Document:

Exhibit

Exhibit 4.6
DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO 
SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934
The following is a brief description of Class A common stock, par value $0.01 per share (the “Class A Common Stock”) of VMware, Inc. (the “Company”), which is the only security of the Company registered pursuant to Section 12 of the Securities Exchange Act of 1934.
Description of Class A Common Stock
General
The following description does not purport to be complete and is subject to, and qualified in its entirety by, the provisions of our Amended and Restated Certificate of Incorporation, our Amended and Restated Bylaws and the Delaware General Corporation Law (the “DGCL”).  Copies of our Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”) and our Amended and Restated Bylaws (the “Bylaws”) have been filed with the Securities and Exchange Commission (the “SEC”) as exhibits to our Annual Report on Form 10-K.
Authorized Capital Stock
As of January 31, 2020, the authorized capital stock of the Company consists of 2,500,000,000 shares of Class A Common Stock, 1,000,000,000 shares of Class B common stock, par value $0.01 per share (the “Class B Common Stock,” and collectively with Class A Common Stock, the “Common Stock”) and 100,000,000 shares of preferred stock, par value $0.01 per share (the “Preferred Stock”).  The rights of the holders of Class A Common Stock and Class B Common Stock are identical, except with respect to voting, conversion, the election of directors, certain actions that require the consent of holders of Class B Stock and other protective provisions.
Class A Common Stock 
Fully Paid and Nonassessable
All of our outstanding shares of Class A Common Stock are validly issued, fully paid and nonassessable.
Voting rights 
The holders of Class A Common Stock are entitled to one vote per share and holders of Class B Common Stock are entitled to 10 votes per share.  The holders of Class B Stock, voting separately as a class, are entitled to elect 80% of the total number of the directors on the Company’s Board of Directors (the “Board”) which the Company would have if there were no vacancies on the Board at the time.  Subject to any rights of any series of Preferred Stock to elect 

1

directors, the holders of Class A Common Stock and the holders of Class B Common Stock, voting together as a single class, are entitled to elect the remaining directors on the Board, which at no time will be less than one director.  The Company’s Bylaws provide that, except as otherwise provided by law, the Certificate of Incorporation, any Certificate of Designations or the Bylaws, when a quorum is present, the affirmative votes of the holders of shares representing at least a majority of votes actually present in person or represented by proxy at the meeting and entitled to vote on a matter constitutes the act of the stockholders.  No stockholder is entitled to any right to cumulative voting.
Dividend rights
The Board may from time to time declare, and the Company may pay, dividends on its outstanding shares in the manner and upon the terms and conditions provided by law and the Certificate of Incorporation.  Any future determination to declare cash dividends will be made at the discretion of the Board, subject to the consent of the holders of Class B Common Stock pursuant to the Certificate of Incorporation.  Holders of Class A Common Stock and Class B Common Stock share equally on a per share basis in any dividend declared on the Common Stock by the Board.  No dividend or distribution that is payable in shares of Common Stock, including distributions pursuant to stock splits or divisions of Common Stock, may be made unless: (a) shares of Class A Common Stock are paid or distributed only in respect of Class A Common Stock, (b) shares of Class B Common Stock are paid or distributed only in respect of Class B Common Stock, (c) no such dividend or distribution is made in respect of the Class A Common Stock unless simultaneously also made in respect of the Class B Common Stock, (d) no such dividend or distribution is made in respect of the Class B Common Stock unless simultaneously also made in respect of the Class A Common Stock and (e) the number of shares of Class A Common Stock paid or distributed in respect of each outstanding share of Class A Common Stock is equal to the number of shares of Class B Common Stock paid or distributed in respect of each outstanding share of Class B Common Stock.
Rights Upon Dissolution, Liquidation or Winding Up
In the event of any dissolution, liquidation or winding up of the affairs of the Company, whether voluntary or involuntary, after payment in full of the amounts required to be paid to the holders of Preferred Stock pursuant to the provisions of a Certificate of Designations, the remaining assets and funds of the Company shall be distributed pro rata to the holders of Common Stock, and the holders of Class A Common Stock and the holders of Class B Common Stock shall be entitled to receive the same amount per share in respect thereof.  For these purposes, the voluntary sale, conveyance, lease, license, exchange or transfer (for cash, shares of stock, securities or other consideration) of all or substantially all of the assets of the Company or a consolidation or merger of the Company with one or more other entities (whether or not the Company is the entity surviving such consolidation or merger) shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary.
No Preemptive or Similar Rights
The holders of shares of Class A Common Stock have no preemptive or similar rights.

