the Equity Percentage is reduced to
9.0% or less, Dealer or the Calculation Agent may designate any Scheduled
Trading Day as an Early Termination Date with respect to a portion (the “Terminated Portion”) of the Transaction, such that the
Equity Percentage following such partial termination will be equal to or less
than 9.0%.  In the event that Dealer or the
Calculation Agent so designates an Early Termination Date with respect to a
portion of the Transaction, a payment or delivery shall be made pursuant to
Section 6 of the Agreement and Section 8(c) of this Confirmation as if (i) an
Early Termination Date had been designated in respect of a Transaction having
terms identical to the Terminated Portion of the Transaction, (ii) Counterparty
shall be the sole Affected Party with respect to such partial termination and
(iii) such portion of the Transaction shall be the only Terminated Transaction.  The “Equity Percentage”
as of any day is the fraction, expressed as a percentage, (A) the numerator of
which is the sum of (i) the lesser of (1) 5% and (2) the number of Shares that
Dealer and Hedging Party “beneficially own” (within the meaning of Section 13
of the Exchange Act) on such day, other than any Shares so owned as a hedge of
the Transaction, and (ii) the
Number of Shares hereunder and (B) the denominator of which is the
number of Shares outstanding on such day. 
Counterparty may transfer or assign its rights and obligations hereunder
and under the Agreement, in whole or in part, to any party with the consent of
Dealer and GS, such consent not to be unreasonably withheld. Notwithstanding
any other provision of this Confirmation to the contrary requiring or allowing
Dealer to receive or deliver any Shares, Dealer may designate any of its
affiliates to receive or deliver such Shares and otherwise perform Dealer’s
obligations in respect of this Transaction and any such designee may assume
such obligation. Dealer shall be discharged of its obligation hereunder to the
extent of any such performance.

(g)           Staggered Settlement.  If the Staggered Settlement Equity Percentage
as of any Exchange Business Day during the relevant “Conversion Reference
Period”, as defined in the Indenture, is greater than 4.5%, Dealer may, by notice to Counterparty prior to any
Settlement Date (a “Nominal Settlement Date”),
elect to deliver the Shares on two or more dates (each, a “Staggered Settlement Date”) or at two or
more times on the Nominal Settlement Date as follows:

(i)            in
such notice, Dealer will specify to Counterparty the related Staggered
Settlement Dates (each of which will be on or prior to such Nominal Settlement
Date, but not prior to the beginning of such “Conversion Reference Period”) or
delivery times and how it will allocate the Shares it is required to deliver
under “Delivery Obligation” (above) among the Staggered Settlement Dates or
delivery times; and

(ii)           the
aggregate number of Shares that Dealer will deliver to Counterparty hereunder
on all such Staggered Settlement Dates and delivery times will equal the number
of Shares that Dealer would otherwise be required to deliver on such Nominal
Settlement Date.

The “Staggered
Settlement Equity Percentage” as of any day is the fraction,
expressed as a percentage, (A) the numerator of which is the sum of (i) the
number of Shares that Dealer or any of its affiliates subject to aggregation
with Dealer and Hedging Party or any of its affiliates subject to aggregation
with Hedging Party “beneficially own” (within the meaning of Section 13 of the
Exchange Act) on such day, other than any Shares so owned as a hedge of the
Transaction, and (ii) the Number of Shares hereunder and (B) the denominator of
which is the number of Shares outstanding on such day.

(h)           Disclosure.  Effective
from the date of commencement of discussions concerning the Transaction,
Counterparty and each of its employees, representatives, or other agents may
disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of the Transaction and all

 15
 

materials of any kind
(including opinions or other tax analyses) that are provided to Counterparty
relating to such tax treatment and tax structure.

(i)            No Set-off.  The
provisions of Section 2(c) of the Agreement shall not apply to the Transaction.  Each party waives any and all rights it may
have to set-off delivery or payment obligations it owes to the other party
under the Transaction against any delivery or payment obligations owed to it by
the other party, whether arising under the Agreement, under any other agreement
between parties hereto, by operation of law or otherwise.

