Document:

EX-10.4

 Exhibit 10.4 
  

 
  

DELL TECHNOLOGIES INC. 

SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT 

Dated as of December 25, 2018 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE I DEFINITIONS	  			
	 Section 1.1
	 	Definitions	  	 	2	 
	 Section 1.2
	 	General Interpretive Principles	  	 	13	 
		
	ARTICLE II REGISTRATION RIGHTS	  			
			
	 Section 2.1
	 	Automatic Shelf Registration	  	 	13	 
	 Section 2.2
	 	Holder Initiated Shelf Registration	  	 	15	 
	 Section 2.3
	 	Shelf Take-Downs	  	 	17	 
	 Section 2.4
	 	Demand Registration	  	 	22	 
	 Section 2.5
	 	Piggyback Registration	  	 	27	 
	 Section 2.6
	 	Expenses of Registration	  	 	29	 
	 Section 2.7
	 	Obligations of the Company	  	 	29	 
	 Section 2.8
	 	Indemnification	  	 	34	 
	 Section 2.9
	 	Information by Holder	  	 	37	 
	 Section 2.10
	 	Transfer of Registration Rights; Additional Holders; General Transfer Restrictions on Exercise of Rights	  	 	37	 
	 Section 2.11
	 	Delay of Registration	  	 	38	 
	 Section 2.12
	 	Limitations on Subsequent Registration Rights	  	 	38	 
	 Section 2.13
	 	Reporting	  	 	38	 
	 Section 2.14
	 	Blackout Periods	  	 	39	 
	 Section 2.15
	 	Clear Market	  	 	41	 
	 Section 2.16
	 	Discontinuance of Distributions and Use of Prospectus and Free Writing Prospectus	  	 	41	 
		
	ARTICLE III MISCELLANEOUS	  			
			
	 Section 3.1
	 	Term	  	 	42	 
	 Section 3.2
	 	Effectiveness	  	 	42	 
	 Section 3.3
	 	Further Assurances	  	 	42	 
	 Section 3.4
	 	Confidentiality	  	 	42	 
	 Section 3.5
	 	Entire Agreement	  	 	43	 
	 Section 3.6
	 	Specific Performance	  	 	43	 
	 Section 3.7
	 	Governing Law	  	 	43	 
	 Section 3.8
	 	Submissions to Jurisdictions; WAIVER OF JURY TRIALS	  	 	43	 
	 Section 3.9
	 	Obligations	  	 	45	 
	 Section 3.10
	 	Consents, Approvals and Actions	  	 	45	 
	 Section 3.11
	 	Amendment and Waiver	  	 	46	 
	 Section 3.12
	 	Binding Effect	  	 	46	 
	 Section 3.13
	 	Third Party Beneficiaries	  	 	46	 
	 Section 3.14
	 	Notices	  	 	47	 
	 Section 3.15
	 	No Third Party Liability	  	 	50	 

  
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	 Section 3.16
	 	No Partnership	  	 	50	 
	 Section 3.17
	 	Severability	  	 	50	 
	 Section 3.18
	 	Counterparts	  	 	50	 

  

  
 ii 

 DELL TECHNOLOGIES INC. 

SECOND AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

THIS SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT is made as of December 25, 2018, by and among Dell Technologies Inc., a
Delaware corporation, and each of the following (hereinafter severally referred to as a “Stockholder” and collectively referred to as the “Stockholders”): 

 

	 	(a)	 Michael S. Dell (“MD”) and Susan Lieberman Dell Separate Property Trust (collectively, the
“MD Stockholders”); 

  

	 	(b)	 MSDC Denali Investors, L.P., a Delaware limited partnership, and MSDC Denali EIV, LLC, a Delaware limited
liability company (collectively, the “MSD Partners Stockholders”); 

  

	 	(c)	 Silver Lake Partners III, L.P., a Delaware limited partnership, Silver Lake Technology Investors III, L.P., a
Delaware limited partnership, Silver Lake Partners IV, L.P., a Delaware limited partnership, Silver Lake Technology Investors IV, L.P., a Delaware limited partnership, and SLP Denali Co-Invest, L.P., a
Delaware limited partnership (collectively, the “SLP Stockholders”, and together with the MD Stockholders and the MSD Partners Stockholders, the “Sponsor Stockholders”); 

 

	 	(d)	 Venezio Investments Pte. Ltd., a Singapore corporation (the “Temasek Stockholder”);

  

	 	(e)	 the parties identified on a schedule agreed by the Company and the MD Stockholders as “Management
Stockholders” (“Management Stockholders”); and 

  

	 	(f)	 any other Person who becomes a party hereto pursuant to, and in accordance with,
Section 2.10. 

 WHEREAS, certain of the parties hereto are party to that certain Registration
Rights Agreement, dated as of October 29, 2013, as amended and restated by that certain Amended and Restated Registration Rights Agreement, dated as of September 7, 2016 (the “First Restated Agreement”); 

WHEREAS, pursuant to an Agreement and Plan of Merger, dated as of July 1, 2018 (as further amended, restated, supplemented or modified
from time to time, the “Merger Agreement”), by and between the Company and Teton Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), Merger Sub will be merged with and
into the Company (the “Merger”), with the Company as the surviving corporation; 
 WHEREAS, in connection with the
execution of the Merger Agreement and the consummation of the Merger, the Company, the MD Stockholders, the MSD Partners Stockholders and the SLP Stockholders wish to amend the First Restated Agreement to make certain changes to the rights and
obligations of the Company and the Stockholders under the First Restated Agreement; 

  
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 WHEREAS, the undersigned parties desire to amend and restate the First Restated Agreement as
set forth herein pursuant to Section 3.11 of the First Restated Agreement; 
 NOW, THEREFORE, in consideration of
the agreements and obligations set forth herein and for other good and valuable consideration, the receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree that the First Restated Agreement is, as of
the effectiveness of this Agreement pursuant to Section 3.2, amended and restated in its entirety as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1 Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

“Adverse Disclosure” means public disclosure of material non-public information which,
in the Board’s good faith judgment, after consultation with outside counsel to the Company, (i) would be required to be made in any report or Registration Statement filed with the SEC by the Company so that such report or Registration
Statement would not contain any untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) would not be required to be made at such
time but for the filing, effectiveness or continued use of such report or Registration Statement and (iii) such disclosure is not in the best interests of the Company or would materially and adversely interfere with a bona fide financing
transaction, disposition or acquisition by the Company and/or its Subsidiaries that is material to the Company and its Subsidiaries (on a consolidated basis). 

“Affiliate” means, with respect to any Person, any other Person that controls, is controlled by, or is under common control
with such Person. The term “control” means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or
otherwise. The terms “controlled” and “controlling” have meanings correlative to the foregoing. Notwithstanding the foregoing, for purposes of this Agreement, (i) the Company, its Subsidiaries and its other
controlled Affiliates (including VMware and its subsidiaries) shall not be considered Affiliates of any of the Sponsor Stockholders or any of such party’s Affiliates (other than the Company, its Subsidiaries and its other controlled
Affiliates), (ii) none of the MD Stockholders shall be considered Affiliates of the MSD Partners Stockholders and/or the SLP Stockholders, (iii) none of the MSD Partners Stockholders shall be considered Affiliates of the MD Stockholders and/or
the SLP Stockholders, (iv) none of the SLP Stockholders shall be considered Affiliates of the MSD Partners Stockholders and/or the MD Stockholders, (v) none of the Sponsor Stockholders shall be considered Affiliates of (x) any
portfolio company in which any of the Sponsor Stockholders or any of their investment fund Affiliates have made a debt or equity investment (and vice versa) or (y) any limited partners, non-managing
members or other 

  
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similar direct or indirect investors in any of the Sponsor Stockholders or their affiliated investment funds and (vi) portfolio companies of Temasek Holdings (Private) Limited
(“Temasek Holdings”) that are not under the management or control of the management team managing the Temasek Stockholder shall not be considered Affiliates of the Temasek Stockholder. 

“Agreement” means this Second Amended and Restated Registration Rights Agreement (including the schedules, annexes and
exhibits attached hereto) as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Automatic
Shelf Registration Statement” shall have the meaning set forth in Rule 405 (or any successor provision) of the Securities Act. 

“beneficial ownership” and “beneficially own” and similar terms have the meaning set forth in Rule 13d-3 under the Exchange Act; provided, however, that (i) no party hereto shall be deemed to beneficially own any Securities held by any other party hereto solely by virtue of the
provisions of this Agreement (other than this definition) and (ii) with respect to any Securities held by a party hereto that are exercisable for, convertible into or exchangeable for Shares upon delivery of consideration to the Company or any
of its Subsidiaries, such Shares shall not be deemed to be beneficially owned by such party unless, until and to the extent such Securities have been exercised, converted or exchanged and such consideration has been delivered by such party to the
Company or such Subsidiary. 
 “Blackout Period Restrictions” means (i) offering for sale, selling, pledging,
hypothecating, transferring, making any short sale of, loaning, granting any option or right to purchase of or otherwise disposing of (or entering into any transaction or device that is designed to, or could be expected to, result in the disposition
by any Person at any time in the future of) any Securities (including Securities that may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the SEC and Securities that may be issued upon exercise
of any Company Stock Options or warrants) or securities convertible into or exercisable or exchangeable for Securities, (ii) entering into any swap, hedging arrangement or other derivatives transaction with respect to any Securities (including
Securities that may be deemed to be beneficially owned by the undersigned in accordance with the rules and regulations of the SEC and Securities that may be issued upon exercise of any Company Stock Options or warrants) or securities convertible
into or exercisable or exchangeable for Securities, whether any such transaction described in clause (i) above or this clause (ii) is to be settled by delivery of Securities, in cash or otherwise, (iii) making any demand for or
exercising any right or causing to be filed a Registration Statement, including any amendments thereto, with respect to the registration of any Securities or securities convertible into or exercisable or exchangeable for Securities and/or
(iv) publicly disclosing the intention to do any of the foregoing; provided, that the foregoing shall not prohibit a Holder that has a contractual right to transfer Registrable Securities in a registered sale pursuant to this Agreement
from transferring its Registrable Securities in an applicable Underwritten Shelf Take-Down or an underwritten offering of Shares pursuant to Section 2.4 or Section 2.5. 

“Board” means the Board of Directors of the Company. 

  
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 “Business Day” means a day, other than a Saturday, Sunday or other day on
which banks located in New York, New York, Austin, Texas or San Francisco, California are authorized or required by law to close. 

“Class A Common Stock” means the Class A Common Stock, par value $0.01 per share, of the Company.

 “Class B Common Stock” means the Class B Common Stock, par value $0.01 per share, of the
Company. 
 “Class C Common Stock” means the Class C Common Stock, par value $0.01 per share, of
the Company.  
 “Class C Stockholders Agreement” means the Amended and Restated Class C
Stockholders Agreement of the Company dated as of the date hereof. 
 “Class D Common Stock” means the
Class D Common Stock, par value $0.01 per share, of the Company. 
 “Closing” has the meaning ascribed to such term in
the Merger Agreement. 
 “Closing Date” has the meaning ascribed to such term in the Merger Agreement. 

“Common Stock” means the Class A Common Stock, the Class B Common Stock, the Class C Common Stock and the
Class D Common Stock. 
 “Company” means Dell Technologies Inc. (including any of its successors by merger,
acquisition, reorganization, conversion or otherwise). 
 “Company Indemnifiable Persons” has the meaning ascribed to such
term in Section 2.8(a). 
 “Company Stock Option” means an option to subscribe for, purchase or
otherwise acquire shares of Common Stock. 
 “Control Holder” has the meaning ascribed to such term in
Section 2.7(d). 
 “Dell” means Dell Inc., a Delaware corporation. 

“Demand Delay” has the meaning ascribed to such term in Section 2.4(a)(ii). 

“Demand Initiating Sponsor Holders” has the meaning ascribed to such term in Section 2.4(a). 

“Demand Participating Sponsor Holders” has the meaning ascribed to such term in Section 2.4(a)(ii).

 “Demand Period” has the meaning ascribed to such term in Section 2.4(b). 

  
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 “Demand Registration” has the meaning ascribed to such term in
Section 2.4(a). 
 “Disabling Event” means either the death of MD, or the continuation of any
physical or mental disability or infirmity that prevents the performance of MD’s duties for a period of one hundred eighty (180) consecutive days. 

“Effectiveness Date” means the date on which the Sponsor Holders are no longer subject to any transfer restriction on the
sale of Registrable Securities pursuant to Section 2.14(a). 
 “Eligible
Non-Marketed Underwritten Shelf Take-Down Holder” means, solely in the case of a Non-Marketed Underwritten Shelf Take-Down initiated by one or more Initiating
Shelf Take-Down Holders, the SLP Holders and the MSD Partners Holders, but only for a three (3) year period following the Merger. 

“EMC” means EMC Corporation, a Massachusetts corporation (together with its successors and assigns). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations
promulgated pursuant thereto. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc. 

“First Restated Agreement” has the meaning ascribed to such term in the Recitals. 

“Free Writing Prospectus” means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating
to an offer of Registrable Securities. 
 “Holder Indemnifiable Persons” has the meaning ascribed to such term in
Section 2.8(b). 
 “Holders” means, collectively, the MD Holders, the MSD Partners Holders, the
SLP Holders and the Non-Sponsor Holders. 
 “Indemnified Party” has the meaning
ascribed to such term in Section 2.8(c). 
 “Indemnifying Party” has the meaning ascribed to such
term in Section 2.8(c). 
 “Initiating Shelf Take-Down Holder” has the meaning ascribed to such
term in Section 2.3(a). 
 “Joinder Agreement” means a joinder agreement substantially in the
form of Exhibit A attached hereto. 
 “Management Holders” means, collectively, (i) the Management Stockholders
and (ii) any designated transferees or successors of any Management Stockholders pursuant to Section 2.10(a) and Section 2.10(b) below that, in each such case, hold Registrable Securities or
Securities exercisable for or convertible into Registrable Securities. 

  
 5 

 “Management Stockholders” has the meaning ascribed to such term in the
Preamble. 
 “Management Stockholders Agreement” means the Second Amended and Restated Management Stockholders Agreement,
dated as of the date hereof, by and among the Company, the Management Stockholders party thereto, the Sponsor Stockholders party thereto and the other signatories thereto, as it may be amended from time to time. 

“Marketed Underwritten Demand Registration” means a Demand Registration, which includes a customary “road show”
(including an “electronic road show”) or other substantial marketing effort by the Company and one or more underwriters, in each case, over a period expected to exceed 48 hours. 

“Marketed Underwritten Shelf Take-Down” has the meaning ascribed to such term in Section 2.3(c)(i).

 “Marketed Underwritten Shelf Take-Down Notice” has the meaning ascribed to such term in
Section 2.3(c)(i). 
 “MD” has the meaning ascribed to such term in the Preamble. 

“MD Co-Investor” means each Person party to and identified as an “MD Co-Investor” on the signature pages of the MD Stockholders Agreement. 
 “MD
Holders” means, collectively, (i) the MD Stockholders and the MD Co-Investors and (ii) any designated transferees or successors of any MD Stockholder or MD Co-Investor pursuant to Section 2.10(a) below
that, in each such case, hold Registrable Securities or Securities exercisable or exchangeable for, or convertible into, Registrable Securities. 

“MD Stockholders” has the meaning ascribed to such term in the Preamble. 

“MD Stockholders Agreement” means the MD Stockholders Agreement, dated as of the date hereof, by and among the Company, the
MD Stockholders and certain other parties thereto, as the same may be amended from time to time. 
 “Merger” has the
meaning ascribed to such term in the Recitals 
 “Merger Agreement” has the meaning ascribed to such term in the Recitals.

 “Merger Sub” has the meaning ascribed to such term in the Recitals 

“MSD Partners Co-Investor” means each Person party to and identified as an “MSD
Partners Co-Investor” on the signature pages of the MSD Partners Stockholders Agreement. 

“MSD Partners Holders” means, collectively, (i) the MSD Partners Stockholders and the MSD Partners Co-Investors and
(ii) any designated transferees or successors of any MSD Partners Stockholder or MSD Partners Co-Investor pursuant to Section 2.10(a) below that, in each such case, hold Registrable Securities or Securities exercisable
or exchangeable for, or convertible into, Registrable Securities. 

  
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 “MSD Partners Stockholders” has the meaning ascribed to such term in the
Preamble. 
 “MSD Partners Stockholders Agreement” means the MSD Partners Stockholders Agreement, dated as of the date
hereof, by and among the Company, the MSD Partners Stockholders and certain other parties thereto, as the same may be amended from time to time. 

“Non-Marketed Underwritten Shelf Take-Down” has the meaning ascribed to such term in
Section 2.3(d)(i). 
 “Non-Marketed Underwritten Shelf Take-Down
Election Period” has the meaning ascribed to such term in Section 2.3(d)(i). 
 “Non-Marketed Underwritten Shelf Take-Down Notice” has the meaning ascribed to such term in Section 2.3(d)(i). 

“Non-Sponsor Holders” means, collectively, (i) the Management Holders,
(ii) the Temasek Holders, (iii) any Person (other than the Company or the Sponsor Holders) that becomes a party to this Agreement pursuant to Section 2.10(a) and Section 2.10(b), whether
or not such Person is an employee or consultant of the Company and/or its Subsidiaries, and (iv) any designated transferees or successors of any of the Persons in the foregoing clauses (i) through (iii) pursuant to
Section 2.10(a) and Section 2.10(b) below that, in each of the case of the foregoing clauses (i) through (iv), hold Registrable Securities or Securities exercisable or exchangeable for, or
convertible into, Registrable Securities. 
 “Permitted Transferees” has the meaning ascribed to such term in the
Management Stockholders Agreement. 
 “Permitted Temasek Transferees” shall mean: (i) Temasek Holdings and
(ii) Temasek Holdings’ direct and indirect wholly-owned subsidiaries, the boards of directors or equivalent governing bodies of which comprise solely nominees or employees of (x) Temasek Holdings, (y) Temasek Pte. Ltd. (a
wholly-owned subsidiary of Temasek Holdings) and/or (z) wholly-owned direct and indirect subsidiaries of Temasek Pte. Ltd. (other than portfolio companies). 

