Document:

Form of Tax Sharing Agreement

 Exhibit 10.3 
 TAX SHARING AGREEMENT 
 by and among 
 EMC CORPORATION 
 AND ITS AFFILIATES, 
 and 
 VMWARE, INC. 
 AND ITS AFFILIATES, 
 Dated 

[DATE] 

 TAX SHARING AGREEMENT 
 THIS TAX SHARING AGREEMENT (this “Agreement”) dated as of [Date], by and among EMC Corporation, a Massachusetts corporation (“EMC”), each EMC Affiliate (as defined below), VMware, Inc., an Delaware
corporation and currently an indirect, wholly-owned subsidiary of EMC (“VMware”), and each VMware Affiliate (as defined below) is entered into in connection with the IPO (as defined below). 
 RECITALS 
 WHEREAS, as of the date hereof,
EMC and its direct and indirect domestic subsidiaries are members of an Affiliated Group (as defined below), of which EMC is the common parent; 
 WHEREAS, EMC owns all of the issued and outstanding shares of VMware stock; 
 WHEREAS, EMC intends to cause VMware to complete the
VMware Recapitalization (as defined below); 
 WHEREAS, EMC intends, sometime after the VMware Recapitalization, to effect the initial public
offering by VMware of VMware common stock that will reduce EMC’s ownership of VMware, on a fully diluted basis, to not less than eighty percent (80%) of the value of VMware’s common stock (the “IPO”); and 
 WHEREAS, in contemplation of the IPO, the parties hereto have determined to enter into this Agreement, setting forth their agreement with respect to
certain tax matters. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties hereto hereby agree as follows: 
 Section 1. Definitions. 
 As used in this Agreement, capitalized terms shall have the following meanings (such meanings
to be equally applicable to both the singular and the plural forms of the terms defined): 
 “Affiliated Group” means an
affiliated group of corporations within the meaning of section 1504(a) of the Code that files a consolidated return for United States federal Income Tax purposes. 
 “After Tax Amount” means any additional amount necessary to reflect the hypothetical Tax consequences of the receipt or accrual of any payment required to be made under this Agreement (including
payment of an additional amount or amounts hereunder and the effect of the 

  

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deductions available for interest paid or accrued and for Taxes such as state and local Income Taxes), determined by using the highest applicable statutory
corporate Income Tax rate (or rates, in the case of an item that affects more than one Tax) for the relevant taxable period (or portion thereof). 
 “Agreement” has the meaning set forth in the preamble hereto. 
 “Audit” means any audit,
assessment of Taxes, other examination by any Taxing Authority, proceeding, or appeal of such a proceeding relating to Taxes, whether administrative or judicial, including proceedings relating to competent authority determinations. 
 “Carryback Period” has the meaning set forth in Section 4.02 of this Agreement. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Combined Return” means any Tax Return, other than with respect to United States federal Income Taxes, filed on a consolidated, combined
(including nexus combination, worldwide combination, domestic combination, line of business combination or any other form of combination) or unitary basis wherein VMware or one or more VMware Affiliates join in the filing of such Tax Return (for any
taxable period or portion thereof) with EMC or one or more EMC Affiliates. 
 “Consolidated Return” means any Tax Return
with respect to United States federal Income Taxes filed on a consolidated basis wherein VMware or one or more VMware Affiliates join in the filing of such Tax Return (for any taxable period or portion thereof) with EMC or one or more EMC
Affiliates. 
 “Controlling Party” has the meaning set forth in Section 8.01 of this Agreement. 
 “Deconsolidation Event” means, with respect to VMware and each VMware Affiliate, any event or transaction that causes VMware and/or one
or more VMware Affiliates to no longer be eligible to join with EMC or one or more EMC Affiliates in the filing of a Consolidated Return or a Combined Return. 
 “Distribution” means any distribution by EMC of its issued and outstanding shares of VMware stock (and securities, if any) that EMC holds at such time to EMC shareholders and/or securityholders in a
transaction intended to qualify as a distribution under section 355 of the Code. 
 “Distribution Taxes” means any Taxes
imposed on, or increase in Taxes incurred by, EMC or any EMC Affiliate, and any Taxes of an EMC shareholder (or former EMC shareholder) that are required to be paid or reimbursed by EMC or any EMC Affiliate pursuant to a legal determination,
provided that EMC shall have vigorously defended itself in any legal proceeding involving Taxes of an EMC shareholder, (without regard to whether such Taxes are offset or reduced by any Tax Asset, Tax Item, or otherwise) resulting from, or arising
in connection with, the failure of a Distribution to qualify as a tax-free transaction under section 355 of the Code 

  

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(including any Tax resulting from the application of section 355(d) or section 355(e) of the Code to a Distribution) or corresponding provisions of the laws
of any other jurisdictions. Any Income Tax referred to in the immediately preceding sentence shall be determined using the highest applicable statutory corporate Income Tax rate for the relevant taxable period (or portion thereof). 
 “EMC” has the meaning set forth in the preamble hereto. 
 “EMC Affiliate” means any corporation or other entity directly or indirectly “controlled” by EMC where “control” means the ownership of fifty percent (50%) or more of the
ownership interests of such corporation or other entity (by vote or value) or the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such corporation or other entity, but at all times
excluding VMware or any VMware Affiliate. 
 “EMC Business” means all of the businesses and operations conducted by EMC and
EMC Affiliates, excluding the VMware Business, at any time, whether prior to or after the IPO Date. 
 “EMC Group” means the
Affiliated Group, or similar group of entities as defined under corresponding provisions of the laws of other jurisdictions, of which EMC is the common parent corporation, and any corporation or other entity which may be, may have been or may become
a member of such group from time to time, but excluding any member of the VMware Group. 
 “Estimated Tax Installment Date”
means, with respect to United States federal Income Taxes, the estimated Tax installment due dates prescribed in section 6655(c) of the Code and, in the case of any other Tax, means any other date on which an installment payment of an estimated
amount of such Tax is required to be made. 
 “Final Determination” shall mean the final resolution of liability for any Tax
for any taxable period, by or as a result of: (i) a final and unappealable decision, judgment, decree or other order by any court of competent jurisdiction; (ii) a final settlement with the IRS, a closing agreement or accepted offer in
compromise under sections 7121 or 7122 of the Code, or a comparable agreement under the laws of other jurisdictions, which resolves the entire Tax liability for any taxable period; (iii) any allowance of a refund or credit in respect of an
overpayment of Tax, but only after the expiration of all periods during which such refund may be recovered by the jurisdiction imposing the Tax; or (iv) any other final disposition, including by reason of the expiration of the applicable
statute of limitations. 
 “Income Tax” shall mean any federal, state, local or non-U.S. Tax determined (in whole or in
part) by reference to net income, net worth, gross receipts or capital, or any Taxes imposed in lieu of such a tax. For the avoidance of doubt, the term “Income Tax” includes any franchise tax or any Taxes imposed in lieu of such a tax.

 “Income Tax Return” means any Tax Return relating to any Income Tax. 
  

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 “Independent Accountant” has the meaning set forth in Section 2.04(b) of this
Agreement. 
 “Independent Firm” has the meaning set forth in Section 10.03 of this Agreement. 
 “IPO” has the meaning set forth in the recitals hereto. 
 “IPO Date” means the close of business on the date which the IPO is effected. 
 “IRS” means the United States Internal Revenue Service or any successor thereto, including its agents, representatives, and attorneys. 
 “Joint Responsibility Item” means any Tax Item for which the non-Controlling Party’s responsibility under this Agreement could exceed one hundred fifty thousand dollars ($150,000), but not a Sole
Responsibility Item. 
 “Non-Income Tax Return” means any Tax Return relating to any Tax other than an Income Tax.

 “Officer’s Certificate” means a letter executed by an officer of EMC or VMware and provided to Tax Counsel as a
condition for the completion of a Tax Opinion or Supplemental Tax Opinion. 
 “Option” means an option to acquire common
stock, or other equity-based incentives the economic value of which is designed to mirror that of an option, including non-qualified stock options, discounted non-qualified stock options, cliff options to the extent stock is issued or issuable (as
opposed to cash compensation), and tandem stock options to the extent stock is issued or issuable (as opposed to cash compensation). 
 “Owed Party” has the meaning set forth in Section 7.05 of this Agreement. 
 “Owing Party”
has the meaning set forth in Section 7.05 of this Agreement. 
 “Payment Period” has the meaning set forth in
Section 7.05(e) of this Agreement. 
 “Post-Deconsolidation Period” means any taxable period beginning after the date
of a Deconsolidation Event. 
 “Post-IPO Period” means any taxable period beginning after the IPO Date. 
 “Pre-Deconsolidation Period” means any taxable period beginning on or before the date of a Deconsolidation Event. 
 “Ruling” means (i) any private letter ruling issued by the IRS in connection with a Distribution in response to a request for such
a private letter ruling filed by EMC (or any EMC 

  

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Affiliate) prior to the date of a Distribution, and (ii) any similar ruling issued by any other Taxing Authority addressing the application of a
provision of the laws of another jurisdiction to a Distribution. 
 “Ruling Documents” means (i) the request for a
Ruling filed with the IRS, together with any supplemental filings or other materials subsequently submitted on behalf of EMC, its Subsidiaries and shareholders to the IRS, the appendices and exhibits thereto, and any Ruling issued by the IRS to EMC
(or any EMC Affiliate) in connection with a Distribution and (ii) any similar filings submitted to, or rulings issued by, any other Taxing Authority in connection with a Distribution. 
 “Sole Responsibility Item” means any Tax Item for which the non-Controlling Party has the entire economic liability under this
Agreement. 
 “Straddle IPO Period” means any taxable period beginning on or before the IPO Date and ending after the IPO
Date. 
 “Supplemental Ruling” means (i) any ruling (other than the Ruling) issued by the IRS in connection with a
Distribution, and (ii) any similar ruling issued by any other Taxing Authority addressing the application of a provision of the laws of another jurisdiction to a Distribution. 
 “Supplemental Ruling Documents” means (i) the request for a Supplemental Ruling, together with any supplemental
filings or other materials subsequently submitted, the appendices and exhibits thereto, and any Supplemental Rulings issued by the IRS in connection with a Distribution and (ii) any similar filings submitted to, or rulings issued by, any other
Taxing Authority in connection with a Distribution. 
 “Supplemental Tax Opinion” has the meaning set forth in
Section 5.02(c) of this Agreement. 
 “Taxes” means all federal, state, local or non-U.S. taxes, charges, fees, duties,
levies, imposts, rates or other assessments, including income, gross receipts, net worth, excise, property, sales, use, license, capital stock, transfer, franchise, payroll, withholding, social security, value added or other taxes, (including any
interest, penalties or additions attributable thereto) and a “Tax” shall mean any one of such Taxes. 
 “Taxpayer” means any taxpayer and its Affiliated Group or similar group of entities as defined under corresponding provisions of the laws of any other jurisdiction of which a taxpayer is a member. 
 “Tax Asset” means any Tax Item that has accrued for Tax purposes, but has not been realized during the taxable period in which it has
accrued, and that could reduce a Tax in another taxable period, including a net operating loss, net capital loss, investment tax credit, foreign tax credit, charitable deduction or credit related to alternative minimum tax or any other Tax credit.

  

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 “Tax Benefit” means a reduction in the Tax liability (or increase in refund or credit or
any item of deduction or expense) of a Taxpayer for any taxable period. Except as otherwise provided in this Agreement, a Tax Benefit shall be deemed to have been realized or received from a Tax Item in a taxable period only if and to the extent
that the Tax liability of the Taxpayer for such period, after taking into account the effect of the Tax Item on the Tax liability of such Taxpayer in the current period and all prior periods, is less than it would have been had such Tax liability
been determined without regard to such Tax Item. 
 “Tax Counsel” means a nationally recognized law firm selected by EMC to
provide a Tax Opinion. 
 “Tax Detriment” means an increase in the Tax liability (or reduction in refund or credit or any
item of deduction or expense) of a Taxpayer for any taxable period. Except as otherwise provided in this Agreement, a Tax Detriment shall be deemed to have been realized or incurred from a Tax Item in a taxable period only if and to the extent that
the Tax liability of the Taxpayer for such period, after taking into account the effect of the Tax Item on the Tax liability of such Taxpayer in the current period and all prior periods, is more than it would have been had such Tax liability been
determined without regard to such Tax Item. 
 “Tax Item” means any item of income, gain, loss, deduction, expense or
credit, or other attribute that may have the effect of increasing or decreasing any Tax. 
 “Tax Opinion” means an opinion
issued by Tax Counsel as one of the conditions to completing a Distribution addressing certain United States federal Income Tax consequences of a Distribution under section 355 of the Code.  
 “Tax Return” means any return, report, certificate, form or similar statement or document (including any related or supporting
information or schedule attached thereto and any information return, amended tax return, claim for refund or declaration of estimated Tax) required to be supplied to, or filed with, a Taxing Authority in connection with the determination, assessment
or collection of any Tax or the administration of any laws, regulations or administrative requirements relating to any Tax. 
 “Taxing Authority” means any governmental authority or any subdivision, agency, commission or authority thereof or any quasi-governmental or private body having jurisdiction over the assessment, determination, collection or
imposition of any Tax (including the IRS). 
 “VMware” has the meaning set forth in the preamble hereto. 
 “VMware Affiliate” means any corporation or other entity directly or indirectly “controlled” by VMware at the time in
question, where “control” means the ownership of fifty percent (50%) or more of the ownership interests of such corporation or other entity (by vote or value) or the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of such corporation or other entity. 
  