(j)            Equity Rights.  Dealer
acknowledges and agrees that this Confirmation is not intended to convey to it
rights with respect to the Transaction that are senior to the claims of common
stockholders in the event of Counterparty’s bankruptcy.  For the avoidance of doubt, the parties agree
that the preceding sentence shall not apply at any time other than during
Counterparty’s bankruptcy to any claim arising as a result of a breach by
Counterparty of any of its obligations under this Confirmation or the Agreement.

(k)           Early Unwind.  In the
event the sale by Counterparty of the Convertible Debentures is not consummated
with the Initial Purchasers party to the Purchase Agreement pursuant to the
Purchase Agreement for any reason by the close of business in New York on November
17, 2006 (or such later date as agreed upon by the parties, which in no event
shall be later than November 22, 2006) (November 17, 2006 or such later date
being the “Early Unwind Date”), the
Transaction shall automatically terminate (the “Early Unwind”),
on the Early Unwind Date and the Transaction and all of the respective rights
and obligations of Dealer and Counterparty thereunder shall be cancelled and
terminated.  Following such termination
and cancellation, each party shall be released and discharged by the other
party from and agrees not to make any claim against the other party with
respect to any obligations or liabilities of either party arising out of and to
be performed in connection with the Transaction either prior to or after the
Early Unwind Date.  Dealer and
Counterparty represent and acknowledge to the other that, upon an Early Unwind,
all obligations with respect to the Transaction shall be deemed fully and
finally discharged.

(l)            Early Termination or Cancellation. 
Notwithstanding anything to the contrary in the Equity Definitions or the
Agreement, to the extent that Dealer would otherwise have the right under the
Equity Definitions or the Agreement to elect to cancel the Transaction, to
designate an Early Termination Date in respect of the Transaction or to
determine any amount due upon the cancellation or early termination of the
Transaction, the Calculation Agent shall make such election, designation
or determination, as the case may be, in place of Dealer.

(m)          Third Party Beneficiary.  GS
shall be the third party beneficiary of the Counterparty’s representations,
warranties, agreements, indemnities and other obligations hereunder and will
have a right to directly enforce those obligations against the Counterparty.

(n)           Governing Law.  THIS
CONFIRMATION SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT
REFERENCE TO ITS CHOICE OF LAW DOCTRINE).

(o)           Waiver of Jury Trial. 
Each party waives, to the
fullest extent permitted by applicable law, any right it may have to a trial by
jury in respect of any suit, action or proceeding relating to the Transaction.  Each party (i) certifies that no
representative, agent or attorney of the other party has represented, expressly
or otherwise, that such other party would not, in the event of such a suit,
action or proceeding, seek to enforce the foregoing waiver and (ii)
acknowledges that it and the other party have been induced to enter into the
Transaction, as applicable, by, among other things, the mutual waivers and
certifications provided herein.

 16

Counterparty hereby agrees (a) to check
this Confirmation carefully and immediately upon receipt so that errors or
discrepancies can be promptly identified and rectified and (b) to confirm
that the foregoing (in the exact form provided by Dealer) correctly sets forth
the terms of the agreement between Dealer and Counterparty with respect to the
Transaction, by manually signing this Confirmation or this page hereof as
evidence of agreement to such terms and providing the other information
requested herein and immediately returning an executed copy to Dresdner Bank
AG, New York Branch, Facsimile No. (212) 429-3493, with a copy to Goldman,
Sachs & Co., Equity Derivatives Documentation Department, Facsimile No.
(212) 428-1980/83.

	
  

  	
   

  	
  Yours faithfully,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  DRESDNER BANK AG, NEW YORK BRANCH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
    /s/ Vito Dimattia

  
	
   

  	
   

  	
   

  	
  Name: Vito Dimattia

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Managing Director,

  
	
   

  	
   

  	
   

  	
   

  	
  Department Head -

  Operations

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  	
    /s/ Peter Cavalieri

  
	
   

  	
   

  	
   

  	
  Name: Peter Cavalieri

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Director,

  
	
   

  	
   

  	
   

  	
   

  	
  Global Business Services

  
	
   

  	
   

  	
   

  	
   

  	
  (CM)

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Agreed and accepted by:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EMC CORPORATION

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Irina Simmons

  	
   

  	
   

  
	
   

  	
  Name: Irina Simmons

  	
   

  	
   

  
	
   

  	
  Title: Senior Vice President and Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]