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Exhibit 4.1

DELL TECHNOLOGIES INC.
AMENDMENT NO. 3 TO THE
SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 
THIS AMENDMENT NO. 3 TO THE SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT, dated as of September 15, 2020 (this “Amendment”), is entered into by and among Dell Technologies Inc. (the “Company”), a Delaware corporation, and each of the following (hereinafter severally referred to as a “Stockholder” and collectively referred to as the “Stockholders”):
(a)Michael S. Dell and Susan Lieberman Dell Separate Property Trust (collectively, the “MD Stockholders”);
(b)SL SPV-2, L.P., a Delaware limited partnership, Silver Lake Partners IV, L.P., a Delaware limited partnership, Silver Lake Technology Investors IV, L.P., a Delaware limited partnership, Silver Lake Partners V DE (AIV), L.P., a Delaware limited partnership, and Silver Lake Technology Investors V, L.P., a Delaware limited partnership (collectively, the “SLP Stockholders”); and
(c)Venezio Investments Pte. Ltd., a Singapore corporation (the “Temasek Stockholder”).
Capitalized terms used but not defined in this Amendment shall have the meanings ascribed to such terms in the Second Amended and Restated Registration Rights Agreement, dated as of December 25, 2018, as amended by Amendment No. 1, dated as of May 27, 2019 and Amendment No. 2, dated as of April 15, 2020 (as so amended, the “Registration Rights Agreement”), by and among the Company and the Stockholders referred to therein.  Capitalized terms defined in this Amendment shall have the meanings ascribed to them herein for purposes of this Amendment and the Registration Rights Agreement.
WHEREAS, pursuant to Section 2.1(a) of the Registration Rights Agreement, the Company is required to use its reasonable best efforts to file a Shelf Registration Statement for a public offering of all Registrable Securities (or such lesser amount agreed in accordance with the terms and conditions of the Registration Rights Agreement) no later than the first day on which such filing can be made with the SEC on or after September 15, 2020 (such date, the “Current Filing Deadline”);
WHEREAS, the Company and the Stockholders wish to amend Section 2.1(a) of the Registration Rights Agreement to extend the Current Filing Deadline;
WHEREAS, any amendment, modification, supplement or waiver of or to any provision of the Registration Rights Agreement shall be effected in accordance with Section 3.11 thereof; and
WHEREAS, each of the undersigned Stockholders, on behalf of such Stockholder and such Stockholder’s designated transferees or successors, wishes to consent to the amendment of Section 2.1(a) of the Registration Rights Agreement provided for herein;
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NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned parties agree as follows: 
1.Amendment of Section 2.1(a).  Section 2.1(a) of the Registration Rights Agreement is hereby amended by deleting the first sentence thereof in its entirety and replacing such deleted first sentence with the following:
Following the Merger, the Company shall use reasonable best efforts to (i) file a Shelf Registration Statement for a public offering of all Registrable Securities (or such lesser amount as the Sponsor Stockholders holding Registrable Securities agree, provided, that (x) all Registrable Securities of the Management Holders must be registered under such Shelf Registration Statement, (y) all Registrable Securities held by the Temasek Holders must be registered under such Shelf Registration Statement, and (z) upon the request of any such Sponsor Stockholder, the Company shall increase the number of Registrable Securities registered under such Shelf Registration Statement by the amount requested by such Sponsor Stockholder (or, in the event that no Shelf Registration Statement is effective at the time of such request, shall file and cause to become effective a Shelf Registration Statement covering such number of Registrable Securities), and this parenthetical shall apply to successive requests by Sponsor Stockholders holding Registrable Securities) pursuant to Rule 415 promulgated under the Securities Act no later than the first day on which such filing can be made with the SEC on or after December 31, 2020 (such date, the “Shelf Registration Filing Deadline”) and (ii) cause such Shelf Registration Statement to become effective as soon as possible thereafter; provided, however, that notwithstanding anything in Section 3.11 of the Registration Rights Agreement to the contrary, the Shelf Registration Filing Deadline may be further extended for one or more additional periods of up to three months each, in each case upon the express written consent of the Company and the SLP Stockholders.
2.No Further Amendment.  Except as expressly provided by this Amendment, the Registration Rights Agreement is and shall continue to be in full force and effect and is hereby in all respects ratified and reaffirmed.  Except as expressly set forth in this Amendment, no other terms and conditions of the Registration Rights Agreement are hereby amended, modified, supplemented or waived.  Upon the effectiveness of this Amendment, each reference in the Registration Rights Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of similar import shall mean and be a reference to the Registration Rights Agreement as amended by this Amendment. 
3.Governing Law.  This Amendment and all claims or causes of action (whether in tort, contract or otherwise) that may be based upon, arise out of or relate to this Amendment or the negotiation, execution, interpretation or performance of this Amendment (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Amendment) shall be governed by and construed in accordance with the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable rules or principles of conflicts of laws.
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4.Counterparts. This Amendment may be executed in any number of counterparts (which delivery may be via facsimile transmission or e-mail if in .pdf format), each of which shall be deemed an original, but all of which together shall constitute a single instrument.
[Signature pages follow.]