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 “VMware Business” means the business and operations conducted by VMware and VMware
Affiliates as such business and operations will continue after the IPO Date. 
 “VMware Business Records” has the meaning
set forth in Section 10.02(b) of this Agreement. 
 “VMware Group” means the Affiliated Group, or similar group of
entities as defined under corresponding provisions of the laws of other jurisdictions, of which VMware will be the common parent corporation immediately after a Deconsolidation Event and including any corporation or other entity which may become a
member of such group from time to time. 
 “VMware Recapitalization” means the recapitalization of VMware’s stock
structure intended to be completed by the (i) cancellation of all of VMware’s then authorized, issued and/or outstanding stock, (ii) authorization of two new classes of VMware stock, VMware Class A Common Stock and VMware Class B
Common Stock, which will be identical in all respects, except that each share of VMware Class B Common Stock will be entitled to more votes per share than each share of VMware Class A Common Stock, and (iii) issuance of VMware Class B
Common Stock to EMC with respect to EMC’s ownership of VMware stock. 
 “VMware Separate Tax Liability” means an amount
equal to the Tax liability that VMware and each VMware Affiliate would have incurred if they had filed a consolidated return, combined return (including nexus combination, worldwide combination, domestic combination, line of business combination or
any other form of combination), unitary return or a separate return, as the case may be, separate from the members of the EMC Group, for the relevant Tax period, and such amount shall be computed by EMC (A) in a manner consistent with
(i) general Tax accounting principles, (ii) the Code and the Treasury regulations promulgated thereunder, and (iii) past practice, if any, and (B) taking into account any Tax Asset of VMware and any VMware Affiliate attributable
to any Tax period beginning on or after January 1, 2007; provided, however, that, although the VMware Separate Tax Liability is to be computed on a hypothetical basis as if VMware and each VMware Affiliate were separate from the members of the
EMC Group, the fact that VMware or any VMware Affiliate is included in a Consolidated Return or a Combined Return and the effect that such inclusion has on the calculation of any Tax Item, shall nevertheless be taken into account for purposes of
computing the VMware Separate Tax Liability (for example, for purposes of calculating its R&D credit, VMware shall be entitled to its allocable share of the consolidated R&D credit of the EMC Group. The allocation methodology will be
mutually agreed to between EMC and VMware. 
 Section 2. Preparation and Filing of Tax Returns. 
 2.01. EMC’s Responsibility. Subject to the other applicable provisions of this Agreement, EMC shall have sole and exclusive responsibility for the
preparation and filing of: 
 (a) all Consolidated Returns and all Combined Returns for any taxable period; 
  

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 (b) all Income Tax Returns (other than Consolidated Returns and Combined Returns) with respect to EMC
and/or any EMC Affiliate for any taxable period; 
 (c) all Income Tax Returns (other than Consolidated Returns and Combined Returns) with
respect to VMware and/or any VMware Affiliate that are required to be filed (taking into account any extension of time which has been requested or received) on or prior to the IPO Date; and 
 (d) all Non-Income Tax Returns with respect to EMC, any EMC Affiliate, or the EMC Business or any part thereof for any taxable period. 
 2.02. VMware’s Responsibility. Subject to the other applicable provisions of this Agreement, VMware shall have sole and exclusive responsibility for
the preparation and filing of: 
 (a) all Income Tax Returns (other than Consolidated Returns and Combined Returns) with respect to VMware
and/or any VMware Affiliate that are required to be filed (taking into account any extension of time which has been requested or received) after the IPO Date; and 
 (b) all Non-Income Tax Returns with respect to VMware, any VMware Affiliate, or the VMware Business or any part thereof for any taxable period. 
 2.03. Agent. Subject to the other applicable provisions of this Agreement, VMware hereby irrevocably designates, and agrees to cause each VMware
Affiliate to so designate, EMC as its sole and exclusive agent and attorney-in-fact to take such action (including execution of documents) as EMC, in its sole discretion, may deem appropriate in any and all matters (including Audits) relating to any
Tax Return described in Section 2.01 of this Agreement. 
 2.04. Manner of Tax Return Preparation. 
 (a) Unless otherwise required by a Taxing Authority, the parties hereby agree to prepare and file all Tax Returns, and to take all other actions, in a
manner consistent with (1) this Agreement, (2) any Tax Opinion, (3) any Supplemental Tax Opinion, (4) any Ruling, and (5) any Supplemental Ruling. All Tax Returns shall be filed on a timely basis (taking into account
applicable extensions) by the party responsible for filing such returns under this Agreement. 
 (b) EMC shall have the exclusive right, in
its sole discretion, with respect to any Tax Return described in Section 2.01 of this Agreement, to determine (1) the manner in which such Tax Return shall be prepared and filed, including the elections, method of accounting, positions,
conventions and principles of taxation to be used and the manner in which any Tax Item shall be reported, (2) whether any extensions shall be requested, (3) the elections that will be made by EMC, any EMC Affiliate, VMware, and/or any
VMware Affiliate on such Tax Return, (4) whether any amended Tax Returns shall be filed, (5) whether any claims for refund shall be made, (6) whether any refunds shall be paid by way of refund or credited against any liability for the
related Tax, and (7) whether to retain outside firms to prepare and/or review such Tax Returns; provided, however, that EMC shall consult with VMware prior to changing any method of 

  

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accounting if such action would solely impact VMware or VMware Affiliates. In the case of any Consolidated Return or Combined Return with respect to a
Straddle IPO Period or a Post-IPO Period that reports a VMware Separate Tax Liability in excess of five million dollars ($5,000,000), EMC shall provide to VMware a pro forma draft of the portion of such Tax Return that reflects the VMware Separate
Tax Liability and a statement showing in reasonable detail EMC’s calculation of the VMware Separate Tax Liability (including copies of all worksheets and other materials used in preparation thereof) at least twenty-one (21) days prior to
the due date (with applicable extensions) for the filing of such Tax Return for VMware’s review and comment. VMware shall provide its comments to EMC at least ten (10) days prior to the due date (with applicable extensions) for the filing
of such Tax Return. In the case of a dispute regarding the reporting of any Tax Item on such Tax Return or the requesting of a change of method of accounting which would solely impact VMware or VMware Affiliates, which the parties cannot resolve,
EMC and VMware shall jointly retain a nationally recognized accounting firm that is mutually agreed upon by EMC and VMware (the “Independent Accountant”) to determine whether the proposed reporting of EMC or VMware is more appropriate. If
EMC and VMware are unable to agree, the Independent Accountant shall be Deloitte Tax LLP. The relevant Tax Item shall be reported in the manner that the Independent Accountant determines is more appropriate, and such determination shall be final and
binding on EMC and VMware. If VMware has not provided its comments on the pro forma draft of the portion of the Tax Return, or in the case of a dispute regarding the reporting of any Tax Item, such dispute has not been resolved by the due date (with
applicable extension) for the filing of any Tax Return, EMC shall file such Tax Return reporting all Tax Items in the manner as originally set forth on the pro forma draft of the portion of the Tax Return provided to VMware; provided, however, that
EMC agrees that it will thereafter file an amended Tax Return, if necessary, reporting any disputed Tax Item in the manner determined by the Independent Accountant, and any other Tax Item as agreed upon by EMC and VMware. The fees and expenses
incurred in retaining the Independent Accountant shall be borne equally by EMC and VMware, except that if the Independent Accountant determines that the proposed reporting of the disputed Tax Item(s) submitted to the Independent Accountant for its
determination by a party is frivolous, has not been asserted in good faith or for which there is not substantial authority, one hundred percent (100%) of the fees and expenses of the Independent Accountant shall be borne by such party.

 (c) Information. VMware shall timely provide, in accordance with EMC’s internal tax return calendar, which will be provided to VMware
on a rolling one year schedule, all information necessary for EMC to prepare all Tax Returns and compute all estimated Tax payments (for purposes of Section 7.01 of this Agreement). If VMware does not meet these deadlines, the
Section 2.04(b) notice period to VMware shall be waived. 
 Section 3. Liability for Taxes. 
 3.01. VMware’s Liability for Taxes. VMware and each VMware Affiliate shall be jointly and severally liable for the following Taxes, and shall be
entitled to receive and retain all refunds of Taxes previously incurred by VMware, any VMware Affiliate, or the VMware Business with respect to such Taxes: 
 (a) all Taxes with respect to Tax Returns described in Section 2.01(a) of this Agreement to the extent that such Taxes are related to (i) the VMware Separate Tax Liability, or (ii) the VMware Business,
for any taxable period; 
  

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 (b) all Taxes with respect to Tax Returns described in Section 2.01(c) of this Agreement;

 (c) all Taxes with respect to Tax Returns described in Section 2.02 of this Agreement; and 
 (d) all Taxes imposed by any Taxing Authority with respect to the VMware Business, VMware or any VMware Affiliate (other than in connection with the
required filing of a Tax Return described in Sections 2.01(a), 2.01(c) or 2.02 of this Agreement) for any taxable period. 
 3.02. EMC’s
Liability for Taxes. EMC shall be liable for the following Taxes, and shall be entitled to receive and retain all refunds of Taxes previously incurred by EMC, any EMC Affiliate, or the EMC Business with respect to such Taxes: 
 (a) except as provided in Section 3.01(a) of this Agreement, all Taxes with respect to Tax Returns described in Section 2.01(a) of this
Agreement; 
 (b) all Taxes with respect to Tax Returns described in Sections 2.01(b) or 2.01(d) of this Agreement; and 
 (c) all Taxes imposed by any Taxing Authority with respect to EMC, any EMC Affiliate, or the EMC Business (other than in connection with the required
filing of a Tax Return described in Sections 2.01(a), 2.01(b) or 2.01(d) of this Agreement) for any taxable period. 
 3.03. Taxes, Refunds
and Credits. Notwithstanding Sections 3.01 and 3.02 of this Agreement, (i) EMC shall be liable for all Taxes incurred by any person with respect to the EMC Business for all periods and shall be entitled to all refunds and credits of Taxes
previously incurred by any person with respect to such Taxes, and (ii) VMware and each VMware Affiliate shall be jointly and severally liable for all Taxes incurred by any person with respect to the VMware Business for all periods and shall be
entitled to all refunds and credits of Taxes previously incurred by any person with respect to such Taxes. Nothing in this Agreement shall be construed as to require compensation, by payment, credit, offset or otherwise, by EMC (or any EMC
Affiliate) to VMware (or any VMware Affiliate) for any loss, deduction, credit or other Tax attribute arising in connection with, or related to, VMware, any VMware Affiliate, or the VMware Business, that is shown on, or otherwise reflected with
respect to, any Tax Return described in Section 2.01 of this Agreement. 
 3.04. Payment of Tax Liability. If one party is liable or
responsible for Taxes, under Sections 3.01 through 3.03 of this Agreement, with respect to Tax Returns for which another party is responsible for filing, or with respect to Taxes that are paid by another party, then the liable or responsible party
shall pay the Taxes (or a reimbursement of such Taxes) to the other party pursuant to Section 7.05 of this Agreement. 
  

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 3.05. Computation. EMC shall provide VMware with a written calculation in reasonable detail (including,
upon reasonable request, copies of all work sheets and other materials used in preparation thereof) setting forth the amount of any VMware Separate Tax Liability or estimated VMware Separate Tax Liability (for purposes of Section 7.01 of this
Agreement) and any Taxes related to the VMware Business. VMware shall have the right to review and comment on such calculation. Any dispute with respect to such calculation shall be resolved pursuant to Section 10.03 of this Agreement;
provided, however, that, notwithstanding any dispute with respect to any such calculation, in no event shall any payment attributable to the amount of any VMware Separate Tax Liability or estimated VMware Separate Tax Liability be paid later than
the date provided in Section 7 of this Agreement. 
 Section 4. Deconsolidation Events. 
 4.01. Tax Allocations. Although neither party has any plan or intent to effectuate any transaction that would constitute a Deconsolidation Event, the
parties have set forth how certain Tax matters with respect to a Deconsolidation Event would be handled in the event that, as a result of changed circumstances, a transaction that constitutes a Deconsolidation Event is pursued at some future time.