2

Conversion
The shares of Class A Common Stock are not convertible into any other series or class of securities.  Each share of Class B Common Stock is convertible into one share of Class A Common Stock at any time.
Listing
The Class A Common Stock is listed on the New York Stock Exchange under the symbol “VMW.”
Limitation on Rights of Holdings of Class A Common Stock - Preferred Stock 
The Board has the authority, without further action by the Company’s stockholders, to issue up to 100,000,000 shares of Preferred Stock in one or more series.  The Board may designate the rights, preferences, privileges and restrictions of the Preferred Stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, sinking fund terms, and number of shares constituting any series or the designation of any series.  The issuance of Preferred Stock could have the effect of restricting dividends on the Common Stock, diluting the voting power of the Common Stock, impairing the liquidation rights of the Common Stock, or delaying or preventing a change in control.  The ability of the Board to issue Preferred Stock without stockholder approval could have the effect of delaying, deferring or preventing a change in control of the Company or the removal of the Company’s existing management.  No shares of Preferred Stock are outstanding as of January 31, 2020.
Anti-Takeover Effects of Provisions of the Certificate of Incorporation, Bylaws and Delaware Law 
As the Company’s controlling stockholder, Dell Technologies, Inc. (“Dell”) has the ability to prevent a change in control of the Company.  Provisions in the Certificate of Incorporation and the Bylaws may also have the effect of delaying or preventing a change in control or changes in the Company’s management.  These provisions include the following: 
		
	•
	the division of the Board into three classes, with each class serving for a staggered three-year term, which prevents stockholders from electing an entirely new board of directors at any annual meeting; 

		
	•
	the right of the Board to elect a director to fill a vacancy created by an expansion of the Board; 

		
	•
	following a distribution by Dell to its stockholders under Section 355 of the Internal Revenue Code of 1986, the restriction that a beneficial owner of 10% or more of the Class B Common Stock may not vote in any election of directors unless such person or group also owns at least an equivalent percentage of Class A Common Stock or obtains approval of the Board prior to acquiring beneficial ownership of at least 5% of Class B Common Stock;

3

		
	•
	the prohibition of cumulative voting in the election of directors or any other matters, which would otherwise allow less than a majority of stockholders to elect director candidates; 

		
	•
	the requirement for advance notice for nominations for election to the Board or for proposing matters that can be acted upon at a stockholders’ meeting; 

		
	•
	the ability of the Board to issue, without stockholder approval, up to 100,000,000 shares of Preferred Stock with terms set by the Board, which rights could be senior to those of Common Stock, as described above; and 

		
	•
	in the event that Dell or its successor-in-interest no longer owns shares of Common Stock representing at least a majority of the votes entitled to be cast in the election of directors, stockholders may not act by written consent and may not call special meetings of the stockholders. 

The Company is a Delaware corporation and has elected to be subject to the provisions of subject to the provisions of Section 203 of the DGCL.  Under Section 203, the Company would generally be prohibited from engaging in any business combination with any interested stockholder for a period of three years following the time that this stockholder became an interested stockholder unless: 
		
	•
	prior to this time, the Board approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder;

		
	•
	upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the Company outstanding at the time the transaction commenced, excluding shares owned by persons who are directors and also officers, and by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

		
	•
	at or subsequent to such time, the business combination is approved by the Board and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66-2⁄3% of the outstanding voting stock that is not owned by the interested stockholder.

Under Section 203, a “business combination” includes: 
		
	•
	any merger or consolidation involving the Company and the interested stockholder;

		
	•
	any sale, transfer, pledge or other disposition of 10% or more of the assets of the Company involving the interested stockholder;

4

		
	•
	any transaction that results in the issuance or transfer by the Company of any stock of the Company to the interested stockholder, subject to limited exceptions;

		
	•
	any transaction involving the Company that has the effect of increasing the proportionate share of the stock of any class or series of the Company beneficially owned by the interested stockholder; or

		
	•
	the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the Company.

