Document:

EX-10.1

 Exhibit 10.1 

SECOND AMENDED AND RESTATED 

TAX SHARING AGREEMENT 
 by
and among 
 DELL TECHNOLOGIES INC. 

AND ITS AFFILIATES, 

EMC CORPORATION 
 AND
ITS AFFILIATES 
 and 

VMWARE, INC. 
 AND ITS
AFFILIATES, 
 Dated 

December 30, 2019 

 SECOND AMENDED AND RESTATED TAX SHARING AGREEMENT 

THIS SECOND AMENDED AND RESTATED TAX SHARING AGREEMENT (this “Agreement”) dated as of December 30, 2019 (the
“Amendment Date”) is entered into by and among Dell Technologies Inc. (f/k/a Denali Holding Inc.), a Delaware corporation (“Dell Technologies”), each Dell Technologies Affiliate (as defined below), EMC
Corporation, a Massachusetts corporation (“EMC”), each EMC Affiliate (as defined below), VMware, Inc., a Delaware corporation and an indirect subsidiary of EMC (“VMware”), and each VMware Affiliate (as defined
below). 
 RECITALS 

WHEREAS, Dell Technologies and EMC were parties to the Agreement and Plan of Merger dated as of October 12, 2015, as amended by the First
Amendment to Agreement and Plan of Merger, dated as of May 16, 2016, by and among Dell Technologies, Dell Inc., a Delaware corporation, Universal Acquisition Co., a Delaware corporation and wholly owned subsidiary of Dell Technologies, and EMC
(collectively, the “Merger Agreement”); 
 WHEREAS, at the Effective Time of the Merger (as defined in the Merger
Agreement), EMC and its direct and indirect domestic subsidiaries, including VMware and each VMware Affiliate, became members of an Affiliated Group of which Dell Technologies is the common parent corporation; 

WHEREAS, EMC and VMware are parties to that certain Tax Sharing Agreement dated August 13, 2007, as amended on January 1, 2011 (the
“Prior TSA”); 
 WHEREAS, the parties amended and restated the Prior TSA on September 6, 2016 (as amended, the
“First Amended and Restated TSA”); and 
 WHEREAS, the parties have determined that it is appropriate to amend and
restate the First Amended and Restated TSA as of the date of this Agreement as set forth in this Agreement. 
 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. 

  
 1 

 “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 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. 

“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 Dell Technologies or one or more Dell Technologies 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 Dell Technologies or one or more Dell Technologies 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 Dell Technologies or one or more Dell Technologies Affiliates in the filing of a Consolidated Return or a Combined Return; provided that no event or transaction with respect
to Pivotal that occurred before the Amendment Date shall be considered a Deconsolidation Event for purposes of this Agreement. 

“Dell Affiliated Group” means the Affiliated Group that includes the Dell Technologies Group and the VMware Group. 

“Dell Technologies Affiliate” means any corporation or other entity directly or indirectly “controlled” by Dell
Technologies 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. 

  
 2 

 “Dell Technologies Business” means all of the businesses and operations
conducted by Dell Technologies and Dell Technologies Affiliates, excluding the VMware Business, at any time. 
 “Dell Technologies
Group” means the Affiliated Group, or similar group of entities as defined under corresponding provisions of the laws of other jurisdictions, of which Dell Technologies is the common parent corporation, and any corporation or other entity
which many be, may have been or may become a member of such group from time to time, but excluding any member of the VMware Group. 

“Distribution” means any distribution by Dell Technologies or any Dell Technologies Affiliate of its issued and outstanding
shares of VMware stock (and securities, if any) that Dell Technologies holds at such time to Dell Technologies shareholders and/or securityholders or the shareholders and/or securityholders of a Dell Technologies Affiliate 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, Dell Technologies or any Dell Technologies Affiliate, and any Taxes of a Dell Technologies shareholder (or former Dell Technologies shareholder) that are required to be paid or reimbursed by Dell Technologies or any Dell
Technologies Affiliate pursuant to a legal determination, provided that Dell Technologies shall have vigorously defended itself in any legal proceeding involving Taxes of a Dell Technologies 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
(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. 
 “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. 

  
 3 

 “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. 
 “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. 

“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 Dell Technologies 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. 

“Payment Period” has the meaning set forth in Section 7.05(e) of this Agreement. 

“Pivotal” means Pivotal Software, Inc., a Delaware corporation and its subsidiaries. 

  
 4 

 “Pivotal Tax Sharing Agreement” means the Tax Sharing Agreement by and
among Dell Technologies and its Affiliates, EMC and its Affiliates, and Pivotal dated as of February 8, 2017. 
 “Post-Closing
Period” has the meaning set forth in Section 10.02. 
 “Post-Deconsolidation Period” means any taxable period
beginning after the date of a Deconsolidation Event. 
 “Pre-Closing Period” has
the meaning set forth in Section 10.02. 
 “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 Dell Technologies (or any Dell Technologies 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 Dell Technologies, its subsidiaries and shareholders to the IRS, the appendices and exhibits thereto, and any Ruling issued by the IRS to Dell Technologies (or any Dell Technologies 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. 
 “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. 
 “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. 

  
 5 

 “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 Dell Technologies 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. 

“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. 
 “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). 
 “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. 
 “VMware” has the
meaning set forth in the preamble hereto. 

  
 6 

 “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. 

“VMware Business” means the business and operations conducted by VMware and VMware Affiliates. 

“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 Separate Tax Liability” means an amount equal to the Tax liability that VMware and each VMware Affiliate that is
included in a Consolidated Return or Combined Return 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 Dell Technologies Group, for the relevant Tax period, and such amount shall be computed by Dell Technologies (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 that is included in a Consolidated Return or Combined Return attributable to any Tax period beginning on or after January 1, 2007 other than any Tax Assets of Pivotal that arose during a
Pre-Closing Period (or portion thereof); 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 Dell Technologies 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
Dell Technologies Group); provided, further, that the VMware Separate Tax Liability shall not exceed for any relevant Tax period the amount of the Tax liability VMware would have incurred had the VMware Group not been a member of the Dell Affiliated
Group for such period. For the avoidance of doubt, the VMware Separate Tax Liability shall be computed for the relevant Tax period without regard to whether or not VMware or any VMware Affiliate would be able, on a hypothetical basis separate from
the members of the Dell Technologies Group, to utilize in an earlier or later Tax period a Tax Asset resulting from such computation. 

  
 7 

 Section 2. Preparation and Filing of Tax Returns. 

2.01 Dell Technologies’ Responsibility. Subject to the other applicable provisions of this Agreement, Dell Technologies shall have
sole and exclusive responsibility for the preparation and filing of: 
 (a) all Consolidated Returns and all Combined Returns for any taxable
period; 
 (b) all Income Tax Returns (other than Consolidated Returns and Combined Returns) with respect to Dell Technologies and/or any
Dell Technologies Affiliate for any taxable period; and 
 (c) all Non-Income Tax Returns with
respect to Dell Technologies, any Dell Technologies Affiliate, or the Dell Technologies 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); 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, Dell Technologies as its sole and exclusive agent and attorney-in-fact to take such
action (including execution of documents) as Dell Technologies, 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) Dell Technologies 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 Dell Technologies, any
Dell Technologies 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

  
 8 

 
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 Dell
Technologies shall consult with VMware prior to changing any method of accounting if such action would solely impact VMware or VMware Affiliates. In the case of any Consolidated Return or Combined Return that reports a VMware Separate Tax Liability
in excess of five million dollars ($5,000,000), Dell Technologies 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 Dell
Technologies’ 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 Dell Technologies 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,
Dell Technologies and VMware shall jointly retain a nationally recognized accounting firm that is mutually agreed upon by Dell Technologies and VMware (the “Independent Accountant”) to determine whether the proposed reporting of
Dell Technologies or VMware is more appropriate. If Dell Technologies 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 Dell Technologies 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, Dell Technologies 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 Dell Technologies 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 Dell Technologies and VMware. The fees and expenses incurred in retaining the Independent Accountant shall be borne equally by Dell Technologies 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 Dell Technologies’ internal tax return calendar, which will be
provided to VMware on a rolling one-year schedule, all information necessary for Dell Technologies 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. 

  
 9 

 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; 
 (b) all Taxes with respect to Tax
Returns described in Section 2.02 of this Agreement; and 
 (c) 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) or 2.02 of this Agreement) for any taxable period. 

3.02 Dell Technologies’ Liability for Taxes. Dell Technologies shall be liable for the following Taxes, and shall be entitled to
receive and retain all refunds of Taxes previously incurred by Dell Technologies, any Dell Technologies Affiliate, or the Dell Technologies 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(c) of this Agreement; and 

(c) all Taxes imposed by any Taxing Authority with respect to Dell Technologies, any Dell Technologies Affiliate, or the Dell Technologies
Business (other than in connection with the required filing of a Tax Return described in Section 2.01 of this Agreement) for any taxable period. 