“Person” means an individual, any general partnership, limited partnership, limited liability company, corporation, trust,
business trust, joint stock company, joint venture, unincorporated association, cooperative or association or any other legal entity or organization of whatever nature, and shall include any successor (by merger or otherwise) of such entity, or a
government or any agency or political subdivision thereof. 
 “Priority Sell-Down” means, in connection with a registered
sale of Registrable Securities, the Registrable Securities that may be included by Holders in such registered sale, solely to the extent such Holders have the contractual right to participate in such a registered sale pursuant to the terms hereof,
shall be allocated as follows: 

  
 7 

	 	(i)	 in connection with any registered sale of Registrable Securities occurring within the three (3) year
period immediately following the Merger, each of (x) the SLP Holders (collectively), (y) the MSD Partners Holders (collectively) and (z) the Temasek Holders (collectively), shall have the right to elect to have its Registrable Securities,
measured by value, represent in the aggregate up to fifty percent (50%) (combined, allocated pro rata based on the relative number of shares of Common Stock owned by each at the applicable time) of the aggregate Registrable Securities that
the MD Holders, the MSD Partners Holders, the SLP Holders and the Temasek Holders would otherwise be entitled to sell in such registered sale of Registrable Securities; provided, that if any of the SLP Holders (collectively), the MSD Partners
Holders (collectively) or the Temasek Holders (collectively) do not elect to include in such registered sale the maximum number of Registrable Securities that they are permitted to include, the others shall be permitted to include such additional
number of Registrable Securities (allocated pro rata based on the relative number of shares of Common Stock owned by each at the applicable time) resulting in the Registrable Securities of the SLP Holders, the MSD Partners Holders and the
Temasek Holders, measured by value, representing in the aggregate fifty (50%) of the aggregate Registrable Securities that the MD Holders, the MSD Partners Holders, the SLP Holders and the Temasek Holders would otherwise be entitled to sell in such
registered sale of Registrable Securities; and 

  

	 	(ii)	 in connection with any registered sale of Registrable Securities occurring within the three (3) year
period immediately following the Merger, the MD Holders (collectively), shall have the right to elect to have their Registrable Securities, measured by value, represent in the aggregate up to fifty percent (50%) of the aggregate Registrable
Securities that the MD Holders, the MSD Partners Holders, the SLP Holders and the Temasek Holders would otherwise be entitled to sell in such registered sale of Registrable Securities, or, if the MSD Partners Holders, SLP Holders and Temasek Holders
do not exercise the right to include the full amount of Registrable Securities permitted to be included pursuant to clause (i), such greater amount remaining after taking into account Securities included pursuant to clause (i).

 “Prospectus” means the prospectus included in any Registration Statement, all amendments and
supplements to such prospectus, including post-effective amendments, and all other material incorporated by reference in such prospectus. 

“register,” “registered” and “registration” means a registration effected pursuant to a
Registration Statement in compliance with the Securities Act, and the declaration or ordering by the SEC of the effectiveness of such Registration Statement. 

“Registrable Securities” means (i) Shares held (whether now held or hereafter acquired) by a party to this Agreement
other than the Company (including any additional Non-Sponsor Holder to the extent permitted by Section 2.10(b) below) or any designated transferee or successor to the extent permitted
by Section 2.10(a) below or, without duplication, by any stockholder of the Company that holds registration or similar rights pursuant to an agreement 

  
 8 

 
between such stockholder and the Company and (ii) any Shares issued as (or as of any such date of determination then currently issuable upon the conversion or exercise of any warrant,
right or other security that is issued as) a dividend or other distribution with respect to, or in exchange or in replacement of, such Shares contemplated by the immediately foregoing clause (i) (including, without limitation, all shares of
Class C Common Stock issuable upon conversion or exchange of Class A Common Stock, Class B Common Stock or Class D Common Stock); provided, however, that (a) if such Shares are subject to one or more vesting
conditions (whether time-based, performance-based or otherwise), all such vesting conditions shall have been satisfied and such Shares must have been vested and (b) Shares shall cease to be Registrable Securities if (1) a Registration
Statement covering such Shares has been declared effective by the SEC and such Shares have been disposed of pursuant to such effective Registration Statement, (2) a Registration Statement on Form S-8 or
Form F-8 (or any successor form) covering such Shares is effective, (3) such Shares are distributed pursuant to Rule 144 or 145 promulgated under the Securities Act (or any successor rule or other
exemption from the registration requirements of the Securities Act), (4) such Shares cease to be outstanding, (5) the holder of such Shares together with its Affiliates owns less than one percent (1%) of the issued and outstanding shares of
Common Stock and all Shares held by such holder and its Affiliates can be sold during any three (3) month period without registration pursuant to Rule 144 in a single transaction without being subject to the volume limitation thereunder or
(6) such Shares shall have been otherwise transferred and such Shares may be publicly resold without registration under the Securities Act. For the avoidance of doubt, it is understood that, with respect to any Registrable Securities for which
a Holder holds vested but unexercised Company Stock Options or other Securities exercisable for, convertible into or exchangeable for Registrable Securities, to the extent that such Registrable Securities are to be sold pursuant to Article
II, such Holder must exercise the relevant Company Stock Option or other Security or exercise, convert or exchange such other relevant Security and transfer the relevant underlying Securities that are Registrable Securities (rather than the
Company Stock Option or other Security). 
 “Registration Expenses” means any and all expenses incident to the performance
by the Company of its obligations under this Agreement, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC, FINRA and, if applicable, the fees and expenses of
any “qualified independent underwriter,” as such term is defined in FINRA Rule 5121 (or any successor provision), and of its counsel, (ii) all fees and expenses of complying with any securities or blue sky laws (including fees and
disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities), (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of
printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing Prospectuses and Free Writing Prospectuses), (iv) all fees and expenses incurred in connection with the listing of
the Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (v) all applicable rating agency fees with respect to the Registrable Securities, (vi) the fees and
disbursements of (a) counsel for the Company and of its independent public accountants, including the expenses of any special audits and/or comfort letters required by or incident to such performance and compliance, (b) one legal counsel,
acting jointly for, the MD Holders and the MSD Partners Holders, (c) one legal counsel for the SLP Holders and (d) one legal counsel for the Temasek Holders, (vii) any fees and disbursements of underwriters customarily paid by the
issuers or sellers of securities, including 

  
 9 

 
liability insurance if the Company so desires or if the underwriters so require, and the reasonable fees and expenses of any special experts retained in connection with the requested
registration, but excluding underwriting discounts and commissions and transfer taxes, if any, (viii) Securities Act liability insurance or similar insurance if the Company so desires or the underwriters so require in accordance with
then-customary underwriting practice, (ix) if any of the Sponsor Holders are selling Registrable Securities pursuant to such Registration, all reasonable fees and disbursements of an accounting firm of each such Sponsor Holder, (x) any
reasonable fees and disbursements of underwriters customarily paid by issuers or sellers of securities, (xi) all fees and expenses of any special experts or other Persons retained by the Company in connection with any Registration,
(xiii) all of the Company’s internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties), (xiii) the costs and expenses of the Company relating to analyst and investor
presentations or any “road show” undertaken in connection with the registration and/or marketing of the Registrable Securities (including all travel, meals and lodging and the reasonable out-of-pocket expenses of the Holders) and (xiv) any other fees and disbursements customarily paid by the issuers of securities. 

“Registration Statement” means a registration statement filed with the SEC. 

“Rule 144” means Rule 144 (or any successor provision) under the Securities Act, as such provision is amended from time to
time. 
 “SEC” means the U. S. Securities and Exchange Commission or any successor agency. 

“Securities” means any equity securities of the Company, including any Shares, debt securities exercisable or exchangeable
for, or convertible into equity securities of the Company, or any option, warrant or other right to acquire any such equity securities or debt securities of the Company. 

“Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated
pursuant thereto. 
 “Share Equivalents” means (i) Shares (other than Shares that are subject to vesting in connection
with the continued employment with, or engagement by, the Company or any of its Subsidiaries) and (ii) Shares issuable upon exercise, conversion or exchange of any security that is currently exercisable for, convertible into or exchangeable
for, as of any such date of determination, Shares. 
 “Shares” means the shares of Common Stock of the Company and any
securities into which such shares shall have been changed, or any securities resulting from any reclassification, recapitalization or similar transactions with respect to such shares. 

“Shelf Holder” means, with respect to any Shelf Registration Statement, each Holder, including the Shelf Initiating Sponsor
Holder, if any, that has its Registrable Securities registered on such Shelf Registration Statement. 
 “Shelf Initiating Sponsor
Holders” has the meaning ascribed to such term in Section 2.2(a). 

  
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 “Shelf Participating Sponsor Holders” means, collectively, all Shelf
Holders that are Sponsor Holders. 
 “Shelf Percentage” means, with respect to any Shelf Request, the fraction, expressed
as a percentage, determined by dividing (i) the Shelf Request by (ii) the total number of Registrable Securities held by the Shelf Initiating Sponsor Holders as of the date of such Shelf Request. 

“Shelf Period” has the meaning ascribed to such term in Section 2.2(b). 

“Shelf Registration Notice” has the meaning ascribed to such term in Section 2.2(a). 

“Shelf Registration Statement” means a Registration Statement of the Company filed with the SEC on Form S-3 or Form F-3, or on Form S-1 or Form F-1(or any successor form) for an offering to be made
on a delayed or continuous basis pursuant to Rule 415 under the Securities Act (or any similar rule that may be adopted by the SEC) covering the Registrable Securities, as applicable. 

“Shelf Request” has the meaning ascribed to such term in Section 2.2(a). 

“Shelf Suspension” has the meaning ascribed to such term in Section 2.1(c). 

“Shelf Take-Down” has the meaning ascribed to such term in Section 2.3(a). 

“Shelf Take-Down Percentage” has the meaning ascribed to such term in Section 2.3(d)(i). 

“SLP Holders” means, collectively, (i) the SLP Stockholders and (ii) any designated transferees or successors of
any SLP Stockholder pursuant to Section 2.10(a) below that, in each such case, hold Registrable Securities or Securities exercisable or exchangeable for, or convertible into, Registrable Securities. 

“SLP Stockholders” has the meaning ascribed to such term in the Preamble. 

“Special Committee” has the meaning ascribed to such term in the Voting and Support Agreement. 

“Special Registration” means the registration of (i) Securities or other rights in respect thereof solely registered on
Form S-4, Form F-4, Form S-8 or Form F-8 (or any successor form) or (ii) Securities
or other rights in respect thereof to be offered to directors, employees, consultants, customers, lenders or vendors of the Company or its Subsidiaries or in connection with dividend reinvestment plans. 

“Sponsor Holder” means, collectively, the MD Holders, the MSD Partners Holders and the SLP Holders. 

“Sponsor Stockholders” has the meaning ascribed thereto in the Preamble. 

  
 11 

 “Sponsor Underwritten Offering” has the meaning ascribed to such term in
Section 2.15. 
 “Sub 10% Sponsor Holder” means, with respect to any applicable offering of
Registrable Securities, any Sponsor Holder that, together with its Affiliates, beneficially owns less than ten percent (10%) of the Common Stock that is outstanding immediately prior to such offering (calculated on a fully-diluted basis) whether or
not the Registrable Securities of such Sponsor Holder are covered by a Registration Statement filed pursuant to Section 2.1, Section 2.2, Section 2.3,
Section 2.4 and/or Section 2.5. 
 “Subsidiary” means, with respect to
any Person, any entity of which (i) a majority of the total voting power of shares of stock or equivalent ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers,
trustees or other members of the applicable governing body thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if no such
governing body exists at such entity, a majority of the total voting power of shares of stock or equivalent ownership interests of the entity is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of
that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be
allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or control the managing member or general partner of such limited liability company, partnership, association or other
business entity. Notwithstanding the foregoing, VMware and its Subsidiaries shall not be considered Subsidiaries of the Company and its Subsidiaries for so long as VMware is not a direct or indirect wholly-owned subsidiary of the Company. 

“Temasek Holders” means, collectively, (i) the Temasek Stockholder and (ii) any designated transferees or
successors of the Temasek Stockholder pursuant to Section 2.10(a) below that, in each such case, hold Registrable Securities or Securities exercisable for or convertible into Registrable Securities. 

“Temasek Stockholder” has the meaning ascribed to such term in the Preamble. 

“Third Party Holder” means any holder (other than a Holder) of Share Equivalents who exercises contractual rights to
participate in a registered offering of Shares. For the avoidance of doubt, any transferee of Registrable Securities conveyed from a Holder, as contemplated by and in accordance with Section 2.10, shall not be deemed to be
a Third Party Holder. 
 “Third Party Shelf Holder” has the meaning ascribed to such term in
Section 2.2(a). 
 “Underwritten Shelf Take-Down” has the meaning ascribed to such term in
Section 2.3(b). 
 “Underwritten Shelf Take-Down Notice” has the meaning ascribed to such term in
Section 2.3(b). 

  
 12 

 “VMware” means VMware, Inc., a Delaware corporation, together with its
successors by merger or consolidation. 
 “Voting and Support Agreement” means that certain Voting and Support Agreement,
dated as of July 1, 2018, by and among the Company, the MD Stockholders, the MSD Partners Stockholders and the SLP Stockholders. 

“Well-Known Seasoned Issuer” shall have the meaning set forth in Rule 405 (or any successor provision) of the Securities
Act. 
 Section 1.2 General Interpretive Principles. The name assigned to this Agreement and the section captions used herein
are for convenience of reference only and shall not be construed to affect the meaning, construction or effect hereof. Unless otherwise specified, the terms “hereof,” “herein” and similar terms refer to this Agreement as a whole,
and references herein to Articles or Sections refer to Articles or Sections of this Agreement. For purposes of this Agreement, the words, “include,” “includes” and “including,” when used herein, shall be deemed in each
case to be followed by the words “without limitation.” The terms “dollars” and “$” shall mean United States dollars. Except as otherwise set forth herein, Shares underlying unexercised Company Stock Options that have
been issued by the Company shall not be deemed “outstanding” for any purposes in this Agreement. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent or
interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this Agreement.
Furthermore, any rule of law or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party has no application to the parties hereto and is expressly waived. 

ARTICLE II 
 REGISTRATION
RIGHTS 
 Section 2.1 Automatic Shelf Registration. 

(a) Filing. Following the Merger, the Company shall use reasonable best efforts to (i) file a Shelf Registration Statement for a
public offering of all Registrable Securities (or such lesser amount as the Sponsor Stockholders holding Registrable Securities agree, provided, that (x) all Registrable Securities of the Management Holders must be registered under such
Shelf Registration Statement, (y) all Registrable Securities held by the Temasek Holders must be registered under such Shelf Registration Statement, and (z) upon the request of any such Sponsor Stockholder, the Company shall increase the
number of Registrable Securities registered under such Shelf Registration Statement by the amount requested by such Sponsor Stockholder (or, in the event that no Shelf Registration Statement is effective at the time of such request, shall file and
cause to become effective a Shelf Registration Statement covering such number of Registrable Securities), and this parenthetical shall apply to successive requests by Sponsor Stockholders holding Registrable Securities) pursuant to Rule 415
promulgated under the Securities Act no later than the first day on which such filing can be made with the SEC following the 150th day after the consummation of the Merger and (ii) cause such Shelf Registration Statement to become effective as
soon as possible thereafter. To the extent that the 

  
 13 

 
Company is a Well-Known Seasoned Issuer at the time of filing such Shelf Registration Statement, the Company shall designate such Shelf Registration Statement as an Automatic Shelf Registration
Statement. The Company shall use reasonable best efforts to remain a Well-Known Seasoned Issuer during the period which such Automatic Shelf Registration Statement is required to remain effective in accordance with this Agreement. The Company shall
(i) promptly (but in any event no later than ten (10) days prior to the date such Shelf Registration Statement is declared effective) give written notice of the proposed registration to all other Holders and Third Party Holders and
(ii) subject to the first sentence of this Section 2.1(a), use its reasonable best efforts to permit or facilitate the sale and distribution of all Registrable Securities under such Registration Statement as may
specified by a Holder pursuant to, and in accordance with, its rights set forth in this Agreement. 
 (b) Continued Effectiveness. The
Company shall use its reasonable best efforts to keep such Shelf Registration Statement filed pursuant to Section 2.1(a) hereof continuously effective under the Securities Act in order to permit the Prospectus or any Free
Writing Prospectus forming a part thereof to be usable by the Shelf Holders until the date as of which all Registrable Securities registered by such Shelf Registration Statement have been sold or have otherwise ceased to be Registrable Securities.
Subject to the Company’s rights under Section 2.1(c), the Company shall not be deemed to have used its reasonable best efforts to keep the Shelf Registration Statement effective during such period if the Company
voluntarily takes any action, or omits to take any commercially reasonable action, that would result in Shelf Holders not being able to offer and sell any Registrable Securities pursuant to such Shelf Registration Statement during such period,
unless such action or omission is (x) a Shelf Suspension permitted pursuant to Section 2.1(c) or (y) required by applicable law, rule or regulation. 

(c) Suspension of Filing or Registration. If the Company shall furnish to the Holders, a certificate signed by the Chief Executive
Officer or equivalent senior executive of the Company, stating that the filing, effectiveness or continued use of the Shelf Registration Statement would require the Company to make an Adverse Disclosure, then the Company shall have a period of not
more than ninety (90) days, or such longer period as the Shelf Participating Sponsor Holders shall mutually consent to in writing, within which to delay the filing or effectiveness (but not the preparation) of such Shelf Registration Statement
or, in the case of a Shelf Registration Statement that has been declared effective, to suspend the use by Shelf Holders of such Shelf Registration Statement (in each case, a “Shelf Suspension”); provided, however,
that, unless consented to in writing by the MD Holders and the SLP Holders in advance, the Company shall not be permitted to exercise more than two (2) Shelf Suspensions pursuant to this Section 2.1(c) and/or
Section 2.2(c) and/or Demand Delays pursuant to Section 2.4(a)(ii) in the aggregate, or aggregate Shelf Suspensions pursuant to this Section 2.1(c) and/or
Section 2.2(c) and/or Demand Delays pursuant to Section 2.4(a)(ii) of more than ninety (90) days, in each case, during any twelve-month (12) period. Each Shelf Holder shall keep
confidential the fact that a Shelf Suspension is in effect, the certificate referred to above and its contents for the permitted duration of the Shelf Suspension or until otherwise notified by the Company, except (A) in the case of any Shelf
Holder, for disclosure to any of such Shelf Holder’s employees, agents and professional advisers who are obligated to keep it confidential, (B) in the case of any Shelf Participating Sponsor Holder, for disclosures to the extent required
in order to comply with reporting obligations to its limited partners who have agreed to keep 

  
 14 

 
such information confidential, (C) in the case of any Temasek Holder, for disclosures to any Permitted Temasek Transferees who have agreed to keep such information confidential and
(D) as required by law, rule, regulation or legal process. In the case of a Shelf Suspension that occurs after the effectiveness of the Shelf Registration Statement, the Shelf Holders agree to suspend use of the applicable Prospectus and any
Free Writing Prospectus for the permitted duration of such Shelf Suspension in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the certificate referred to above. The Company shall
immediately notify the Shelf Holders upon the termination of any Shelf Suspension, and (i) in the case of a Shelf Registration Statement that has not been declared effective, shall promptly thereafter file the Shelf Registration Statement and
use its reasonable best efforts to have such Shelf Registration Statement declared effective under the Securities Act and (ii) in the case of an effective Shelf Registration Statement, shall, prior to the expiration of the Shelf Suspension,
(x) amend or supplement the Prospectus and any Free Writing Prospectus, if necessary, so it does not contain any untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the
statements therein not misleading and furnish to the Shelf Holders such numbers of copies of the Prospectus and any Free Writing Prospectus as so amended or supplemented as the Shelf Holders may reasonably request and (y) if applicable, cause
any post-effective amendment to the Registration Statement to become effective. The Company agrees, if necessary, to supplement or make amendments to the Shelf Registration Statement if required by the registration form used by the Company for the
Shelf Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by any of the MD Holders, the SLP Holders or Shelf Holders
of a majority of the Registrable Securities then outstanding. 
 Section 2.2 Holder Initiated Shelf Registration. 