In general, Section 203 defines an interested stockholder as a person who, together with affiliates and associates, owns (or within three years, did own) beneficially 5% or more of the outstanding voting stock of the Company.  Section 203 could prohibit or delay mergers or other takeover or change in control attempts with respect to the Company and, accordingly, may discourage attempts to acquire the Company.

In addition, Article VI of our Amended and Restated Certificate of Incorporation prescribes that the affirmative vote or written consent of the holders of a majority of the outstanding shares of the Class B common stock will be required to:

		
	•
	adopt or implement any stockholder rights plan or similar takeover defense measure;

		
	•
	consolidate or merge with or into any Person (as defined in the Amended and Restated Certificate of Incorporation);

		
	•
	permit any subsidiary of the Company to consolidate or merge with or into any Person, except as set forth in the Amended and Restated Certificate of Incorporation;

		
	•
	issue any stock or any stock equivalents, except as set forth in the Amended and Restated Certificate of Incorporation;

		
	•
	dissolve, liquidate or wind up the Company; and

		
	•
	undertake certain other actions. 

5Exhibit

Exhibit 10.18

VMware, Inc. 
Non-Qualified Deferred Compensation Plan
Adoption Agreement
(as Amended and Restated effective January 1, 2020)

August 2018

Table of Contents
	
			
	1.01
	Preamble
	1

	1.02
	Plan
	1

	1.03
	Plan Sponsor
	1

	1.04
	Employer
	2

	1.05
	Administrator
	2

	1.06
	Key Employee Determination Dates
	2

	2.01
	Participation
	3

	3.01
	Compensation
	4

	3.02
	Bonuses
	5

	4.01
	Participant Contributions
	6

	5.01
	Employer Contributions
	9

	6.01
	Distributions
	12

	7.01
	Vesting
	16

	8.01
	Unforeseeable Emergency
	20

	9.01
	Investment Decisions
	21

	10.01
	Trust
	22

	11.01
	Termination Upon Change In Control
	23

	11.02
	Automatic Distribution Upon Change In Control
	23

	11.03
	Change In Control
	23

	12.01
	Governing State Law
	24

	Appendix A
	26

Adoption Agreement
1.01    Preamble
By the execution of this Adoption Agreement the Plan Sponsor hereby [complete (a) or (b)]

		
	(a)
	 ̈    adopts a new plan as of [month, day, year]

		
	(b)
	x    amends and restates its existing plan as of January 1, 2020 which is the Amendment Restatement Date.  Except as otherwise provided in Appendix A, all amounts deferred under the Plan prior to the Amendment Restatement Date shall be governed by the terms of the Plan as in effect on the day before the Amendment Restatement Date.

Original Effective Date:  January 1, 2014

Pre-409A Grandfathering:     ̈ Yes    x  No

1.02    Plan
	
		
	Plan Name:
	VMware, Inc. Non-Qualified Deferred Compensation Plan

	
		
	Plan Year:
	Year ending December 31

1.03    Plan Sponsor
	
		
	Name:
	VMware, Inc.

	
		
	Mailing Address:
	3401 Hillview Avenue, Palo Alto, CA 94034

	Physical Address:
	900 Arastradero Road, Building C, Palo Alto, CA 94034

	
		
	Phone #:
	650-427-4361

	
		
	EIN #:
	94-3292913

	
		
	Fiscal Year:
	Year ending December 31

Is stock of the Plan Sponsor, any Employer or any Related Employer publicly traded on an established securities market?    x  Yes     ̈  No

1.04    Employer
The following entities have been authorized by the Plan Sponsor to participate in and have adopted the Plan [insert “Not Applicable” if none have been authorized]:

	
			
	Entity
	Publicly Traded on Est. Securities Market

	 
	Yes
	No

	Pivotal Software, Inc. (EIN 94-3094578)
	 ̈

	x

	     
	 ̈

	 ̈

	     
	 ̈

	 ̈

	     
	 ̈

	 ̈

	     
	 ̈

	 ̈

	     
	 ̈

	 ̈

	     
	 ̈

	 ̈

1.05    Administrator
The Plan Sponsor has designated the following party or parties to be responsible for the administration of the Plan:

	
		
	Name:
	Persons delegated authority by the Compensation & Corporate Governance Committee

	
		
	Address:
	     

Note:  The Administrator is the person or persons designated by the Plan Sponsor to be responsible for the administration of the Plan.  Neither Fidelity Employer Services Company nor any other Fidelity affiliate can be the Administrator.