3.03 Taxes, Refunds and Credits. Notwithstanding Sections 3.01 and 3.02 of this Agreement, (i) Dell Technologies shall be liable
for all Taxes incurred by any person with respect to the Dell Technologies 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. Except as otherwise expressly provided in this Agreement, nothing in this Agreement shall be construed to require compensation, by payment, credit, offset or otherwise, by Dell Technologies (or any Dell Technologies 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; provided, however, that in the event that the VMware Separate Tax Liability with respect to a particular taxable period is less than zero, Dell Technologies shall pay to
VMware an amount equal to the Tax Benefit that the Dell Technologies Group recognizes as a result of the VMware Separate Tax Liability being less than zero for such taxable period. 

  
 10 

 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. 
 3.05 Computation. Dell
Technologies 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 3A. Section 965 Toll Charge. 

Notwithstanding anything to the contrary in this Agreement, VMware’s liability for amounts pursuant to Section 965 of the Code shall
be solely governed by the Section 965 Letter Agreement dated April 1, 2019. Any Tax of Pivotal arising in connection with Section 965 shall be deemed to be attributable to a Pre-Closing Period
for purposes 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 Dell Technologies, taking into account all
reasonable suggestions made by VMware with respect thereto. 
 (b) Allocation of Tax Assets. In the case of a Deconsolidation Event,
Dell Technologies and VMware shall cooperate in determining the allocation of any Tax Assets among Dell Technologies, each Dell Technologies 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 

  
 11 

 
that incurred the cost or burden associated with the creation of such Tax Asset. For the avoidance of doubt, no Tax Asset taken into account for VMware’s benefit in determining the VMware
Separate Tax Liability for any relevant period prior to a Deconsolidation Event shall again be allocated to VMware upon a Deconsolidation Event. 

4.02 Carrybacks. 
 (a)
In General. In the case of a Deconsolidation Event, Dell Technologies agrees to pay to VMware the Tax Benefit from the use in any Pre-Deconsolidation 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 Dell Technologies or any Dell Technologies Affiliate). If subsequent to the payment by Dell
Technologies to VMware of the Tax 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 Dell Technologies 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 Dell Technologies to file an amended Tax Return or claim for refund of Income Taxes; provided, however, that Dell Technologies 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 Dell Technologies (in which event no payment shall be due from Dell Technologies to VMware in respect of such net operating losses). 

4.03 Continuing Covenants. 

(a) Generally. Each of Dell Technologies (for itself and each Dell Technologies 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. 
 (b) Actions with Respect to Pivotal. Each of Dell Technologies (for itself
and each Dell Technologies Affiliate) and VMware (for itself and each VMware Affiliate) agrees not to take, and to cause Pivotal (and its affiliates) not to take, any of the following actions without the prior written consent of Dell Technologies:
(i) the liquidation or deemed liquidation of 

  
 12 

 
Pivotal for U.S. federal income tax purposes, (ii) the transfer by Pivotal or its subsidiaries of any material amount of assets outside the ordinary course of business, (iii) the merger
of Pivotal or any subsidiary of Pivotal into any other entity, or (iv) the sale, transfer or other disposition of equity interests in Pivotal; provided, that (x) VMware shall not be required to seek Dell Technologies’ consent for any
such action if VMware determines in good faith that the risk such action would cause VMware to cease to be a member of the Dell Affiliated Group is de minimis and (y) if VMware is required to seek Dell Technologies’ consent, Dell
Technologies may not withhold such consent unless Dell Technologies determines, in its good faith sole discretion that such action could reasonably be expected to cause VMware to cease to be a member of the Dell Affiliated Group. VMware shall keep
Dell Technologies reasonably informed in advance of any non-de minimis action described in clauses (i)-(iv) of this Section 4.03(b). 

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) Dell Technologies’ Liability for Distribution Taxes.
In the event of a Distribution, notwithstanding Sections 3.01 through 3.03 of this Agreement, Dell Technologies and each Dell Technologies 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 Dell
Technologies (or any Dell Technologies Affiliate) inconsistent with any information, covenant, representation, or material related to Dell Technologies, any Dell Technologies Affiliate, or the Dell Technologies 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 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 Dell Technologies (or any Dell Technologies Affiliate) of liability under this Agreement); 

(ii) any action or omission by Dell Technologies (or any Dell Technologies 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 Dell Technologies (or any Dell Technologies Affiliate) following a Distribution; 

(iii) any acquisition of any stock or assets of Dell Technologies (or any Dell Technologies Affiliate) by one or more other persons (other
than VMware or a VMware Affiliate) prior to or following a Distribution; or 

  
 13 

 (iv) any issuance of stock by Dell Technologies (or any Dell Technologies Affiliate), or
change in ownership of stock in Dell Technologies (or any Dell Technologies 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 Dell Technologies (or any Dell Technologies 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 Dell Technologies or any Dell Technologies Affiliate) prior to or following a Distribution; or 

(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. Dell Technologies 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 Dell Technologies, 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 Dell Technologies’ ability to effectuate

  
 14 

 
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 Dell Technologies in order to
enable Dell Technologies 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) Dell Technologies Restrictions. In the event of a Distribution, Dell Technologies agrees that it will not take or fail to take, or
permit any Dell Technologies 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 Dell
Technologies (or any Dell Technologies Affiliate) or within the control of Dell Technologies 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, Dell Technologies agrees that it
will not take (and it will cause the Dell Technologies 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 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 Dell Technologies 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 Dell Technologies’ 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 Dell Technologies. The parties hereby agree that they will 

  
 15 

 
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 Dell Technologies. 

(e) VMware Cooperation. VMware agrees that, at the request of Dell Technologies, VMware shall cooperate fully with Dell Technologies 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. Dell Technologies will advise VMware in writing of the decrease in Dell Technologies earnings and profits or
the earnings and profits of a Dell Technologies Affiliate attributable to a Distribution under section 312(h) of the Code on or before the first anniversary of a Distribution; provided, however, that Dell Technologies shall provide
VMware with estimates of such amounts (determined in accordance with past practice) prior to such anniversary as reasonably requested by VMware. 

Section 6. Indemnification. 
 6.01
In General. Dell Technologies and each member of the Dell Technologies 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 Dell Technologies or any Dell Technologies 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 Dell Technologies, any Dell Technologies 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 Dell
Technologies, each Dell Technologies 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. 

  
 16 

 6.02 Inaccurate or Incomplete Information. Dell Technologies and each member of the
Dell Technologies 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 Dell Technologies or any Dell Technologies 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 Dell Technologies, each Dell Technologies 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 Dell Technologies or any Dell Technologies 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 Dell Technologies, any Dell Technologies 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 Dell Technologies
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. If the VMware Separate Tax
Liability for such taxable period is less than zero, then Dell Technologies shall pay to VMware an amount equal to the Tax Benefit that the Dell Technologies Group anticipates it will recognize for the entire year as a result of the VMware Separate
Tax Liability being less than zero for such taxable period. Not later than seven (7) days prior to each such Estimated Tax Installment Date, Dell Technologies 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 receipt of any VMware Separate Tax Liability computation pursuant to Section 3.05 of this Agreement, VMware shall pay to Dell
Technologies, or Dell Technologies shall pay to VMware, as appropriate, an amount equal to the difference, if any, between the (i) VMware Separate Tax Liability and (ii) the amount equal to (A) the aggregate amount paid by VMware to
Dell Technologies with respect to such period under Section 7.01 of this Agreement minus (B) the aggregate amounts paid by Dell Technologies to VMware with respect to such period under Section 7.01 of this Agreement. 

  
 17 

 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, Dell Technologies 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 Dell Technologies, or Dell Technologies 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 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 (iii) 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.

 (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. 

  
 18 

 (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 Section 2.01 of
this Agreement, Dell Technologies and (ii) with respect to Tax Returns described in Section 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 Dell Technologies, any Dell Technologies 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. 

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. 

  
 19 

 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, Dell Technologies shall have the exclusive right, in its sole discretion, to control, contest, and represent the interests of Dell Technologies, any Dell Technologies 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 Dell Technologies 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. Dell Technologies’ 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, Dell Technologies 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 Dell Technologies that it can satisfy its
liability for any such Distribution Taxes. If VMware is unable to demonstrate to the reasonable satisfaction of Dell Technologies 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 Dell Technologies shall have joint control over the Audit. 

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 Dell Technologies is the common parent, Dell Technologies shall be entitled to any Tax Benefit arising by reason of (i) exercises of
Options to purchase shares of Dell Technologies stock and (ii) the lapse of any restrictions with respect to shares of Dell Technologies stock subject to a substantial risk of forfeiture (within the meaning

  
 20 

 
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 Dell Technologies stock and the lapse of any
restrictions with respect to shares of Dell Technologies 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 Dell Technologies is the common parent,
so long as Dell Technologies and/or any Dell Technologies 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 Dell Technologies stock and (ii) the lapse of any restrictions with respect to shares of Dell Technologies stock subject to a substantial risk of
forfeiture (within the meaning of section 83 of the Code) to Dell Technologies. 
 (c) The parties hereto agree that, once the shares of
VMware stock owned by Dell Technologies and any Dell Technologies Affiliates possess less than twenty percent (20%) of the total voting power of all of the issued and outstanding shares of VMware stock, then upon the exercise of any Option to
purchase shares of Dell Technologies stock by any VMware Group employee of former employee, VMware shall pay to Dell Technologies an amount equal to the excess of (i) the fair market value of such shares of Dell Technologies stock issued, over
(ii) the strike price paid by the VMware Group employee of former employee with respect thereto. 
 9.02 Notices, Withholding,
Reporting. Dell Technologies shall promptly notify VMware of any event giving rise to income to any VMware Group employees or former employees in connection with exercises of Options to purchase shares of Dell Technologies stock or the lapse of
any restrictions with respect to shares of Dell Technologies 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 Dell Technologies is entitled under Section 9.01 of this Agreement, VMware shall pay the amount of such Tax Benefit to Dell Technologies.
If Dell Technologies or any Dell Technologies 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,
Dell Technologies shall pay the amount of such Tax Benefit to VMware. 
 Section 10. Miscellaneous Provisions. 