(a) Filing. Following the Merger and at any time after the Effectiveness Date, one or more of the Sponsor Holders may deliver a written
request to the Company (the Sponsor Holders delivering such a request, the “Shelf Initiating Sponsor Holders”) to file a Shelf Registration Statement (a “Shelf Registration Notice”), and subject to the
Company’s rights under Section 2.2(c), the limitations set forth in Section 2.3, the Company shall (i) promptly (but in any event no later than ten (10) days prior to the date such
Shelf Registration Statement is declared effective) give written notice of the proposed registration to all other Holders and Third Party Holders (which such notice will include the applicable Shelf Percentage) and (ii) use its reasonable best
efforts to file as soon as possible with the SEC (and, unless otherwise agreed to by the applicable Shelf Initiating Sponsor Holder, in no event later than twenty (20) Business Days after the receipt of such Shelf Registration Notice) and cause
to be declared effective under the Securities Act as soon as possible a Shelf Registration Statement (which shall be designated by the Company as an Automatic Shelf Registration Statement if the Company is a Well-Known Seasoned Issuer at the time of
filing such Shelf Registration Statement with the SEC) as will permit or facilitate the sale and distribution of all or such portion of such Shelf Initiating Sponsor Holders’ Registrable Securities as are specified in such Shelf Registration
Notice (such portion, the “Shelf Request”), together with (x) all or such portion of the Registrable Securities of any other Holders joining in such demand as are specified in a written demand received by the Company within
five (5) days after such written notice is given (subject to the Priority Sell-Down, such amount not in any event to exceed the Shelf Percentage of the total Registrable 

  
 15 

 
Securities held by such Holder as of the date of such written notice) and (y) all or such portion of the shares of any Third Party Holder that joins in such demand pursuant to its
contractual rights to so participate (each such Third Party Holder, a “Third Party Shelf Holder”) (such amount not in any event to exceed the Shelf Percentage of the total Registrable Securities held by such Third Party Shelf Holder
as of the date of such written notice); provided, however, that if a Shelf Registration Notice is delivered prior to the Effectiveness Date, the Company shall not be obligated to file (but shall be obligated to prepare) such Shelf
Registration Statement prior to the Effectiveness Date; and provided, further, however, that if the Company is permitted by applicable law, rule or regulation to add selling stockholders to a Shelf Registration Statement without
filing a post-effective amendment, a Holder may request the inclusion of such Holder’s Registrable Securities (subject to the Priority Sell-Down, such amount not in any event to exceed the Shelf Percentage of the total Registrable Securities
held by such Holder) in such Shelf Registration Statement at any time or from time to time, and the Company shall add such Registrable Securities to the Shelf Registration Statement as promptly as reasonably practicable, and such Holder shall be
deemed a Shelf Holder. Any such request to file a Shelf Registration Statement shall not be deemed to be, for purposes of Section 2.4, a Demand Registration and shall not be subject to the limitations set forth in
Section 2.4(e). If, on the date of any such demand, the Company does not qualify to file a Shelf Registration Statement, then the provisions of Section 2.4 hereof shall apply instead of this
Section 2.2. In no event shall the Company be required to file, and maintain effectiveness pursuant to Section 2.2(b) of, more than one Shelf Registration Statement at any one time pursuant to
Section 2.1 and/or this Section 2.2. To the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, the Company shall include in such Shelf Registration
Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that
the Holders may be added to such Shelf Registration Statement at a later time through the filing of a prospectus supplement rather than a post-effective amendment. 

(b) Continued Effectiveness. The Company shall use its reasonable best efforts to keep such Shelf Registration Statement filed pursuant
to Section 2.2(a) hereof continuously effective under the Securities Act in order to permit the Prospectus or any Free Writing Prospectus forming a part thereof to be usable by the Shelf Holders until the earlier of
(i) the date as of which all Registrable Securities registered by such Shelf Registration Statement have been sold and (ii) such shorter period as the Shelf Initiating Sponsor Holders and any other Shelf Participating Sponsor Holders may
mutually determine (such period of effectiveness, the “Shelf Period”). Subject to the Company’s rights under Section 2.2(c), the Company shall not be deemed to have used its reasonable best efforts to
keep the Shelf Registration Statement effective during the Shelf Period if the Company voluntarily takes any action, or omits to take any commercially reasonable action, that would result in Shelf Holders not being able to offer and sell any
Registrable Securities pursuant to such Shelf Registration Statement during the Shelf Period, unless such action or omission is (x) a Shelf Suspension permitted pursuant to Section 2.2(c) or (y) required by
applicable law, rule or regulation. 
 (c) Suspension of Filing or Registration. If the Company shall furnish to the Shelf
Participating Sponsor Holders, a certificate signed by the Chief Executive Officer or equivalent senior executive of the Company, stating that the filing, effectiveness or continued use of the Shelf Registration Statement would require the Company
to make an Adverse 

  
 16 

 
Disclosure, then the Company shall have a period of not more than ninety (90) days or such longer period as the Shelf Participating Sponsor Holders shall mutually consent to in writing,
within which to effect a Shelf Suspension; provided, however, that, unless consented to in writing by the Shelf Participating Sponsor Holders, the Company shall not be permitted to exercise more than two (2) Shelf Suspensions
pursuant to Section 2.1(c) and/or this Section 2.2(c) and/or Demand Delays pursuant to Section 2.4(a)(ii) in the aggregate, or aggregate Shelf Suspensions pursuant to
Section 2.1(c) and/or this Section 2.2(c) and/or Demand Delays pursuant to Section 2.4(a)(ii) of more than ninety (90) days, in each case, during any twelve-month
(12) period. Each Shelf Holder shall keep confidential the fact that a Shelf Suspension is in effect, the certificate referred to above and its contents for the permitted duration of the Shelf Suspension or until otherwise notified by the
Company, except (A) in the case of any Shelf Holder, for disclosure to any of such Shelf Holder’s employees, agents and professional advisers who are obligated to keep it confidential, (B) in the case of any Shelf Participating
Sponsor Holder, for disclosures to the extent required in order to comply with reporting obligations to its limited partners who have agreed to keep such information confidential, (C) in the case of any Temasek Holder, for disclosures to any
Permitted Temasek Transferees who have agreed to keep such information confidential and (D) as required by law, rule, regulation or legal process. In the case of a Shelf Suspension that occurs after the effectiveness of the Shelf Registration
Statement, the Shelf Holders agree to suspend use of the applicable Prospectus and any Free Writing Prospectus for the permitted duration of such Shelf Suspension in connection with any sale or purchase of, or offer to sell or purchase, Registrable
Securities, upon receipt of the certificate referred to above. The Company shall immediately notify the Shelf Holders upon the termination of any Shelf Suspension, and (i) in the case of a Shelf Registration Statement that has not been declared
effective, shall promptly thereafter file the Shelf Registration Statement and use its reasonable best efforts to have such Shelf Registration Statement declared effective under the Securities Act and (ii) in the case of an effective Shelf
Registration Statement, shall, prior to the expiration of the Shelf Suspension, (x) amend or supplement the Prospectus and any Free Writing Prospectus, if necessary, so it does not contain any untrue statement of a material fact or omission to
state a material fact required to be stated therein or necessary to make the statements therein not misleading and furnish to the Shelf Holders such numbers of copies of the Prospectus and any Free Writing Prospectus as so amended or supplemented as
the Shelf Holders may reasonably request and (y) if applicable, cause any post-effective amendment to the Registration Statement to become effective. The Company agrees, if necessary, to supplement or make amendments to the Shelf Registration
Statement if required by the registration form used by the Company for the Shelf Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may
reasonably be requested by any Shelf Participating Sponsor Holder. 
 Section 2.3 Shelf Take-Downs. 

(a) Initiating Holder(s). Subject to Section 2.4(e) and Section 2.10(c), an
unlimited number of offerings or sales of Registrable Securities pursuant to a Shelf Registration Statement (each, a “Shelf Take-Down”) may be initiated by any of the Shelf Participating Sponsor Holders (each, an “Initiating
Shelf Take-Down Holder”). The offer and sale of Registrable Securities by any Shelf Holders or Third Party Shelf Holders in connection with any Shelf Take-Down shall be subject to the Priority Sell-Down, if applicable. Notwithstanding
anything herein to the contrary, no Shelf Take-Down (other than a Marketed Underwritten Shelf Take-Down) shall be deemed to be, for purposes of Section 2.4, a Demand Registration and/or subject to the limitations set forth
in Section 2.4(e). 

  
 17 

 (b) Underwritten Shelf Take-Downs. Subject to
Section 2.10(c) and, in case of Marketed Underwritten Shelf Take-Downs, Section 2.4(e), if the Initiating Shelf Take-Down Holder elects by written request to the Company (such request, an
“Underwritten Shelf Take-Down Notice”), a Shelf Take-Down shall be in the form of an underwritten offering (an “Underwritten Shelf Take-Down”) and if necessary or if requested by the Initiating Shelf Take-Down
Holders that initiated the applicable Underwritten Shelf Take-Down, the Company shall amend or supplement the Shelf Registration Statement for such purpose as soon as possible. Such Initiating Shelf Take-Down Holders that initiated the applicable
Underwritten Shelf Take-Down shall have the right to select the managing underwriter or underwriters to administer such Underwritten Shelf Take-Down; provided, that such managing underwriter or underwriters shall be reasonably acceptable to
the Company. Notwithstanding the delivery of any Underwritten Shelf Take-Down Notice, all determinations as to whether to complete any Underwritten Shelf Take-Down and as to the timing, manner, price and other terms and conditions of any
Underwritten Shelf Take-Down shall be at the sole discretion of the Initiating Shelf Take-Down Holders that initiated the applicable Underwritten Shelf Take-Down. In connection with any Underwritten Shelf Take-Down, the Company shall, together with
all participating Shelf Holders and participating Third Party Shelf Holders of Registrable Securities of the Company (if any) proposing (and permitted) to distribute their securities through such Underwritten Shelf Take-Down in accordance with this
Section 2.3, enter into an underwriting agreement in customary form (containing such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type) with the
managing underwriter or underwriters selected by the Initiating Shelf Take-Down Holders that initiated the applicable Underwritten Shelf Take-Down in accordance with this Section 2.3(b). The Shelf Participating Sponsor
Holders shall cooperate with the Company in the negotiation of such underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the form thereof. Such underwriting agreement shall contain such
representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of the Shelf Holders and Third Party Shelf Holders party thereto as are customarily made by issuers to selling stockholders in secondary
underwritten public offerings. No Shelf Holder or Third Party Shelf Holder shall be entitled to participate in an Underwritten Shelf Take-Down in accordance with this Section 2.3 unless such Shelf Holder or Third Party
Shelf Holder, as the case may be, completes and executes all questionnaires, powers of attorney, indemnities and other documents required under the terms of such underwriting agreement. All reasonable out-of-pocket costs and expenses incurred by the Initiating Shelf Take-Down Holder that initiated the applicable Underwritten Shelf Take-Down in connection with such Underwritten Shelf Take-Down (to the
extent not paid or reimbursed by Company) shall be borne on a pro rata basis in accordance with the number of Registrable Securities being sold by each of the Shelf Holders, Third Party Shelf Holders and/or the Company in such Underwritten
Shelf Take-Down. 

  
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 (c) Marketed Underwritten Shelf Take-Downs. 

(i) If the plan of distribution set forth in any Underwritten Shelf Take-Down Notice includes a customary “road show”
(including an “electronic road show”) or other substantial marketing effort by the Company and one or more underwriters, in each case, over a period expected to exceed 48 hours (a “Marketed Underwritten Shelf Take-Down”),
promptly upon delivery of such Underwritten Shelf Take-Down Notice (but in no event more than two (2) Business Days thereafter), the Company shall promptly deliver a written notice (a “Marketed Underwritten Shelf Take-Down
Notice”) of such Marketed Underwritten Shelf Take-Down to all Shelf Holders of Registrable Securities under such Shelf Registration Statement (other than the Initiating Shelf Take-Down Holders that initiated the applicable Marketed
Underwritten Shelf Take-Down), and, in each case subject to Section 2.3(c)(ii) and Section 2.10(c), the Company shall include in such Marketed Underwritten Shelf Take-Down all such Registrable
Securities of such Shelf Holders and Third Party Shelf Holders that are registered on such Shelf Registration Statement for which the Company has received written requests, which requests must specify the aggregate amount of such Registrable
Securities of such Holder to be offered and sold pursuant to such Marketed Underwritten Shelf Take-Down, for inclusion therein within two (2) Business Days after the date that such Marketed Underwritten Shelf Take-Down Notice has been
delivered. Notwithstanding the delivery of any Marketed Underwritten Shelf Take-Down Notice, all determinations as to whether to complete any Marketed Underwritten Shelf Take-Down and as to the timing, manner, price and other terms and conditions of
any Marketed Underwritten Shelf Take-Down shall be at the sole discretion of the Initiating Shelf Take-Down Holders that initiated the applicable Marketed Underwritten Shelf Take-Down. 

(ii) The right of any Shelf Holders and/or Third Party Shelf Holder to participate in a Marketed Underwritten Shelf Take-Down
shall be conditioned upon such Shelf Holder’s or Third Party Shelf Holder’s, as the case may be, compliance with the terms and conditions of Section 2.3(b) and this Section 2.3(c)(ii).
Notwithstanding anything herein to the contrary, if the managing underwriter or underwriters of a proposed underwritten offering of the Registrable Securities included in a Marketed Underwritten Shelf Take-Down shall advise the Company and the
Initiating Shelf Take-Down Holders that initiated the applicable Marketed Underwritten Shelf Take-Down that the number of securities requested to be included in such Marketed Underwritten Shelf Take-Down exceeds the number which can be sold in such
offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the Company shall so advise all Shelf Holders and Third Party Shelf Holders of
Registrable Securities that have requested to participate in such Marketed Underwritten Shelf Take-Down (other than the Initiating Shelf Take-Down Holders that initiated the applicable Marketed Underwritten Shelf Take-Down), and the number of shares
of Registrable Securities that may be included in such Marketed Underwritten Shelf Take-Down (1) first, shall be allocated pro rata among the Shelf Holders that have requested to participate in such Marketed Underwritten Shelf
Take-Down based on the relative number of Registrable Securities then held by each such Shelf Holder (provided, that any securities thereby allocated to such a Shelf Holder that exceed such Shelf Holder’s request shall be reallocated
among the remaining requesting Shelf Holders in like manner), (2) second, and only if all the securities referred to in clause (1) have been included in such registration, the number of securities that the Company proposes to include in
such registration that, in the opinion of the managing underwriter or underwriters, can be sold without having such adverse effect and (3) third, and only if all of the securities referred to in clause (2) have been included in such

  
 19 

 
registration, any other securities eligible for inclusion in such registration (including those of any Third Party Shelf Holder) that, in the opinion of the managing underwriter or underwriters,
can be sold without having such adverse effect; provided, that notwithstanding the foregoing, the shares of Registrable Securities that may be included in such Marketed Underwritten Shelf Take-Down shall be subject to the Priority Sell-Down.
No Registrable Securities excluded from a Marketed Underwritten Shelf Take-Down by reason of the managing underwriter’s or underwriters’ marketing limitation shall be included in such underwritten offering. 

(iii) Notwithstanding anything herein to the contrary, (x) each Marketed Underwritten Shelf Take-Down shall be deemed to
be, for purposes of Section 2.4, a Demand Registration effected by the Initiating Shelf Take-Down Holder that initiated such Underwritten Shelf Take-Down and shall be subject to the limitations set forth in
Section 2.4(e) and (y) a Marketed Underwritten Shelf Take-Down must reasonably be anticipated to result in a net aggregate offering price (after deduction of underwriter commissions and offering expenses) of at least
$100,000,000 (or such lesser amount constituting all remaining Registrable Securities beneficially owned by the Initiating Shelf Take-Down Holder that initiated such Marketed Underwritten Shelf Take-Down). 

(d) Non-Marketed Underwritten Shelf Take-Downs. 