1.06    Key Employee Determination Dates
The Employer has designated December 31 as the Identification Date for purposes of determining Key Employees.

In the absence of a designation, the Identification Date is December 31.

The Employer has designated April 1 as the effective date for purposes of applying the six month delay in distributions to Key Employees.

In the absence of a designation, the effective date is the first day of the fourth month following the Identification Date.

2.01    Participation
		
	(a)
	x    Employees [complete (i), (ii) or (iii)]

		
	(i)
	x    Eligible Employees are selected by the Employer.

		
	(ii)
	 ̈    Eligible Employees are those employees of the Employer who satisfy the following criteria:

	
	
	     

	
	
	     

	
	
	     

	
	
	     

	
	
	     

		
	(iii)
	 ̈    Employees are not eligible to participate.

		
	(b)
	x    Directors [complete (i), (ii) or (iii)]

		
	(i)
	 ̈    All Directors are eligible to participate.

		
	(ii)
	 ̈    Only Directors selected by the Employer are eligible to participate.

		
	(iii)
	x    Directors are not eligible to participate.

3.01    Compensation
For purposes of determining Participant contributions under Article 4 and Employer contributions under Article 5, Compensation shall be defined in the following manner [complete (a) or (b) and select (c) and/or (d), if applicable]:

		
	(a)
	x    Compensation is defined as:

	
	
	Base Salary, Employee Bonus Plan, Executive Bonus Plan and Commissions

	
	
	     

	
	
	     

	
	
	     

	
	
	     

	
	
	     

		
	(b)
	 ̈    Compensation as defined in [insert name of qualified plan] without regard to the limitation in Section 401(a)(17) of the Code for such Plan Year.

		
	(c)
	 ̈    Director Compensation is defined as:

	
	
	     

	
	
	     

	
	
	     

		
	(d)
	 ̈    Compensation shall, for all Plan purposes, be limited to $               .

		
	(e)
	 ̈    Not Applicable.

3.02    Bonuses
Compensation, as defined in Section 3.01 of the Adoption Agreement, includes the following type of bonuses that will be the subject of a separate deferral election:

	
			
	Type
	[Will be treated as] 
Performance Based Compensation

	 
	Yes
	No

	Employee Bonus Plan
	 ̈
	x

	Executive Bonus Plan
	 ̈
	x

	     
	 ̈
	 ̈

	     
	 ̈
	 ̈

	     
	 ̈
	 ̈

 ̈    Not Applicable.

4.01    Participant Contributions
If Participant contributions are permitted, complete (a), (b), and (c).  Otherwise complete (d).

		
	(a)
	Amount of Deferrals

A Participant may elect within the period specified in Section 4.01(b) of the Adoption Agreement to defer the following amounts of remuneration.  For each type of remuneration listed, complete “dollar amount” and/or “percentage amount”.

		
	(i)
	Compensation other than Bonuses [do not complete if you complete (iii)]

	
						
	Type of Remuneration
	Dollar Amount
	% Amount
	Increment

	Min
	Max
	Min
	Max
	 

	Base Salary
	     
	     
	5%
	75%
	1%

	Commissions
	     
	     
	5%
	100%
	1%

	 
	     
	     
	   %
	   %
	   %

Note:  The increment is required to determine the permissible deferral amounts.  For example, a minimum of 0% and maximum of 20% with a 5% increment would allow an individual to defer 0%, 5%, 10%, 15% or 20%.