 (a) Allocation of Tax Items. In the case of a Deconsolidation Event, all Tax computations for (1) any Pre-Deconsolidation Periods
ending on the date of the Deconsolidation Event and (2) the immediately following taxable period of VMware or any VMware Affiliate, shall be made pursuant to the principles of section 1.1502-76(b) of the Treasury Regulations or of a
corresponding provision under the laws of other jurisdictions, as reasonably determined by EMC, taking into account all reasonable suggestions made by VMware with respect thereto. 
 (b) Allocation of Tax Assets. In the case of a Deconsolidation Event, EMC and VMware shall cooperate in determining the allocation of any Tax Assets
among EMC, each EMC Affiliate, VMware, and each VMware Affiliate. The parties hereby agree that in the absence of controlling legal authority or unless otherwise provided under this Agreement, Tax Assets shall be allocated to the legal entity that
is required under Section 3 of this Agreement to bear the liability for the Tax associated with such Tax Asset, or in the case where no party is required hereunder to bear such liability, the party that incurred the cost or burden associated
with the creation of such Tax Asset. 
 4.02. Carrybacks. 
 (a) In General. In the case of a Deconsolidation Event, EMC agrees to pay to VMware the Tax Benefit from the use in any Pre-Deconsolidation Period (the “Carryback Period”) of a carryback of any Tax Asset of
the VMware Group from a Post-Deconsolidation Period (other than a carryback of any Tax Asset attributable to Distribution Taxes for which the liability is borne by EMC or any EMC Affiliate). If subsequent to the payment by EMC to VMware of the Tax

  

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Benefit of a carryback of a Tax Asset of the VMware Group, there shall be a Final Determination which results in a decrease (1) to the amount of the Tax
Asset so carried back or (2) to the amount of such Tax Benefit, VMware shall repay to EMC any amount which would not have been payable to VMware pursuant to this Section 4.02(a) had the amount of the benefit been determined in light of
these events. Nothing in this Section 4.02(a) shall require EMC to file an amended Tax Return or claim for refund of Income Taxes; provided, however, that EMC shall use its reasonable efforts to use any carryback of a Tax Asset of the VMware
Group that is carried back under this Section 4.02(a). 
 (b) Net Operating Losses. In the case of a Deconsolidation Event,
notwithstanding any other provision of this Agreement, VMware hereby expressly agrees to elect (under section 172(b)(3) of the Code and, to the extent feasible, any similar provision of any state, local or non-U.S. Tax law, including section
1.1502-21T(b)(3) of the Treasury Regulations) to relinquish any right to carryback net operating losses to any Pre-Deconsolidation Periods of EMC (in which event no payment shall be due from EMC to VMware in respect of such net operating losses).

 4.03 Continuing Covenants. 
 Each of EMC (for itself and each EMC Affiliate) and VMware (for itself and each VMware Affiliate) agrees (1) not to take any action reasonably expected to result in an increased Tax liability to the other, a reduction in a Tax Asset of
the other or an increased liability to the other under this Agreement, and (2) to take any action reasonably requested by the other that would reasonably be expected to result in a Tax Benefit or avoid a Tax Detriment to the other, provided, in
either such case, that the taking or refraining to take such action does not result in any additional cost not fully compensated for by the other party or any other adverse effect to such party. The parties hereby acknowledge that the preceding
sentence is not intended to limit, and therefore shall not apply to, the rights of the parties with respect to matters otherwise covered by this Agreement. 
 Section 5. Distribution Taxes. 
 5.01. Liability for Distribution Taxes. Although neither party has any plan or intent
to effectuate a Distribution, the parties have set forth how certain Tax matters with respect to a Distribution would be handled in the event that, as a result of changed circumstances, a Distribution is pursued at some future time. 
 (a) EMC’s Liability for Distribution Taxes. In the event of a Distribution, notwithstanding Sections 3.01 through 3.03 of this Agreement, EMC and
each EMC Affiliate shall be jointly and severally liable for any Distribution Taxes, to the extent that such Distribution Taxes are attributable to, caused by, or result from, one or more of the following: 
 (i) any action or omission by EMC (or any EMC Affiliate) inconsistent with any information, covenant, representation, or material related to EMC, any EMC
Affiliate, or the EMC Business in an Officer’s Certificate, Tax Opinion, Supplemental Tax Opinion, Ruling Documents, Supplemental Ruling Documents, Ruling, or Supplemental Ruling (for the avoidance 

  

 12 

 
of doubt, disclosure of any action or fact that is inconsistent with any information, covenant, representation, or material submitted to Tax Counsel, the
IRS, or other Taxing Authority, as applicable, in connection with an Officer’s Certificate, Tax Opinion, Supplemental Tax Opinion, Ruling Documents, Supplemental Ruling Documents, Ruling, or Supplemental Ruling shall not relieve EMC (or any EMC
Affiliate) of liability under this Agreement); 
 (ii) any action or omission by EMC (or any EMC Affiliate), including a cessation, transfer
to affiliates, or disposition of its active trades or businesses, or an issuance of stock, stock buyback or payment of an extraordinary dividend by EMC (or any EMC Affiliate) following a Distribution; 
 (iii) any acquisition of any stock or assets of EMC (or any EMC Affiliate) by one or more other persons (other than VMware or a VMware Affiliate) prior
to or following a Distribution; or 
 (iv) any issuance of stock by EMC (or any EMC Affiliate), or change in ownership of stock in EMC (or
any EMC Affiliate). 
 (b) VMware’s Liability for Distribution Taxes. In the event of a Distribution, notwithstanding Sections 3.01
through 3.03 of this Agreement, VMware and each VMware Affiliate shall be jointly and severally liable for any Distribution Taxes, to the extent that such Distribution Taxes are attributable to, caused by, or result from, one or more of the
following: 
 (i) any action or omission by VMware (or any VMware Affiliate) after a Distribution at any time, that is inconsistent with any
information, covenant, representation, or material related to VMware, any VMware Affiliate, or the VMware Business in an Officer’s Certificate, Tax Opinion, Supplemental Tax Opinion, Ruling Documents, Supplemental Ruling Documents, Ruling, or
Supplemental Ruling (for the avoidance of doubt, disclosure by VMware (or any VMware Affiliate) to EMC (or any EMC Affiliate) of any action or fact that is inconsistent with any information, covenant, representation, or material submitted to Tax
Counsel, the IRS, or other Taxing Authority, as applicable, in connection with an Officer’s Certificate, Tax Opinion, Supplemental Tax Opinion, Ruling Documents, Supplemental Ruling Documents, Ruling, or Supplemental Ruling shall not relieve
VMware (or any VMware Affiliate) of liability under this Agreement); 
 (ii) any action or omission by VMware (or any VMware Affiliate)
after the date of a Distribution (including any act or omission that is in furtherance of, connected to, or part of a plan or series of related transactions (within the meaning of section 355(e) of the Code) occurring on or prior to the date of a
Distribution) including a cessation, transfer to affiliates or disposition of the active trades or businesses of VMware (or any VMware Affiliate), stock buyback or payment of an extraordinary dividend; 
 (iii) any acquisition of any stock or assets of VMware (or any VMware Affiliate) by one or more other persons (other than EMC or any EMC Affiliate)
prior to or following a Distribution; or 
  

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 (iv) any issuance of stock by VMware (or any VMware Affiliate) after a Distribution, including any
issuance pursuant to the exercise of employee stock options or other employment related arrangements or the exercise of warrants, or change in ownership of stock in VMware (or any VMware Affiliate) after a Distribution. 
 (c) Joint Liability for Remaining Distribution Taxes. EMC shall be liable for fifty percent (50%) and VMware and each VMware Affiliate shall be
jointly and severally liable for fifty percent (50%), of any Distribution Taxes not otherwise allocated by Sections 5.01(a) or (b) of this Agreement. 
 5.02. Continuing Covenants. 
 (a) VMware Restrictions. VMware agrees that, so long as a Distribution could,
in the reasonable discretion of EMC, be effectuated, VMware will not knowingly take or fail to take, or permit any VMware Affiliate to knowingly take or fail to take, any action that could reasonably be expected to preclude EMC’s ability to
effectuate a Distribution. In the event of a Distribution, VMware agrees that (1) it will take, or cause any VMware Affiliate to take, any action reasonably requested by EMC in order to enable EMC to effectuate a Distribution and (2) it
will not take or fail to take, or permit any VMware Affiliate to take or fail to take, any action where such action or failure to act would be inconsistent with any information, covenant, representation, or material that relates to facts or matters
related to VMware (or any VMware Affiliate) or within the control of VMware and is contained in an Officer’s Certificate, Tax Opinion, Supplemental Tax Opinion, Ruling Documents, Supplemental Ruling Documents, Ruling, or Supplemental Ruling
(except where such information, covenant, representation, or material was not previously disclosed to VMware) other than as permitted by Section 5.02(c) of this Agreement. For this purpose an action is considered inconsistent with a
representation if the representation states that there is no plan or intention to take such action. In the event of a Distribution, VMware agrees that it will not take (and it will cause the VMware Affiliates to refrain from taking) any position on
a Tax Return that is inconsistent with such Distribution qualifying under section 355 of the Code. 
 (b) EMC Restrictions. In the event of a
Distribution, EMC agrees that it will not take or fail to take, or permit any EMC Affiliate to take or fail to take, any action where such action or failure to act would be inconsistent with any material, information, covenant or representation that
relates to facts or matters related to EMC (or any EMC Affiliate) or within the control of EMC and is contained in an Officer’s Certificate, Tax Opinion, Supplemental Tax Opinion, Ruling Documents, Supplemental Ruling Documents, Ruling, or
Supplemental Ruling. For this purpose an action is considered inconsistent with a representation if the representation states that there is no plan or intention to take such action. In the event of a Distribution, EMC agrees that it will not take
(and it will cause the EMC Affiliates to refrain from taking) any position on a Tax Return that is inconsistent with such Distribution qualifying under section 355 of the Code. 
 (c) Certain VMware Actions Following a Distribution. In the event of a Distribution, VMware agrees that, during the two (2) year period following a
Distribution, without first obtaining, at VMware’s own expense, either a supplemental opinion from Tax Counsel that 

  

 14 

 
such action will not result in Distribution Taxes (a “Supplemental Tax Opinion”) or a Supplemental Ruling that such action will not result in
Distribution Taxes, unless in any such case EMC and VMware agree otherwise, VMware shall not (1) sell all or substantially all of the assets of VMware or any VMware Affiliate, (2) merge VMware or any VMware Affiliate with another entity,
without regard to which party is the surviving entity, (3) transfer any assets of VMware in a transaction described in section 351 (other than a transfer to a corporation which files a Consolidated Return with VMware and which is wholly-owned,
directly or indirectly, by VMware) or subparagraph (C) or (D) of section 368(a)(1) of the Code, (4) issue stock of VMware or any VMware Affiliate (or any instrument that is convertible or exchangeable into any such stock) in an
acquisition or public or private offering, or (5) facilitate or otherwise participate in any acquisition of stock in VMware that would result in any shareholder owning five percent (5%) or more of the outstanding stock of VMware. VMware
(or any VMware Affiliate) shall only undertake any of such actions after EMC’s receipt of such Supplemental Tax Opinion or Supplemental Ruling and pursuant to the terms and conditions of any such Supplemental Tax Opinion or Supplemental Ruling
or as otherwise consented to in writing in advance by EMC. The parties hereby agree that they will act in good faith to take all reasonable steps necessary to amend this Section 5.02(c), from time to time, by mutual agreement, to (i) add
certain actions to the list contained herein, or (ii) remove certain actions from the list contained herein, in either case, in order to reflect any relevant change in law, regulation or administrative interpretation occurring after the date of
this Agreement. 
 (d) Notice of Specified Transactions. Not later than twenty (20) days prior to entering into any oral or written
contract or agreement, and not later than five (5) days after it first becomes aware of any negotiations, plan or intention (regardless of whether it is a party to such negotiations, plan or intention), regarding any of the transactions
described in paragraph (c), VMware shall provide written notice of its intent to consummate such transaction or the negotiations, plan or intention of which it becomes aware, as the case may be, to EMC. 
 (e) VMware Cooperation. VMware agrees that, at the request of EMC, VMware shall cooperate fully with EMC to take any action necessary or reasonably
helpful to effectuate a Distribution, including seeking to obtain, as expeditiously as possible, a Tax Opinion, Supplemental Tax Opinion, Ruling, and/or Supplemental Ruling. Such cooperation shall include the execution of any documents that may be
necessary or reasonably helpful in connection with obtaining any Tax Opinion, Supplemental Tax Opinion, Ruling, and/or Supplemental Ruling (including any (i) power of attorney, (ii) Officer’s Certificate, (iii) Ruling Documents,
(iv) Supplemental Ruling Documents, and/or (v) reasonably requested written representations confirming that (a) VMware has read the Officer’s Certificate, Ruling Documents, and/or Supplemental Ruling Documents and (b) all
information and representations, if any, relating to VMware, any VMware Affiliate or the VMware Business contained therein are true, correct and complete in all material respects). 
 (f) Earnings and Profits. EMC will advise VMware in writing of the decrease in EMC earnings and profits attributable to a Distribution under section
312(h) of the Code on or before the first anniversary of a Distribution; provided, however, that EMC shall provide VMware with estimates of such amounts (determined in accordance with past practice) prior to such anniversary as reasonably requested
by VMware. 
  