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IN WITNESS WHEREOF, the undersigned have executed and delivered this Amendment effective as of the date set forth above.

CORPORATION:

DELL TECHNOLOGIES INC.

By:   /s/ Robert L. Potts            
    Name:    Robert L. Potts
    Title:        Senior Vice President and Assistant Secretary

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MD STOCKHOLDER / MD HOLDER:

    /s/ Michael S. Dell            
Michael S. Dell

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MD STOCKHOLDER / MD HOLDER: 

SUSAN LIEBERMAN DELL SEPARATE PROPERTY TRUST 

By:    /s/ Marc R. Lisker            
    Name: Marc R. Lisker
    Title:   President of Trustee

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                    SLP STOCKHOLDER / SLP HOLDER:

SL SPV-2, L.P.

By:  SLTA SPV-2, L.P., its General Partner

By:  SLTA SPV-2 (GP), L.L.C., its General Partner

By:  Silver Lake Group, L.L.C., its Managing Member

By:   /s/ Andrew J. Schader        
    Name: Andrew J. Schader    
    Title:   Managing Director    

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                    SLP STOCKHOLDER / SLP HOLDER:

SILVER LAKE PARTNERS IV, L.P.

By:  Silver Lake Technology Associates IV, L.P., its General Partner

By:  SLTA IV (GP), L.L.C., its General Partner

By:  Silver Lake Group, L.L.C., its Managing Member

By:   /s/ Andrew J. Schader        
    Name: Andrew J. Schader    
    Title:   Managing Director

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                    SLP STOCKHOLDER / SLP HOLDER:
    
SILVER LAKE TECHNOLOGY INVESTORS IV, L.P.

By:  Silver Lake Technology Associates IV, L.P., its General Partner

By:  SLTA IV (GP), L.L.C., its General Partner

By:  Silver Lake Group, L.L.C., its Managing Member

By:   /s/ Andrew J. Schader        
    Name: Andrew J. Schader
    Title:   Managing Director

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                    SLP STOCKHOLDER / SLP HOLDER:

SILVER LAKE PARTNERS V DE (AIV), L.P.

By:  Silver Lake Technology Associates V, L.P., its General Partner

By:  SLTA V (GP), L.L.C., its General Partner

By:  Silver Lake Group, L.L.C., its Managing Member

By:   /s/ Andrew J. Schader        
    Name: Andrew J. Schader
    Title:   Managing Director

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                    SLP STOCKHOLDER / SLP HOLDER:

SILVER LAKE TECHNOLOGY INVESTORS V, L.P.

By:  Silver Lake Technology Associates V, L.P., its General Partner

By:  SLTA V (GP), L.L.C., its General Partner

By:  Silver Lake Group, L.L.C., its Managing Member

By:   /s/ Andrew J. Schader        
    Name: Andrew J. Schader
    Title:   Managing Director

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        TEMASEK STOCKHOLDER / TEMASEK HOLDER:

VENEZIO INVESTMENTS PTE. LTD.