		
	(ii)
	Bonuses [do not complete if you complete (iii)]

	
						
	Type of Bonus
	Dollar Amount
	% Amount
	Increment

	Min
	Max
	Min
	Max
	 

	Employee Bonus Plan
	     
	     
	5%
	100%
	1%

	Executive Bonus Plan
	     
	     
	5%
	100%
	1%

	 
	     
	     
	   %
	   %
	   %

		
	(iii)
	Compensation [do not complete if you completed (i) and (ii)]

	
					
	Dollar Amount
	% Amount
	Increment

	Min
	Max
	Min
	Max

	     
	     
	   %
	   %
	   %

		
	(iv)
	Director Compensation

	
						
	Type of Compensation
	Dollar Amount
	% Amount
	Increment

	Min
	Max
	Min
	Max
	 

	Annual Retainer
	     
	     
	   %
	   %
	   %

	Meeting Fees Other:
	     
	     
	   %
	   %
	   %

	Other:       
	     
	     
	   %
	   %
	   %

	Other:       
	     
	     
	   %
	   %
	   %

		
	(b)
	Election Period

		
	(i)
	Performance Based Compensation

A special election period

		
	 ̈
	Does

		
	x
	Does Not 

apply to each eligible type of performance based compensation referenced in Section 3.02 of the Adoption Agreement.

The special election period, if applicable, will be determined by the Employer.

		
	(ii)
	Newly Eligible Participants

An employee who is classified or designated as an Eligible Employee during a Plan Year

		
	x
	May

		
	 ̈
	May Not 

elect to defer Compensation earned during the remainder of the Plan Year by completing a deferral agreement within the 30 day period beginning on the date he is eligible to participate in the Plan.

The special election period, if applicable, will be determined by the Employer.

		
	(c)
	Revocation of Deferral Agreement

A Participant’s deferral agreement

		
	x
	Will

		
	 ̈
	Will Not 

be cancelled for the remainder of any Plan Year during which he receives a hardship distribution of elective deferrals from a qualified cash or deferred arrangement maintained by the Employer to the extent necessary to satisfy the requirements of Reg. Sec. 1.401(k)-1(d)(3).  If cancellation occurs, the Participant may resume participation in accordance with Article 4 of the Plan.

		
	(d)
	No Participant Contributions

 ̈    Participant contributions are not permitted under the Plan.

5.01    Employer Contributions
If Employer contributions are permitted, complete (a) and/or (b).  Otherwise complete (c).

(a)Matching Contributions

		
	(i)
	Amount

For each Plan Year, the Employer shall make a matching contribution on behalf of each Participant who defers Compensation for the Plan Year and satisfies the requirements of Section 5.01(a)(ii) of the Adoption Agreement equal to [complete the ones that are applicable]:

		
	(A)
	 ̈    [insert percentage]% of the Compensation the Participant has elected to defer for the Plan Year

		
	(B)
	x    An amount determined by the Employer in its sole discretion

		
	(C)
	 ̈    Matching contributions for each Participant shall be limited to $       and/or [insert percentage]% of Compensation

		
	(D)
	 ̈    Other:

	
	
	     

	
	
	     

		
	(E)
	 ̈    Not Applicable [Proceed to Section 5.01(b)]

		
	(ii)
	Eligibility for matching contribution

A Participant who defers Compensation for the Plan Year shall receive an allocation of matching contributions determined in accordance with Section 5.01(a)(i) provided he satisfies the following requirements [complete the ones that are applicable]:

		
	(A)
	 ̈    Describe requirements:

	
	
	     

	
	
	     

		
	(B)
	x    Is selected by the Employer in its sole discretion to receive an allocation of matching contributions

		
	(C)
	 ̈    No requirements

		
	(iii)
	Time of Allocation

Matching contributions, if made, shall be treated as allocated [select one]:

		
	(A)
	 ̈    As of the last day of the Plan Year

		
	(B)
	x    At such times as the Employer shall determine in its sole discretion

		
	(C)
	 ̈    At the time the Compensation on account of which the matching contribution is being made would otherwise have been paid to the Participant

		
	(D)
	 ̈    Other:

	
	
	     

	
	
	     

(b)Other Contributions

		
	(i)
	Amount

The Employer shall make a contribution on behalf of each Participant who satisfies the requirements of Section 5.01(b)(ii) equal to [complete the ones that are applicable]:

		
	(A)
	 ̈    An amount equal to [insert percentage]% of the Participant’s Compensation