(i) If the Initiating Shelf Take-Down Holders that initiated the applicable Underwritten Shelf Take-Down intend to effect a
plan of distribution pursuant to an Underwritten Shelf Take-Down that does not constitute a Marketed Underwritten Shelf Take-Down (a “Non-Marketed Underwritten Shelf Take-Down”), such
Initiating Shelf Take-Down Holders shall provide an Underwritten Shelf Take-Down Notice (a “Non-Marketed Underwritten Shelf Take-Down Notice”) of such
Non-Marketed Underwritten Shelf Take-Down to the Company and, to the extent there are any Eligible Non-Marketed Underwritten Shelf Take-Down Holders that may be
permitted to participate in such Non-Marketed Underwritten Shelf Take-Down, the Company shall immediately provide a copy of such notice to each Eligible Non-Marketed
Underwritten Shelf Take-Down Holder, in each case, as far in advance of the pricing of such Non-Marketed Underwritten Shelf Take-Down as possible. Each Non-Marketed
Underwritten Shelf Take-Down Notice shall set forth (1) the total number of Registrable Securities expected to be offered and sold in such Non-Marketed Underwritten Shelf Take-Down, (2) the expected
plan of distribution of such Non-Marketed Underwritten Shelf Take-Down, (3) the fraction, expressed as a percentage, determined by dividing the number of Registrable Securities anticipated to be sold by
the Initiating Shelf Take-Down Holders that initiated the applicable Non-Marketed Underwritten Shelf Take-Down in such Non-Marketed Underwritten Shelf Take-Down by the total number of Registrable Securities
held by such Initiating Shelf Take-Down Holders (the “Shelf Take-Down Percentage”), (4) to the extent there are any Eligible Non-Marketed Underwritten Shelf Take-Down Holders that may be
permitted to participate in such Non-Marketed Underwritten Shelf Take-Down, an invitation to each Eligible Non-Marketed Underwritten Shelf Take-Down Holder who is a
Shelf Holder of Registrable Securities under such Shelf Registration Statement to elect to include, on the same terms and conditions as the applicable 

  
 20 

 
Initiating Shelf Take-Down Holders in such Non-Marketed Underwritten Shelf Take-Down, Registrable Securities held by such Eligible Non-Marketed Underwritten Shelf Take-Down Holder (subject to the Priority Sell-Down, such amount not in any event to exceed the Shelf Take-Down Percentage of the total Registrable Securities held by such Eligible Non-Marketed Underwritten Shelf Take-Down Holder) and (5) to the extent there are any Eligible Non-Marketed Underwritten Shelf Take-Down Holders that may be permitted to
participate in such Non-Marketed Underwritten Shelf Take-Down, the action or actions required (including the timing thereof, which shall be reasonable in light of the circumstances applicable to such Non-Marketed Underwritten Shelf Take-Down) to be taken by such Eligible Non-Marketed Underwritten Shelf Take-Down Holders in connection with such Non-Marketed Underwritten Shelf Take-Down should any such Eligible Non-Marketed Underwritten Shelf Take-Down Holder elect to participate in such
Non-Marketed Underwritten Shelf Take-Down. Subject to Section 2.3(c)(ii) and Section 2.10(c), the Company shall include in such Non-Marketed Underwritten Shelf Take-Down all such Registrable Securities of such electing Eligible Non-Marketed Underwritten Shelf Take-Down Holders that are registered on
such Shelf Registration Statement for which the Company has received written requests, which requests must specify the aggregate amount of such Registrable Securities of such Eligible Non-Marketed Underwritten
Shelf Take-Down Holder to be offered and sold pursuant to such Non-Marketed Underwritten Shelf Take-Down, for inclusion therein within the time period specified in the applicable
Non-Marketed Underwritten Shelf Take-Down Notice (which time period shall be as far in advance of the pricing of such Non-Marketed Underwritten Shelf Take-Down as the
Initiating Shelf Take-Down Holders shall determine is practicable in light of the circumstances applicable to such Non-Marketed Underwritten Shelf Take-Down) (the
“Non-Marketed Underwritten Shelf Take-Down Election Period”). Notwithstanding the delivery of any Non-Marketed Underwritten Shelf Take-Down Notice, all
determinations as to whether to complete any Non-Marketed Underwritten Shelf Take-Down and as to the timing, manner, price and other terms and conditions of any
Non-Marketed Underwritten Shelf Take-Down shall be at the sole discretion of the applicable Initiating Shelf Take-Down Holders that initiated the applicable Non-Marketed
Underwritten Shelf Take-Down. 
 (ii) In the case of a Non-Marketed Underwritten
Shelf Take-Down initiated by an Initiating Shelf Take-Down Holder, in each such case, the right of any Eligible Non-Marketed Underwritten Shelf Take-Down Holder to participate in such Non-Marketed Underwritten Shelf Take-Down shall be conditioned upon such Eligible Non-Marketed Underwritten Shelf Take-Down Holder’s compliance with the terms and
conditions of Section 2.3(b) and this Section 2.3(d)(ii). Notwithstanding anything herein to the contrary, if the managing underwriter or underwriters of a proposed underwritten offering of the
Registrable Securities included in a Non-Marketed Underwritten Shelf Take-Down shall advise the Company and the Initiating Shelf Take-Down Holders that initiated the applicable
Non-Marketed Underwritten Shelf Take-Down that the number of securities requested to be included in such Non-Marketed Underwritten Shelf Take-Down exceeds the number
which can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the Company shall so advise the Initiating
Shelf Take-Down Holders that have initiated such Non-Marketed Underwritten Shelf Take-

  
 21 

 
Down and, any other Sponsor Holders and the Eligible Non-Marketed Underwritten Shelf Take-Down Holders that have the right to, and have, requested to
participate in such Non-Marketed Underwritten Shelf Take-Down, and the number of shares of Registrable Securities that may be included in such Non-Marketed Underwritten
Shelf Take-Down shall be allocated pro rata among the Shelf Take-Down Initiating Sponsor Holders that have initiated such Non-Marketed Shelf Take-Down and the Eligible
Non-Marketed Underwritten Shelf Take-Down Holders that have the right to, and have, provided the Company written requests to participate in such Non-Marketed
Underwritten Shelf Take-Down within the Non-Marketed Underwritten Shelf Take-Down Election Period based on the relative number of Registrable Securities then held by each such Holder; provided, that
notwithstanding the foregoing, the shares of Registrable Securities that may be included in such Non-Marketed Underwritten Shelf Take-Down shall be subject to the Priority Sell-Down. 

(iii) Notwithstanding anything herein to the contrary, (x) in the event that an Initiating Shelf Take-Down Holder that
initiated a Non-Marketed Underwritten Shelf Take-Down abandons or terminates such Non-Marketed Underwritten Shelf Take-Down, neither such Initiating Shelf Take-Down
Holder nor any of its Affiliates shall be permitted to initiate a Non-Marketed Underwritten Shelf Take-Down for a period of forty five (45) days following such abandonment or termination and (y) no Non-Marketed Underwritten Shelf Take-Down shall be deemed to be, for purposes of Section 2.4, a Demand Registration and/or subject to the limitations set forth in
Section 2.4(e). 
 Section 2.4 Demand Registration. 

(a) Demand for Registration. Subject to Section 2.14(a), if the Company shall receive from one or more of the
Sponsor Holders (such Sponsor Holders, the “Demand Initiating Sponsor Holders”) a written demand that the Company effect any registration (a “Demand Registration,” which term shall also include a demand for a
Marketed Underwritten Shelf Take-Down pursuant to Section 2.3(c), but shall not include a demand for a Non-Marketed Underwritten Shelf Take-Down) of Registrable Securities held by
such Sponsor Holders having a reasonably anticipated net aggregate offering price (after deduction of underwriter commissions and offering expenses) of at least $100,000,000 (or such lesser amount constituting all remaining Registrable Securities
beneficially owned by the Demand Initiating Sponsor Holders that initiated the applicable Demand Registration), the Company will: 

(i) promptly (but in any event within ten (10) days after the date a Registration Statement for such Demand Registration
is initially filed) give written notice of the proposed registration to all other Holders; and 
 (ii) use its reasonable
best efforts to effect such registration as soon as practicable as will permit or facilitate the sale and distribution of all or such portion of such Demand Initiating Sponsor Holders’ Registrable Securities as are specified in such demand,
together with all or such portion of the Registrable Securities of any other Holders joining in such demand as are specified in a written demand received by the Company within five (5) days after such written notice is given; provided,
that the Company shall not be obligated to file any Registration Statement or other disclosure 

  
 22 

 
document pursuant to this Section 2.4 (but shall be obligated to continue to prepare such Registration Statement or other disclosure document) if the Company shall
furnish to the Demand Initiating Sponsor Holders and any other Sponsor Holder participating in such Demand Registration (collectively, the “Demand Participating Sponsor Holders”) a certificate signed by the Chief Executive Officer
or equivalent senior executive of the Company, stating that the filing or effectiveness of such Registration Statement would require the Company to make an Adverse Disclosure, in which case the Company shall have an additional period (each, a
“Demand Delay”) of not more than ninety (90) days (or such longer period as may be mutually agreed upon by the Demand Participating Sponsor Holders) within which to file such Registration Statement; provided,
however, that the Company shall not exercise more than two (2) Demand Delays pursuant to this Section 2.4(a)(ii) and/or Shelf Suspensions pursuant to Section 2.1(c) and/or
Section 2.2(c) in the aggregate, or aggregate Demand Delays pursuant to this Section 2.4(a)(ii) and/or Shelf Suspensions pursuant to Section 2.1(c) and/or
Section 2.2(c) of more than ninety (90) days, in each case, during any twelve-month (12) month period. Each Holder shall keep confidential the fact that a Demand Delay is in effect, the certificate referred to
above and its contents for the permitted duration of the Demand Delay or until otherwise notified by the Company, except (A) in the case of any Holder, for disclosure to such Holder’s employees, agents and professional advisers who need to
know such information and are obligated to keep it confidential, (B) in the case of the Sponsor Holders, for disclosures to the extent required in order to comply with reporting obligations to its limited partners who have agreed to keep such
information confidential, (C) in the case of any Temasek Holder, for disclosures to any Permitted Temasek Transferees who have agreed to keep such information confidential and (D) as required by law, rule, regulation or legal process. In
the case of a Demand Delay, the Holders agree to suspend use of the applicable Prospectus and any Free Writing Prospectus for the permitted duration of such Demand Delay in connection with any sale or purchase of, or offer to sell or purchase,
Registrable Securities, upon receipt of the certificate referred to above. The Company shall immediately notify the Holders upon the termination of any Demand Delay, and (i) in the case of a Registration Statement that has not been declared
effective, shall promptly thereafter file the Registration Statement and use its reasonable best efforts to have such Registration Statement declared effective under the Securities Act and (ii) in the case of an effective Registration
Statement, shall amend or supplement the Prospectus and any Free Writing Prospectus, if necessary, so it does not contain any material misstatement or omission prior to the expiration of the Demand Delay and furnish to the Holders such numbers of
copies of the Prospectus and any Free Writing Prospectus as so amended or supplemented as the Holders may reasonably request. The Company agrees, if necessary, to supplement or make amendments to the Registration Statement if required by the
registration form used by the Company for the Demand Registration or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by any Demand
Participating Sponsor Holders. 
 (b) Effective Registration. The Company shall be deemed to have effected a Demand Registration if
the Registration Statement pursuant to such Demand Registration is declared effective by the SEC and remains effective until (i) the date as of which all Registrable Securities registered by such Registration Statement pursuant to such Demand
Registration have 

  
 23 

 
been sold and (ii) such shorter period, if such Registration Statement relates to an underwritten offering, as the Demand Initiating Sponsor Holders and the underwriter may mutually
determine or until the Holder or Holders have completed the distribution relating thereto (the applicable period, the “Demand Period”); provided, that no Demand Registration shall be deemed to have been effected if
(A) during the Demand Period such registration is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental agency or court, (B) the conditions specified in the underwriting agreement, if
any, entered into in connection with such registration are not satisfied other than by reason of a wrongful act, misrepresentation or breach of such applicable underwriting agreement by a participating Holder and/or (C) the Demand Initiating
Sponsor Holders that initiated the applicable Demand Registration have terminated, withdrawn and/or delayed any Demand Registration initiated by them pursuant to, and in accordance with Section 2.4(d) and such termination,
withdrawal and/or delay is made (1) (x) following the occurrence of a material adverse change of the Company and its Subsidiaries taken as a whole, (y) if, as of the date of such termination withdrawal or delay, the per share stock price of
Shares has declined by ten percent (10%) or more as compared to the closing per share stock price of Shares on the date of the delivery of the written notice requesting such Demand Registration or (z) following the discovery by the Demand
Initiating Sponsor Holders that initiated the applicable Demand Registration of material adverse or undisclosed information concerning the Company or its Subsidiaries of which such Person did not have prior actual knowledge or (2) because the
registration would require the Company to make an Adverse Disclosure. 
 (c) Underwriting. If the Demand Initiating Sponsor Holders
that initiated the applicable Demand Registration intend to distribute the Registrable Securities covered by their demand by means of an underwritten offering, they shall so advise the Company as part of their demand made pursuant to this
Section 2.4, and the Company shall include such information in the written notice referred to in Section 2.4(a)(i). In such event, the right of any Holder to registration pursuant to this
Section 2.4 shall be conditioned upon such Holder’s participation in such underwritten offering and the inclusion of such Holder’s Registrable Securities in the underwritten offering to the extent provided herein.
The Company shall, together with all participating Holders and participating Third Party Holders of Registrable Securities of the Company (if any) proposing (and permitted) to distribute their securities through such underwritten offering, enter
into an underwriting agreement in customary form (containing such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type) with the managing underwriter or underwriters selected by
the Demand Initiating Sponsor Holders that initiated the applicable Demand Registration. The Demand Participating Sponsor Holders shall cooperate with the Company in the negotiation of such underwriting agreement and shall give consideration to the
reasonable suggestions of the Company regarding the form thereof. Such underwriting agreement shall contain such representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of the Holders and Third
Party Holders party thereto as are customarily made by issuers to selling stockholders in secondary underwritten public offerings. No Holder or Third Party Holder shall be entitled to participate in such underwritten offering unless such Holder or
Third Party Holder, as the case may be, completes and executes all questionnaires, powers of attorney, indemnities and other documents required under the terms of such underwriting agreement. All reasonable out-of-pocket costs and expenses incurred by the Demand Initiating Sponsor Holders that initiated the applicable Demand Registration in connection with such 

  
 24 

 
underwritten offering (to the extent not paid or reimbursed by Company) shall be borne on a pro rata basis in accordance with the number of Registrable Securities being sold by each of the
Holders, Third Party Holders and/or the Company in such underwritten offering. Notwithstanding any other provision of this Section 2.4, if the managing underwriter or underwriters of a proposed underwritten offering of the
Registrable Securities included in a Demand Registration shall advise the Company and the Demand Initiating Sponsor Holders that initiated the applicable Demand Registration that the number of securities requested to be included in such Demand
Registration exceeds the number which can be sold in such offering without being likely to have an adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the Company shall so
advise all Holders and Third Party Holders of Registrable Securities that have requested to participate in such Demand Registration (other than the Demand Initiating Sponsor Holders that initiated the applicable Demand Registration), and the number
of shares of Registrable Securities that may be included in such Demand Registration (1) first, shall be allocated pro rata among the Demand Participating Sponsor Holders, Management Holders and the Temasek Holders that have
requested to participate in such Demand Registration based on the relative number of Registrable Securities then held by each such Demand Participating Sponsor Holder, Management Holder and Temasek Holder (provided, that any securities
thereby allocated to such a Demand Participating Sponsor Holder, Management Holder or Temasek Holder that exceed such Holder’s request shall be reallocated among the remaining requesting Demand Participating Sponsor Holders, Management Holders
and the Temasek Holders in like manner), (2) second, and only if all the securities referred to in clause (1) have been included in such Demand Registration, pro rata among the other Holders that have requested to participate in
such Demand Registration based on the relative number of Registrable Securities then held by each such Holder (provided, that any securities thereby allocated to such Holder that exceed such Holder’s request shall be reallocated among
the remaining requesting Holders in like manner), (3) third, and only if all of the securities referred to in clause (2) have been included in such Demand Registration, the number of securities that the Company proposes to include in
such Demand Registration that, in the opinion of the managing underwriter or underwriters, can be sold without having such adverse effect and (4) fourth, and only if all of the securities referred to in clause (3) have been included
in such Demand Registration, any other securities eligible for inclusion in such Demand Registration (including those of any Third Party Holder) that, in the opinion of the managing underwriter or underwriters, can be sold without having such
adverse effect; provided, that notwithstanding the foregoing, the shares of Registrable Securities that may be included in such Demand Registration shall be subject to the Priority Sell-Down. No Registrable Securities excluded from the
underwritten offering by reason of the managing underwriter’s or underwriters’ marketing limitation shall be included in such Demand Registration. Notwithstanding the delivery of any notice of a Demand Registration, all determinations as
to whether to complete any Demand Registration and as to the timing, manner, price and other terms and conditions of any Demand Registration shall be at the sole discretion of the Demand Initiating Sponsor Holders that initiated the applicable
Demand Registration. Each of the Holders agrees to reasonably cooperate with each of the other Holders to establish notice, delivery and documentation procedures and measures to facilitate such other Holder’s participation in future potential
Demand Registrations pursuant this Section 2.4. 

  
 25 

 (d) Right to Terminate, Withdraw and/or Delay Registration. The Demand Initiating
Sponsor Holders that initiated the applicable Demand Registration shall have the right to terminate, withdraw and/or delay any Demand Registration initiated by them under this Section 2.4 prior to the effectiveness of such
Demand Registration whether or not any Holder has elected to include Registrable Securities in such Demand Registration and, thereupon, the Company shall be relieved of its obligation to register any Registrable Securities under this
Section 2.4 in connection with such Demand Registration (but not from its obligation to pay the Registration Expenses in connection therewith pursuant to Section 2.6), and in the case of a
determination to delay registration, the Company shall delay registering all Registrable Securities under this Section 2.4, for the same period as the delay in registering the Registrable Securities proposed to be included
by the Demand Initiating Sponsor Holders that initiated the applicable Demand Registration. For the avoidance of doubt, (i) none of the Demand Initiating Sponsor Holders shall have any liability or obligation to any other Holders following
their determination to terminate, withdraw and/or delay any Demand Registration initiated by them under Section 2.3 and (ii) none of the Demand Initiating Sponsor Holders that initiated the applicable Demand
Registration shall have any liability or obligation to any other Holder following their determination to terminate, withdraw and/or delay any Demand Registration initiated by them under this Section 2.4. 

(e) Restrictions on Demand Registrations and Marketed Underwritten Shelf Take-Downs. Notwithstanding the rights and obligations set
forth elsewhere in this Section 2.4, in no event shall the Company be obligated to take any action to effect: 

(i) more than seven (7) Demand Registrations initiated by the MD Holders and/or the MSD Partners Holders, together with
their respective designated transferees or successors pursuant to Section 2.10(a), excluding (A) Demand Registrations that are not deemed to be effected pursuant to Section 2.4(b) and
(B) Demand Registrations that are abandoned by the MD Holders, the MSD Partners Holders and/or their respective designated transferees or successors pursuant to Section 2.10(a) and for which the pro rata portion
(based on the total number of securities such initiating Holder sought to register, as compared to the total number of securities included on the applicable Registration Statement) of the reasonable and documented out-of-pocket fees and expenses incurred by the Company in connection with such Demand Registration are reimbursed by such Holders; 

(ii) more than five (5) Demand Registrations initiated by the SLP Holders, together with their designated transferees or
successors pursuant to Section 2.10(a), excluding (A) Demand Registrations that are not deemed to be effected pursuant to Section 2.4(b) and (B) Demand Registrations that are abandoned by
the SLP Holders and/or their designated transferees or successors pursuant to Section 2.10(a) and for which the pro rata portion (based on the total number of securities such initiating Holder sought to register, as
compared to the total number of securities included on the applicable Registration Statement) of the reasonable and documented out-of-pocket fees and expenses incurred
by the Company in connection with such Demand Registration are reimbursed by such Holders; 
 (iii) two (2) Marketed
Underwritten Demand Registrations initiated by the MD Holders, together with their designated transferees or successors pursuant to Section 2.10(a), in any consecutive 12-month
period; 

  
 26 

 (iv) two (2) Marketed Underwritten Demand Registrations initiated by
the MSD Partners Holders, together with their designated transferees or successors pursuant to Section 2.10(a), in any consecutive 12-month period; and/or 

(v) two (2) Marketed Underwritten Demand Registrations initiated by the SLP Holders, together with their designated
transferees or successors pursuant to Section 2.10(a), in any consecutive 12-month period. 

Section 2.5 Piggyback Registration. 