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 Section 6. Indemnification. 
 6.01. In General. EMC and each member of the EMC Group shall jointly and severally indemnify VMware, each VMware Affiliate, and their respective directors, officers and employees, and hold them harmless from and
against any and all Taxes for which EMC or any EMC Affiliate is liable under this Agreement and any loss, cost, damage or expense, including reasonable attorneys’ fees and costs, that is attributable to, or results from, the failure of EMC, any
EMC Affiliate or any director, officer or employee to make any payment required to be made under this Agreement. VMware and each member of the VMware Group shall jointly and severally indemnify EMC, each EMC Affiliate, and their respective
directors, officers and employees, and hold them harmless from and against any and all Taxes for which VMware or any VMware Affiliate is liable under this Agreement and any loss, cost, damage or expense, including reasonable attorneys’ fees and
costs, that is attributable to, or results from, the failure of VMware, any VMware Affiliate or any director, officer or employee to make any payment required to be made under this Agreement. 
 6.02. Inaccurate or Incomplete Information. EMC and each member of the EMC Group shall jointly and severally indemnify VMware, each VMware Affiliate, and
their respective directors, officers and employees, and hold them harmless from and against any cost, fine, penalty, or other expense of any kind attributable to the failure of EMC or any EMC Affiliate in supplying VMware or any VMware Affiliate
with inaccurate or incomplete information, in connection with the preparation of any Tax Return. VMware and each member of the VMware Group shall jointly and severally indemnify EMC, each EMC Affiliate, and their respective directors, officers and
employees, and hold them harmless from and against any cost, fine, penalty, or other expenses of any kind attributable to the failure of VMware or any VMware Affiliate in supplying EMC or any EMC Affiliate with inaccurate or incomplete information,
in connection with the preparation of any Tax Return. 
 6.03. No Indemnification for Tax Items. Nothing in this Agreement shall be construed
as a guarantee of the existence or amount of any loss, credit, carryforward, basis or other Tax Item, whether past, present or future, of EMC, any EMC Affiliate, VMware or any VMware Affiliate. In addition, for the avoidance of doubt, for purposes
of determining any amount owed between the parties hereto, all such determinations shall be made without regard to any financial accounting tax asset or liability or other financial accounting items. 
 Section 7. Payments. 
 7.01. Estimated Tax
Payments. Not later than three (3) days prior to each Estimated Tax Installment Date with respect to a taxable period for which a Consolidated Return or a Combined Return will be filed, VMware shall pay to EMC on behalf of the VMware Group an
amount equal to the amount of any estimated VMware Separate Tax Liability that VMware otherwise would have been required to pay to a Taxing Authority on such Estimated Tax Installment Date. Not later 

  

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than seven (7) days prior to each such Estimated Tax Installment Date, EMC shall provide VMware with a written notice setting forth the amount payable
by VMware in respect of such estimated VMware Separate Tax Liability and a calculation of such amount. 
 7.02. True-Up Payments. Not later
than ten (10) business days after completion of (i) a Consolidated Return, VMware shall pay to EMC, or EMC shall pay to VMware, as appropriate, an amount equal to the difference, if any, between thereceipt of any VMware Separate Tax
Liability and the aggregate amount paid by VMware with respect to such period under Section 7.01computation pursuant to Section 3.05 of this Agreement and (ii) all Combined Returns, VMware shall pay to EMC, or EMC shall pay to VMware,
as appropriate, an amount equal to the difference, if any, between the VMware Separate Tax Liability and the aggregate amount paid by VMware with respect to such period under Section 7.01 of this Agreement. 
 7.03. Redetermination Amounts. In the event of a redetermination of any Tax Item reflected on any Consolidated Return or Combined Return (other than Tax
Items relating to Distribution Taxes), as a result of a refund of Taxes paid, a Final Determination or any settlement or compromise with any Taxing Authority which in any such case would affect the VMware Separate Tax Liability, EMC shall prepare a
revised pro forma Tax Return in accordance with Section 2.04(b) of this Agreement for the relevant taxable period reflecting the redetermination of such Tax Item as a result of such refund, Final Determination, settlement or compromise. VMware
shall pay to EMC, or EMC shall pay to VMware, as appropriate, an amount equal to the difference, if any, between the VMware Separate Tax liability reflected on such revised pro forma Tax Return and the VMware Separate Tax liability for such period
as originally computed pursuant to this Agreement. 
 7.04. Payments of Refunds, Credits and Reimbursements. If one party receives a refund
or credit of any Tax to which the other party is entitled pursuant to Section 3.03 of this Agreement, the party receiving such refund or credit shall pay to the other party the amount of such refund or credit pursuant to Section 7.05 of
this Agreement. If one party pays a Tax with respect to which the other party is liable of responsible pursuant to Sections 3.01 through 3.03 of this Agreement, then the liable or responsible party shall pay to the other party the amount of such Tax
pursuant to Section 7.05 of this Agreement. 
 7.05. Payments Under This Agreement. In the event that one party (the “Owing
Party”) is required to make a payment to another party (the “Owed Party”) pursuant to this Agreement, then such payments shall be made according to this Section 7.05. 
 (a) In General. All payments shall be made to the Owed Party or to the appropriate Taxing Authority as specified by the Owed Party within the time
prescribed for payment in this Agreement, or if no period is prescribed, within ten (10) days after delivery of written notice of payment owing together with a computation of the amounts due. 
 (b) Treatment of Payments. Unless otherwise required by any Final Determination, the parties agree that any payments made by one party to another party
pursuant to this Agreement (other than (i) payments for the VMware Separate Tax Liability for any Post-Deconsolidation Period, (ii) payments of interest pursuant to Section 7.05(e) of this Agreement, and (iv) payments of After
Tax Amounts pursuant to Section 7.05(d) of this Agreement) shall be treated for all Tax and financial accounting purposes as nontaxable payments (dividend distributions or capital contributions, as the case may be) made immediately prior to the
Deconsolidation Event and, accordingly, as not includible in the taxable income of the recipient or as deductible by the payor. 
  

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 (c) Prompt Performance. All actions required to be taken (including payments) by any party under this
Agreement shall be performed within the time prescribed for performance in this Agreement, or if no period is prescribed, such actions shall be performed promptly. 
 (d) After Tax Amounts. If pursuant to a Final Determination it is determined that the receipt or accrual of any payment made under this Agreement (other than payments of interest pursuant to Section 7.05(e) of
this Agreement) is subject to any Tax, the party making such payment shall be liable for (a) the After Tax Amount with respect to such payment and (b) interest at the rate described in Section 7.05(e) of this Agreement on the amount
of such Tax from the date such Tax accrues through the date of payment of such After Tax Amount. A party making a demand for a payment pursuant to this Agreement and for a payment of an After Tax Amount with respect to such payment shall separately
specify and compute such After Tax Amount. However, a party may choose not to specify an After Tax Amount in a demand for payment pursuant to this Agreement without thereby being deemed to have waived its right subsequently to demand an After Tax
Amount with respect to such payment. VMware’s liability for any and all payments of the VMware Separate Tax Liability for any Post-Deconsolidation Period shall be increased by the After Tax Amount with respect to such payment and decreased by
the corresponding Tax Benefit, if any, attributable to such VMware Separate Tax Liability. 
 (e) Interest. Payments pursuant to this
Agreement that are not made within the period prescribed in this Agreement (the “Payment Period”) shall bear interest for the period from and including the date immediately following the last date of the Payment Period through and
including the date of payment at a per annum rate equal to the prime rate as published in The Wall Street Journal on the last day of such Payment Period. Such interest will be payable at the same time as the payment to which it relates and
shall be calculated on the basis of a year of three hundred sixty-five (365) days and the actual number of days for which due. 
 Section 8. Tax
Proceedings. 
 8.01. In General. Except as otherwise provided in this Agreement, (i) with respect to Tax Returns described in
Sections 2.01(a), 2.01(b), or 2.01(d) of this Agreement, EMC and (ii) with respect to Tax Returns described in Sections 2.01(c) or 2.02 of this Agreement, VMware (in either case, the “Controlling Party”), shall have the exclusive
right, in its sole discretion, to control, contest, and represent the interests of EMC, any EMC Affiliate, VMware, and/or any VMware Affiliate in any Audit relating to such Tax Return and to resolve, settle or agree to any deficiency, claim or
adjustment proposed, asserted or assessed in connection with or as a result of any such Audit. The Controlling Party’s rights shall extend to any matter pertaining to the management and control of an Audit, including execution of waivers,
choice of forum, scheduling of conferences and the resolution of any Tax Item. Any costs incurred in handling, settling, or contesting an Audit shall be borne by the Controlling Party. 
  

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 8.02. Participation of non-Controlling Party. Except as otherwise provided in Section 8.04 of this
Agreement, the non-Controlling Party shall have control over decisions to resolve, settle or otherwise agree to any deficiency, claim or adjustment with respect to any Sole Responsibility Item. Except as otherwise provided in Section 8.04 of
this Agreement, the Controlling Party and the non-Controlling Party shall have joint control over decisions to resolve, settle or otherwise agree to any deficiency, claim or adjustment with respect to any Joint Responsibility Item. Except as
otherwise provided in Section 8.04 of this Agreement, the Controlling Party shall not settle any Audit it controls concerning a Tax Item on a basis that would reasonably be expected to adversely affect the non-Controlling Party by at least one
hundred fifty thousand dollars ($150,000) without obtaining such non-Controlling Party’s consent, which consent shall not be unreasonably withheld, conditioned or delayed if failure to consent would adversely affect the Controlling Party.

 8.03. Notice. Within ten (10) business days after a party becomes aware of the existence of a Tax issue that may give rise to an
indemnification obligation under this Agreement, such party shall give prompt notice to the other party of such issue (such notice shall contain factual information, to the extent known, describing any asserted tax liability in reasonable detail),
and shall promptly forward to the other party copies of all notices and material communications with any Taxing Authority relating to such issue. Notwithstanding any provision in Section 10.15 of this Agreement to the contrary, if a party to
this Agreement fails to provide the other party notice as required by this Section 8.03, and the failure results in a detriment to the other party then any amount which the other party is otherwise required to pay pursuant to this Agreement
shall be reduced by the amount of such detriment. 
 8.04. Control of Distribution Tax Proceedings. In the event of a Distribution, EMC shall
have the exclusive right, in its sole discretion, to control, contest, and represent the interests of EMC, any EMC Affiliate, VMware, and/or any VMware Affiliate in any Audits relating to Distribution Taxes and to resolve, settle or agree to any
deficiency, claim or adjustment proposed, asserted or assessed in connection with or as a result of any such Audit; provided, however, that EMC shall not settle any such audit with respect to Distribution Taxes with a Taxing Authority that would
reasonably be expected to result in a material Tax cost to VMware or any VMware Affiliate, without the prior consent of VMware, which consent shall not be unreasonably withheld, conditioned or delayed. EMC’s rights shall extend to any matter
pertaining to the management and control of such Audit, including execution of waivers, choice of forum, scheduling of conferences and the resolution of any Tax Item; provided, however, that to the extent that VMware is obligated to bear at least
fifty percent (50%) of the liability for any Distribution Taxes under Section 5.01 of this Agreement, EMC and VMware shall have joint control over decisions to resolve, settle or otherwise agree to any deficiency, claim or adjustment.
VMware may assume sole control of any Audits relating to Distribution Taxes if it acknowledges in writing that it has sole liability for any Distribution Taxes under Section 5.01 of this Agreement that might arise in such Audit and can
demonstrate to the reasonable satisfaction of EMC that it can satisfy its liability for any such Distribution Taxes. If VMware is unable to demonstrate to the reasonable satisfaction of EMC that it will be able to satisfy its liability for such
Distribution Taxes, but acknowledges in writing that it has sole liability for any Distribution Taxes under Section 5.01 of this Agreement, VMware and EMC shall have joint control over the Audit. 
  