10.01 Effectiveness. This Agreement shall become effective upon execution by the parties hereto. 

  
 21 

 10.02 Other Tax Sharing Agreements. 

(a) Previous Tax Sharing Agreements. Notwithstanding anything to the contrary contained herein (other than the first sentence of
Section 10.02(b)), (i) the Prior TSA shall continue in full force and effect with respect to taxable periods ending prior to and including the Effective Time, (ii) the First Amended and Restated TSA shall continue in full force and effect
with respect to taxable periods (or portions thereof) ending after the Effective Time and on or before the Amendment Date (“Pre-Closing Periods”) and (iii) this Agreement shall be
effective with respect to taxable periods (or portions thereof) beginning after the Amendment Date (“Post-Closing Periods”). 

(b) Pivotal Tax Sharing Agreement. Except as otherwise provided in this Agreement, the provisions of the Pivotal Tax Sharing Agreement
shall survive and remain in effect with respect to Pre-Closing Periods; provided that in the event of any conflict between the Pivotal Tax Sharing Agreements, on the one hand, and the Prior TSA, the First
Amended and Restated TSA, or this Agreement (as applicable), on the other, the provisions of the Prior TSA, the First Amended and Restated TSA, or this Agreement (as applicable) shall control, and, for the avoidance of doubt: 

(i) If any Taxes of Pivotal attributable to a Pre-Closing Period (or portion thereof) during which
Pivotal was consolidated with Dell Technologies for U.S. federal income tax purposes are paid in a Post-Closing Period, Dell Technologies shall not require Pivotal to make a payment under the Pivotal Tax Sharing Agreement in respect of such Taxes.

 (ii) If any Taxes of Pivotal attributable to a Pre-Closing Period (or portion thereof) during
which Pivotal was not consolidated with Dell Technologies for U.S. federal income tax purposes are paid in a Post-Closing Period, Dell Technologies shall pay Pivotal an amount (in cash) sufficient to put Pivotal in the same position it would have
been in had no such Tax been paid. 
 (iii) Neither Pivotal nor VMware shall be required to make any payment to Dell Technologies in respect
of Pivotal Tax Assets that Pivotal is able to use to reduce its Tax liability with respect to a Post-Closing Period during which Pivotal is not consolidated with VMware for U.S. federal income tax purposes. 

(iv) With respect to any Post-Closing Period during which Pivotal is consolidated with VMware for U.S. federal income tax purposes, the
taxable income of Pivotal will be included in, and certain Tax Assets of Pivotal will be excluded from, the calculation of VMware Separate Tax Liability, in each case as provided in (and subject to) the definition of VMware Separate Tax Liability.

 (v) With respect to any Pre-Closing Periods of Pivotal, Dell Technologies shall control Tax
Returns and Audits pursuant to Section 2 and Section 8.01 of this Agreement as if Pivotal were a Dell Technologies Affiliate for all such periods. 

  
 22 

 (vi) Notwithstanding anything in this Agreement to the contrary, there shall be no
duplication of payments with respect to Taxes or Tax benefits under this Agreement, the First Amended and Restated TSA and the Pivotal Tax Sharing Agreement. 

10.03 Cooperation and Exchange of Information. 

(a) Cooperation. VMware and Dell Technologies 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 Dell Technologies 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 Dell Technologies (or any Dell Technologies 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 Effective Time. 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. 
 10.04 Dispute Resolution. In the event that Dell
Technologies 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, Dell Technologies and VMware shall jointly retain 

  
 23 

 
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, Dell Technologies 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 Dell Technologies 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. 
 10.05 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 Dell Technologies or any Dell Technologies Affiliate, to the Vice President of Corporate Tax of Dell Technologies, with a copy to the
General Counsel of Dell Technologies, at: 
 Dell Technologies Inc. 

One Dell Way, RR1-33 

Round Rock, Texas 78682 
 Attn:
Richard Rothberg, General Counsel 
 If to VMware or any VMware Affiliate, to Vice President of Corporate Tax of VMware, with a copy to the
General Counsel of VMware, at: 
 VMware, Inc. 

3401 Hillview Avenue 
 Palo
Alto, California 94304 
 Attention: Legal Department 

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. 
 10.06 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. 

  
 24 

 (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. 

10.07 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. 

10.08 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. 
 10.09
Affiliates. Dell Technologies shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations set forth herein to be performed by any Dell Technologies 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 a Dell Technologies Affiliate
may cease to be a Dell Technologies 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 Dell Technologies Group to the shareholders of Dell Technologies, then (a) VMware shall execute a release of such Dell Technologies Affiliate from its
obligations under this Agreement effective as of such transfer provided that Dell Technologies shall have confirmed in writing its obligations and the obligations of its remaining Dell Technologies Affiliates with respect to their own obligations
and the obligations of the departing Dell Technologies Affiliate and that such departing Dell Technologies 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) Dell Technologies shall acknowledge in writing no later than thirty (30) days prior to such cessation that it shall bear one hundred percent (100%) of the liability for the obligations of Dell Technologies and each Dell Technologies
Affiliate (including the departing Dell Technologies 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 Dell Technologies an agreement in substantially the same form as set forth in Schedule 10.09 and such entity shall have all rights and obligations
of an VMware Affiliate under this Agreement. 

  
 25 

 10.10 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. 
 10.11 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 Dell Technologies (or any Dell Technologies 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. 

10.12 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 DELAWARE,
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 DELAWARE AND OF THE FEDERAL COURTS SITTING IN THE STATE OF DELAWARE, (iii) TO THE EXTENT SUCH
PARTY IS NOT OTHERWISE SUBJECT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE, HEREBY APPOINTS THE CORPORATION TRUST COMPANY, AS SUCH PARTY’S AGENT IN THE STATE OF DELAWARE 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 DELAWARE. 

10.13 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. 
 10.14 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, 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. 

  
 26 

 10.15 No Third Party Beneficiaries. This Agreement is solely for the benefit of Dell
Technologies, the Dell Technologies 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. 
 10.16 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. 
 10.17 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. 

10.18 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 Dell Technologies, Dell Technologies Affiliates, and their stockholders. Accordingly, Dell Technologies 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 Dell Technologies is entitled at law or in
equity. 
 10.19 Amendment and Modification. This Agreement may be amended, modified or supplemented only by a written agreement
signed by all of the parties hereto. 
 10.20 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. 
 10.21 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 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 

  
 27 

 
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. 

  
 28 

 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. 
  

			
	DELL TECHNOLOGIES INC.
	on behalf of itself and each of the Dell Technologies Affiliates
		
	By:	 	 /s/ Robert L. Potts

	Name:	 	Robert L. Potts
	Title:	 	Senior Vice President and Assistant Secretary
	
	EMC CORPORATION
	on behalf of itself and each of the EMC Affiliates
		
	By:	 	 /s/ Robert L. Potts

	Name:	 	Robert L. Potts
	Title:	 	Senior Vice President and Assistant Secretary
	
	VMWARE, INC.
	on behalf of itself and each of the VMware Affiliates
		
	By:	 	 /s/ Craig Norris

	Name:	 	Craig Norris
	Title:	 	 Vice President, Deputy General Counsel and Assistant Secretary

  
 [Signature Page to Tax
Sharing Agreement] 

 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 Amended and Restated Tax Sharing Agreement, dated as of [____________], 2016, by and among Dell Technologies, each Dell Technologies Affiliate, VMware and each VMware Affiliate (as defined therein) (the
“Agreement”); and 
 WHEREAS, the undersigned, Dell Technologies 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
______________. 
  

	
	DELL TECHNOLOGIES INC.
	
	By: _____________________________
	Name: ___________________________
	Title: ____________________________
	
	VMWARE, INC.
	
	By: _____________________________
	Name: ___________________________
	Title: ____________________________
	
	[NAME]
	
	By: _____________________________
	Name: ___________________________
	Title: ____________________________Exhibit 4.1

 

APPENDIX
A

 

DOCUMENT
SECURITY SYSTEMS, INC.

2020
EMPLOYEE, DIRECTOR AND CONSULTANT EQUITY INCENTIVE PLAN

 

	 	1.	DEFINITIONS.

 

Unless
otherwise specified or unless the context otherwise requires, the following terms, as used in this Document Security Systems,
Inc. 2020 Employee, Director and Consultant Equity Incentive Plan, have the following meanings:

 

Administrator
means the Board of Directors, unless it has delegated power to act on its behalf to the Committee, in which case the Administrator
means the Committee.

 

Affiliate
means a corporation which, for purposes of Section 424 of the Code, is a parent or subsidiary of the Company, direct or indirect.