(a) If at any time or from time to time the Company shall determine to register any of its equity securities, either for its own account or for
the account of security holders (other than (1) in a registration relating solely to employee benefit plans, (2) a Registration Statement on Form S-4, Form
F-4, Form S-8 or Form F-8 (or any successor forms), (3) a registration pursuant to which the Company is offering to exchange its
own securities for other securities, (4) a Registration Statement relating solely to dividend reinvestment or similar plans, (5) a Shelf Registration Statement pursuant to which only the initial purchasers and subsequent transferees of
debt securities of the Company or any Subsidiary that are convertible for Share Equivalents and that are initially issued pursuant to Rule 144A and/or Regulation S (or any successor provision) of the Securities Act may resell such notes and sell the
Share Equivalents into which such notes may be converted, or (6) a registration pursuant to Section 2.1, Section 2.2, Section 2.3 or
Section 2.4 hereof), the Company will: 
 (i) promptly (but in any event within ten (10) days
after the date the relevant Registration Statement is initially filed) give to each Holder written notice thereof; and 

(ii) include in such registration (and any related qualification under state securities laws or other compliance), and in any
underwritten offering involved therein, all the Registrable Securities specified in a written request or requests made within five (5) days after receipt of such written notice from the Company by any Holder or Holders, except as set forth in
Section 2.5(b) below. 
 Notwithstanding the foregoing, this Section 2.5 shall not apply in respect of
any Holder in the Merger. For the avoidance of doubt, the inclusion of the Registrable Securities of any Holder in such registration statement pursuant to this Section 2.5 shall in all cases be subject to
Section 2.10(c). 
 (b) Underwriting. If the Company intends to distribute the Registrable Securities
covered by its registration by means of an underwritten offering, the Company shall so advise the Holders as a part of the written notice given pursuant to Section 2.5(a)(i). In such event, the right of any Holder to
registration pursuant to this Section 2.5 shall be conditioned upon such Holder’s participation in such underwritten offering and the inclusion of such Holder’s Registrable Securities in the underwritten offering
to the extent provided herein. The Company shall, together with all participating Holders and participating Third Party Holders of Registrable Securities of the Company (if any) proposing (and permitted) to distribute their securities through such
underwritten offering, enter into an underwriting agreement in customary 

  
 27 

 
form (containing such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type) with the managing underwriter or underwriters
selected for such underwriting by the Company. Such underwriting agreement shall contain such representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of the Holders and Third Party Holders party
thereto as are customarily made by issuers to selling stockholders in secondary underwritten public offerings. No Holder or Third Party Holder shall be entitled to participate in such underwritten offering unless such Holder or Third Party Holder,
as the case may be, completes and executes all questionnaires, powers of attorney, indemnities and other documents required under the terms of such underwriting agreement. Notwithstanding any other provision of this
Section 2.5, if the managing underwriter or underwriters of a proposed underwritten offering of the Registrable Securities included in a registration pursuant to this Section 2.5 shall advise the
Company and the Sponsor Holders that have requested to participate in such registration that the number of securities requested to be included in such registration exceeds the number which can be sold in such offering without being likely to have a
significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the number of shares of Registrable Securities that may be included in such registration shall be
(1) first, 100% of the securities that the Company proposes to sell, (2) second, and only if all the securities referred to in clause (1) have been included, the number of Registrable Securities that the Sponsor Holders,
Management Holders and Temasek Holders proposed to include in such registration, which, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect in such registration, with such number to be
allocated pro rata among such Sponsor Holders, Management Holders and Temasek Holders that have requested to participate in such registration based on the relative number of Registrable Securities then held by each such Sponsor Holder,
Management Holder and Temasek Holder (provided, that any securities thereby allocated to a Sponsor Holder, Management Holder or Temasek Holder that exceed such Holder’s request shall be reallocated among the remaining requesting Sponsor
Holders, Management Holders and Temasek Holders in like manner), (3) third, and only if all the securities referred to in clause (2) have been included, the number of Registrable Securities that the other Holders proposed to include
in such registration, which, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect in such registration, with such number to be allocated pro rata among such other Holders that have
requested to participate in such registration based on the relative number of Registrable Securities then held by each such Holder (provided, that any securities thereby allocated to a Holder that exceed such Holder’s request shall be
reallocated among the remaining requesting Holders in like manner) and (4) fourth, and only if all of the Registrable Securities referred to in clause (3) have been included in such registration, any other securities eligible for
inclusion in such registration (including those of any Third Party Holder) that, in the opinion of the managing underwriter or underwriters, can be sold without having such adverse effect in such registration; provided, that notwithstanding
the foregoing, the shares of Registrable Securities that may be included in such registration shall be subject to the Priority Sell-Down. No securities excluded from the underwriting by reason of the managing underwriter’s or underwriters’
marketing limitation shall be included in such registration. 

  
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 (c) Right to Terminate, Withdraw and/or Delay Registration. The Company shall have
the right to terminate, withdraw and/or delay any registration initiated by it (and not a Holder) under this Section 2.5 prior to the effectiveness of such registration whether or not any Holder has elected to include
securities in such registration and, thereupon, (i) in the case of a determination to terminate or withdraw any registration, the Company shall be relieved of its obligation to register any Registrable Securities under this
Section 2.5 in connection with such registration (but not from its obligation to pay the Registration Expenses in connection therewith pursuant to Section 2.6), without prejudice, however, to the
rights of the Sponsor Holders who had elected to participate in such registration to request that such registration be effected as a Demand Registration under Section 2.4, and (ii) in the case of a determination to
delay registration, in the absence of a request by the Sponsor Holders who had elected to participate in such registration that such registration be effected as a Demand Registration under Section 2.4, the Company shall be
permitted to delay registering any Registrable Securities under this Section 2.5, for the same period as the delay in registering the other equity securities covered by such registration. 

Section 2.6 Expenses of Registration. All Registration Expenses shall be borne by the Company; provided, however,
that the Company shall not be required to pay stock transfer taxes or underwriters’ discounts or selling commissions relating to Registrable Securities. 

Section 2.7 Obligations of the Company. In connection with the Company’s registration obligations under this Article
II and subject to the applicable terms and conditions set forth therein, the Company shall use its reasonable best efforts to effect such registration to permit the sale of such Registrable Securities in accordance with the intended method or
methods of distribution thereof as expeditiously as reasonably practicable, and in connection therewith the Company shall: 
 (a) prepare and
file with the SEC a Registration Statement with respect to such Registrable Securities, including all exhibits and financial statements required under the Securities Act to be filed therewith, and before filing any such Registration Statement, the
Prospectus or any Free Writing Prospectus, or any amendments or supplements thereto, (i) furnish to the underwriters, if any, and the participating Sponsor Holders, if any, copies of all such documents prepared to be filed, which documents
shall be subject to the review of such underwriters and such Sponsor Holders and their respective counsel and (ii) except in the case of a registration under Section 2.5, not file any Registration Statement or
Prospectus or amendments or supplements thereto to which any Sponsor Holder or underwriters, if any, shall reasonably object; 
 (b) subject
to Section 2.1(b) and Section 2.2(b) in the case of a Shelf Registration Statement, use its reasonable best efforts to cause such Registration Statement to become effective as soon as practicable,
and keep such Registration Statement effective for (i) the lesser of one hundred eighty (180) days or until the Holder or Holders of Registrable Securities covered by such Registration Statement have completed the distribution relating
thereto or (ii) for such longer period as may be prescribed herein; 
 (c) prepare and file with the SEC such pre- and post-effective amendments to such Registration Statement, supplements to the Prospectus and such amendments or supplements to any Free Writing Prospectus as may be (x) reasonably requested by any
participating Sponsor Holder, (y) reasonably requested by any other participating Holder (to the 

  
 29 

 
extent such request relates to information relating to such Holder), or (z) necessary to keep such Registration effective for the period of time required by this Agreement, and comply with
provisions of the applicable securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during such period in accordance with the intended method or methods of disposition by the sellers
thereof set forth in such Registration Statement; 
 (d) permit any Holder and its counsel that (in the good faith reasonable judgment of
such Holder) might be deemed to be a controlling person of the Company (a “Control Holder”) to participate in good faith in the preparation of such Registration Statement and to cooperate in good faith to include therein material,
furnished to the Company in writing, that in the reasonable judgment of such Holder and its counsel should be included; 
 (e) promptly
incorporate in a Prospectus supplement, Free Writing Prospectus or post-effective amendment to the applicable Registration Statement such information as the managing underwriter or underwriters and any participating Sponsor Holder agree should be
included therein relating to the plan of distribution with respect to such Registrable Securities, and make all required filings of such Prospectus supplement, Free Writing Prospectus or post-effective amendment as soon as reasonably practicable
after being notified of the matters to be incorporated in such Prospectus supplement, Free Writing Prospectus or post-effective amendment; 

(f) furnish to the Holders of Registrable Securities covered by such Registration Statement and each underwriter, if any, without charge, such
numbers of copies of the Registration Statement and the related Prospectus and any Free Writing Prospectus and any amendment or supplement thereto, including all exhibits thereto and documents incorporated by reference therein and a preliminary
prospectus, in conformity with the requirements of the Securities Act (it being understood that the Company consents to the use of such Prospectus, any Free Writing Prospectus and any amendment or supplement thereto by such Holders and the
underwriters, if any, in connection with the offering and sale of the Registrable Securities thereby), and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities 

(g) in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and
customary form (containing such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type), with the managing underwriter(s) of such offering. Each Holder participating in such
underwriting shall also enter into and perform its obligations under such an agreement; 
 (h) notify each Holder of Registrable Securities
covered by such Registration Statement and the managing underwriter or underwriters, if any, and (if requested) confirm such advice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is
received by the Company (i) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the applicable Prospectus or Free Writing Prospectus or any amendment or supplement thereto has been
filed, (ii) of any written comments by the SEC or any request by the SEC or any other federal or state 

  
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governmental authority for amendments or supplements to such Registration Statement, Prospectus or Free Writing Prospectus or for additional information, (iii) of the issuance by the SEC of
any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary or final Prospectus or any Free Writing Prospectus or the
initiation or threatening of any proceedings for such purposes, (iv) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct in all material respects, (v) of
the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction and (vi) of the receipt by the Company of any notification with respect to
the initiation or threatening of any proceeding for the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction; 

(i) promptly notify each Holder of Registrable Securities covered by such Registration Statement and the managing underwriter or underwriters,
if any, when the Company becomes aware of the happening of any event as a result of which the applicable Registration Statement, the Prospectus included in such Registration Statement (as then in effect) or any Free Writing Prospectus contains any
untrue statement of a material fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus, any preliminary Prospectus or any Free Writing Prospectus, in light of the circumstances under which they
were made) not misleading, when any Free Writing Prospectus includes information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or
supplement such Registration Statement, Prospectus or Free Writing Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge
to such Holders or the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement, Prospectus or Free Writing Prospectus which shall correct such misstatement or omission or effect such compliance; 

(j) use its reasonable best efforts to prevent the issuance of any stop order suspending the effectiveness of any Registration Statement or of
any order preventing or suspending the use of any preliminary or final prospectus and, if any such order is issued, to obtain the withdrawal of any such order as soon as practicable; 

(k) use its reasonable best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered with
or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities; 

(l) make available for inspection by each Holder including Registrable Securities in such registration, any underwriter participating in any
distribution pursuant to such registration, and any attorney, accountant or other agent retained by such Holder or underwriter, all financial and other records, pertinent corporate documents and properties of the Company, as such parties may
reasonably request, and cause the Company’s officers, directors and employees to supply all information reasonably requested by any such Holder, underwriter, attorney, accountant or agent in connection with such Registration Statement; 

  
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 (m) use its reasonable best efforts to register or qualify, and cooperate with the Holders
of Registrable Securities covered by such Registration Statement, the underwriters, if any, and their respective counsel, in connection with the registration or qualification of such Registrable Securities for offer and sale under the securities or
“Blue Sky” or securities laws of each state and other jurisdiction of the United States as any such Holder or underwriters, if any, or their respective counsel reasonably request in writing, and do any and all other things reasonably
necessary or advisable to keep such registration or qualification in effect for such period as required by Section 2.1(b) and Section 2.2(b); provided, that the Company shall not be required
to qualify generally to do business in any jurisdiction where it is not then so qualified or take any action which would subject it to taxation service of process in any such jurisdiction where it is not then so subject; 

(n) not later than the effective date of the applicable Registration Statement, provide a CUSIP number for all Registrable Securities and
provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with The Depository Trust Company; 

(o) make such representations and warranties to the Holders including Registrable Securities in such registration and the underwriters or
agents, if any, in form, substance and scope as are customarily made by issuers in secondary underwritten public offerings; 
 (p) enter into
such customary agreements (including underwriting and indemnification agreements) and take all such other actions as any Sponsor Holder participating in such registration or the managing underwriter or underwriters, if any, reasonably request in
order to expedite or facilitate the registration and disposition of such Registrable Securities; 
 (q) obtain for delivery to the Holders of
Registrable Securities covered by such Registration Statement and to the underwriters, if any, an opinion or opinions from counsel for the Company, dated the effective date of the Registration Statement or, in the event of an underwritten offering,
the date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such Holders or underwriters, as the case may be, and their respective counsel; 

(r) in the case of an underwritten offering, obtain for delivery to the Company and the underwriters, with copies to the Holders of Registrable
Securities included in such Registration, a cold comfort letter from the Company’s independent certified public accountants in customary form and covering such matters of the type customarily covered by cold comfort letters as the managing
underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement; 

(s) use its reasonable best efforts to list the Registrable Securities that are Share Equivalents covered by such Registration Statement with
any securities exchange or automated quotation system on which the Share Equivalents are then listed; 

  
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 (t) provide and cause to be maintained a transfer agent and registrar for all Registrable
Securities covered by the applicable Registration Statement from and after a date not later than the effective date of such Registration Statement; 

(u) cooperate with Holders including Registrable Securities in such registration and the managing underwriters, if any, to facilitate the
timely preparation and delivery of certificates representing Registrable Securities to be sold, such certificates to be in such denominations and registered in such names as such Holders or the managing underwriters may request at least two
(2) Business Days prior to any sale of Registrable Securities; 
 (v) cooperate with each Holder of Registrable Securities covered by
such Registration Statement and each underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the FINRA; 

(w) use its reasonable best efforts to comply with all applicable securities laws and make available to its Holders, as soon as reasonably
practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder; 

(x) make available upon reasonable notice at reasonable times and for reasonable periods for inspection by any Sponsor Holder or Control Holder
participating in such registration, by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by such Sponsor Holder(s) or Control Holder(s) or
any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees and the independent public accountants who have
certified its financial statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement as shall be necessary to
enable them to exercise their due diligence responsibility; provided, that any such Person gaining access to information regarding the Company pursuant to this Section 2.7(x) shall agree to hold in strict confidence
and shall not make any disclosure or use any information regarding the Company that the Company determines in good faith to be confidential, and of which determination such Person is notified, unless (w) the release of such information is
requested or required by law or by deposition, interrogatory, requests for information or documents by a governmental entity, subpoena or similar process, (x) such information is or becomes publicly known other than through a breach of this or
any other agreement of which such Person has actual knowledge, (y) such information is or becomes available to such Person on a non-confidential basis from a source other than the Company or (z) such
information is independently developed by such Person; and 
 (y) in the case of an underwritten offering, cause the senior executive
officers of the Company to participate in the customary “road show” presentations that may be reasonably requested by the underwriters and otherwise to facilitate, cooperate with and participate in each proposed offering contemplated
herein and customary selling efforts related thereto. 

  
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 Section 2.8 Indemnification. 

(a) The Company agrees to indemnify and hold harmless, to the fullest extent permitted by applicable law, each Holder of Registrable
Securities, each of such Holder’s respective direct or indirect partners, managers, members or stockholders and each of such partner’s, manager’s, member’s or stockholder’s partners, managers, members or stockholders and,
with respect to all of the foregoing Persons, each of their respective Affiliates, officers, directors, employees, trustees, beneficiaries or agents and each Person, if any, who controls such Persons within the meaning of either Section 15 of
the Securities Act or Section 20 of the Exchange Act, with respect to any registration, qualification, compliance or sale effected pursuant to this Article II, and each underwriter, if any, and each Person who controls any underwriter,
of the Registrable Securities held by or issuable to such Holder (collectively, the “Company Indemnifiable Persons”), against all claims, losses, damages and liabilities (or actions in respect thereto) to which they may become
subject under the Securities Act, the Exchange Act, or other federal or state law arising out of or based on (i) any untrue statement (or alleged untrue statement) of a material fact contained in any Prospectus, offering circular, Free Writing
Prospectus or other similar document (including any related Registration Statement, notification, or the like) incident to any such registration, qualification, compliance or sale effected pursuant to this Article II, or based on any omission
(or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any violation or alleged violation by the Company of any federal, state or common law rule or
regulation applicable to the Company or any of its Subsidiaries in connection with any such registration, qualification, compliance or sale, (iii) any failure to register or qualify Registrable Securities in any state where the Company or its
agents have affirmatively undertaken or agreed in writing (including pursuant to Section 2.7(m)) that the Company (the undertaking of any underwriter being attributed to the Company) will undertake such registration or
qualification on behalf of the Holders of such Registrable Securities (provided, that in such instance the Company shall not be so liable if it has undertaken its reasonable best efforts to so register or qualify such Registrable Securities)
or (iv) any actions or inactions or proceedings in respect of the foregoing whether or not any such Company Indemnifiable Person is a party thereto, and the Company will reimburse, as incurred, each such Company Indemnifiable Person for any
legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action; provided, that the Company will not be liable in any such case to the extent that any such
claim, loss, damage, liability or expense arises out of or is based on any untrue statement or omission made in reliance and in conformity with written information furnished to the Company by such Holder or underwriter expressly for use therein.
Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of any Company Indemnifiable Person. 