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 Section 9. Stock Options and Restricted Stock. 
 9.01. In General. 
 (a) The parties hereto
agree that, so long as VMware continues to be a member of the Consolidated Group of which EMC is the common parent, EMC shall be entitled to any Tax Benefit arising by reason of (i) exercises of Options to purchase shares of EMC stock and
(ii) the lapse of any restrictions with respect to shares of EMC stock subject to a substantial risk of forfeiture (within the meaning of section 83 of the Code). The parties hereto agree (i) to report all Tax deductions with respect to
exercises of Options to purchase shares of EMC stock and the lapse of any restrictions with respect to shares of EMC stock subject to a substantial risk of forfeiture (within the meaning of section 83 of the Code) consistently with this
Section 9.01(a), to the extent permitted by the Tax law, and (ii) that such Tax deductions shall not be considered Tax deductions of VMware or any VMware Affiliate for purposes of computing the VMware Separate Tax Liability. 
 (b) The parties hereto agree that, once VMware ceases to be a member of the Consolidated Group of which EMC is the common parent, so long as EMC and/or
any EMC Affiliate own shares of VMware stock possessing at least twenty percent (20%) of the total voting power of all of the issued and outstanding shares of VMware stock, VMware shall pay the amount of the Tax Benefit arising by reason of
(i) exercises of Options to purchase shares of EMC stock and (ii) the lapse of any restrictions with respect to shares of EMC stock subject to a substantial risk of forfeiture (within the meaning of section 83 of the Code) to EMC.

 9.02. Notices, Withholding, Reporting. EMC shall promptly notify VMware of any post-IPO Date event giving rise to income to any VMware
Group employees or former employees in connection with exercises of Options to purchase shares of EMC stock or the lapse of any restrictions with respect to shares of EMC stock subject to a substantial risk of forfeiture (within the meaning of
section 83 of the Code). If required by the Tax law, VMware shall withhold applicable Taxes and satisfy applicable Tax reporting obligations in connection therewith. 
 9.03. Adjustments. If VMware or any VMware Affiliate as a result of a Final Determination or any settlement or compromise with any Taxing Authority receives any Tax Benefit to which EMC is entitled under
Section 9.01 of this Agreement, VMware shall pay the amount of such Tax Benefit to EMC. If EMC or any EMC Affiliate as a result of a Final Determination or any settlement or compromise with any Taxing Authority receives any Tax Benefit to which
VMware is entitled under Section 9.01 of this Agreement, EMC shall pay the amount of such Tax Benefit to VMware. 
  

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 Section 10. Miscellaneous Provisions. 
 10.01. Effectiveness. This Agreement shall become effective upon execution by the parties hereto. 
 10.02. Cooperation and Exchange of Information. 
 (a) Cooperation. VMware and EMC shall each cooperate fully (and each shall cause its respective affiliates to cooperate fully) with all reasonable requests from another party for information and materials not otherwise available to the
requesting party in connection with the preparation and filing of Tax Returns, claims for refund, and Audits concerning issues or other matters covered by this Agreement or in connection with the determination of a liability for Taxes or a right to
a refund of Taxes. Such cooperation shall include: 
 (i) the retention until the expiration of the applicable statute of limitations, and
the provision upon request, of copies of all Tax Returns, books, records (including information regarding ownership and Tax basis of property), documentation and other information relating to the Tax Returns, including accompanying schedules,
related work papers, and documents relating to rulings or other determinations by Taxing Authorities; 
 (ii) the execution of any document
that may be necessary or reasonably helpful in connection with any Tax Proceeding, or the filing of a Tax Return or refund claim by a member of the EMC Group or the VMware Group, including certification, to the best of a party’s knowledge, of
the accuracy and completeness of the information it has supplied; and 
 (iii) the use of the party’s reasonable best efforts to obtain
any documentation that may be necessary or reasonably helpful in connection with any of the foregoing. Each party shall make its employees and facilities available on a reasonable and mutually convenient basis in connection with the foregoing
matters. 
 (b) Retention of Records. Any party that is in possession of documentation of EMC (or any EMC Affiliate) or VMware (or any VMware
Affiliate) relating to the VMware Business, including books, records, Tax Returns and all supporting schedules and information relating thereto (the “VMware Business Records”) shall retain such VMware Business Records for a period of seven
(7) years following the IPO Date. Thereafter, any party wishing to dispose of VMware Business Records in its possession (after the expiration of the applicable statute of limitations), shall provide written notice to the other party describing
the documentation proposed to be destroyed or disposed of sixty (60) business days prior to taking such action. The other party may arrange to take delivery of any or all of the documentation described in the notice at its expense during the
succeeding sixty (60) day period. 
  

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 10.03. Dispute Resolution. In the event that EMC and VMware disagree as to the amount or calculation of
any payment to be made under this Agreement, or the interpretation or application of any provision under this Agreement, the parties shall attempt in good faith to resolve such dispute. If such dispute is not resolved within sixty (60) business
days following the commencement of the dispute, EMC and VMware shall jointly retain a nationally recognized law or accounting firm, which firm is independent of both parties (the “Independent Firm”), to resolve the dispute. The Independent
Firm shall act as an arbitrator to resolve all points of disagreement and its decision shall be final and binding upon all parties involved. Following the decision of the Independent Firm, EMC and VMware shall each take or cause to be taken any
action necessary to implement the decision of the Independent Firm. The fees and expenses relating to the Independent Firm shall be borne equally by EMC and VMware, except that if the Independent Firm determines that the position advanced by either
party is frivolous, has not been asserted in good faith or for which there is not substantial authority, one hundred percent (100%) of the fees and expenses of the Independent Firm shall be borne by such party. Notwithstanding anything in this
Agreement to the contrary, the dispute resolution provisions set forth in this Section 10.03 shall not be applicable to any disagreement between the parties relating to Distribution Taxes and any such dispute shall be settled in a court of law
or as otherwise agreed to by the parties. 
 10.04. Notices. All notices and other communications required or permitted to be given hereunder
shall be in writing and shall be deemed given upon (a) a transmitter’s confirmation of a receipt of a facsimile transmission (but only if followed by confirmed delivery of a standard overnight courier the following business day or if
delivered by hand the following business day), (b) confirmed delivery of a standard overnight courier or when delivered by hand or (c) the expiration of ten (10) business days after the date mailed by certified or registered mail
(return receipt requested), postage prepaid, to the parties at the following addresses (or at such other addresses for a party as shall be specified by like notice): 
 If to EMC or any EMC Affiliate, to the Director of Corporate Tax of EMC, with a copy to the General Counsel of EMC, at: 
 EMC Corporation 
 176 South Street 
 Hopkinton, Massachusetts 01748 
 Attention:
Office of the General Counsel 
 If to VMware or any VMware Affiliate, to Director of Corporate Tax of VMware, with a copy to the General
Counsel of VMware, at: 
 VMware, Inc. 
 3145 Porter Drive 
 Palo Alto, California 94304 
 Attention: General Counsel 
 Either party may, by written notice to the other parties, change the address or the party to
which any notice, request, instruction or other documents is to be delivered. 
  

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 10.05. Changes in Law. 
 (a) Any reference to a provision of the Code or a law of another jurisdiction shall include a reference to any applicable successor provision or law. 
 (b) If, due to any change in applicable law or regulations or their interpretation by any court of law or other governing body having jurisdiction
subsequent to the date of this Agreement, performance of any provision of this Agreement or any transaction contemplated thereby shall become impracticable or impossible, the parties hereto shall use their commercially reasonable efforts to find and
employ an alternative means to achieve the same or substantially the same result as that contemplated by such provision. 
 10.06.
Confidentiality. Each party shall hold and cause its directors, officers, employees, advisors and consultants to hold in strict confidence, unless compelled to disclose by judicial or administrative process or, in the opinion of its counsel, by
other requirements of law, all information (other than any such information relating solely to the business or affairs of such party) concerning the other parties hereto furnished it by such other party or its representatives pursuant to this
Agreement (except to the extent that such information can be shown to have been (1) in the public domain through no fault of such party or (2) later lawfully acquired from other sources not under a duty of confidentiality by the party to
which it was furnished), and each party shall not release or disclose such information to any other person, except its directors, officers, employees, auditors, attorneys, financial advisors, bankers and other consultants who shall be advised of and
agree to be bound by the provisions of this Section 10.06. Each party shall be deemed to have satisfied its obligation to hold confidential information concerning or supplied by the other party if it exercises the same care as it takes to
preserve confidentiality for its own similar information. 
 10.07. Successors. This Agreement shall be binding on and inure to the benefit
and detriment of any successor, by merger, acquisition of assets or otherwise, to any of the parties hereto, to the same extent as if such successor had been an original party. 
 10.08. Affiliates. EMC shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to
be performed by any EMC Affiliate, and VMware shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any VMware Affiliate; provided, however, that, if it is
contemplated that an EMC Affiliate may cease to be an EMC Affiliate as a result of a transfer of its stock or other ownership interests to a third party in exchange for consideration in an amount approximately equal to the fair market value of the
stock or other ownership interests transferred and such consideration is not distributed outside of the EMC Group to the shareholders of EMC, then (a) VMware shall execute a release of such EMC Affiliate from its obligations under this
Agreement effective as of such transfer provided that EMC shall have confirmed in writing its obligations and the obligations of its remaining EMC Affiliates with respect to their own obligations and the obligations of the departing EMC Affiliate
and that such departing EMC Affiliate shall have executed a release of any rights it may have against VMware or any VMware Affiliate by reason of this Agreement, or (b) EMC shall acknowledge in writing no later than thirty (30) days prior
to such cessation that it shall bear one hundred percent 

  

 23 

 
(100%) of the liability for the obligations of EMC and each EMC Affiliate (including the departing EMC Affiliate) under this Agreement. If at any time VMware
shall, directly or indirectly, obtain beneficial ownership of more than fifty percent (50%) of the total combined voting power of any other entity, VMware shall cause such entity to become a party to this Agreement by executing together with
EMC an agreement in substantially the same form as set forth in Schedule 10.08 and such entity shall have all rights and obligations of an VMware Affiliate under this Agreement. 
 10.09. Authorization, Etc. Each of the parties hereto hereby represents and warrants that it has the power and authority to execute, deliver and perform
this Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part of such party, that this Agreement constitutes a legal, valid and binding obligation of each such party and that the execution, delivery and
performance of this Agreement by such party does not contravene or conflict with any provision of law or of its charter or bylaws or any agreement, instrument or order binding on such party. 
 10.10. Entire Agreement. This Agreement contains the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes
any prior tax sharing agreements between EMC (or any EMC Affiliate) and VMware (or any VMware Affiliate) and such prior tax sharing agreements shall have no further force and effect. If, and to the extent, the provisions of this Agreement conflict
with any agreement entered into in connection with a Distribution or another Deconsolidation Event, the provisions of this Agreement shall control. 
 10.11. Applicable Law; Jurisdiction. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY AND UNCONDITIONALLY (i) AGREES THAT THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND ALL DISPUTES, CONTROVERSIES OR CLAIMS ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE BREACH, TERMINATION OR VALIDITY HEREOF SHALL BE GOVERNED BY THE LAWS OF THE STATE OF MASSACHUSETTS, EXCLUDING ANY CONFLICTS OF LAW RULES, (ii) TO BE SUBJECT TO, AND HEREBY CONSENTS AND SUBMITS TO, THE
JURISDICTION OF THE COURTS OF THE STATE OF MASSACHUSETTS AND OF THE FEDERAL COURTS SITTING IN THE STATE OF MASSACHUSETTS, (iii) TO THE EXTENT SUCH PARTY IS NOT OTHERWISE SUBJECT TO SERVICE OF PROCESS IN THE STATE OF MASSACHUSETTS, HEREBY
APPOINTS THE CORPORATION TRUST COMPANY, AS SUCH PARTY’S AGENT IN THE STATE OF MASSACHUSETTS FOR ACCEPTANCE OF LEGAL PROCESS AND (iv) AGREES THAT SERVICE MADE ON ANY SUCH AGENT SET FORTH IN (iii) ABOVE SHALL HAVE THE SAME LEGAL FORCE
AND EFFECT AS IF SERVED UPON SUCH PARTY PERSONALLY WITHIN THE STATE OF MASSACHUSETTS. 
 10.12. Counterparts. This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. 
 10.13. Severability. If any term, provision, covenant, or restriction of this Agreement is held by a court of competent jurisdiction (or an arbitrator or arbitration panel) to be invalid, void, 

  

 24 

 
or unenforceable, the remainder of the terms, provisions, covenants, and restrictions set forth herein shall remain in full force and effect, and shall in no
way be affected, impaired, or invalidated. In the event that any such term, provision, covenant or restriction is held to be invalid, void or unenforceable, the parties hereto shall use their best efforts to find and employ an alternate means to
achieve the same or substantially the same result as that contemplated by such terms, provisions, covenant, or restriction. 
 10.14. No
Third Party Beneficiaries. This Agreement is solely for the benefit of EMC, the EMC Affiliates, VMware and the VMware Affiliates. This Agreement should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, cause of
action or other rights in excess of those existing without this Agreement. 
 10.15. Waivers, Etc. No failure or delay on the part of a party
in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. No modification or waiver of any provision of this Agreement nor consent to any departure by the parties therefrom shall in any event be effective unless the same shall be in
writing, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 
 10.16.
Setoff. All payments to be made by any party under this Agreement may be netted against payments due to such party under this Agreement, but otherwise shall be made without setoff, counterclaim or withholding, all of which are hereby expressly
waived. 
 10.17. Other Remedies. VMware recognizes that any failure by it or any VMware Affiliate to comply with its obligations under
Section 5 of this Agreement would, in the event of a Distribution, result in Distribution Taxes that would cause irreparable harm to EMC, EMC Affiliates, and their stockholders. Accordingly, EMC shall be entitled to an injunction or injunctions
to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which EMC is entitled at law or in equity. 
 10.18. Amendment and Modification. This Agreement may be amended, modified or supplemented only by a written agreement signed by all of the parties
hereto. 
 10.19. Waiver of Jury Trial. Each of the parties hereto irrevocably and unconditionally waives all right to trial by jury in any
litigation, claim, action, suit, arbitration, inquiry, proceeding, investigation or counterclaim (whether based in contract, tort or otherwise) arising out of or relating to this Agreement or the actions of the parties hereto in the negotiation,
administration, performance and enforcement thereof. 
 10.20. Interpretations. The headings contained in this Agreement are for reference
purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement they shall be 

  

 25 

 
deemed to be followed by the words “without limitation.” The words “hereof,” “herein” and “herewith” and words of
similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and article, section, paragraph, exhibit and schedule references are to the articles, sections,
paragraphs, exhibits and schedules of this Agreement unless otherwise specified. The meaning assigned to each term defined herein shall be equally applicable to both the singular and the plural forms of such term, and words denoting any gender shall
include all genders. Where a word or phrase is defined herein, each of its other grammatical forms shall have a corresponding meaning. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity
or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provisions
of this Agreement. 
  