 

Agreement
means an agreement between the Company and a Participant delivered pursuant to the Plan and pertaining to a Stock Right, in
such form as the Administrator shall approve.

 

Board
of Directors means the Board of Directors of the Company.

 

Cause
means, with respect to a Participant (a) dishonesty with respect to the Company or any Affiliate, (b) insubordination, substantial
malfeasance or non-feasance of duty, (c) unauthorized disclosure of confidential information, (d) breach by a Participant of any
provision of any employment, consulting, advisory, nondisclosure, non-competition or similar agreement between the Participant
and the Company or any Affiliate, and (e) conduct substantially prejudicial to the business of the Company or any Affiliate; provided,
however, that any provision in an agreement between a Participant and the Company or an Affiliate, which contains a conflicting
definition of Cause for termination and which is in effect at the time of such termination, shall supersede this definition with
respect to that Participant. The determination of the Administrator as to the existence of Cause will be conclusive on the Participant
and the Company.

 

Code
means the United States Internal Revenue Code of 1986, as amended including any successor statute, regulation and guidance
thereto.

 

Committee
means the committee of the Board of Directors to which the Board of Directors has delegated power to act under or pursuant
to the provisions of the Plan.

 

Common
Stock means shares of the Company’s common stock, $0.02 par value per share.

 

Company
means Document Security Systems, Inc., a New York corporation.

 

Consultant
means any natural person who is an advisor or consultant that provides bona fide services to the Company or its Affiliates,
provided that such services are not in connection with the offer or sale of securities in a capital raising transaction, and do
not directly or indirectly promote or maintain a market for the Company’s or its Affiliates’ securities.

 

Disability
or Disabled means permanent and total disability as defined in Section 22(e)(3) of the Code.

 

Employee
means any employee of the Company or of an Affiliate (including, without limitation, an employee who is also serving as an
officer or director of the Company or of an Affiliate), designated by the Administrator to be eligible to be granted one or more
Stock Rights under the Plan.

 

Exchange
Act means the Securities Exchange Act of 1934, as amended.

 

Fair
Market Value of a Share of Common Stock means:

 

(1)
If the Common Stock is listed on a national securities exchange or traded in the over-the-counter market and sales prices are
regularly reported for the Common Stock, the closing or, if not applicable, the last price of the Common Stock on the composite
tape or other comparable reporting system for the trading day on the applicable date and if such applicable date is not a trading
day, the last market trading day prior to such date;

 

(2)
If the Common Stock is not traded on a national securities exchange but is traded on the over-the-counter market, if sales prices
are not regularly reported for the Common Stock for the trading day referred to in clause (1), and if bid and asked prices for
the Common Stock are regularly reported, the mean between the bid and the asked price for the Common Stock at the close of trading
in the over-the-counter market for the trading day on which Common Stock was traded on the applicable date and if such applicable
date is not a trading day, the last market trading day prior to such date; and

 

(3)
If the Common Stock is neither listed on a national securities exchange nor traded in the over-the-counter market, such value
as the Administrator, in good faith, shall determine.

 

ISO
means an option intended to qualify as an incentive stock option under Section 422 of the Code.

 

Non-Qualified
Option means an option which is not intended to qualify as an ISO.

 

Option
means an ISO or Non-Qualified Option granted under the Plan.

 

    		A-1	 

     

    

 

Participant
means an Employee, officer, director, Consultant or advisor of the Company or an Affiliate to whom one or more Stock Rights
are granted under the Plan. As used herein, “Participant” shall include “Participant’s Survivors”
where the context requires.

 

Plan
means this Document Security Systems, Inc. 2019 Employee, Director and Consultant Equity Incentive Plan.

 

Securities
Act means the Securities Act of 1933, as amended.

 

Shares
means shares of the Common Stock as to which Stock Rights have been or may be granted under the Plan or any shares of capital
stock into which the Shares are changed or for which they are exchanged within the provisions of Paragraph 3 of the Plan. The
Shares issued under the Plan may be authorized and unissued shares or shares held by the Company in its treasury, or both.

 

Stock-Based
Award means a grant by the Company under the Plan of an equity award or an equity based award which is not an Option or a
Stock Grant.

 

Stock
Grant means a grant by the Company of Shares under the Plan.

 

Stock
Right means a right to Shares or the value of Shares of the Company granted pursuant to the Plan — an ISO, a Non-Qualified
Option, a Stock Grant or a Stock-Based Award.

 

Survivor
means a deceased Participant’s legal representatives and/or any person or persons who acquired the Participant’s
rights to a Stock Right by will or by the laws of descent and distribution.

 

	 	2.	PURPOSES OF THE PLAN.

 

The
Plan is intended to encourage ownership of Shares by Employees and directors of and certain Consultants to the Company and its
Affiliates in order to attract and retain such people, to induce them to work for the benefit of the Company or of an Affiliate
and to provide additional incentive for them to promote the success of the Company or of an Affiliate. The Plan provides for the
granting of ISOs, Non-Qualified Options, Stock Grants and Stock-Based Awards.

 

	 	3.	SHARES SUBJECT TO THE PLAN.

 

(a)
The number of Shares which may be issued from time to time pursuant to this Plan shall be twenty percent (20%) of the total issued
and outstanding shares of Common Stock as of December 31, 2019, or the equivalent of such number of Shares after the Administrator,
in its sole discretion, has interpreted the effect of any stock split, stock dividend, combination, recapitalization or similar
transaction in accordance with Paragraph 24 of the Plan.

 

In
addition, on the first day of each calendar year, for a period of not more than ten (10) years, commencing January 1, 2021, or
the first business day of the calendar year if the first day of the calendar year falls on a Saturday or Sunday, the Shares available
under this Plan will automatically increase in an amount equal to the lesser of (i) five percent (5%) of the total number of shares
of Common Stock outstanding as of December 31 of the preceding fiscal year or (ii) such number of shares of Common Stock as determined
by the Board of Directors.

 

(b)
If an Option ceases to be “outstanding”, in whole or in part (other than by exercise), or if the Company shall reacquire
(at not more than its original issuance price) any Shares issued pursuant to a Stock Grant or Stock-Based Award, or if any Stock
Right expires or is forfeited, cancelled, or otherwise terminated or results in any Shares not being issued, the unissued or reacquired
Shares which were subject to such Stock Right shall again be available for issuance from time to time pursuant to this Plan. Notwithstanding
the foregoing, if a Stock Right is exercised, in whole or in part, by tender of Shares or if the Company’s or an Affiliate’s
tax withholding obligation is satisfied by withholding Shares, the number of Shares deemed to have been issued under the Plan
for purposes of the limitation set forth in Paragraph 3(a) above shall be the number of Shares that were subject to the Stock
Right or portion thereof, and not the net number of Shares actually issued. However, in the case of ISOs, the foregoing provisions
shall be subject to any limitations under the Code.

 

    		A-2	 

     

    

 

	 	4.	ADMINISTRATION OF THE PLAN.

 

The
Administrator of the Plan will be the Board of Directors, except to the extent the Board of Directors delegates its authority
to the Committee, in which case the Committee shall be the Administrator. Subject to the provisions of the Plan, the Administrator
is authorized to:

 

(a)
Interpret the provisions of the Plan and all Stock Rights and to make all rules and determinations which it deems necessary or
advisable for the administration of the Plan;

 

(b)
Determine which Employees, directors and Consultants shall be granted Stock Rights;

 

(c)
Determine the number of Shares for which a Stock Right or Stock Rights shall be granted, provided, however, that in no event shall
Stock Rights with respect to more than 20% of the total Shares available under this Plan in any fiscal year be granted to any
Participant in such fiscal year;

 

(d)
Specify the terms and conditions upon which a Stock Right or Stock Rights may be granted;

 

(e)
Amend any term or condition of any outstanding Stock Right, including, without limitation, to accelerate the vesting schedule
or extend the expiration date, provided that (i) such term or condition as amended is permitted by the Plan; (ii) any such amendment
shall not impair the rights of a Participant under any Stock Right previously granted without such Participant’s consent
or in the event of death of the Participant the Participant’s Survivors; and (iii) any such amendment shall be made only
after the Administrator determines whether such amendment would cause any adverse tax consequences to the Participant, including,
but not limited to, the annual vesting limitation contained in Section 422(d) of the Code and described in Paragraph 6(b)(iv)
below with respect to ISOs and pursuant to Section 409A of the Code; and

 

(f)
Adopt any appendices applicable to residents of any specified jurisdiction as it deems necessary or appropriate in order to comply
with or take advantage of any tax or other laws applicable to the Company, any Affiliate or to Participants or to otherwise facilitate
the administration of the Plan, which appendices may include additional restrictions or conditions applicable to Stock Rights
or Shares issuable pursuant to a Stock Right; provided, however, that all such interpretations, rules, determinations, terms and
conditions shall be made and prescribed in the context of not causing any adverse tax consequences under Section 409A of the Code
and preserving the tax status under Section 422 of the Code of those Options which are designated as ISOs. Subject to the foregoing,
the interpretation and construction by the Administrator of any provisions of the Plan or of any Stock Right granted under it
shall be final, unless otherwise determined by the Board of Directors, if the Administrator is the Committee. In addition, if
the Administrator is the Committee, the Board of Directors may take any action under the Plan that would otherwise be the responsibility
of the Committee.