(b) Each Holder (if Registrable Securities held by or issuable to such Holder are included in such registration, qualification, compliance or
sale pursuant to this Article II) agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by applicable law, the Company, each of its officers, directors, employees, stockholders, Affiliates and
agents and each Person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, each underwriter, if any, and each Person who controls any underwriter, of the
Company’s securities covered by such a Registration Statement, and each other Holder, each of such other Holder’s respective direct or 

  
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indirect partners, members or stockholders and each of such partner’s, member’s or stockholder’s partners, members or stockholders and, with respect to all of the foregoing
Persons, each of their respective Affiliates, officers, directors, employees, trustees or agents and each Person, if any, who controls such Persons within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act (collectively, the “Holder Indemnifiable Persons”), against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or based on any untrue statement (or alleged untrue statement) of a material
fact contained in any Prospectus, offering circular, Free Writing Prospectus or other similar document (including any related Registration Statement, notification, or the like) incident to any such registration, qualification, compliance or sale
effected pursuant to this Article II, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse, as incurred,
each such Holder Indemnifiable Persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage, liability or action, in each case to the extent, but only to the extent, that
such untrue statement (or alleged untrue statement) or omission (or alleged omission) was made in such Registration Statement, Prospectus, offering circular, Free Writing Prospectus or other document, in reliance upon and in conformity with written
information furnished to the Company by such Holder expressly for use therein that was not corrected in a subsequent writing prior to or concurrently with the sale of the Registrable Securities to the Person asserting the claim; provided,
however, that the aggregate liability of each Holder hereunder shall be limited to the gross proceeds after underwriting discounts and commissions received by such Holder upon the sale of the Registrable Securities giving rise to such
indemnification obligation. 
 (c) Each Company Indemnifiable Person and Holder Indemnifiable Person entitled to indemnification under this
Section 2.8 (the “Indemnified Party”) shall give written notice to the party required to provide such indemnification (the “Indemnifying Party”) of any claim as to which indemnification may
be sought promptly after such Indemnified Party has actual knowledge thereof (and in any event, within fifteen (15) Business Days) and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting
therefrom with counsel reasonably satisfactory to the Indemnified Party; provided, that the Indemnified Party may participate in such defense at the Indemnifying Party’s expense if (i) the Indemnified Party has reasonably concluded
(based upon advice of its counsel) that there may be legal defenses available to it or other Indemnified Parties that are different from or in addition to those available to the Indemnifying Party or (ii) in the reasonable judgment of the
Indemnified Party (based upon the advice of its counsel) a conflict of interest may exist between the Indemnified Party and the Indemnifying Party with respect to such claim or any litigation resulting therefrom (in which case, if the Indemnified
Party notifies the Indemnifying Party in writing that the Indemnified Party elects to employ separate counsel at the Indemnifying Party’s expense, the Indemnifying Party shall not have the right to assume the defense of such claim or any
litigation resulting therefrom on behalf of the Indemnified Party); provided, further, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this
Article II, except to the extent that such failure to give notice materially prejudices the Indemnifying Party in the defense of any such claim or any such litigation. An Indemnifying Party, in the defense of any such claim or litigation,
may, without the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that (i) includes as a term thereof the giving by the claimant or plaintiff therein to

  
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such Indemnified Party of an unconditional release from all liability with respect to such claim or litigation and (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act by or on behalf of such Indemnified Party; provided, that any sums payable in connection with such settlement are paid in full by the Indemnifying Party. If such defense is not assumed by the Indemnifying
Party, the Indemnifying Party will not be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It is understood that the Indemnifying Party or Parties shall not,
except as specifically set forth in this Section 2.8(c), in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one
separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment of more than one counsel has been authorized in writing by the Indemnifying Party or Parties, (y) an Indemnified Party has reasonably
concluded (based upon advice of its counsel) that there may be legal defenses available to it that are different from or in addition to those available to the other Indemnified Parties, or (z) a conflict or potential conflict exists or may
exist (based upon advice of counsel to an Indemnified Party) between such Indemnified Party and the other Indemnified Parties, in each of which cases the Indemnifying Party shall be obligated to pay the reasonable fees and expenses of such
additional counsel or counsels. 
 (d) If for any reason the indemnification provided for in Section 2.8(a) or
Section 2.8(b) is unavailable to an Indemnified Party or insufficient in respect of any claims, losses, damages and liabilities referred to therein, then the Indemnifying Party shall contribute to the amount paid or payable
by the Indemnified Party as a result of such claims, losses, damages and liabilities (i) in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party or Parties, on the
other hand, in connection with the acts, statements or omissions that resulted in such claims, losses, damages and liabilities, as well as any other relevant equitable considerations. In connection with any Registration Statement filed with the SEC
by the Company, the relative fault of the Indemnifying Party, on the one hand, and the Indemnified Party, on the other hand, shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact
or the omission or alleged omission to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The parties hereto agree that it would not be just or equitable if contribution pursuant to this Section 2.8(d) were determined by pro rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred to in this Section 2.8(d). No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an Indemnified Party as a result of the claims, losses, damages and liabilities referred to in
Section 2.8(a) and/or Section 2.8(b) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party in connection
with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.8(d), in connection with any Registration Statement filed by the Company, any Holder of Registrable Securities
covered by such Registration Statement shall not be required to contribute any amount in excess of the dollar amount of the gross proceeds (less underwriting discounts and commissions) received by such Holder under the sale of Registrable Securities
giving rise to such contribution obligation less any amount paid by such Holders pursuant to Section 2.8(b). If indemnification is available under this Section 2.8, the Indemnifying Parties shall
indemnify each Indemnified Party to the full extent provided in Section 2.8(a) and Section 2.8(b) without regard to the provisions of this Section 2.8(d). 

  
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 (e) The indemnities provided in this Section 2.8 (i) shall survive
the transfer of any Registrable Securities by such Holder and (ii) are not exclusive and shall not limit any rights or remedies which may be available to any Indemnified Party at law or in equity or pursuant to any other agreement. 

Section 2.9 Information by Holder. Each Holder of Registrable Securities included in any registration shall promptly furnish to
the Company such information regarding such Holder and the distribution proposed by such Holder as the Company may reasonably request and as shall be required in connection with any registration, qualification or compliance referred to in this
Article II. 
 Section 2.10 Transfer of Registration Rights; Additional Holders; General Transfer Restrictions on
Exercise of Rights. 
 (a) The rights of a Holder contained in Section 2.2,
Section 2.3, Section 2.4 and/or Section 2.5 hereof to cause the Company to register Registrable Securities of such Holder may be assigned in respect of those Registrable
Securities (i) conveyed by a Sponsor Holder to its Permitted Transferees, (ii) conveyed by a Management Holder to its Permitted Transferees, (iii) conveyed by a Temasek Holder to a Permitted Temasek Transferee(s) and/or
(iv) conveyed by any other Holder solely with the prior written consent of the Sponsor Holders; provided, that such transferee shall only be admitted as a party hereunder upon his, her or its execution and delivery of a Joinder Agreement
and the acceptance thereof by the Company, whereupon such Person will be treated as a Holder for all purposes of this Agreement, with the same rights, benefits and obligations hereunder as the transferring Holder with respect to the transferred
Registrable Securities (except that if the transferee was a Holder prior to such transfer, such transferee shall have the same rights, benefits and obligations with respect to such transferred Registrable Securities as were applicable to Registrable
Securities held by such transferee prior to such transfer). Notwithstanding anything herein to the contrary, for the avoidance of doubt, any registration rights or allocations provided under this Agreement to (w) a MD Holder may be assigned
without limitation by such MD Holder to any other MD Holder, (x) a MSD Partners Holder may be assigned without limitation by such MSD Partners Holder to any other MSD Partners Holder, (y) a SLP Holder may be assigned without limitation by
such SLP Holder to any other SLP Holder and (z) a Temasek Holder may be assigned without limitation by such Temasek Holder to any other Temasek Holder. 

(b) An employee of the Company or any Subsidiary of the Company or other Person who receives Registrable Securities from the Company may only
be conferred the rights of a Holder contained in Section 2.2, Section 2.3, Section 2.4 and/or Section 2.5 hereof to cause the Company to register
Registrable Securities of such Holder (i) with the prior written consent of the Sponsor Holders and (ii) upon his, her or its execution and delivery of a Joinder Agreement and the acceptance thereof by the Company, whereupon such person
will be admitted as a party hereunder as a Non-Sponsor Holder and treated as a Non-Sponsor Holder for all purposes of this Agreement, with the same rights, benefits and
obligations hereunder as the Non-Sponsor Holders. 

  
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 (c) Notwithstanding anything in this Agreement to the contrary, (i) each of the Sponsor
Holders acknowledges and agrees that any exercise of the rights contained in Section 2.2, Section 2.3, Section 2.4 and/or Section 2.5 hereof are
subject to any limitations or restrictions that such Sponsor Holders have agreed to with the Company pursuant to any other binding contractual commitment, if any, in all respects, (ii) each of the Temasek Holders acknowledges and agrees that
any exercise of the rights contained in Section 2.2, Section 2.3, Section 2.4 and/or Section 2.5 hereof are subject to any limitations or
restrictions that such Temasek Holders have agreed to with the Company pursuant to any other binding contractual commitment, if any, in all respects and (iii) each of the Management Holders acknowledges and agrees that any exercise of the
rights contained in Section 2.2, Section 2.4 and/or Section 2.5 hereof are subject to any limitations or restrictions that such Management Holders have agreed to with the
Company pursuant to any other binding contractual commitment, if any, in all respects. 
 Section 2.11 Delay of Registration. No
Holder shall have any right to obtain, and hereby waives any right to seek, an injunction restraining or otherwise delaying any registration as the result of any controversy that might arise with respect to the interpretation or implementation of
this Article II. 
 Section 2.12 Limitations on Subsequent Registration Rights. From and after the date of this
Agreement, the Company shall not, without the prior written consent of the MD Holders and the SLP Holders, enter into any agreement with respect to its Securities that is inconsistent with the rights granted to the Holders by this Agreement,
including by allowing any holder or prospective holder of any Securities of the Company (a) to include any Securities in any registration filed under Section 2.1, Section 2.2,
Section 2.3, Section 2.4 and/or Section 2.5 hereof, unless, in each case, under the terms of such agreement, such holder or prospective holder may include such Securities
in any such registration only to the extent that the inclusion of such Securities will not diminish the amount of Registrable Securities that are included in such registration or (b) to require the Company to effect a registration pursuant to
demand registration rights. 
 Section 2.13 Reporting. The Company covenants that it will file the reports required to be filed
by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it will, upon the reasonable request of any of the Sponsor Holders, make
publicly available such necessary information for so long as necessary to permit sales pursuant to Rules 144, 144A or Regulation S under the Securities Act), and it will take such further action as any Sponsor Holder may reasonably request, all to
the extent required from time to time to enable the Holders, following the Merger, to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (i) Rules 144, 144A or
Regulation S under the Securities Act, as such Rules may be amended from time to time, or (ii) any similar or analogous rule or regulation hereafter adopted by the SEC, including making and keeping current public information available, within
the meaning of Rule 144 (or any similar or analogous rule or regulation hereafter adopted by the SEC) promulgated under the Securities Act, at all times after it has become subject to the reporting requirements of the Exchange Act.

  
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Upon the reasonable request of a Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof, a
copy of the most recent annual or quarterly report of the Company, and such other reports and documents as such Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any such securities without
registration. 
 Section 2.14 Blackout Periods. 

(a) Blackout Period. Each of the Company and each Holder (other than the Temasek Holders) agrees, and the Company agrees to cause its
and each of Dell’s and EMC’s directors and executive officers to agree, during the period beginning on effectiveness of this Agreement, and ending one hundred eighty (180) days after the Closing Date, not to take or commit to take any
actions that are, or would constitute, a Blackout Period Restriction; provided, however, that, the restrictions set forth in the definition of Blackout Period Restriction notwithstanding, each Holder may transfer Securities during such
period to its Permitted Transferees so long as any such Permitted Transferee that is not a party to this Agreement executes and delivers to the Company a Joinder Agreement pursuant to which such Person agrees to be bound by and comply with the
provisions of, this Agreement (including, for the avoidance of doubt, this Section 2.14). 
 (b) Other
Underwritten Offerings Blackout Periods. If requested by the Company or the managing underwriter or underwriters in an underwritten offering, subject to Section 2.14(c), each of the Company and each Holder (other than
the Temasek Holders and, solely from and after the two (2) year anniversary of the Closing Date, a Sub 10% Sponsor Holder that is not an employee of the Company or any of its Subsidiaries, in each case provided any such Holder is not
participating in such offering) agrees, and the Company agrees to cause its and each of Dell’s and EMC’s directors and executive officers to agree, during the period beginning seven (7) days before the effective date of a Registration
Statement of the Company filed in connection with an underwritten offering subsequent to the Merger (other than any Non-Marketed Underwritten Shelf Take-Down) (or, if later in the case of a Marketed Underwritten Shelf Take-Down, the date the
underwriting agreement for such Marketed Underwritten Shelf Take-Down is entered into) and ending ninety (90) days thereafter (or, if applicable, such lesser period as may be agreed by the Company, managing underwriter or underwriters in
writing), not to take or commit to take any actions that are, or would constitute, a Blackout Period Restriction. 
 (c) Non-Marketed Underwritten Shelf Take-Down Blackout Periods. If requested by the Company or the managing underwriter or underwriters in a Non-Marketed Underwritten Shelf
Take-Down, each of the Company and each Holder (other than the Temasek Holders and, solely from and after the two (2) year anniversary of the Closing Date, a Sub 10% Sponsor Holder that is not an employee of the Company or any of its
Subsidiaries, in each case provided any such Holder is not participating in such offering) agrees, and the Company agrees to cause its and each of Dell’s and EMC’s directors and executive officers to agree, during the period beginning on
the date that the Non-Marketed Underwritten Shelf Take-Down Notice has been provided to the Company (it being understood the Company shall immediately following receipt of a
Non-Marketed Underwritten Shelf Take-Down Notice notify all Holders and such other Persons that are subject to this Section 2.14 of their obligations herein) and ending on the earlier
of (A) thirty (30) days after the Non-Marketed Underwritten Shelf Take-Down 

  
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contemplated by such Non-Marketed Underwritten Shelf Take-Down Notice is completed and (B) the date that the Company receives notice from the
applicable managing underwriters or underwriters in such Non-Marketed Underwritten Shelf Take-Down that such Non-Marketed Underwritten Shelf Take-Down is being abandoned
or terminated, not to take or commit to take any actions that are, or would constitute, a Blackout Period Restriction; provided, that the duration of the period contemplated in this Section 2.14(c) shall not exceed
forty five (45) days. 
 (d) Certain Exceptions. 

(i) A Holder may be released, in whole or in part, from the Blackout Period Restrictions imposed by
Section 2.14(a) only with, and to the extent provided by, the written consent of the Company (which Company consent shall require approval by the Special Committee). To the extent that any Sponsor Stockholder is released
from the Blackout Period Restrictions imposed by Section 2.14(a), each other Holder shall (without duplication of any lock-up release provisions in any other agreement) be
correspondingly released from such Blackout Period Restrictions with respect to a number of Securities equal to the product of (x) the highest percentage of Securities held by any Sponsor Stockholder that are being released from the Blackout
Period Restrictions pursuant to this Section 2.14(d)(i) multiplied by (y) the total number of Securities held by such Holder; provided that, notwithstanding the foregoing, with respect to each Management
Holder, the number of Securities released pursuant to this Section 2.14(d)(i) shall equal the number of Securities released with respect to such Management Holder pursuant to Section 3.2(c) of the Management
Stockholders Agreement. 
 (ii) Notwithstanding anything in Section 2.14(b) and/or
Section 2.14(c) to the contrary, (i) no Holder shall be subject to any Blackout Period Restriction pursuant to Section 2.14(b) or Section 2.14(c) for longer duration
than that applicable to any directors and/or executive officers of the Company as required by the applicable managing underwriter or underwriters, (ii) no Sponsor Holder shall be subject to any Blackout Period Restrictions pursuant to
Section 2.14(b) or Section 2.14(c) for longer duration than that applicable to any other Sponsor Holder (other than Sub 10% Sponsor Holders), (iii) no Sub 10% Sponsor Holder shall be subject to any
Blackout Period Restrictions pursuant to Section 2.14(b) or Section 2.14(c) for longer duration than that applicable to any other Sub 10% Sponsor Holder, (iv) if any Sponsor Holder (other than
a Sub 10% Sponsor Holder) is released from its Blackout Period Restrictions pursuant to Section 2.14(b) or Section 2.14(c), the other Sponsor Holders shall be simultaneously released, on a pro
rata basis, from such Blackout Period Restrictions and (v) if any Sub 10% Sponsor Holder is released from its Blackout Period Restrictions pursuant to Section 2.14(b) or Section 2.14(c),
the other Sub 10% Sponsor Holders shall be simultaneously released, on a pro rata basis, from such Blackout Period Restrictions, and in the case of each of the foregoing clauses (iv) and (v), it being understood that each of the Company
and the Sponsor Holder initially released from such Blackout Period Restrictions must immediately notify in writing the other applicable Sponsor Holders thereof. 

(iii) Notwithstanding anything in Section 2.14 to the contrary, during the periods described in this
Section 2.14 the Company may effect a Special Registration. 

  
 40 

 (e) Certain Matters. The Company agrees to use its reasonable best efforts to obtain
from each holder of restricted securities of the Company which securities are the same as or similar to the Registrable Securities being registered, or any restricted securities convertible into or exchangeable or exercisable for any of such
securities, an agreement not to effect any public sale or distribution of such securities during any such period referred to in Section 2.14(b) or Section 2.14(c), except as part of any such
registration, if permitted. Without limiting the foregoing (but subject to Section 2.12), if after the date hereof the Company grants any Person (other than a Holder) any rights to demand or participate in a registration,
the Company agrees that the agreement with respect thereto shall include such Person’s agreement to comply with any Blackout Period Restrictions required by this Section 2.14, including, for the avoidance of doubt,
Section 2.14(a), as if it were a Holder hereunder. If requested by the managing underwriter or underwriters of any such underwritten offering, the Company and each Holder shall, and shall cause each other Person subject to
the Blackout Period Restrictions referred to in this Section 2.14 to, execute a customary agreement reflecting its agreement set forth in this Section 2.14. The Company shall impose stop-transfer
instructions with respect to the Securities subject to the foregoing restriction until the end of the period referenced above. 

Section 2.15 Clear Market. With respect to any underwritten offerings of Registrable Securities of the Sponsor Holders (each a
“Sponsor Underwritten Offering”), the Company agrees not to effect (other than pursuant to the registration applicable to such Sponsor Underwritten Offering, pursuant to a Special Registration or pursuant to the exercise by any
other Sponsor Holder of any of its rights under Section 2.2, Section 2.3 or Section 2.4) any public sale or distribution, or to file any Registration Statement (other than
pursuant to the Registration applicable to such Sponsor Underwritten Offering, pursuant to a Special Registration or pursuant to the exercise by any other Sponsor Holder of any of its rights under Section 2.2,
Section 2.3 or Section 2.4) covering any of its Securities or any securities convertible into or exchangeable or exercisable for such Securities, during the period not to exceed ten (10) days
prior and ninety (90) days after any Sponsor Underwritten Offering. For the avoidance of doubt, the Merger shall not be deemed to be a Sponsor Underwritten Offering. 

Section 2.16 Discontinuance of Distributions and Use of Prospectus and Free Writing Prospectus. Each Holder of Registrable
Securities included in any Registration Statement agrees that, upon delivery of any notice by the Company of the happening of any event of the kind described in Section 2.7(h)(i), (i), or (i) or
Section 2.7(i), such Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Registration Statement until (a) such Holder’s receipt of the copies of the supplemented or amended
Prospectus or Free Writing Prospectus contemplated by Section 2.7(i), (b) such Holder is advised in writing by the Company that the use of the Prospectus or Free Writing Prospectus, as the case may be, may be resumed,
(c) such Holder is advised in writing by the Company of the termination, expiration or cessation of such order or suspension referenced in Section 2.7(h)(i) or Section 2.7(h)(i) or
(d) such Holder is advised in writing by the Company that the representations and warranties of the Company in such applicable underwriting agreement are true and correct in all material respects. If so directed by the Company, such Holder
shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus or any Free Writing Prospectus covering such Registrable Securities current at the
time of delivery of such notice. In the event the Company shall give any such notice, the period during which the applicable Registration Statement is 

  
 41 

 
required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller
of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus or Free Writing Prospectus contemplated by Section 2.7(i) or is advised in writing by the
Company that the use of the Prospectus or Free Writing Prospectus may be resumed. 
 ARTICLE III 

MISCELLANEOUS 

Section 3.1 Term. This Agreement shall terminate (a) with respect to all Holders, with the prior written consent of the MD
Holders and the SLP Holders or (b) with respect to any Holder, at such time as such Holder, together with its Affiliates, does not beneficially own any Registrable Securities. Notwithstanding the foregoing, the provisions of
Section 2.8, Section 2.13 and all of this Article III shall survive any such termination. 