 26 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by a duly
authorized officer as of the date first above written. 
  

			
	EMC CORPORATION
	on behalf of itself and each of the EMC Affiliates
		
	By:	 	 
	Name:	 	[name]
	Title:	 	[title]
	
	 VMWARE, INC.
 on behalf of itself and each of
the VMware Affiliates

		
	By:	 	 
	Name:	 	[name]
	Title:	 	[title]

  

 27 

 Schedule 10.08 
 WHEREAS, VMware, a Delaware corporation (“VMware”), owns, directly or indirectly, [all/more than fifty percent (50%)] of the outstanding stock or interests in the undersigned; 
 WHEREAS, the undersigned is not a party to that certain Tax Sharing Agreement, dated as of [DATE], by and among EMC, each EMC Affiliate, VMware and each
VMware Affiliate (as defined therein) (the “Agreement”); and 
 WHEREAS, the undersigned, EMC and VMware desire to have the
undersigned become a party to the Agreement and to have all rights and obligations of a party to the Agreement. 
 NOW, THEREFORE, in
consideration of mutual obligations and undertakings contained in the Agreement, the parties agree that the undersigned shall become a party to the Agreement and shall have all rights and obligations of a party to the Agreement. 
 IN WITNESS WHEREOF, the parties have executed this agreement on the dates accompanying their respective signatures, but effective as of
                                        .

  

			
	EMC CORPORATION
		
	By:	 	 
	Title:	 	  

	Dated:	 	  

	
	VMWARE, INC.
		
	By:	 	 
	Title:	 	  

	Dated:	 	  

	
	[NAME]
		
	By:	 	 
	Title:	 	  

	Dated:	 	  

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page
	Section	 	1.	 	Definitions.	  	1
				
	Section.	 	2	 	Preparation and Filing of Tax Returns.	  	7
		 	2.01. 	 	EMC’s Responsibility	  	7
		 	2.02. 	 	VMware’s Responsibility	  	8
		 	2.03. 	 	Agent	  	8
		 	2.04. 	 	Manner of Tax Return Preparation	  	8
				
	Section	 	3.	 	Liability for Taxes	  	9
		 	3.01. 	 	VMware’s Liability for Taxes	  	9
		 	3.02. 	 	EMC’s Liability for Taxes	  	10
		 	3.03. 	 	Taxes, Refunds and Credits	  	10
		 	3.04. 	 	Payment of Tax Liability	  	10
		 	3.05. 	 	Computation	  	11
				
	Section	 	4.	 	Deconsolidation Events	  	11
		 	4.01. 	 	Tax Allocations	  	11
		 	4.02. 	 	Carrybacks	  	11
		 	4.03. 	 	Continuing Covenants	  	12
				
	Section	 	5.	 	Distribution Taxes	  	12
		 	5.01. 	 	Liability for Distribution Taxes	  	12
		 	5.02. 	 	Continuing Covenants	  	14
				
	Section	 	6.	 	Indemnification	  	16
		 	6.01. 	 	Generally	  	16
		 	6.02. 	 	Inaccurate or Incomplete Information	  	16
		 	6.03. 	 	No Indemnification for Tax Items	  	16
				
	Section	 	7.	 	Payments.	  	16
		 	7.01. 	 	Estimated Tax Payments	  	16
		 	7.02. 	 	True-Up Payments	  	17
		 	7.03. 	 	Redetermination Amounts	  	17
		 	7.04. 	 	Payments of Refunds and Credits	  	17
		 	7.05. 	 	Payments Under This Agreement	  	17
				
	Section	 	8.	 	Tax Proceedings.	  	18
		 	8.01. 	 	In General	  	18
		 	8.02. 	 	Participation of non-Controlling Party	  	19

  

 i 

							
		 	8.03. 	 	Notice	  	19
		 	8.04. 	 	Control of Distribution Tax Proceedings	  	19
				
	Section	 	9.	 	Stock Options and Restricted Stock.	  	20
		 	9.01. 	 	In General	  	20
		 	9.02. 	 	Notices, Withholding, Reporting	  	20
		 	9.03. 	 	Adjustments	  	20
				
	Section	 	10.	 	Miscellaneous Provisions.	  	21
		 	10.01.  	 	Effectiveness	  	21
		 	10.02.  	 	Cooperation and Exchange of Information	  	21
		 	10.03.  	 	Dispute Resolution	  	22
		 	10.04.  	 	Notices	  	22
		 	10.05.  	 	Changes in Law	  	23
		 	10.06.  	 	Confidentiality	  	23
		 	10.07.  	 	Successors	  	23
		 	10.08.  	 	Affiliates	  	23
		 	10.09.  	 	Authorization, Etc	  	24
		 	10.10.  	 	Entire Agreement	  	24
		 	10.11.  	 	Applicable Law; Jurisdiction	  	24
		 	10.12.  	 	Counterparts	  	24
		 	10.13.  	 	Severability	  	24
		 	10.14.  	 	No Third Party Beneficiaries	  	25
		 	10.15.  	 	Waivers, Etc	  	25
		 	10.16.  	 	Setoff	  	25
		 	10.17.  	 	Other Remedies	  	25
		 	10.18.  	 	Amendment and Modification	  	25
		 	10.19.  	 	Waiver of Jury Trial	  	25
		 	10.20.  	 	Interpretations	  	25

  

 iiForm of Intellectual Property Agreement

 Exhibit 10.4 
 FORM OF 
 INTELLECTUAL PROPERTY AGREEMENT 
 This INTELLECTUAL PROPERTY AGREEMENT (the “Agreement”), effective as of
[            ] __, 2007 (the “Effective Date”), is between EMC Corporation, a Massachusetts corporation having an office at 176 South Street, Hopkinton, MA 01748-9103
(“EMC”) and VMware, Inc., a Delaware corporation having an office at 3145 Porter Drive, Palo Alto, CA 94304 (“VMware”) (EMC and VMware are each referred to herein as a “Party” and together the “Parties”.)

 WHEREAS, EMC beneficially owns 100% of the issued and outstanding common stock of VMware; 
 WHEREAS, the Parties currently contemplate that VMware will make an initial public offering (the “Offering”) of an amount of
Class A common stock pursuant to a registration statement on Form S-1 under the Securities Act of 1933, as amended (the “Registration Statement”); 
 WHEREAS, EMC and VMware have entered into a Master Transaction Agreement as of the date hereof (the “Master Transaction Agreement”) to help delineate the relationship between EMC and VMware after the
Offering, including setting forth certain rights and obligations of EMC and VMware following the Offering, and addressing certain matters relating to the Offering; 
 WHEREAS, the Master Transaction Agreement calls for the execution of an intellectual property agreement to memorialize certain agreements between EMC and VMware regarding the treatment of certain intellectual
property rights and obligations; and 
 WHEREAS, EMC and VMware desire to (a) provide one another with the rights described below
and (b) agree to the mutual restrictions described below, in each case on the terms set forth herein. 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, for themselves and their respective successors and assigns, hereby covenant and agree as
follows: 
 ARTICLE I 
 TREATMENT OF INTELLECTUAL PROPERTY RIGHTS 
 Section 1.1 Grant of Licenses. 
 (a) Subject to Section 5.11, EMC grants to the VMware, effective as of the Effective Date, a fully paid-up, non-exclusive, non-assignable,
non-transferable, non-sublicenseable (except as provided in Section 1.2), worldwide right and license: 
  

 (i) under the EMC Patents to make, have made, use (including the right to practice any
method which is involved in the use), import, offer for sale, lease, sell and/or otherwise dispose of (either directly or indirectly) VMware Licensed Products, and to provide or have provided services and support to third parties with respect to
VMware Licensed Products; 
 (ii) under the EMC Copyrights to use, modify and thereby create derivative works of, and
reproduce, the EMC Source Code and associated documentation in connection with designing, developing, distributing (directly and/or indirectly), servicing and supporting VMware Licensed Products; 
 (iii) under the EMC Trade Secrets to design, develop, distribute (directly and/or indirectly) service and support VMware Licensed
Products; and 
 (iv) under all third party source code embedded in the source code referred to in Schedule A to take any of
the actions contemplated under Section 1.1(a)(i)-(iii), but only if and to the extent that EMC has the right to provide VMware with the right to take any of such actions without additional payment to the third party or third parties who own
such third party source code, and VMware agrees to be bound by all terms and conditions of EMC’s use of that third party source code as if VMware were named in the place of EMC with regard to such terms and conditions. 
 (b) Subject to Section 5.11 and Section 5.11.1, VMware grants to EMC, effective as of the Effective Date, a fully paid-up, non-exclusive,
non-assignable, non-transferable, non-sublicenseable (except as provided in Section 1.2), worldwide right and license: 
 (i) under the VMware Patents to make, have made, use (including the right to practice any method which is involved in the use), import, offer for sale, lease, sell and/or otherwise dispose of (either directly or indirectly) EMC Licensed
Products, and to provide or have provided services and support to third parties with respect to EMC Licensed Products; 
 (ii)
under the VMware Copyrights to use, modify and thereby create derivative works of, and reproduce, the VMware Source Code and associated documentation in connection with designing, developing, distributing (directly and/or indirectly), servicing and
supporting EMC Licensed Products; 
 (iii) under the VMware Trade Secrets to design, develop, distribute (directly and/or
indirectly), service and support EMC Licensed Products; and 
 (iv) under all third party source code embedded in the source
code referred to in Schedule B to take any of the actions contemplated 

  

 2 

 
under Section 1.1(b)(i)-(iii), but only if and to the extent that VMware has the right to provide EMC with the right to take any of such actions without
additional payment to the third party or third parties who own such third party source code, and EMC agrees to be bound by all terms and conditions of VMware’s use of that third party source code as if EMC were named in the place of VMware with
regard to such terms and conditions. 
 Section 1.2 Sublicense Rights. The licenses granted by Section 1.1 include the
non-assignable right of each Party to grant sublicenses to its Subsidiaries existing on or after the Effective Date, which sublicenses may include the non-assignable right of sublicensed Subsidiaries to sublicense other Subsidiaries of said Party.
No sublicense granted to a Subsidiary under this Section 1.2(a) shall be broader in any respect at any time during the life of this Agreement than the license held at that time by the Party that granted the sublicense. Each licensed or
sublicensed Subsidiary shall be bound by the terms and conditions of this Agreement as if it were named herein in the place of the Party of which it is a Subsidiary. 
 Section 1.3 Clarification Regarding Patent Laundering. 
 (a) The licenses granted under
Section 1.1(a)(i) to VMware are intended to cover only VMware Licensed Products, and are not intended to cover manufacturing rights of third parties. Products that otherwise meet the definition of VMware Licensed Products are disqualified as
VMware Licensed Products if such products are manufactured on behalf of any third party from designs licensed or received in whole or in part from the third party for resale to such third party. 
 (b) The licenses granted under Section 1.1(b)(i) to EMC are intended to cover only EMC Licensed Products, and are not intended to cover
manufacturing rights of third parties. Products that otherwise meet the definition of EMC Licensed Products are disqualified as EMC Licensed Products if such products are manufactured on behalf of any third party from designs licensed or received in
whole or in part from the third party for resale to such third party. 
 ARTICLE II 
 COVENANTS OF THE PARTIES 
 Section 2.1 Mutual Releases. 
 (a) Each Party (as “Releasor”) on behalf of itself and its Subsidiaries irrevocably releases, acquits and forever discharges the other Party and
its Subsidiaries (collectively “Releasees”) from any and all claims or liability for infringement of Releasor’s intellectual property licensed hereunder (including, without limitation, claims with respect to any method practiced in
the manufacture or use of any Licensed Product), which claims are based on acts prior to the date on which a license covering such acts is granted hereunder. The releases contained in this Section 2.1(a) shall not apply to any person other than
the Releasees named in this Section. 
  