 

To
the extent permitted under applicable law, the Board of Directors or the Committee may allocate all or any portion of its responsibilities
and powers to any one or more of its members and may delegate all or any portion of its responsibilities and powers to any other
person selected by it. The Board of Directors or the Committee may revoke any such allocation or delegation at any time. Notwithstanding
the foregoing, only the Board of Directors or the Committee shall be authorized to grant a Stock Right to any director of the
Company or to any “officer” of the Company as defined by Rule 16a-1 under the Exchange Act.

 

	 	5.	ELIGIBILITY FOR PARTICIPATION.

 

The
Administrator will, in its sole discretion, name the Participants in the Plan; provided, however, that each Participant must be
an Employee, director or Consultant of the Company or of an Affiliate at the time a Stock Right is granted. Notwithstanding the
foregoing, the Administrator may authorize the grant of a Stock Right to a person not then an Employee, director or Consultant
of the Company or of an Affiliate; provided, however, that the actual grant of such Stock Right shall be conditioned upon such
person becoming eligible to become a Participant at or prior to the time of the execution of the Agreement evidencing such Stock
Right. ISOs may be granted only to Employees who are deemed to be residents of the United States for tax purposes. Non-Qualified
Options, Stock Grants and Stock-Based Awards may be granted to any Employee, director or Consultant of the Company or an Affiliate.
The granting of any Stock Right to any individual shall neither entitle that individual to, nor disqualify him or her from, participation
in any other grant of Stock Rights or any grant under any other benefit plan established by the Company or any Affiliate for Employees,
directors or Consultants.

 

    		A-3	 

     

    

 

	 	6.	TERMS AND CONDITIONS OF OPTIONS.

 

Each
Option shall be set forth in writing in an Option Agreement, duly executed by the Company and, to the extent required by law or
requested by the Company, by the Participant. The Administrator may provide that Options be granted subject to such terms and
conditions, consistent with the terms and conditions specifically required under this Plan, as the Administrator may deem appropriate
including, without limitation, subsequent approval by the shareholders of the Company of this Plan or any amendments thereto.
The Option Agreements shall be subject to at least the following terms and conditions:

 

(a)
Non-Qualified Options: Each Option intended to be a Non-Qualified Option shall be subject to the terms and conditions which
the Administrator determines to be appropriate and in the best interest of the Company, subject to the following minimum standards
for any such Non-Qualified Option:

 

(i)
Exercise Price: Each Option Agreement shall state the exercise price (per share) of the Shares covered by each Option,
which exercise price shall be determined by the Administrator and shall be at least equal to the Fair Market Value per share of
Common Stock on the date of grant of the Option provided, that if the exercise price is less than Fair Market Value, the terms
of such Option must comply with the requirements of Section 409A of the Code unless granted to a Consultant to whom Section 409A
of the Code does not apply.

 

(ii)
Number of Shares: Each Option Agreement shall state the number of Shares to which it pertains.

 

(iii)
Option Periods: Each Option Agreement shall state the date or dates on which it first is exercisable and the date after
which it may no longer be exercised, and may provide that the Option rights accrue or become exercisable in installments over
a period of months or years, or upon the occurrence of certain conditions or the attainment of stated goals or events.

 

(iv)
Option Conditions: Exercise of any Option may be conditioned upon the Participant’s execution of a Share purchase
agreement in form satisfactory to the Administrator providing for certain protections for the Company and its other shareholders,
including requirements that:

 

A.
The Participant’s or the Participant’s Survivors’ right to sell or transfer the Shares may be restricted; and

 

B.
The Participant or the Participant’s Survivors may be required to execute letters of investment intent and must also acknowledge
that the Shares will bear legends noting any applicable restrictions.

 

(v)
Term of Option: Each Option shall terminate not more than ten years from the date of the grant or at such earlier time
as the Option Agreement may provide.

 

(b)
ISOs: Each Option intended to be an ISO shall be issued only to an Employee who is deemed to be a resident of the United
States for tax purposes, and shall be subject to the following terms and conditions, with such additional restrictions or changes
as the Administrator determines are appropriate but not in conflict with Section 422 of the Code and relevant regulations and
rulings of the Internal Revenue Service:

 

(i)
Minimum standards: The ISO shall meet the minimum standards required of Non-Qualified Options, as described in Paragraph
6(a) above, except clause (i) and (v) thereunder.

 

    		A-4	 

     

    

 

(ii)
Exercise Price: Immediately before the ISO is granted, if the Participant owns, directly or by reason of the applicable
attribution rules in Section 424(d) of the Code:

 

A.
10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, the exercise price
per share of the Shares covered by each ISO shall not be less than 100% of the Fair Market Value per share of the Common Stock
on the date of grant of the Option; or

 

B.
More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, the exercise price per
share of the Shares covered by each ISO shall not be less than 110% of the Fair Market Value per share of the Common Stock on
the date of grant of the Option.

 

(iii)
Term of Option: For Participants who own:

 

A.
10% or less of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate
not more than ten years from the date of the grant or at such earlier time as the Option Agreement may provide; or

 

B.
More than 10% of the total combined voting power of all classes of stock of the Company or an Affiliate, each ISO shall terminate
not more than five years from the date of the grant or at such earlier time as the Option Agreement may provide.

 

(iv)
Limitation on Yearly Exercise: The Option Agreements shall restrict the amount of ISOs which may become exercisable in
any calendar year (under this or any other ISO plan of the Company or an Affiliate) so that the aggregate Fair Market Value (determined
on the date each ISO is granted) of the stock with respect to which ISOs are exercisable for the first time by the Participant
in any calendar year does not exceed $100,000.

 

	 	7.	TERMS AND CONDITIONS OF STOCK GRANTS.

 

Each
Stock Grant to a Participant shall state the principal terms in an Agreement duly executed by the Company and, to the extent required
by law or requested by the Company, by the Participant. The Agreement shall be in a form approved by the Administrator and shall
contain terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company, subject
to the following minimum standards:

 

(a)
Each Agreement shall state the purchase price per share, if any, of the Shares covered by each Stock Grant, which purchase price
shall be determined by the Administrator but shall not be less than the minimum consideration required by the Delaware General
Corporation Law, if any, on the date of the grant of the Stock Grant;

 

(b)
Each Agreement shall state the number of Shares to which the Stock Grant pertains; and

 

(c)
Each Agreement shall include the terms of any right of the Company to restrict or reacquire the Shares subject to the Stock Grant,
including the time and events upon which such rights shall accrue and the purchase price therefor, if any.

 

	 	8.	TERMS AND CONDITIONS OF OTHER STOCK-BASED AWARDS.

 

The
Administrator shall have the right to grant other Stock-Based Awards based upon the Common Stock having such terms and conditions
as the Administrator may determine, including, without limitation, the grant of Shares based upon certain conditions, the grant
of securities convertible into Shares and the grant of stock appreciation rights, phantom stock awards or stock units. The principal
terms of each Stock-Based Award shall be set forth in an Agreement, duly executed by the Company and, to the extent required by
law or requested by the Company, by the Participant. The Agreement shall be in a form approved by the Administrator and shall
contain terms and conditions which the Administrator determines to be appropriate and in the best interest of the Company.

 

    		A-5	 

     

    

 

The
Company intends that the Plan and any Stock-Based Awards granted hereunder be exempt from the application of Section 409A of the
Code or meet the requirements of paragraphs (2), (3) and (4) of subsection (a) of Section 409A of the Code, to the extent applicable,
and be operated in accordance with Section 409A so that any compensation deferred under any Stock-Based Award (and applicable
investment earnings) shall not be included in income under Section 409A of the Code. Any ambiguities in the Plan shall be construed
to affect the intent as described in this Paragraph 8.

 

	 	9.	EXERCISE OF OPTIONS AND ISSUE OF SHARES.

 

An
Option (or any part or installment thereof) shall be exercised by giving written notice to the Company or its designee (in a form
acceptable to the Administrator, which may include electronic notice), together with provision for payment of the aggregate exercise
price in accordance with this Paragraph for the Shares as to which the Option is being exercised, and upon compliance with any
other condition(s) set forth in the Option Agreement. Such notice shall be signed by the person exercising the Option (which signature
may be provided electronically in a form acceptable to the Administrator), shall state the number of Shares with respect to which
the Option is being exercised and shall contain any representation required by the Plan or the Option Agreement. Payment of the
exercise price for the Shares as to which such Option is being exercised shall be made (a) in United States dollars in cash or
by check, or (b) at the discretion of the Administrator, through delivery of shares of Common Stock held for at least six months
(if required to avoid negative accounting treatment) having a Fair Market Value equal as of the date of the exercise to the aggregate
cash exercise price for the number of Shares as to which the Option is being exercised, or (c) at the discretion of the Administrator,
by having the Company retain from the Shares otherwise issuable upon exercise of the Option, a number of Shares having a Fair
Market Value equal as of the date of exercise to the aggregate exercise price for the number of Shares as to which the Option
is being exercised, or (d) at the discretion of the Administrator, in accordance with a cashless exercise program established
with a securities brokerage firm, and approved by the Administrator, or (e) at the discretion of the Administrator, by any combination
of (a), (b), (c), and (d) above or (f) at the discretion of the Administrator, by payment of such other lawful consideration as
the Administrator may determine. Notwithstanding the foregoing, the Administrator shall accept only such payment on exercise of
an ISO as is permitted by Section 422 of the Code.