Section 3.2 Effectiveness. This Agreement shall become effective December 25, 2018 upon execution of this Agreement by the
Company and each of the Sponsor Stockholders. In the event that this Agreement does not become effective, the First Restated Agreement shall continue in full force and effect without amendment or restatement. 

Section 3.3 Further Assurances. From time to time, at the reasonable request of the MD Holders or the SLP Holders and without
further consideration, each party hereto shall execute and deliver such additional documents and take all such further action as may be necessary or appropriate to consummate and make effective, in the most expeditious manner practicable, the
transactions contemplated by this Agreement. 
 Section 3.4 Confidentiality. The terms of this Agreement and any information
relating to any exercise of rights hereunder shall be confidential and no party to this Agreement shall disclose to any Person not a party to this Agreement any of the terms of this Agreement, except (a) in the case of each of the Sponsor
Holders, to such Sponsor Holder’s partners, managers, members, advisors, employees, agents, accountants, trustees, attorneys, Affiliates and investment vehicles managed or advised by such Sponsor Holder or the partners, managers, members,
advisors, employees, agents, accountants, trustees or attorneys of such Affiliates or managed or advised investment vehicles, in each case so long as such Persons agree to keep such information confidential (or are subject to customary
confidentiality obligations with respect thereto), (b) in the case of the Temasek Holders, to the Permitted Temasek Transferees and to the Temasek Holders’ and the Permitted Temasek Transferees’ respective partners, managers, members,
advisors, employees, agents, accountants, trustees, attorneys, Affiliates and investment vehicles managed or advised by such Temasek Holders or Permitted Temasek Transferees or the partners, managers, members, advisors, employees, agents,
accountants, trustees or attorneys of such Affiliates or managed or advised investment vehicles, in each case so long as such Persons agree to keep such information confidential (or are subject to customary confidentiality obligations with respect
thereto), (c) to such party’s advisors, (d) as may be required by deposition, interrogatory, request for documents, subpoena, civil investigative demand or similar process, law (including under the Securities Act or the Exchange Act),
exchange listing requirements, regulation, legal or judicial process or audit, inquiries by a regulator, bank 

  
 42 

 
examiner or self-regulatory organization, pursuant to mandatory professional ethics rules or this Agreement (but only to the extent so required and after notifying the Company to the extent
reasonably practicable and requesting confidential treatment) or (e) in connection with any litigation among the parties hereto. 

Section 3.5 Entire Agreement. This Agreement constitutes the entire understanding and agreement between the parties and supersedes
and replaces any prior understanding, agreement or statement of intent, in each case, written or oral, of any and every nature with respect thereto. In the event of any inconsistency between this Agreement and any document executed or delivered to
effect the purposes of this Agreement, including the certificate of incorporation and bylaws (or equivalent organizational and governing documents) of any company, this Agreement shall govern as among the parties hereto. 

Section 3.6 Specific Performance. Subject to Section 2.11, the parties hereto agree that the obligations
imposed on them in this Agreement are special, unique and of an extraordinary character, and that, in the event of breach by any party, damages would not be an adequate remedy and each of the other parties shall be entitled to specific performance
and injunctive and other equitable relief in addition to any other remedy to which it may be entitled, at law or in equity. The parties hereto further agree to waive any requirement for the securing or posting of any bond in connection with the
obtaining of any such injunctive or other equitable relief. 
 Section 3.7 Governing Law. This Agreement and all claims or
causes of action (whether in tort, contract or otherwise) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out
of or related to any representation or warranty made in or in connection with this Agreement) shall be governed by and construed in accordance with the laws of the State of Delaware, regardless of the laws that might otherwise govern under
applicable principles of conflicts of laws. 
 Section 3.8 Submissions to Jurisdictions; WAIVER OF JURY TRIALS. 

(a) Each of the parties hereto hereby irrevocably acknowledges and consents that any legal action or proceeding brought with respect to this
Agreement or any of the obligations arising under or relating to this Agreement shall be brought and determined exclusively in the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to
accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware), and each of the parties hereto hereby irrevocably submits to and accepts with regard to any such action or proceeding,
for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a
particular matter, any Federal court of the United States of America sitting in the State of Delaware). Each party hereby further irrevocably waives any claim that the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in
the State of Delaware declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware) lacks jurisdiction over such party, and agrees not to plead or claim, in any legal
action or proceeding with respect to this 

  
 43 

 
Agreement or the transactions contemplated hereby brought in the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept
jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware), that any such court lacks jurisdiction over such party. 

(b) Each party irrevocably consents to the service of process in any legal action or proceeding brought with respect to this Agreement or any
of the obligations arising under or relating to this Agreement by the mailing of copies thereof by registered or certified mail, postage prepaid, to such party, at its address for notices as provided in Section 3.14 of this
Agreement, such service to become effective ten (10) days after such mailing. Each party hereby irrevocably waives any objection to such service of process and further irrevocably waives and agrees not to plead or claim in any action or
proceeding commenced hereunder or under any other documents contemplated hereby, that service of process was in any way invalid or ineffective. Subject to Section 3.8(c), the foregoing shall not limit the rights of any
party to serve process in any other manner permitted by applicable law. The foregoing consents to jurisdiction shall not constitute general consents to service of process in the State of Delaware for any purpose except as provided above and shall
not be deemed to confer rights on any Person other than the respective parties to this Agreement. 
 (c) Each of the parties hereto hereby
waives any right it may have under the laws of any jurisdiction to commence by publication any legal action or proceeding with respect to this Agreement or any of the obligations under or relating to this Agreement. To the fullest extent permitted
by applicable law, each of the parties hereto hereby irrevocably waives the objection which it may now or hereafter have to the laying of the venue of any suit, action or proceeding with respect to this Agreement or any of the obligations arising
under or relating to this Agreement in the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a particular matter, any Federal court of the United States of
America sitting in the State of Delaware), and hereby further irrevocably waives and agrees not to plead or claim that the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept
jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware) is not a convenient forum for any such suit, action or proceeding. 

(d) The parties hereto agree that any judgment obtained by any party hereto or its successors or assigns in any action, suit or proceeding
referred to above may, in the discretion of such party (or its successors or assigns), be enforced in any jurisdiction, to the extent permitted by applicable law. 

(e) EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT
TO ANY SUIT, ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY SUIT, ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) 

  
 44 

 
ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS Section 3.8(e). 
 Section 3.9 Obligations. All obligations hereunder shall be satisfied in full
without set-off, defense or counterclaim. 
 Section 3.10 Consents, Approvals and
Actions. 
 (a) MD Holders. All actions required to be taken by, or approvals or consents of, the MD Stockholders and/or the MD
Holders under this Agreement (including with respect to any amendments pursuant to Section 3.11), shall be taken by consent or approval by, or agreement of, MD or his permitted assignee; provided, that upon the
occurrence and during the continuation of a Disabling Event, such approval or consent shall be taken by consent or approval by, or agreement of, the holders of a majority of Common Stock held by the MD Stockholders, and in each case, such consent,
approval or agreement shall constitute the necessary action, approval or consent by the MD Stockholders and/or the MD Holders. 
 (b) SLP
Holders. All actions required to be taken by, or approvals or consents of, the SLP Stockholders and/or the SLP Holders under this Agreement (including with respect to any amendments pursuant to Section 3.11), shall be
taken by consent or approval by, or agreement of, the holders of a majority of Common Stock held by the SLP Stockholders, and such consent, approval or agreement shall constitute the necessary action, approval or consent by the SLP Stockholders
and/or the SLP Holders. 
 (c) MSD Partners Holders. All actions required to be taken by, or approvals or consents of, the MSD
Partners Stockholders and/or the MSD Partners Holders under this Agreement (including with respect to any amendments pursuant to Section 3.11), shall be taken by consent or approval by, or agreement of, the holders of a
majority of Common Stock held by the MSD Partners Stockholders, and such consent, approval or agreement shall constitute the necessary action, approval or consent by the MSD Partners Stockholders and/or the MSD Partners Holders. 

(d) Temasek Holders. All actions required to be taken by, or approvals or consents of, the Temasek Stockholder and/or the Temasek
Holders under this Agreement (including with respect to any amendments pursuant to Section 3.11), shall be taken by consent or approval by, or agreement of, the holders of a majority of Common Stock held by the Temasek
Stockholder, and such consent, approval or agreement shall constitute the necessary action, approval or consent by the Temasek Stockholder and/or the Temasek Holders. 

(e) Non-Sponsor Holders. All actions required to be taken by, or approvals or consents of, the Non-Sponsor Holders under this Agreement (including with respect to any amendments pursuant to Section 3.11) shall be taken by consent or approval by, or agreement of, the holders of a
majority of the outstanding Registrable Securities held by the Non-Sponsor Holders, taken together, at such time that provide such consent, approval or action in writing at such time. 

  
 45 

 Section 3.11 Amendment and Waiver. 

(a) Any amendment, modification, supplement or waiver to or of any provision of this Agreement shall be in writing and shall require the prior
written approval of the Company; provided, (i) that if any such amendment, modification, supplement or waiver adversely affects the MD Holders, it shall require the prior written consent of the holders of a majority of the Registrable
Securities held by the MD Holders and their designated transferees or successors pursuant to Section 2.10(a) in the aggregate, (ii) that if any such amendment, modification, supplement or waiver adversely affects the
SLP Holders, it shall require the prior written consent of the holders of a majority of the Registrable Securities held by the SLP Holders and their designated transferees or successors pursuant to Section 2.10(a) in the
aggregate and (iii) if the express terms of any such amendment, modification, supplement or waiver disproportionately and adversely affects a Holder (other than the Sponsor Holders) or an MSD Partners Holder or Temasek Holder relative to the
SLP Holders, it shall require the prior written consent of the holders of a majority of the Registrable Securities held by such affected Holders and their designated transferees or successors pursuant to Section 2.10(a) in
the aggregate; provided, that the immediately preceding proviso shall not apply with respect to (i) in the case of Non-Sponsor Holders, amendments that do not apply to Non-Sponsor Holders, in the case of MSD Partners Holders, amendments that do not apply to MSD Partners Holders, and in the case of the Temasek Holders, amendments that do not apply to the Temasek Holders or
(ii) amendments to reflect the addition of a new third-party holding Registrable Securities (other than (x) a designated transferee of Registrable Securities as a party hereto pursuant to Section 2.10(a) or
(y) an additional Non-Sponsor Holder as a party hereto pursuant to Section 2.10(b)). 

(b) Notwithstanding the foregoing, any addition of (i) a designated transferee of Registrable Securities as a party hereto pursuant to
Section 2.10(a) or (ii) an Other Holder as or a recipient of Securities as a party hereto pursuant to Section 2.10(b) in each case shall not constitute an amendment hereto and the applicable
Joinder Agreement need be executed only by the Company and such transferee, recipient or additional Non-Sponsor Holder. 

(c) Any failure by any party at any time to enforce any of the provisions of this Agreement shall not be construed a waiver of such provision
or any other provisions hereof. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. Except
as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver
thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

Section 3.12 Binding Effect. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit of,
and be binding upon, the parties’ successors and permitted assigns. 
 Section 3.13 Third Party Beneficiaries. Except for
Section 2.8 and Section 3.15 (which will be for the benefit of the Persons set forth therein, and any such Person will have the rights provided for therein), this Agreement does not create any
rights, claims or benefits inuring to any Person that is not a party hereto, and it does not create or establish any third party beneficiary hereto. 

  
 46 

 Section 3.14 Notices. Any and all notices, designations, offers, acceptances or
other communications provided for herein shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by facsimile (with written confirmation of transmission), e-mail (with
written confirmation of transmission), nationally-recognized overnight courier, which shall be addressed: 
 (a) in the case of the Company,
to its principal office to the attention of its General Counsel; 
 (b) in the case of the Holders identified below, to the following
respective addresses, e-mail addresses or facsimile numbers: 
 If to any of the SLP Holders, to:

 c/o Silver Lake Partners 

2775 Sand Hill Road 
 Suite 100

 Menlo Park, CA 94025 

Attention: Karen King 
 Facsimile:
(650) 233-8125 
 E-mail: karen.king@silverlake.com 

and 
 c/o Silver Lake Partners

 9 West 57th Street 
 32nd
Floor 
 New York, NY 10019 

Attention: Andrew J. Schader 

Facsimile: (212) 981-3535 

E-mail: andy.schader@silverlake.com 

with a copy (which shall not constitute actual or constructive notice) to: 

Simpson Thacher & Bartlett LLP 

2475 Hanover Street 
 Palo Alto,
CA 94304 
 Attention: Rich Capelouto 

                  Daniel N. Webb 

Facsimile: (650) 251-5002 

Email: rcapelouto@stblaw.com 

Email: dwebb@stblaw.com 
 If to
any of the MD Holders, to: 

  
 47 

 Michael S. Dell 

c/o Dell Inc. 
 One Dell Way 

Round Rock, TX 78682 
 Facsimile:
(512) 283-1469 
 Email: michael@dell.com 

with a copy (which shall not constitute actual or constructive notice) to: 

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York, NY
10019 
 Attention: Steven A. Rosenblum 

                 Andrew J. Nussbaum 

                 Gordon S. Moodie 

Facsimile: (212) 403-2000 

Email: sarosenblum@wlrk.com 

Email: ajnussbaum@wlrk.com 

Email:
gsmoodie@wlrk.com                     

and 
 MSD Capital, L.P. 

645 Fifth Avenue 
 21st Floor 

New York, NY 10022-5910 

Attention: Marc R. Lisker 

                 Marcello Liguori 

Facsimile: (212) 303-1772 

Email: mlisker@msdcapital.com 

Email: mliguori@msdcapital.com 

If to any of the MSD Partners Holders, to: 

MSD Partners, L.P. 
 645 Fifth
Avenue 
 21st Floor 
 New York,
NY 10022-5910 
 Attention: Marc R. Lisker 

                 Marcello Liguori 

Facsimile: (212) 303-1772 

Email: mlisker@msdpartners.com 

Email: mliguori@msdpartners.com 

with a copy (which shall not constitute actual or constructive notice) to: 

  
 48 

 Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York, NY
10019 
 Attention: Steven A. Rosenblum 

                  Andrew J. Nussbaum 

                  Gordon S. Moodie 

Facsimile: (212) 403-2000 

Email: sarosenblum@wlrk.com 

Email: ajnussbaum@wlrk.com 

Email: gsmoodie@wlrk.com 
 If to
any of the Temasek Holders, to: 
 c/o Temasek Holdings (Private) Limited 

60B Orchard Road 
 #06-18 Tower 2 
 Singapore 

Attention: Justin Dzau 
 Email:
justindzau@temasek.com.sg 
 with a copy (which shall not constitute notice or constructive notice) to: 

Cleary Gottlieb Steen & Hamilton LLP 

One Liberty Plaza 
 New York NY
10006 
 Attention: Paul J. Shim 

Facsimile: (212) 225-3999 

Email: pshim@cgsh.com 
 (c) in the
case of any Non-Sponsor Holder, to the address, e-mail address or facsimile number of such Non-Sponsor Holder set forth in its
Joinder Agreement (if applicable); 
 (d) in the case of any other Holder, to the address, e-mail
address or facsimile number appearing in the books and records of the Company and/or in its Joinder Agreement (if applicable). 
 Any and all notices,
designations, offers, acceptances or other communications shall be conclusively deemed to have been given, delivered or received (i) in the case of personal delivery, on the day of actual delivery thereof, (ii) in the case of facsimile or e-mail, on the day of transmittal thereof if given during the normal business hours of the recipient, and on the Business Day during which such normal business hours next occur if not given during such hours on any
day and (iii) in the case of dispatch by nationally-recognized overnight courier, on the next Business Day following the disposition with such nationally-recognized overnight courier. By notice complying with the foregoing provisions of this
Section 3.14, each party shall have the right to change its mailing address, e-mail address or facsimile number for the notices and communications to such party. 

  
 49 

 Section 3.15 No Third Party Liability. This Agreement may only be enforced
against the named parties hereto. All claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any
representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), may be made only against the entities that are expressly identified as parties hereto; and no past, present or future
director, officer, employee, incorporator, member, partner, stockholder, Affiliate, portfolio company in which any such party or any of its investment fund Affiliates have made a debt or equity investment (and vice versa), agent, attorney or
representative of any party hereto (including any Person negotiating or executing this Agreement on behalf of a party hereto), unless party to this Agreement, shall have any liability or obligation with respect to this Agreement or with respect any
claim or cause of action (whether in contract or tort) that may arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including a representation or warranty made in or in connection with this
Agreement or as an inducement to enter into this Agreement). 
 Section 3.16 No Partnership. Nothing in this Agreement and no
actions taken by the parties under this Agreement shall constitute a partnership, association or other co-operative entity between any of the parties or constitute any party the agent of any other party for
any purpose. 
 Section 3.17 Severability. If any portion of this Agreement shall be declared void or unenforceable by any court
or administrative body of competent jurisdiction, such portion shall be deemed severable from the remainder of this Agreement, which shall continue in all respects to be valid and enforceable. 

Section 3.18 Counterparts. This Agreement may be executed in any number of counterparts (which delivery may be via facsimile
transmission or e-mail if in .pdf format), each of which shall be deemed an original, but all of which together shall constitute a single instrument. 

[Remainder of page intentionally left blank] 

  
 50 

 IN WITNESS WHEREOF, each of the undersigned has executed this Second Amended and Restated
Registration Rights Agreement or caused this Second Amended and Restated Registration Rights Agreement to be signed by its officer thereunto duly authorized as of the date first written above. 

 

			
	COMPANY:
	
	DELL TECHNOLOGIES INC.
		
	By:	 	 /s/ Janet M. Bawcom

		 	 Name: Janet M. Bawcom

Title:    Senior Vice President and Assistant
             Secretary

 
	
	MD STOCKHOLDER / MD HOLDER:
	
	 /s/ Michael S. Dell

	MICHAEL S. DELL

  
  

 
			
	MD STOCKHOLDER / MD HOLDER:
	
	SUSAN LIEBERMAN DELL SEPARATE PROPERTY TRUST
		
	By:	 	 /s/ Marc R. Lisker

		 	 Name: Marc R. Lisker

Title:    President, Hexagon Trust Company

 
			
	MSD PARTNERS STOCKHOLDERS / MSD PARTNERS HOLDERS:
	
	MSDC DENALI INVESTORS, L.P.
	