		
	(B)
	x    An amount determined by the Employer in its sole discretion

		
	(C)
	 ̈    Contributions for each Participant shall be limited to $      

		
	(D)
	 ̈    Other:

	
	
	     

	
	
	     

		
	(E)
	 ̈    Not Applicable [Proceed to Section 6.01]

		
	(ii)
	Eligibility for Other Contribution

A Participant shall receive an allocation of other Employer contributions determined in accordance with Section 5.01(b)(i) for the Plan Year if he satisfies the following requirements [complete the one that is applicable]:

		
	(A)
	 ̈    Describe requirements:

	
	
	     

	
	
	     

		
	(B)
	x    Is selected by the Employer in its sole discretion to receive an allocation of other Employer contributions

		
	(C)
	 ̈    No requirements

		
	(iii)
	Time of Allocation

Employer contributions, if made, shall be treated as allocated [select one]:

		
	(A)
	 ̈    As of the last day of the Plan Year

		
	(B)
	x    At such times or times as the Employer shall determine in its sole discretion

		
	(C)
	 ̈    Other:

	
	
	     

	
	
	     

(c)No Employer Contributions

 ̈    Employer contributions are not permitted under the Plan.

6.01    Distributions
The timing and form of payment of distributions made from the Participant’s vested Account shall be made in accordance with the elections made in this Section 6.01 of the Adoption Agreement except when Section 9.6 of the Plan requires a six month delay for certain distributions to Key Employees of publicly traded companies.

		
	(a)
	Timing of Distributions

		
	(i)
	All distributions shall commence in accordance with the following [choose one]:

		
	(A)
	 ̈    As soon as administratively feasible following the distribution event but in no event later than the time prescribed by Treas. Reg. Sec. 1.409A-3(d).

		
	(B)
	 ̈    Monthly on specified day [insert day]

		
	(C)
	 ̈    Annually on specified month and day [insert month and day] 

		
	(D)
	x    Calendar quarter on specified month and day  1st  business day of 1st month of quarter; 

		
	(ii)
	The timing of distributions as determined in Section 6.01(a)(i) shall be modified by the adoption of:

		
	(A)
	x    Event Delay – Distribution events other than those based on Specified Date or Specified Age will be treated as not having occurred for six (6) months

		
	(B)
	 ̈    Hold Until Next Year – Distribution events other than those based on Specified Date or Specified Age will be treated as not having occurred for twelve months from the date of the event if payment pursuant to Section 6.01(a)(i) will thereby occur in the next calendar year or on the first payment date in the next calendar year in all other cases

		
	(C)
	 ̈    Immediate Processing – The timing method selected by the Plan Sponsor under Section 6.01(a)(i) shall be overridden for the following distribution events [insert events]:

	
	
	     

	
	
	     

		
	(D)
	 ̈    Not applicable

		
	(b)
	Distribution Events

Participants may elect the following payment events and the associated form or forms of payment.  If multiple events are selected, the earliest to occur will trigger payment.  For installments, insert the range of available periods (e.g., 5-15) or insert the periods available (e.g., 5, 7, 9).

	
			
	 
	Lump Sum
	Installments

	 
	 
	 

	(i)    x   Specified Date
	x
	5, 11 or 15 years

	 
	 
	 

	(ii)     ̈  Specified Age
	 ̈
	      years

	 
	 
	 

	(iii)    x   Separation from Service
	x
	5, 11 or 15 years

	 
	 
	 

	(iv)     ̈   Separation from Service plus 6 months
	 ̈
	      years

	 
	 
	 

	(v)     ̈   Separation from Service plus      months [not to exceed      months]
	 ̈
	      years

	 
	 
	 

	(vi)     ̈  Retirement
	 ̈
	      years

	 
	 
	 

	(vii)     ̈ Retirement plus 6 months
	 ̈
	      years

	 
	 
	 

	(viii)     ̈ Retirement plus      months
	 ̈
	      years

	 
	 
	 

	(ix)     ̈    Disability
	 ̈
	      years

	 
	 
	 

	(x)      ̈ Death
	 ̈
	      years

	 
	 
	 

	(xi)     ̈ Change in Control
	 ̈
	      years

The minimum deferral period for Specified Date or Specified Age event shall be three (3) years.