 

The
Company shall then reasonably promptly deliver the Shares as to which such Option was exercised to the Participant (or to the
Participant’s Survivors, as the case may be). In determining what constitutes “reasonably promptly,” it is expressly
understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation
(including, without limitation, state securities or “blue sky” laws) which requires the Company to take any action
with respect to the Shares prior to their issuance. The Shares shall, upon delivery, be fully paid, non-assessable Shares.

 

	 	10.	PAYMENT
    IN CONNECTION WITH THE ISSUANCE OF STOCK GRANTS AND STOCK-BASED AWARDS AND ISSUE OF SHARES.

 

Any
Stock Grant or Stock-Based Award requiring payment of a purchase price for the Shares as to which such Stock Grant or Stock-Based
Award is being granted shall be made (a) in United States dollars in cash or by check, or (b) at the discretion of the Administrator,
through delivery of shares of Common Stock held for at least six months (if required to avoid negative accounting treatment) and
having a Fair Market Value equal as of the date of payment to the purchase price of the Stock Grant or Stock-Based Award, or (c)
at the discretion of the Administrator, by any combination of (a) and (b) above; or (d) at the discretion of the Administrator,
by payment of such other lawful consideration as the Administrator may determine.

 

The
Company shall when required by the applicable Agreement, reasonably promptly deliver the Shares as to which such Stock Grant or
Stock-Based Award was made to the Participant (or to the Participant’s Survivors, as the case may be), subject to any escrow
provision set forth in the applicable Agreement. In determining what constitutes “reasonably promptly,” it is expressly
understood that the issuance and delivery of the Shares may be delayed by the Company in order to comply with any law or regulation
(including, without limitation, state securities or “blue sky” laws) which requires the Company to take any action
with respect to the Shares prior to their issuance.

 

    		A-6	 

     

    

 

	 	11.	RIGHTS AS A SHAREHOLDER.

 

No
Participant to whom a Stock Right has been granted shall have rights as a shareholder with respect to any Shares covered by such
Stock Right except after due exercise of an Option or issuance of Shares as set forth in any Agreement, tender of the aggregate
exercise or purchase price, if any, for the Shares being purchased and registration of the Shares in the Company’s share
register in the name of the Participant.

 

	 	12.	ASSIGNABILITY AND TRANSFERABILITY OF STOCK RIGHTS.

 

By
its terms, a Stock Right granted to a Participant shall not be transferable by the Participant other than (i) by will or by the
laws of descent and distribution, or (ii) as approved by the Administrator in its discretion and set forth in the applicable Agreement
provided that no Stock Right may be transferred by a Participant for value. Notwithstanding the foregoing, an ISO transferred
except in compliance with clause (i) above shall no longer qualify as an ISO. The designation of a beneficiary of a Stock Right
by a Participant, with the prior approval of the Administrator and in such form as the Administrator shall prescribe, shall not
be deemed a transfer prohibited by this Paragraph. Except as provided above during the Participant’s lifetime a Stock Right
shall only be exercisable by or issued to such Participant (or his or her legal representative) and shall not be assigned, pledged
or hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to execution, attachment or similar
process. Any attempted transfer, assignment, pledge, hypothecation or other disposition of any Stock Right or of any rights granted
thereunder contrary to the provisions of this Plan, or the levy of any attachment or similar process upon a Stock Right, shall
be null and void.

 

	 	13.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE OTHER
THAN FOR CAUSE OR DEATH OR DISABILITY.

 

Except
as otherwise provided in a Participant’s Option Agreement, in the event of a termination of service (whether as an Employee,
director or Consultant) with the Company or an Affiliate before the Participant has exercised an Option, the following rules apply:

 

(a)
A Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate (for any reason other than
termination for Cause, Disability, or death for which events there are special rules in Paragraphs 14, 15, and 16, respectively),
may exercise any Option granted to him or her to the extent that the Option is exercisable on the date of such termination of
service, but only within such term as the Administrator has designated in a Participant’s Option Agreement.

 

(b)
Except as provided in Subparagraph (c) below, or Paragraph 15 or 16, in no event may an Option intended to be an ISO, be exercised
later than three months after the Participant’s termination of employment.

 

(c)
The provisions of this Paragraph, and not the provisions of Paragraph 15 or 16, shall apply to a Participant who subsequently
becomes Disabled or dies after the termination of employment, director status or consultancy; provided, however, in the case of
a Participant’s Disability or death within three months after the termination of employment, director status or consultancy,
the Participant or the Participant’s Survivors may exercise the Option within one year after the date of the Participant’s
termination of service, but in no event after the date of expiration of the term of the Option.

 

(d)
Notwithstanding anything herein to the contrary, if subsequent to a Participant’s termination of employment, termination
of director status or termination of consultancy, but prior to the exercise of an Option, the Administrator determines that, either
prior or subsequent to the Participant’s termination, the Participant engaged in conduct which would constitute Cause, then
such Participant shall forthwith cease to have any right to exercise any Option.

 

(e)
A Participant to whom an Option has been granted under the Plan who is absent from the Company or an Affiliate because of temporary
disability (any disability other than a Disability as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose,
shall not, during the period of any such absence, be deemed, by virtue of such absence alone, to have terminated such Participant’s
employment, director status or consultancy with the Company or with an Affiliate, except as the Administrator may otherwise expressly
provide; provided, however, that, for ISOs, any leave of absence granted by the Administrator of greater than ninety days, unless
pursuant to a contract or statute that guarantees the right to reemployment, shall cause such ISO to become a Non-Qualified Option
on the 181st day following such leave of absence.

 

    		A-7	 

     

    

 

(f)
Except as required by law or as set forth in a Participant’s Option Agreement, Options granted under the Plan shall not
be affected by any change of a Participant’s status within or among the Company and any Affiliates, so long as the Participant
continues to be an Employee, director or Consultant of the Company or any Affiliate.

 

	 	14.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR CAUSE.

 

Except
as otherwise provided in a Participant’s Option Agreement, the following rules apply if the Participant’s service
(whether as an Employee, director or Consultant) with the Company or an Affiliate is terminated for Cause prior to the time that
all his or her outstanding Options have been exercised:

 

(a)
All outstanding and unexercised Options as of the time the Participant is notified his or her service is terminated for Cause
will immediately be forfeited.

 

(b)
Cause is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary
that the Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s
termination of service but prior to the exercise of an Option, that either prior or subsequent to the Participant’s termination
the Participant engaged in conduct which would constitute Cause, then the right to exercise any Option is forfeited.

 

	 	15.	EFFECT ON OPTIONS OF TERMINATION OF SERVICE FOR DISABILITY.

 

Except
as otherwise provided in a Participant’s Option Agreement:

 

(a)
A Participant who ceases to be an Employee, director or Consultant of the Company or of an Affiliate by reason of Disability may
exercise any Option granted to such Participant:

 

(i)
To the extent that the Option has become exercisable but has not been exercised on the date of the Participant’s termination
of service due to Disability; and

 

(ii)
In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of the Participant’s
termination of service due to Disability of any additional vesting rights that would have accrued on the next vesting date had
the Participant not become Disabled. The proration shall be based upon the number of days accrued in the current vesting period
prior to the date of the Participant’s termination of service due to Disability.

 

(b)
A Disabled Participant may exercise the Option only within the period ending one year after the date of the Participant’s
termination of service due to Disability, notwithstanding that the Participant might have been able to exercise the Option as
to some or all of the Shares on a later date if the Participant had not been terminated due to Disability and had continued to
be an Employee, director or Consultant or, if earlier, within the originally prescribed term of the Option.

 

(c)
The Administrator shall make the determination both of whether Disability has occurred and the date of its occurrence (unless
a procedure for such determination is set forth in another agreement between the Company and such Participant, in which case such
procedure shall be used for such determination). If requested, the Participant shall be examined by a physician selected or approved
by the Administrator, the cost of which examination shall be paid for by the Company.

 

    		A-8	 

     

    

 

	 	16.	EFFECT ON OPTIONS OF DEATH WHILE AN EMPLOYEE, DIRECTOR
OR CONSULTANT.

 

Except
as otherwise provided in a Participant’s Option Agreement:

 

(a)
In the event of the death of a Participant while the Participant is an Employee, director or Consultant of the Company or of an
Affiliate, such Option may be exercised by the Participant’s Survivors:

 

(i)
To the extent that the Option has become exercisable but has not been exercised on the date of death; and

 

(ii)
In the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of death
of any additional vesting rights that would have accrued on the next vesting date had the Participant not died. The proration
shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of death.

 

(b)
If the Participant’s Survivors wish to exercise the Option, they must take all necessary steps to exercise the Option within
one year after the date of death of such Participant, notwithstanding that the decedent might have been able to exercise the Option
as to some or all of the Shares on a later date if he or she had not died and had continued to be an Employee, director or Consultant
or, if earlier, within the originally prescribed term of the Option.