By:   /s/ Rohit Sipahimalani        
    Name: Rohit Sipahimalani    
    Title:   Authorized Signatory

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Exhibit 10.1

DELL TECHNOLOGIES INC.

Amended and Restated
Compensation Program for Independent Non-Employee Directors

Each independent non-employee member (a “director”) of the Board of Directors (“Board”) of Dell Technologies Inc. (the “Company”) shall be entitled to the payments described below while serving as a director on the Board.  Other directors of the Board shall receive no compensation for their Board service.  Any director compensation policies enacted from time to time hereafter are deemed to be incorporated herein upon their effective date, except as otherwise provided therein.

EFFECTIVE DATE:  September 25, 2020 

ANNUAL COMPENSATION:

•Annual Board Retainer: $325,000, payable as follows:
–$100,000 in cash (the “Annual Cash Retainer”), unless the independent non-employee director (hereafter, a “director”) makes a timely election to receive all or a portion of the Annual Cash Retainer in the form of deferred stock units over Class C common stock of the Company (“Class C Shares,” and such units, “DSUs”), Class C Shares (“Stock”) or a combination thereof (in each case subject to the limitations described below), and
–$225,000 (the “Annual Equity Retainer”) in restricted stock units that settle in Class C Shares (“DTAs”), unless the director makes a timely election to receive all or a portion of the DTAs as DSUs (subject to the limitations described below), in which case the director shall receive DSUs in lieu of such DTAs (in whole or in part).
•Committee Chair Retainers: $25,000, all payable in cash unless the director makes a timely election to receive all or a portion of such payment in DSUs, Stock or a combination thereof (in each case subject to the limitations described below), in which case the director shall receive the form or forms of award elected, in lieu of such cash payment (in whole or in part).
•All of the foregoing equity-based awards will be granted under the Dell Technologies Inc. 2013 Stock Incentive Plan, as amended and restated from time to time (the “Plan”), with all awards being granted annually.  The equity awards are subject to vesting as described below, to the extent applicable.

TIMING OF ELECTIONS:

•Generally:  Elections to receive DSUs (alone or in combination with other applicable forms of payment) must be made prior to the beginning of the calendar year to which they relate. Elections to receive Stock (alone or in combination with other applicable forms of payment) may be made at any time with respect to amounts that have not yet been paid out as to the relevant year and for which the director has not made an effective DSU election. 
•New directors:  Each new director may make an election to receive DSUs, Stock or a combination thereof within 30 days after becoming a director, but this election will only apply to the portion of the Annual Board Retainer or Committee Chair Retainer (if applicable) earned after the date of the election.
•Irrevocability of DSU Elections. Once the calendar year to which a director’s DSU elections relate commences, all elections to receive DSUs are irrevocable with respect to that year, and no new DSU elections may be made with respect to that year.  A director may submit a new election to receive DSUs for each subsequent calendar year prior to the beginning of that calendar year.

•Carryover of Current Elections.  Each director's  elections will remain in effect for subsequent years as provided in the director's most recently submitted election forms if no new elections are timely submitted.
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INDIVIDUAL COMPENSATION ELECTIONS:

•Directors may elect the forms of payment of their compensation on an individual basis.
•Elections must be made in multiples as follows:
–Allocation of the Annual Cash Retainer among DSUs, Stock and cash (including a combination thereof) must be made in each case in multiples of 25% (up to a maximum of 100%).
–Allocation of the Annual Equity Retainer to DSUs must be made in multiples of 25% (up to a maximum of 100%).
–Allocation of the Committee Chair Retainer among DSUs, Stock and cash (including a combination thereof) must be made in each case in multiples of 25% (up to a maximum of 100%).