Installments may be paid [select each that applies]

 ̈    Monthly

 ̈    Quarterly

x    Annually

		
	(c)
	Specified Date and Specified Age elections may not extend beyond age Not applicable.

		
	(d)
	Payment Election Override

Payment of the remaining vested balance of the Participant’s Account will automatically occur at the time specified in Section 6.01(a) of the Adoption Agreement in the form indicated upon the earliest to occur of the following events [check each event that applies and for each event include only a single form of payment]:

	
			
	Events
	Form of Payment

	 
	Lump Sum
	Installments

	 
	 
	 

	   ̈ Separation from Service
	 ̈
	_____

	 
	 
	 

	   ̈ Separation from Service before Retirement
	 ̈
	_____

	 
	 
	 

	  x Death
	x
	_____

	 
	 
	 

	  x Disability
	x
	_____

	 
	 
	 

	   ̈ Not Applicable
	 ̈
	_____

		
	(e)
	Involuntary Cashouts

		
	x
	If the Participant’s vested Account at the time of his Separation from Service does not exceed $50,000, distribution of the vested Account shall automatically be made in the form of a single lump sum in accordance with Section 9.5 of the Plan.

		
	 ̈
	There are no involuntary cashouts.

		
	(f)
	Retirement

		
	 ̈
	Retirement shall be defined as a Separation from Service that occurs on or after the Participant [insert description of requirements]:

	
	
	     

	
	
	     

		
	x
	No special definition of Retirement applies.

		
	(g)
	Distribution Election Change

A Participant

		
	x
	Shall

		
	 ̈
	Shall Not 

be permitted to modify a scheduled distribution date and/or payment option in accordance with Section 9.2 of the Plan.

A Participant shall generally be permitted to elect such modification two (2) number of times.

Administratively, allowable distribution events will be modified to reflect all options necessary to fulfill the distribution change election provision.

		
	(h)
	Frequency of Elections

The Plan Sponsor

		
	x
	Has

		
	 ̈
	Has Not 

elected to permit annual elections of a time and form of payment for amounts deferred under the Plan.  If a single election of a time and/or form of payment is required, the Participant will make such election at the time he first completes a deferral agreement which, in all cases, will be no later than the time required by Reg. Sec. 1.409A-2.

7.01    Vesting
		
	(a)
	Matching Contributions

The Participant’s vested interest in the amount credited to his Account attributable to matching contributions shall be based on the following schedule:

	
				
	 ̈
	Years of Service
	Vesting %
	 

	 
	 
	 
	 

	 
	0
	   %
	[insert “100” if there is immediate vesting]

	 
	 
	 
	 

	 
	1
	   %
	 

	 
	 
	 
	 

	 
	2
	   %
	 

	 
	 
	 
	 

	 
	3
	   %
	 

	 
	 
	 
	 

	 
	4
	   %
	 

	 
	 
	 
	 

	 
	5
	   %
	 

	 
	 
	 
	 

	 
	6
	   %
	 

	 
	 
	 
	 

	 
	7
	   %
	 

	 
	 
	 
	 

	 
	8
	   %
	 

	 
	 
	 
	 

	 
	9
	   %
	 

		
	x
	Other:

	
	
	As determined by the Administrator

	
	
	     

		
	 ̈
	Class year vesting applies:

	
	
	     

		
	 ̈
	Not applicable.

		
	(b)
	Other Employer Contributions

The Participant’s vested interest in the amount credited to his Account attributable to Employer contributions other than matching contributions shall be based on the following schedule:

	
				
	 ̈
	Years of Service
	Vesting %
	 

	 
	 
	 
	 

	 
	0
	   %
	[insert “100” if there is immediate vesting]

	 
	 
	 
	 

	 
	1
	   %
	 

	 
	 
	 
	 

	 
	2
	   %
	 

	 
	 
	 
	 

	 
	3
	   %
	 

	 
	 
	 
	 

	 
	4
	   %
	 

	 
	 
	 
	 

	 
	5
	   %
	 

	 
	 
	 
	 

	 
	6
	   %
	 

	 
	 
	 
	 

	 
	7
	   %
	 

	 
	 
	 
	 

	 
	8
	   %
	 

	 
	 
	 
	 

	 
	9
	   %
	 

		
	x
	Other:

	
	
	As determined by the Administrator

	
	
	     

		
	 ̈
	Class year vesting applies:

	
	
	     

		
	 ̈
	Not applicable.