 

	 	17.	EFFECT OF TERMINATION OF SERVICE ON STOCK GRANTS
AND STOCK-BASED AWARDS.

 

In
the event of a termination of service (whether as an Employee, director or Consultant) with the Company or an Affiliate for any
reason before the Participant has accepted a Stock Grant or a Stock-Based Award and paid the purchase price, if required, such
grant shall terminate.

 

For
purposes of this Paragraph 17 and Paragraph 18 below, a Participant to whom a Stock Grant has been issued under the Plan who is
absent from work with the Company or with an Affiliate because of temporary disability (any disability other than a Disability
as defined in Paragraph 1 hereof), or who is on leave of absence for any purpose, shall not, during the period of any such absence,
be deemed, by virtue of such absence alone, to have terminated such Participant’s employment, director status or consultancy
with the Company or with an Affiliate, except as the Administrator may otherwise expressly provide.

 

In
addition, for purposes of this Paragraph 17 and Paragraph 18 below, any change of employment or other service within or among
the Company and any Affiliates shall not be treated as a termination of employment, director status or consultancy so long as
the Participant continues to be an Employee, director or Consultant of the Company or any Affiliate.

 

	 	18.	EFFECT
    ON STOCK GRANTS OF TERMINATION OF SERVICE OTHER THAN FOR CAUSE OR DEATH OR DISABILITY.

 

Except
as otherwise provided in a Participant’s Stock Grant Agreement, in the event of a termination of service (whether as an
Employee, director or Consultant), other than termination for Cause, Disability, or death for which events there are special rules
in Paragraphs 19, 20, and 21, respectively, before all forfeiture provisions or Company rights of repurchase shall have lapsed,
then the Company shall have the right to cancel or repurchase that number of Shares subject to a Stock Grant as to which the Company’s
forfeiture or repurchase rights have not lapsed.

 

	 	19.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE
FOR CAUSE.

 

Except
as otherwise provided in a Participant’s Stock Grant Agreement, the following rules apply if the Participant’s service
(whether as an Employee, director or Consultant) with the Company or an Affiliate is terminated for Cause:

 

(a)
All Shares subject to any Stock Grant whether or not then subject to forfeiture or repurchase shall be immediately subject to
repurchase by the Company at par value.

 

(b)
Cause is not limited to events which have occurred prior to a Participant’s termination of service, nor is it necessary
that the Administrator’s finding of Cause occur prior to termination. If the Administrator determines, subsequent to a Participant’s
termination of service, that either prior or subsequent to the Participant’s termination the Participant engaged in conduct
which would constitute Cause, then all Shares subject to any Stock Grant that remained subject to forfeiture provisions or as
to which the Company had a repurchase right on the date of termination shall be immediately forfeited to the Company.

 

    		A-9	 

     

    

 

	 	20.	EFFECT ON STOCK GRANTS OF TERMINATION OF SERVICE
FOR DISABILITY.

 

Except
as otherwise provided in a Participant’s Stock Grant Agreement, the following rules apply if a Participant ceases to be
an Employee, director or Consultant of the Company or of an Affiliate by reason of Disability: to the extent the forfeiture provisions
or the Company’s rights of repurchase have not lapsed on the date of Disability, they shall be exercisable; provided, however,
that in the event such forfeiture provisions or rights of repurchase lapse periodically, such provisions or rights shall lapse
to the extent of a pro rata portion of the Shares subject to such Stock Grant through the date of Disability as would have lapsed
had the Participant not become Disabled. The proration shall be based upon the number of days accrued prior to the date of Disability.

 

The
Administrator shall make the determination both as to whether Disability has occurred and the date of its occurrence (unless a
procedure for such determination is set forth in another agreement between the Company and such Participant, in which case such
procedure shall be used for such determination). If requested, the Participant shall be examined by a physician selected or approved
by the Administrator, the cost of which examination shall be paid for by the Company.

 

	 	21.	EFFECT ON STOCK GRANTS OF DEATH WHILE AN EMPLOYEE,
DIRECTOR OR CONSULTANT.

 

Except
as otherwise provided in a Participant’s Stock Grant Agreement, the following rules apply in the event of the death of a
Participant while the Participant is an Employee, director or Consultant of the Company or of an Affiliate: to the extent the
forfeiture provisions or the Company’s rights of repurchase have not lapsed on the date of death, they shall be exercisable;
provided, however, that in the event such forfeiture provisions or rights of repurchase lapse periodically, such provisions or
rights shall lapse to the extent of a pro rata portion of the Shares subject to such Stock Grant through the date of death as
would have lapsed had the Participant not died. The proration shall be based upon the number of days accrued prior to the Participant’s
date of death.

 

	 	22.	PURCHASE FOR INVESTMENT.

 

Unless
the offering and sale of the Shares shall have been effectively registered under the Securities Act, the Company shall be under
no obligation to issue Shares under the Plan unless and until the following conditions have been fulfilled:

 

(a)
The person who receives a Stock Right shall warrant to the Company, prior to the receipt of Shares, that such person is acquiring
such Shares for his or her own account, for investment, and not with a view to, or for sale in connection with, the distribution
of any such Shares, in which event the person acquiring such Shares shall be bound by the provisions of the following legend (or
a legend in substantially similar form) which shall be endorsed upon the certificate evidencing the Shares issued pursuant to
such exercise or such grant:

 

“The
shares represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by any
person, including a pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective under
the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to it that an
exemption from registration under such Act is then available, and (2) there shall have been compliance with all applicable state
securities laws.”

 

(b)
At the discretion of the Administrator, the Company shall have received an opinion of its counsel that the Shares may be issued
in compliance with the Securities Act without registration thereunder.

 

	 	23.	DISSOLUTION OR LIQUIDATION OF THE COMPANY.

 

Upon
the dissolution or liquidation of the Company, all Options granted under this Plan which as of such date shall not have been exercised
and all Stock Grants and Stock-Based Awards which have not been accepted, to the extent required under the applicable Agreement,
will terminate and become null and void; provided, however, that if the rights of a Participant or a Participant’s Survivors
have not otherwise terminated and expired, the Participant or the Participant’s Survivors will have the right immediately
prior to such dissolution or liquidation to exercise or accept any Stock Right to the extent that the Stock Right is exercisable
or subject to acceptance as of the date immediately prior to such dissolution or liquidation. Upon the dissolution or liquidation
of the Company, any outstanding Stock-Based Awards shall immediately terminate unless otherwise determined by the Administrator
or specifically provided in the applicable Agreement.

 

    		A-10	 

     

    

 

	 	24.	ADJUSTMENTS.

 

Upon
the occurrence of any of the following events, a Participant’s rights with respect to any Stock Right granted to him or
her hereunder shall be adjusted as hereinafter provided, unless otherwise specifically provided in a Participant’s Agreement:

 

(a)
Stock Dividends and Stock Splits. If (i) the shares of Common Stock shall be subdivided or combined into a greater or smaller
number of shares or if the Company shall issue any shares of Common Stock as a stock dividend on its outstanding Common Stock,
or (ii) additional shares or new or different shares or other securities of the Company or other non-cash assets are distributed
with respect to such shares of Common Stock, each Stock Right and the number of shares of Common Stock deliverable thereunder
shall be appropriately increased or decreased proportionately, and appropriate adjustments shall be made including, in the exercise
or purchase price per share, to reflect such events. The number of Shares subject to the limitations in Paragraph 3(a) and 4(c)
shall also be proportionately adjusted upon the occurrence of such events.

 

(b)
Corporate Transactions. If the Company is to be consolidated with or acquired by another entity in a merger, consolidation,
or sale of all or substantially all of the Company’s assets other than a transaction to merely change the state of incorporation
(a “Corporate Transaction”), the Administrator or the board of directors of any entity assuming the obligations of
the Company hereunder (the “Successor Board”), shall, as to outstanding Options, either (i) make appropriate provision
for the continuation of such Options by substituting on an equitable basis for the Shares then subject to such Options either
the consideration payable with respect to the outstanding shares of Common Stock in connection with the Corporate Transaction
or securities of any successor or acquiring entity; or (ii) upon written notice to the Participants, provide that such Options
must be exercised (either (A) to the extent then exercisable or, (B) at the discretion of the Administrator, any such Options
being made partially or fully exercisable for purposes of this Subparagraph), within a specified number of days of the date of
such notice, at the end of which period such Options which have not been exercised shall terminate whether or not vested; or (iii)
terminate such Options in exchange for payment of an amount equal to the consideration payable upon consummation of such Corporate
Transaction to a holder of the number of shares of Common Stock into which such Option would have been exercisable (either (A)
to the extent then exercisable or, (B) at the discretion of the Administrator, any such Options being made partially or fully
exercisable for purposes of this Subparagraph) less the aggregate exercise price thereof. For purposes of determining the
payments to be made pursuant to Subclause (iii) above, in the case of a Corporate Transaction the consideration for which, in
whole or in part, is other than cash, the consideration other than cash shall be valued at the fair value thereof as determined
in good faith by the Board of Directors.