 3 

 (b) Releasor on behalf of itself and its Subsidiaries also irrevocably releases, acquits and forever
discharges (i) customers (both direct and indirect) of Releasees’ products licensed hereunder to the same extent as provided in Section 2.1(a) for such customers’ use of Releasees’ products licensed hereunder; and
(ii) Releasees’ resellers for sales of Releasees’ products licensed hereunder, where such sale is made under agreement with Releasee. By way of example, if a reseller adds to or changes Releasees’ products licensed hereunder
prior to resale, the releases contained herein apply only to Releasee’s products licensed hereunder as received by the reseller from the Releasee and not to any items or portions of the resold item added or changed. The releases granted in this
Section 2.1(b) are effective concurrently with the releases granted in Section 2.1(a). 
 Section 2.2 Nonencumberance.

 (a) EMC agrees that it will not take any action that will require a license or assignment of any VMware IP without VMware’s prior
written consent, including, but not limited to (i) licensing or otherwise distributing VMware Licensed Products, directly or indirectly, or (ii) using VMware code in such a way as to subject such code to the provisions of any standards
organization or Open Source Code Contract which could (1) require or condition the use or distribution of such code; (2) require the license of an VMware Product or any portion thereof for the purpose of making modifications or derivative
works; (3) require the distribution of such VMware code or any portion thereof without charge; (4) require or condition the disclosure, licensing or distribution of any VMware code or any portion of any VMware Product; or
(5) otherwise impose a limitation, restriction or condition on the right of VMware to distribute a VMware Product or any portion thereof. 
 (b) VMware agrees that it will not take any action that will require a license or assignment of any intellectual property right owned by EMC unless previously approved in writing by the General Counsel of EMC (or such other person that the
General Counsel has specifically authorized in writing to give such consent), including, but not limited to (i) licensing or otherwise distributing EMC Licensed Products, directly or indirectly, or (ii) using EMC code in such a way as to
subject such code to the provisions of any standards organization or Open Source Code Contract which could (1) require or condition the use or distribution of such code; (2) require the license of an EMC Product or any portion thereof for
the purpose of making modifications or derivative works; (3) require the distribution of such EMC code or any portion thereof without charge; (4) require or condition the disclosure, licensing or distribution of any EMC code or any portion
of any EMC Product; or (5) otherwise impose a limitation, restriction or condition on the right of VMware to distribute a EMC Product or any portion thereof. 
 Section 2.3 Future Business Arrangements Between the Parties. The terms and conditions of any business relationships between the Parties after the Effective Date, including 

  

 4 

 
the terms and conditions of ownership of and license rights to any intellectual property generated in connection with such business relationships (whether
jointly or otherwise), shall be the subject of one or more separate written agreements, provided that no such agreement shall become effective until specifically approved in writing by the General Counsel of EMC (or such other person that the
General Counsel has specifically authorized in writing to give such consent). 
 Section 2.4 Future Business Relationships Between VMware
and Third Parties. The terms and conditions of any business relationships between VMware and Third Parties after the Effective Date, including the terms and conditions of ownership of and license rights to any intellectual property generated in
connection with such business relationships (whether jointly or otherwise), shall be subject to EMC’s ownership rights in intellectual property owned by it, as well as the limits on VMware’s use of source code, patents, copyrights, and
trade secrets licensed to it under Section 1.1(a), which limitations shall be specified in writing in any agreements concerning such business relationships. 
 Section 2.5 Indemnification. 
 (a) Indemnification by VMware. VMware shall indemnify EMC and
its directors, officers, agents, employees, successors, and assigns (the “EMC Indemnitees”), from and against and in respect of any and all damages, losses, expenses (including reasonable attorney’s fees, court costs and investigation
expenses), liabilities, settlement and claims (collectively, “Losses”) to the extent relating to or arising out of any use by VMware and/or any authorized sublicensees of VMware of any of the EMC IP, including but not limited to any
contract claim, product liability claim, tort claim or other claim or proceeding brought against EMC by a Third Party claiming relief against EMC by reason of VMware’s use of the EMC IP. 
 (b) Indemnification by EMC. EMC shall indemnify, defend and hold harmless VMware and its directors, officers, agents, employees, successors, and
assigns (collectively, the “VMware Indemnitees”), from and against and in respect of any and all Losses to the extent relating to or arising out of any use by EMC and/or any authorized sublicensees of EMC of any of the VMware IP, including
but not limited to any contract claim, product liability claim, tort claim or other claim or proceeding brought against VMware by a Third Party claiming relief against VMware by reason of EMC’s use of the VMware IP. 
 (c) If the Indemnified Party becomes aware of a matter which might give rise to a Relevant Claim, the Indemnified Party shall: 
 (i) notify the Indemnifying Party immediately of the matter (stating in reasonable detail the nature of the matter and, if practicable,
the amount claimed) and consult with the Indemnifying Party with respect to the matter; if the matter has become the subject of proceedings the Indemnified Party shall notify the Indemnifying Party within sufficient time to enable the Indemnifying
Party to contest the proceedings before final judgment; 
  

 5 

 (ii) provide to the Indemnifying Party and its advisers reasonable access to premises and
personnel and to all relevant documents and records that it possesses or controls for the purposes of investigating the matter and enabling the Indemnifying Party to take action; 
 (iii) take any action and institute any proceedings, and give any information and assistance the Indemnifying Party may reasonably request
to: 
 (A) dispute, resist, appeal, compromise, defend, remedy or mitigate the matter; or 
 (B) enforce against a person (other than the Indemnifying Party) the Indemnified Party’s rights in relation to the matter; and

 (C) in connection with proceedings related to the matter (other than against the Indemnifying Party) use advisers chosen by
the Indemnifying Party and, if the Indemnifying Party requests, allow the Indemnifying Party the exclusive conduct of the proceedings. 
 (d)
The Indemnified Party may not admit liability in respect of or settle the matter without first obtaining the Indemnifying Party’s written consent (not to be unreasonably withheld or delayed), which in the case of EMC must be specifically set
forth in writing by the General Counsel of EMC (or such other person that the General Counsel has specifically authorized in writing to give such consent). 
 (e) Nothing in this Agreement in any way restricts or limits the Indemnified Party’s general obligation at law to mitigate a loss which it may incur as a result of a matter giving rise to a claim pursuant to this
Agreement. 
 ARTICLE III 
 TERM AND TERMINATION 
 Section 3.1 Term. This Agreement shall remain in full force and effect unless and until
terminated pursuant to Section 3.2. 
 Section 3.2 Termination. 
 (a) This Agreement may be terminated by and in the sole discretion of EMC, without the approval of VMware, at any time prior to the Offering. In the event
of such a termination, EMC shall not have any liability of any kind to VMware. 
  

 6 

 (b) This Agreement may also be terminated at any time after the Offering by means of a written agreement
between the Parties specifically approved in writing by the General Counsel of EMC (or such other person that the General Counsel has specifically authorized in writing to enter into such an agreement on behalf of EMC). 
 (c) The license granted by a Party under Article I may be terminated by giving Notice to the other Party if such Party: 
 (i) fails to remedy, where it is capable of remedy, any breach of any of its material obligations under this Agreement after having been
provided a Notice describing the breach in sufficient detail; or 
 (ii) engages in a series of breaches of any of its
material obligations hereunder. Upon any such termination, such Party shall promptly cease use of the terminated right(s). 
 Section 3.3 For
purposes of clarity, if a right is terminated under Section 3.2(c), such termination shall not affect the terminating Party’s rights in any way. 
 Section 3.4 Survival. Sections 2.1-2.5, 3.3, 3.4, 4.1, 5.2-5.19, and Article VI shall survive any termination of this Agreement. 
 ARTICLE IV 
 DISCLAIMER OF WARRANTY 
 Section 4.1 EACH PARTY ACKNOWLEDGES AND AGREES THAT ALL INTELLECTUAL PROPERTY LICENSED HEREUNDER IS PROVIDED ON AN “AS IS, WHERE IS” BASIS AND
THAT NEITHER PARTY NOR ANY OF ITS SUBSIDIARIES HAS MADE OR WILL MAKE ANY WARRANTY WHATSOEVER, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE,
ENFORCEABILITY OR NON-INFRINGEMENT. 
 ARTICLE V 
 MISCELLANEOUS PROVISIONS 
 Section 5.1 Export Restrictions. Both Parties shall adhere to all
applicable laws, regulations and rules relating to the export of technical data, and shall not export or 

  

 7 

 
reexport any technical data, any products received from Disclosing Party, or the direct product of such technical data, to any proscribed country listed in
such applicable laws, regulations and rules unless properly authorized. 
 Section 5.2 No Implied Licenses. Nothing contained in this
Agreement shall be construed as conferring any rights by implication, estoppel or otherwise, under any intellectual property right other than the rights expressly granted in this Agreement. Neither Party is required hereunder to furnish or disclose
to the other any technical or other information. 
 Section 5.3 Infringement Suits. Neither Party shall have any obligation hereunder
to defend any action or suit brought by a Third Party that alleges infringement of any intellectual property rights by the authorized use of intellectual property under this Agreement. 
 Section 5.4 No Other Obligations. NEITHER PARTY ASSUMES ANY RESPONSIBILITIES OR OBLIGATIONS WHATSOEVER, OTHER THAN THE RESPONSIBILITIES AND
OBLIGATIONS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN A SEPARATE WRITTEN AGREEMENT BETWEEN THE PARTIES. 
 Section 5.5 Limitation of
Liability. IN NO EVENT SHALL EITHER PARTY OR ITS RESPECTIVE SUBSIDIARIES BE LIABLE TO THE OTHER PARTY OR ITS RESPECTIVE SUBSIDIARIES FOR ANY SPECIAL, CONSEQUENTIAL, INDIRECT, INCIDENTAL OR PUNITIVE DAMAGES OR LOST PROFITS, HOWEVER CAUSED AND ON
ANY THEORY OF LIABILITY (INCLUDING NEGLIGENCE) ARISING IN ANY WAY OUT OF THIS AGREEMENT, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATIONS SHALL NOT LIMIT
EACH PARTY’S INDEMNIFICATION OBLIGATIONS FOR LIABILITIES AS SET FORTH IN THIS AGREEMENT OR IN ANY ANCILLARY AGREEMENT. 
 Section 5.6
Entire Agreement. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof. This Agreement may not be modified by the Parties other than by means of a written agreement specifically
approved in writing by the General Counsel of EMC (or such other person that the General Counsel has specifically authorized in writing to give such approval). The Subsidiaries of the Parties may enter into one or more separate written agreements
regarding the terms and conditions of license rights to intellectual property rights, provided that no such agreement shall become effective until specifically approved in writing by the General Counsel of EMC (or such other person that the
General Counsel has specifically authorized in writing to give such consent). 
 Section 5.7 Governing Law. This Agreement, including
the validity hereof and the rights and obligations of the Parties hereunder, shall be construed in accordance with and all disputes arising hereunder shall be governed by the laws of The Commonwealth of Massachusetts applicable to Contracts made and
to be performed entirely in such Commonwealth (without giving effect to the conflicts of laws provisions thereof). 
  

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 Section 5.8 Notices. Notices, offers, requests or other communications required or permitted to be
given by either Party pursuant to the terms of this Agreement (each a “Notice”) shall be given in writing to the respective Parties to the following addresses: 
 if to EMC: 
 EMC Corporation 
 176 South Street 
 Hopkinton, MA 01748 
 Attention: [            ] 
 Facsimile: (508) 435-8900 
 with a copy
to: 
 EMC Corporation 
 176
South Street 
 Hopkinton, MA 01748 
 Attention: Office of the General Counsel 
 Facsimile: (508) 497-6915 
 if to VMware: 
 VMware Inc. 
 3145 Porter Drive 
 Palo Alto, CA 94304

 Attention: Legal Department 
 Fax: (650) 475-5101 
 or to such other address or facsimile number as the Party to whom notice is given may have previously
furnished to the other in writing as provided herein. Any notice involving non-performance, termination, or renewal shall be sent by hand delivery, recognized overnight courier or, within the United States, may also be sent via certified mail,
return receipt requested. All other notices may also be sent by facsimile, confirmed by first class mail. All notices shall be deemed to have been given when received, if hand delivered; when transmitted, if transmitted by facsimile or similar
electronic transmission method; one working day after it is sent, if sent by recognized overnight courier; and three days after it is postmarked, if mailed first class mail or certified mail, return receipt requested, with postage prepaid.