		
	(c)
	Acceleration of Vesting

The Participant’s vested interest in his Account will automatically be 100% upon the occurrence of the following events [select the ones that are applicable]:

		
	(i)
	 ̈    Death.

		
	(ii)
	 ̈    Disability.

		
	(iii)
	 ̈    Change in Control.

		
	(iv)
	 ̈    Eligibility for Retirement.

		
	(v)
	x    Other:

	
	
	As determined by the Administrator

	
	
	     

		
	(vi)
	 ̈    Not applicable.

		
	(d)
	Years of Service

		
	(i)
	A Participant’s Years of Service shall include all service performed for the Employer and

		
	 ̈
	Shall

		
	x
	Shall Not

include service performed for the Related Employer.

		
	(ii)
	Years of Service shall also include service performed for the following entities:

	
	
	     

	
	
	     

	
	
	     

	
	
	     

	
	
	     

		
	(iii)
	Years of Service shall be determined in accordance with [select one]:

		
	(A)
	 ̈    The elapsed time method in Treas. Reg. Sec. 1.410(a)-7

		
	(B)
	 ̈    The general method in DOL Reg. Sec. 2530.200b-1 through b-4

		
	(C)
	 ̈    Participant’s Years of Service credited under:

	
	
	[insert name of plan]

		
	(D)
	x    Other:

	
	
	As determined by the Administrator

	
	
	     

	
	
	     

	
	
	     

		
	(iv)
	 ̈    Not applicable.

8.01    Unforeseeable Emergency
		
	(a)
	A withdrawal due to an Unforeseeable Emergency as defined in Section 2.24:

		
	x
	Will

		
	 ̈
	Will Not [if Unforeseeable Emergency withdrawals are not permitted, proceed to Section 9.01]

be allowed.

		
	(b)
	Upon a withdrawal due to an Unforeseeable Emergency, a Participant’s deferral election for the remainder of the Plan Year:

		
	x
	Will

		
	 ̈
	Will Not

be cancelled.  If cancellation occurs, the Participant may resume participation in accordance with Article 4 of the Plan.

9.01    Investment Decisions
Investment decisions regarding the hypothetical amounts credited to a Participant’s Account shall be made by [select one]:

		
	(a)
	x    The Participant or his Beneficiary

		
	(b)
	 ̈    The Employer

10.01    Trust
The Employer [select one]:

x    Does

 ̈    Does Not

intend to establish a rabbi trust as provided in Article 11 of the Plan.

11.01    Termination Upon Change In Control
The Plan Sponsor

x    Reserves

 ̈    Does Not Reserves

the right to terminate the Plan and distribute all vested amounts credited to Participant Accounts upon a Change in Control as described in Section 9.7.

11.02    Automatic Distribution Upon Change In Control
Distribution of the remaining vested balance of each Participant’s Account

 ̈    Shall

x    Shall Not

automatically be paid as a lump sum payment upon the occurrence of a Change in Control as provided in Section 9.7.

11.03    Change In Control
A Change in Control for Plan purposes includes the following [select each definition that applies]:

		
	(a)
	x    A change in the ownership of the Employer as described in Section 9.7(c) of the Plan.

		
	(b)
	x    A change in the effective control of the Employer as described in Section 9.7(d) of the Plan.

		
	(c)
	x    A change in the ownership of a substantial portion of the assets of the Employer as described in Section 9.7(e) of the Plan.

		
	(d)
	 ̈    Not Applicable.

12.01    Governing State Law
The laws of California shall apply in the administration of the Plan to the extent not preempted by ERISA.

 

Execution Page

The Plan Sponsor has caused this Adoption Agreement to be executed this 14th day of January, 2020.

	
		
	Plan Sponsor:
	VMware, Inc.

	By:
	/s/ Shannon Daly

	Title:
	Senior Director, Global Benefits

Appendix A
Special Effective Dates
Not Applicable

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