 

With
respect to outstanding Stock Grants, the Administrator or the Successor Board, shall make appropriate provision for the continuation
of such Stock Grants on the same terms and conditions by substituting on an equitable basis for the Shares then subject to such
Stock Grants either the consideration payable with respect to the outstanding Shares of Common Stock in connection with the Corporate
Transaction or securities of any successor or acquiring entity. In lieu of the foregoing, in connection with any Corporate Transaction,
the Administrator may provide that, upon consummation of the Corporate Transaction, each outstanding Stock Grant shall be terminated
in exchange for payment of an amount equal to the consideration payable upon consummation of such Corporate Transaction to a holder
of the number of shares of Common Stock comprising such Stock Grant (to the extent such Stock Grant is no longer subject to any
forfeiture or repurchase rights then in effect or, at the discretion of the Administrator, all forfeiture and repurchase rights
being waived upon such Corporate Transaction).

 

In
taking any of the actions permitted under this Paragraph 24(b), the Administrator shall not be obligated by the Plan to treat
all Stock Rights, all Stock Rights held by a Participant, or all Stock Rights of the same type, identically.

 

    		A-11	 

     

    

 

(c)
Recapitalization or Reorganization. In the event of a recapitalization or reorganization of the Company other than a Corporate
Transaction pursuant to which securities of the Company or of another corporation are issued with respect to the outstanding shares
of Common Stock, a Participant upon exercising an Option or accepting a Stock Grant after the recapitalization or reorganization
shall be entitled to receive for the price paid upon such exercise or acceptance if any, the number of replacement securities
which would have been received if such Option had been exercised or Stock Grant accepted prior to such recapitalization or reorganization.

 

(d)
Adjustments to Stock-Based Awards. Upon the happening of any of the events described in Subparagraphs (a), (b) or (c) above,
any outstanding Stock-Based Award shall be appropriately adjusted to reflect the events described in such Subparagraphs. The Administrator
or the Successor Board shall determine the specific adjustments to be made under this Paragraph 24, including, but not limited
to the effect of any, Corporate Transaction and, subject to Paragraph 4, its determination shall be conclusive.

 

(e)
Modification of Options. Notwithstanding the foregoing, any adjustments made pursuant to Subparagraph (a), (b) or (c) above
with respect to Options shall be made only after the Administrator determines whether such adjustments would (i) constitute a
“modification” of any ISOs (as that term is defined in Section 424(h) of the Code) or (ii) cause any adverse tax consequences
for the holders of Options, including, but not limited to, pursuant to Section 409A of the Code. If the Administrator determines
that such adjustments made with respect to Options would constitute a modification or other adverse tax consequence, it may refrain
from making such adjustments, unless the holder of an Option specifically agrees in writing that such adjustment be made and such
writing indicates that the holder has full knowledge of the consequences of such “modification” on his or her income
tax treatment with respect to the Option. This paragraph shall not apply to the acceleration of the vesting of any ISO that would
cause any portion of the ISO to violate the annual vesting limitation contained in Section 422(d) of the Code, as described in
Paragraph 6(b)(iv).

 

	 	25.	ISSUANCES OF SECURITIES.

 

Except
as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares
of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of
shares subject to Stock Rights. Except as expressly provided herein, no adjustments shall be made for dividends paid in cash or
in property (including without limitation, securities) of the Company prior to any issuance of Shares pursuant to a Stock Right.

 

	 	26.	FRACTIONAL SHARES.

 

No
fractional shares shall be issued under the Plan and the person exercising a Stock Right shall receive from the Company cash in
lieu of such fractional shares equal to the Fair Market Value thereof.

 

	 	27.	CONVERSION OF ISOs INTO NON-QUALIFIED OPTIONS; TERMINATION
OF ISOs.

 

The
Administrator, at the written request of any Participant, may in its discretion take such actions as may be necessary to convert
such Participant’s ISOs (or any portions thereof) that have not been exercised on the date of conversion into Non-Qualified
Options at any time prior to the expiration of such ISOs, regardless of whether the Participant is an Employee of the Company
or an Affiliate at the time of such conversion. At the time of such conversion, the Administrator (with the consent of the Participant)
may impose such conditions on the exercise of the resulting Non-Qualified Options as the Administrator in its discretion may determine,
provided that such conditions shall not be inconsistent with this Plan. Nothing in the Plan shall be deemed to give any Participant
the right to have such Participant’s ISOs converted into Non-Qualified Options, and no such conversion shall occur until
and unless the Administrator takes appropriate action. The Administrator, with the consent of the Participant, may also terminate
any portion of any ISO that has not been exercised at the time of such conversion.

 

    		A-12	 

     

    

 

	 	28.	WITHHOLDING.

 

In
the event that any federal, state, or local income taxes, employment taxes, Federal Insurance Contributions Act (“F.I.C.A.”)
withholdings or other amounts are required by applicable law or governmental regulation to be withheld from the Participant’s
salary, wages or other remuneration in connection with the issuance of a Stock Right or Shares under the Plan or for any other
reason required by law, the Company may withhold from the Participant’s compensation, if any, or may require that the Participant
advance in cash to the Company, or to any Affiliate of the Company which employs or employed the Participant, the statutory minimum
amount of such withholdings unless a different withholding arrangement, including the use of shares of the Company’s Common
Stock or a promissory note, is authorized by the Administrator (and permitted by law). For purposes hereof, the fair market value
of the shares withheld for purposes of payroll withholding shall be determined in the manner set forth under the definition of
Fair Market Value provided in Paragraph 1 above, as of the most recent practicable date prior to the date of exercise. If the
Fair Market Value of the shares withheld is less than the amount of payroll withholdings required, the Participant may be required
to advance the difference in cash to the Company or the Affiliate employer. The Administrator in its discretion may condition
the exercise of an Option for less than the then Fair Market Value on the Participant’s payment of such additional withholding.

 

	 	29.	NOTICE TO COMPANY OF DISQUALIFYING DISPOSITION.

 

Each
Employee who receives an ISO must agree to notify the Company in writing immediately after the Employee makes a Disqualifying
Disposition of any Shares acquired pursuant to the exercise of an ISO. A Disqualifying Disposition is defined in Section 424(c)
of the Code and includes any disposition (including any sale or gift) of such Shares before the later of (a) two years after the
date the Employee was granted the ISO, or (b) one year after the date the Employee acquired Shares by exercising the ISO, except
as otherwise provided in Section 424(c) of the Code. If the Employee has died before such Shares are sold, these holding period
requirements do not apply and no Disqualifying Disposition can occur thereafter.

 

	 	30.	TERMINATION OF THE PLAN.

 

The
Plan will terminate on January 1, 2030, the date which is ten years from the earlier of the date of its adoption by the
Board of Directors and the date of its approval by the shareholders of the Company. The Plan may be terminated at an earlier date
by vote of the shareholders or the Board of Directors of the Company; provided, however, that any such earlier termination shall
not affect any Agreements executed prior to the effective date of such termination. Termination of the Plan shall not affect any
Stock Rights theretofore granted.

 

	 	31.	AMENDMENT OF THE PLAN AND AGREEMENTS.

 

The
Plan may be amended by the shareholders of the Company. The Plan may also be amended by the Administrator, including, without
limitation, to the extent necessary to qualify any or all outstanding Stock Rights granted under the Plan or Stock Rights to be
granted under the Plan for favorable federal income tax treatment as may be afforded incentive stock options under Section 422
of the Code (including deferral of taxation upon exercise), and to the extent necessary to qualify the Shares issuable under the
Plan for listing on any national securities exchange or quotation in any national automated quotation system of securities dealers.
In addition, if NYSE Amex amends its corporate governance rules so that such rules no longer require stockholder approval of “material
amendments” of equity compensation plans, then, from and after the effective date of such an amendment to such rules, no
amendment of the Plan which (i) materially increases the number of shares to be issued under the Plan (other than to reflect a
reorganization, stock split, merger, spin-off or similar transaction); (ii) materially increases the benefits to Participants,
including any material change to: (a) permit a repricing (or decrease in exercise price) of outstanding Options, (b) reduce the
price at which Shares or Options may be offered, or (c) extend the duration of the Plan; (iii) materially expands the class of
Participants eligible to participate in the Plan; or (iv) expands the types of awards provided under the Plan shall become effective
unless stockholder approval is obtained. Any amendment approved by the Administrator which the Administrator determines is of
a scope that requires shareholder approval shall be subject to obtaining such shareholder approval. Any modification or amendment
of the Plan shall not, without the consent of a Participant, adversely affect his or her rights under a Stock Right previously
granted to him or her. With the consent of the Participant affected, the Administrator may amend outstanding Agreements in a manner
which may be adverse to the Participant but which is not inconsistent with the Plan. In the discretion of the Administrator, outstanding
Agreements may be amended by the Administrator in a manner which is not adverse to the Participant.

 

	 	32.	EMPLOYMENT OR OTHER RELATIONSHIP.

 

Nothing
in this Plan or any Agreement shall be deemed to prevent the Company or an Affiliate from terminating the employment, consultancy
or director status of a Participant, nor to prevent a Participant from terminating his or her own employment, consultancy or director
status or to give any Participant a right to be retained in employment or other service by the Company or any Affiliate for any
period of time.

 

	 	33.	GOVERNING LAW.

 

This
Plan shall be construed and enforced in accordance with the law of the State of New York.

 

    		A-13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00303-of-00352.parquet"}]]