 Section 5.9 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all
of which shall constitute one and the same agreement. 
 Section 5.10 Binding Effect; Assignment. This Agreement shall inure to the
benefit of and be binding upon the Parties hereto. Neither this Agreement nor any obligation or 

  

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right hereunder may be assigned or delegated by either Party without the prior written consent of the other Party, which in the case of EMC must be
specifically set forth in writing by the General Counsel of EMC (or such other person that the General Counsel has specifically authorized in writing to give such consent), provided that the Parties may each exercise the limited sublicense
rights to them by Section 1.2. Notwithstanding the foregoing, either Party may assign this Agreement to a successor entity in conjunction with such Party’s reincorporation in another jurisdiction or into another business form. 

Section 5.11 Change of Control. 
 (a) License Rights on Change of Control of a Party. In the event that, subsequent to the Effective Date, a Change of Control shall occur with respect to a Party (as distinguished from a Change of Control of a Subsidiary of a Party or
a Subsidiary otherwise ceasing to be a Subsidiary of a Party, which are addressed in Section 5.11(b)), the licenses granted hereunder to such Party shall continue in full force and effect, provided, however, that if a Change of
Control shall occur with respect to EMC after EMC ceases to beneficially own fifty percent (50%) or more of the aggregate number of shares of the then outstanding common stock of VMware the provisions of Section 5.11.1 hereof shall apply,
and following such Change of Control the licenses granted hereunder by VMware to EMC shall continue as to (i) all EMC Licensed Products in existence upon such Change of Control and any updates, upgrades, and future versions of those products,
and (ii) all EMC Licensed Products under development at the time of a Change of Control of EMC, and terminate upon such Change of Control as to all other future EMC products, but the licenses granted hereunder by EMC to VMware shall continue in
full force and effect. EMC will not undertake any development in anticipation of a Change of Control of EMC solely for the purpose of capturing such development under the license by VMware to EMC. 
 (b) License Rights on Change of Control of a Subsidiary. In the event that, subsequent to the Effective Date, a Change of Control shall occur with
respect to a Subsidiary of a Party but not the Party itself, or such Subsidiary otherwise ceases to be a Subsidiary of the Party, the licenses granted hereunder to such Subsidiary shall continue in full force and effect, provided,
however, that, in the event that (i) a Subsidiary of EMC undergoes a Change of Control or otherwise ceases to be a Subsidiary of EMC, and such Subsidiary or its successor-in-interest thereafter develops or sells products that are
equivalent to any EMC Excluded Products or end user or application accessible systems infrastructure products for virtualized environments, VMware shall have the right to terminate the licenses granted to such Subsidiary hereunder, solely for said
products, upon delivery of written notice by VMware to such Subsidiary or its successor-in-interest, or (ii) a Subsidiary of VMware undergoes a Change of Control or otherwise ceases to be a Subsidiary of VMware, and such Subsidiary or its
successor-in-interest thereafter develops or sells products that are equivalent to any VMware Excluded Products, EMC shall have the right to terminate the licenses granted to such Subsidiary hereunder, solely for said products, upon delivery of
written notice by EMC to such Subsidiary or its successor-in-interest. Following a Change of Control of a Subsidiary of EMC or following such time as a Subsidiary of EMC otherwise ceases to be a Subsidiary of EMC, such Subsidiary shall be permitted
to grant sublicenses pursuant to the licenses granted under this Section 5.11(b) only to its wholly-owned subsidiaries, upon delivery of written notice by EMC to VMware. 
  

 10 

 (c) License Rights on Change In Ownership Interest in a Subsidiary of EMC. In the event that,
subsequent to the Effective Date, EMC ceases to beneficially own fifty percent (50%) or more of the aggregate number of shares of the then outstanding common stock of an EMC Subsidiary, then the licenses granted hereunder by VMware to such EMC
Subsidiary shall continue as to (i) all EMC Licensed Products of such Subsidiary in existence upon such change in ownership interest of such EMC Subsidiary and any updates, upgrades, and future versions of those products, and (ii) all EMC
Licensed Products under development at the time of such change in ownership interest of such EMC Subsidiary, and terminate upon such change in ownership interest of such EMC Subsidiary as to all other future products of such EMC Subsidiary. EMC will
not undertake any development in anticipation of ceasing to beneficially own fifty percent (50%) or more of the aggregate number of shares of the then outstanding common stock of an EMC Subsidiary solely for the purpose of capturing such
development under the license by VMware to an EMC Subsidiary. In the event of a conflict between the provisions of this Section 5.11(c) and Section 5.11(b), the provisions of Section 5.11(b) shall prevail. 
 Section 5.11.1 EMC Beneficial Ownership. After the date that EMC ceases to beneficially own fifty percent (50%) or more of the aggregate
number of the then outstanding shares of common stock of VMware, “EMC Excluded Products” shall mean EMC Excluded Products as defined in Section 6.4 of this Agreement as well as end user or application accessible systems infrastructure
products for virtualized environments. After the date that EMC ceases to beneficially own twenty percent (20%) or more of the aggregate number of the then outstanding shares of common stock of VMware, “EMC Licensed Products” shall
instead mean (i) all EMC products in existence as of the date of such change in ownership and any updates, upgrades, and future versions of those products, and (ii) all EMC products under development as of the date of such change in
ownership, and upon such change in ownership, shall not include any other future EMC products. EMC will not undertake any development in anticipation of ceasing to beneficially own fifty percent (50%) or twenty percent (20%), as applicable, or
more of the aggregate number of the then outstanding shares of common stock of VMware solely for the purpose of capturing such development under the license by VMware to EMC. 
 Section 5.12 Severability. If any term or other provision of this Agreement is determined by a court, administrative agency or arbitrator to be
invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the
transactions contemplated hereby is not affected in any manner materially adverse to either Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible. 
 Section 5.13 Failure or Indulgence not Waiver; Remedies Cumulative. No failure or delay on the part of either Party hereto in the exercise of any
right hereunder shall 

  

 11 

 
impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single
or partial exercise of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 Section 5.14 Authority. Each of the Parties hereto represents to the other that (a) it has the corporate or other requisite
power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary corporate or other actions, (c) it has duly and validly
executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with its terms subject to applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting creditors’ rights generally and general equity principles. 
 Section 5.15 Interpretation. The headings
contained in this Agreement and in the table of contents to this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. When a reference is made in this Agreement to an Article or a
Section such reference shall be to an Article or Section of this Agreement unless otherwise indicated. 
 Section 5.16 Conflicting
Agreements. In the event of conflict between this and any other agreement executed on or prior to the Effective Date in connection with the subject matter hereof, the provisions of this Agreement shall prevail. Notwithstanding the foregoing, in
the event of a conflict between this Agreement and any future written agreement of a nature referenced in Section 2.3 hereof, the provisions of such future written agreement shall prevail. 
 Section 5.17 Third Party Beneficiaries. Except as specifically set forth in this Agreement, none of the provisions of this Agreement shall be for
the benefit of or enforceable by any Third Party, including any creditor of any Person. No such Third Party shall obtain any right under any provision of this Agreement or shall by reasons of any such provision make any claim in respect of any
liability (or otherwise) against either Party hereto. 
 Section 5.18 Dispute Resolution. All disputes arising directly under the
express terms of this Agreement or the grounds for termination thereof shall be resolved as follows: (i) the senior management of both Parties shall meet to attempt to resolve such disputes; (ii) if the disputes cannot be resolved by the
senior management, either party may make a written request for both Parties to meet for one day with an impartial mediator and consider dispute resolution alternatives other than litigation; and (iii) if there is no response to such written
request within thirty (30) days of such request, or if an alternative method of dispute resolution is not agreed upon within thirty (30) days after the one day mediation, either party may begin litigation proceedings pursuant to
Section 5.19. 
 Section 5.19 Jurisdiction. Should the dispute resolution procedures of Section 5.18 fail to result in a
mutually satisfactory resolution and either Party chooses to go forward 

  

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with litigation, both Parties agree to submit to the exclusive jurisdiction and venue of the federal or state courts located in the Commonwealth of
Massachusetts and voluntarily waive the right to jury during such litigation. 
 ARTICLE VI 
 DEFINITIONS 
 For the purpose of this
Agreement, initially capitalized terms defined above shall have the meaning ascribed to them, and the following additional initially capitalized terms shall have the meaning specified herein: 
 Section 6.1 Change of Control. “Change of Control” means the acquisition by a single Third Party or a group of affiliated Third Parties
of shares representing at least a majority of votes entitled to be cast in the election of the members of the board of directors or similar governing body. 
 Section 6.2 Contract. “Contract” means any agreement, understanding, contract, deed, mortgage, lease, sublease, license, sublicense, instrument, commitment, promise, undertaking or other binding
arrangement, whether written or oral. 
 Section 6.3 EMC Copyrights. “EMC Copyrights” means all copyrights owned by EMC as
of the Effective Date throughout the world in the EMC Source Code and associated documentation. 
 Section 6.4 EMC Excluded Products.
“EMC Excluded Products” means all EMC products released after the Effective Date that are end user or application accessible server or desktop virtualization software products. 
 Section 6.5 EMC IP. “EMC IP” means collectively the EMC Patents, the EMC Copyrights, and the EMC Trade Secrets. 
 Section 6.6 EMC Licensed Products. “EMC Licensed Products” means (a) all EMC products as of the Effective Date and any updates,
upgrades and future versions of those products, and (b) all future EMC products; but not EMC Excluded Products. 
 Section 6.7 EMC
Patents. “EMC Patents” means all patents and patent applications throughout the world owned by EMC as of the Effective Date related to the EMC Source Code, as well as any patents and patent applications that claim priority to the
foregoing. 
 Section 6.8 EMC Source Code. “EMC Source Code” means the software code described on Schedule A hereto.

 Section 6.9 EMC Trade Secrets. “EMC Trade Secrets” means all trade secrets owned by EMC as of the Effective Date embodied
in the EMC Source Code. 
  

 13 

 Section 6.10 Open Source Code “Open Source Code” means any software code that is
distributed as “open source software” or “freeware” or is otherwise distributed publicly or made generally available in source code form under terms that permit modification and redistribution of such software. “Open Source
Code” includes without limitation software code that is licensed under the GNU General Public License, GNU Lesser General Public License, Mozilla License, Common Public License, Apache License, BSD License, Artistic License, or Sun Community
Source License. 
 Section 6.11 Person. “Person” means an individual, a partnership, a corporation, a limited liability
company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, and a governmental entity or any department, agency or political subdivision thereof. 
 Section 6.12 Subsidiary. “Subsidiary” means with respect to any specified Person, any corporation, any limited liability company, any
partnership or other legal entity of which such Person owns, directly or indirectly, a majority of votes entitled to be cast in the election of the members of the board of directors or similar governing body. 
 Section 6.13 Third Party. “Third Party” means a Person other than EMC and its Subsidiaries and VMware and its Subsidiaries. 

Section 6.14 VMware Copyrights. “VMware Copyrights” means all copyrights owned by VMware throughout the world in the VMware Source
Code, and associated documentation. 
 Section 6.15 VMware Excluded Products. “VMware Excluded Products” means all VMware
products released after the Effective Date that provide storage virtualization, data protection, replication, or backup functionality on a standalone basis. 
 Section 6.16 VMware IP. “VMware IP” means collectively the VMware Patents, the VMware Copyrights, and the VMware Trade Secrets. 
 Section 6.17 VMware Licensed Products. “VMware Licensed Products” means (a) all VMware products as of the Effective Date and any
updates, upgrades and future versions of those products, and (b) portions of future VMware products (but only to the extent such portions implement interoperability with EMC products); but not VMware Excluded Products. 
 Section 6.18 VMware Patents. “VMware Patents” means all patents and patent applications throughout the world owned by VMware until the
first date on which EMC ceases to beneficially own twenty percent (20%) or more of the aggregate number of the then outstanding shares of common stock of VMware, as well as any patents and patent applications that claim priority to the
foregoing. 
 Section 6.19 VMware Source Code. “VMware Source Code” means the software code described on Schedule B hereto.

  

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 Section 6.20 VMware Trade Secrets. “VMware Trade Secrets” means all trade secrets owned
by VMware embodied in the VMware Source Code. 
 WHEREFORE, the Parties have signed this Agreement by their duly authorized representatives
as of the Effective Date. 
  

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

  

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