ANNUAL BOARD RETAINER SUMMARY

															
	Payment
Form
	Maximum Allocation	Payment 
Timing /Transfer Restrictions
	Vesting+	Default Form of Payment?
	Cash	$100,000	Lump sum following annual shareholders meeting.  A director appointed other than pursuant to election at the annual meeting shall be entitled to pro-rated payment of the annual retainer fee for the partial year of service, payable in a lump sum upon his or her commencement of service on the Board.	Not applicable	Yes 
(for $100,000 of the $325,000 retainer)

	DTAs	$225,000*	Granted on or after the date of the Company’s annual shareholders meeting and settling in Class C Shares following vesting.  A director appointed other than pursuant to election at the annual meeting shall be entitled to the pro-rated portion of the annual DTA grant for the partial year of service, payable on or after his or her commencement of service on the Board.

The Class C Shares previously received in settlement of the DTAs are subject to certain restrictions as set forth in the Company’s Second Amended and Restated Management Stockholders Agreement.
	Cliff vesting after one year	Yes 
(for $225,000 of the $325,000 retainer)

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	Payment
Form
	Maximum Allocation	Payment 
Timing /Transfer Restrictions
	Vesting+	Default Form of Payment?
	DSUs	$325,000*	Granted on or after the date of the Company’s annual shareholders meeting (or, if a director is appointed other than pursuant to election at the annual meeting, at a time following such appointment determined by the Board that is compliant with Internal Revenue Code Section 409A) and settled in Class C Shares on the earlier of (i) the termination of service as a director for any reason and (ii) a Change in Control (as defined in the Plan) that also constitutes a “change in control event” under Internal Revenue Code Section 409A regulations.	Cliff vesting after one year.	No 
(Director may elect to receive all or a portion of each of the Annual Cash Retainer and the DTAs as DSUs) 

	Stock	$100,000*	Granted on or after the date of the Company’s annual shareholders meeting (or, if a director is appointed other than pursuant to election at the annual meeting, at a time following such appointment determined by the Board that is compliant with Internal Revenue Code Section 409A).	Fully vested upon issuance.	No 
(Director may elect to receive all or a portion of the Annual Cash Retainer as Stock) 

*The actual number of DTAs, DSUs and/or shares of Stock that will be granted will be determined by dividing the portion of the Annual Board Retainer allocated to such award by the fair market value of Class C Shares.
+ Upon the director’s termination from the Board:
–Vesting of unvested awards is fully accelerated in event of death, permanent disability or a termination without Cause (as defined in the Plan).
–All unvested equity awards are forfeited upon termination for Cause (as defined in the Plan). 
–Vested Options (as defined in the Plan) granted to directors under prior independent non-employee director compensation program will remain exercisable until the earliest of (i) the nine-month anniversary of the date of termination, (ii) the expiration of the Option’s 10-year term and (iii) the date on which the director is terminated for Cause (as defined in the Plan).

+ All outstanding DTAs and DSUs will vest on a Change in Control (as defined in the Plan).

COMMITTEE CHAIR RETAINER SUMMARY

															
	Payment
Form
	Maximum Allocation	Payment Timing	Vesting+	Default Form of Payment?
	Cash	100%	Lump sum following annual meeting.	Not applicable	Yes

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	DSUs	100%	Settled in Class C Shares on the earlier of (i) the termination of service as a director for any reason and (ii) a Change in Control (as defined in the Plan) that also constitutes a “change in control event” under Internal Revenue Code Section 409A regulations.	Cliff vesting after one year*	No 
(Director may elect to receive all or a portion of the Committee Chair Retainer as DSUs)

	Stock	100%	Granted on or after the date of the Company’s annual shareholders meeting (or, if a director is appointed other than pursuant to election at the annual meeting, at a time following such appointment determined by the Board that is compliant with Internal Revenue Code Section 409A).  

	Fully vested upon issuance.	No 
(Director may elect to receive all or a portion of the Committee Chair Retainer  as Stock) 

* See Annual Board Retainer Summary for how the number of DSUs or shares of Stock granted is determined.

+ See Annual Board Retainer Summary for vesting of DSUs upon termination and Change in Control (as defined in the Plan). 

The Company does not pay any Board retainers or fees or provide any Board equity grants not set forth above.  These retainers, fees, or grants may be modified or adjusted from time to time as determined by the Board.

This Amended and Restated Compensation Program for Independent Non-Employee Directors supersedes all prior agreements or policies concerning director compensation.

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