	By: MSDC Denali (GP), LLC, its General Partner
		
	By:	 	 /s/ Marcello Liguori

		 	 Name: Marcello Liguori

Title:    Authorized Signatory

 
			
	MSD PARTNERS STOCKHOLDERS / MSD PARTNERS HOLDERS:
	
	MSDC DENALI EIV, LLC
	
	By: MSDC Denali (GP), LLC, its Managing Member
		
	By:	 	 /s/ Marcello Liguori

		 	 Name: Marcello Liguori

Title:    Authorized Signatory

 
			
	SLP STOCKHOLDER / SLP HOLDER:
	
	SILVER LAKE PARTNERS III, L.P.
	
	By: Silver Lake Technology Associates III, L.P., its General Partner
	
	By: SLTA III (GP), L.L.C., its General Partner
	
	By: Silver Lake Group, L.L.C., its Managing Member
		
	By:	 	 /s/ Egon Durban

		 	 Name: Egon Durban
 Title: Managing
Director

 
			
	SLP STOCKHOLDER / SLP HOLDER:
	
	SILVER LAKE PARTNERS IV, L.P.
	
	By: Silver Lake Technology Associates IV, L.P., its General Partner
	
	By: SLTA IV (GP), L.L.C., its General Partner
	
	By: Silver Lake Group, L.L.C., its Managing Member
		
	By:	 	 /s/ Egon Durban

		 	 Name: Egon Durban
 Title: Managing
Director

 
			
	SLP STOCKHOLDER / SLP HOLDER:
	
	SILVER LAKE TECHNOLOGY INVESTORS III, L.P.
	
	 By: Silver Lake Technology Associates III, L.P., its General Partner

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

	
	By: Silver Lake Group, L.L.C., its Managing Member
		
	By:	 	 /s/ Egon Durban

		 	 Name: Egon Durban
 Title: Managing
Director

 
			
	SLP STOCKHOLDER / SLP HOLDER:
	
	SILVER LAKE TECHNOLOGY INVESTORS IV, L.P.
	
	By: Silver Lake Technology Associates IV, L.P., its General Partner
	
	By: SLTA IV (GP), L.L.C., its General Partner
	
	By: Silver Lake Group, L.L.C., its Managing Member
		
	By:	 	 /s/ Egon Durban

		 	 Name: Egon Durban
 Title: Managing
Director

 
			
	SLP STOCKHOLDER / SLP HOLDER:
	
	SLP DENALI CO-INVEST, L.P.
	
	By: SLP Denali Co-Invest GP, L.L.C., its General Partner
	
	By: Silver Lake Technology Associates III, L.P., its managing member
	
	By: SLTA III (GP), L.L.C., its General Partner
	
	By: Silver Lake Group, L.L.C., its Managing Member
		
	By:	 	 /s/ Egon Durban

		 	 Name: Egon Durban
 Title: Managing
Director

 EXHIBIT A 

FORM OF 
 JOINDER
AGREEMENT 
 The undersigned is executing and delivering this Joinder Agreement pursuant to that certain Second Amended and Restated
Registration Rights Agreement, dated as of December 25, 2018 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “Registration Rights Agreement”), by and among Dell Technologies
Inc., Michael S. Dell, Susan Lieberman Dell Separate Property Trust, MSDC Denali Investors, L.P., MSDC Denali EIV, LLC, Silver Lake Partners III, L.P., Silver Lake Technology Investors III, L.P., Silver Lake Partners IV, L.P., Silver Lake Technology
Investors IV, L.P., SLP Denali Co-Invest, L.P., Venezio Investments Pte. Ltd., the Management Stockholders party thereto and any other Persons who become a party thereto in accordance with the terms thereof.
Capitalized terms used but not defined in this Joinder Agreement shall have the respective meanings ascribed to such terms in the Registration Rights Agreement. 

By executing and delivering this Joinder Agreement to the Registration Rights Agreement, the undersigned hereby adopts and approves the
Registration Rights Agreement and agrees, effective commencing on the date hereof, to become a party to, and to be bound by and comply with the provisions of, the Registration Rights Agreement as [a][an] [MD Holder][MSD Partners Holder][SLP
Holder][Temasek Holder][Management Holder and Non-Sponsor Holder]. 
 The undersigned acknowledges
and agrees that Section 3.6 through Section 3.8 of the Registration Rights Agreement are incorporated herein by reference, mutatis mutandis. 

Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the     day
of            ,         . 
  

			
	  

	Signature
	
	
	  

	Print Name
		
	Address:	 	  

	  

	  

		
	Telephone:	 	  

	Facsimile:	 	  

	Email:	 	  

  
  
  

 
  

 AGREED AND ACCEPTED 

as of the     day of            ,
        . 
 [DELL TECHNOLOGIES INC.] 

 

			
	By:	 	  

		 	Name:
		 	Title:EX-10.5

 Exhibit 10.5 
  

 
  

DELL TECHNOLOGIES INC. 

SECOND AMENDED AND RESTATED MANAGEMENT STOCKHOLDERS AGREEMENT 

Dated as of December 25, 2018 
  

 
  

 TABLE OF CONTENTS 

Page 
  

							
	 ARTICLE I DEFINITIONS
	 

			
	 Section 1.1.
	  	Definitions	  	 	2	
	 Section 1.2.
	  	General Interpretive Principles	  	 	15	
			
		  	ARTICLE II REPRESENTATIONS AND WARRANTIES	  			
			
	 Section 2.1.
	  	Representations and Warranties of the Management Stockholders	  	 	16	
			
		  	ARTICLE III TRANSFER RESTRICTIONS	  			
			
	 Section 3.1.
	  	General Restrictions on Transfers	  	 	17	
	 Section 3.2.
	  	Specified Restrictions on Transfers	  	 	20	
	 Section 3.3.
	  	Permitted Transfers	  	 	23	
	 Section 3.4.
	  	Tag-Along Rights	  	 	23	
	 Section 3.5.
	  	Black-Out Periods	  	 	27	
	 Section 3.6.
	  	Applicability to Post-Recapitalization Awards	  	 	27	
			
		  	ARTICLE IV PUT RIGHTS	  			
			
	 Section 4.1.
	  	Certain Definitions	  	 	28	
	 Section 4.2.
	  	Put Right of the Management Stockholders	  	 	29	
	 Section 4.3.
	  	Limitations on Repurchases	  	 	29	
	 Section 4.4.
	  	Further Assurances	  	 	31	
	 Section 4.5.
	  	Termination of Article IV	  	 	31	
	 Section 4.6.
	  	Not Applicable to Post-Recapitalization Awards	  	 	31	
	 Section 4.7.
	  	Reinstatement of Put Right	  	 	31	
			
		  	ARTICLE V ADDITIONAL AGREEMENTS	  			
			
	 Section 5.1.
	  	Further Assurances	  	 	31	
	 Section 5.2.
	  	Confidentiality	  	 	31	
	 Section 5.3.
	  	Cooperation with Reorganizations	  	 	33	
			
		  	ARTICLE VI ADDITIONAL MANAGEMENT STOCKHOLDERS	  			
			
	 Section 6.1.
	  	Additional Management Stockholders	  	 	33	
			
		  	ARTICLE VII MISCELLANEOUS	  			
			
	 Section 7.1.
	  	Entire Agreement	  	 	34	
	 Section 7.2.
	  	Specific Performance	  	 	34	
	 Section 7.3.
	  	Governing Law	  	 	34	
	 Section 7.4.
	  	Submissions to Jurisdictions; WAIVER OF JURY TRIAL	  	 	34	

  

  
 i 

							
	 Section 7.5.
	 	 Obligations
	  	 	36	
	 Section 7.6.
	 	 Consents, Approvals and Actions
	  	 	36	
	 Section 7.7.
	 	 Amendment; Waiver
	  	 	36	
	 Section 7.8.
	 	 Assignment of Rights By Management Stockholders
	  	 	37	
	 Section 7.9.
	 	 Binding Effect
	  	 	37	
	 Section 7.10.
	 	 Third Party Beneficiaries
	  	 	37	
	 Section 7.11.
	 	 Termination
	  	 	37	
	 Section 7.12.
	 	 Notices
	  	 	37	
	 Section 7.13.
	 	 No Third Party Liability
	  	 	40	
	 Section 7.14.
	 	 No Partnership
	  	 	40	
	 Section 7.15.
	 	 Aggregation; Beneficial Ownership
	  	 	40	
	 Section 7.16.
	 	 Severability
	  	 	41	
	 Section 7.17.
	 	 Management Stockholder Group Representative
	  	 	41	
	 Section 7.18.
	 	 Counterparts
	  	 	42	
	 Section 7.19.
	 	 Effectiveness
	  	 	42	

 ANNEXES 

ANNEX A – FORM OF JOINDER AGREEMENT 
 ANNEX B – FORM OF
SPOUSAL CONSENT 
 ANNEX C – FORM OF PUT NOTICE 

  
 ii 

 DELL TECHNOLOGIES INC. 

SECOND AMENDED AND RESTATED 

MANAGEMENT STOCKHOLDERS AGREEMENT 

This SECOND AMENDED AND RESTATED MANAGEMENT STOCKHOLDERS AGREEMENT is made as of December 25, 2018, by and among Dell Technologies Inc.,
a Delaware corporation (together with its successors and assigns, the “Company”), and each of the following (hereinafter severally referred to as a “Stockholder” and collectively referred to as the
“Stockholders”): 
  

	 	(a)	 Michael S. Dell (“MD”) and Susan Lieberman Dell Separate Property Trust (the “SLD
Trust” and together with MD and their respective Permitted Transferees (as defined herein) that acquire Common Stock (as defined herein), the “MD Stockholders”); 

 

	 	(b)	 Silver Lake Partners III, L.P., a Delaware limited partnership, Silver Lake Technology Investors III, L.P., a
Delaware limited partnership, Silver Lake Partners IV, L.P., a Delaware limited partnership, Silver Lake Technology Investors IV, L.P., a Delaware limited partnership, and SLP Denali Co-Invest, L.P., a
Delaware limited partnership (collectively, and together with their respective Permitted Transferees that acquire Common Stock, the “SLP Stockholders,” and together with the MD Stockholders, the “Sponsor
Stockholders”); and 

  

	 	(c)	 the Management Stockholders (as defined herein). 

WHEREAS, certain of the parties are party to that certain Management Stockholders Agreement, dated as of October 29, 2013 and amended by
Amendment No. 1 thereto dated as of July 14, 2014, Amendment No. 2 thereto dated as of July 21, 2014, and Amendment No. 3 thereto dated as of August 28, 2015 (the “Original Agreement”), as further
amended and restated by that certain Amended and Restated Management Stockholders Agreement, dated as of September 7, 2016 (the “First Restated Agreement”); 

WHEREAS, pursuant to an Agreement and Plan of Merger, dated as of July 1, 2018 (as further amended, restated, supplemented or modified
from time to time, the “Merger Agreement”), by and between the Company and Teton Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of the Company (“Merger Sub”), Merger Sub will be merged with and
into the Company (the “Merger”), with the Company as the surviving corporation; 
 WHEREAS, in connection with the
execution of the Merger Agreement and the consummation of the Merger, the Company, the MD Stockholders and the SLP Stockholders wish to amend the First Restated Agreement to make certain changes to the rights and obligations of the Company, the MD
Stockholders, the MSD Partners Stockholders, SLP Stockholders and the Management Stockholders under the First Restated Agreement; 

 WHEREAS, pursuant to, and subject to the terms and conditions set forth in, Section 5.9
of that certain MSD Partners Stockholders Agreement, dated as of the date hereof, the Company, the MSD Partners Stockholders and the MSD Partners Co-Investors (as defined therein) parties thereto agreed to
terminate the rights and obligations of the MSD Partners Stockholders and the MSD Partners Co-Investors under the First Amended Agreement; and 

WHEREAS, the undersigned parties desire to amend and restate the First Restated Agreement as set forth herein pursuant to Section 7.7 of
the First Restated Agreement; 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and
valuable consideration, the receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree that the First Restated Agreement is, as of the effectiveness of this Agreement pursuant to
Section 7.19, amended and restated in its entirety as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1. Definitions. As used in this Agreement, the following terms shall have the meanings set forth below: 

“90% Owner” means, as of any measurement date, the beneficial owners of at least ninety percent (90%) of all issued and
outstanding shares of Common Stock as of such date. 
 “Affiliate” means, with respect to any Person, any other Person that
controls, is controlled by, or is under common control with such Person. The term “control” means the power to direct or cause the direction of the management and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise. The terms “controlled” and “controlling” have meanings correlative to the foregoing. Notwithstanding the foregoing, for purposes of this Agreement,
(i) the Company, its Subsidiaries (including VMware and its subsidiaries) and its other controlled Affiliates shall not be considered Affiliates of any of the Sponsor Stockholders or any of such party’s Affiliates (other than the Company,
its Subsidiaries and its other controlled Affiliates), (ii) none of the MD Stockholders and the MSD Partners Stockholders, on the one hand, and/or the SLP Stockholders, on the other hand, shall be considered Affiliates of each other, and
(iii) except with respect to Section 7.13, none of the Sponsor Stockholders shall be considered Affiliates of (x) any portfolio company in which any of the Sponsor Stockholders or any of their investment fund
Affiliates have made a debt or equity investment (and vice versa) or (y) any limited partners, non-managing members or other similar direct or indirect investors in any of the Sponsor Stockholders or
their affiliated investment funds. 
 “Aggregate Cap” has the meaning ascribed to such term in
Section 4.3(b). 
 “Agreement” means this Second Amended and Restated Management Stockholders
Agreement (including the schedules, annexes and exhibits attached hereto) as the same may be amended, restated, supplemented or modified from time to time. 

  
 2 

 “Applicable Employee” means (i) with respect to any Management
Stockholder that is or was an employee, Non-Sponsor Director or consultant of the Company or any of its Subsidiaries, such employee, Non-Sponsor Director or consultant
and (ii) with respect to any Management Stockholder that is not and was not an employee, Non-Sponsor Director or consultant of the Company or any of its Subsidiaries, the current or former employee, Non-Sponsor Director or consultant of the Company or any of its Subsidiaries with respect to whom such Management Stockholder is an Affiliate or a Permitted Transferee on or after the date of this Agreement. For
purposes of this definition of “Applicable Employee,” the term “Subsidiary” shall include VMware and its subsidiaries. 

“beneficial ownership” and “beneficially own” and similar terms have the meaning set forth in Rule 13d-3 under the Exchange Act; provided, however, that (i) subject to Section 7.15, no party hereto shall be deemed to beneficially own any securities held by any other
party hereto solely by virtue of the provisions of this Agreement (other than this definition) or other similar agreement with the Company and/or its Subsidiaries, and (ii) with respect to any securities held by a party hereto that are
exercisable for, convertible into or exchangeable for shares of Common Stock upon delivery of consideration to the Company or any of its Subsidiaries, such shares of Common Stock shall not be deemed to be beneficially owned by such party unless,
until and to the extent such securities have been exercised, converted or exchanged and such consideration has been delivered by such party to the Company or such Subsidiary. 

“Board” means the Board of Directors of the Company. 

“Business Day” means a day, other than a Saturday, Sunday or other day on which banks located in New York, New York, Austin,
Texas or San Francisco, California are authorized or required by law to close. 
 “Cause” shall, with respect to the
Applicable Employee of any Management Stockholder, either (i) have the meaning ascribed to such term in the Company Award (whether or not then-outstanding) that was entered into with such Applicable Employee prior to July 1, 2018, or
(ii) if no such Company Award exists or has existed or if “Cause” is not defined therein, then Cause shall mean: (A) a violation (x) by the Applicable Employee of such Management Stockholder’s obligations regarding
confidentiality or the protection of sensitive, confidential or proprietary information, or trade secrets, or (y) of any other restrictive covenant by which the Applicable Employee of such Management Stockholder is bound; (B) an act or
omission by the Applicable Employee of such Management Stockholder resulting in the Applicable Employee of such Management Stockholder being charged with a criminal offense which constitutes a felony or involves moral turpitude or dishonesty;
(C) conduct by the Applicable Employee of such Management Stockholder which constitutes gross neglect, insubordination, willful misconduct, or a breach of the Code of Conduct or a fiduciary duty to the Company, any of its Subsidiaries (which
for this purpose includes VMware and its subsidiaries) or the stockholders of the Company; or (D) a determination by the senior management of the Company that the Applicable Employee of such Management Stockholder violated state or federal law
relating to the workplace environment, including, without limitation, laws relating to sexual harassment or age, sex, race, or other prohibited discrimination. Thus, and for the avoidance of doubt, for purposes of this Agreement, if a Cause
definition is specified in a Company Award granted to the 

  
 3 

 
Applicable Employee of the Management Stockholder prior to July 1, 2018, then the Cause definition in clause (i) of the immediately preceding sentence will apply and the Cause
definition in clause (ii) of the immediately preceding sentence shall not apply. No Company Award granted to the Applicable Employee of a Management Stockholder after July 1, 2018, shall be conditioned upon (nor implement in any way)
the retroactive application of a Cause definition to any Company Awards granted to the Applicable Employee prior to July 1, 2018 (or Shares issued or issuable thereunder, regardless of the date of issuance), or any other Shares issued to
the Management Stockholder prior to July 1, 2018.     
 “Change in Control” means the occurrence
of any one or more of the following events: (i) the sale or disposition, in one or a series of related transactions, to any “person” or “group” (as such terms are used for purposes of Sections 13(d)(3) and 14(d)(2) of the
Exchange Act) other than to the Sponsor Stockholders or any of their respective Affiliates or to any “group” in which any of the foregoing is a member of all or substantially all of the consolidated assets of the Company; (ii) any
“person” or “group” other than the Sponsor Stockholders or any of their respective Affiliates or any “group” in which any of the foregoing is a member, is or becomes the beneficial owner, directly or indirectly, of more
than fifty percent (50%) of the total voting power of the outstanding shares of Common Stock, excluding as a result of any merger or consolidation that does not constitute a Change in Control pursuant to clause (iii); (iii) any merger or
consolidation of the Company with or into any other person unless the holders of the Common Stock immediately prior to such merger or consolidation beneficially own a majority of the outstanding shares of the common stock (or equivalent voting
securities) of the surviving or successor entity (or the parent entity thereof); or (iv) prior to an IPO, the Sponsor Stockholders and their respective Affiliates cease to have the ability to cause the election of that number of members of the
Board who would collectively have the right to vote a majority of the aggregate number of votes represented by all of the members of the Board and any “person” or “group,” other than the Sponsor Stockholders and their respective
Affiliates or any “group” in which any of the foregoing is a member, beneficially owns outstanding voting stock representing a greater percentage of voting power with respect to the general election of members of the Board than the shares
of outstanding voting stock of the Sponsor Stockholders and their respective Affiliates collectively beneficially own. 

“Class A Common Stock” means the Class A Common Stock, par value $0.01 per share, of the Company.

 “Class B Common Stock” means the Class B Common Stock, par value $0.01 per share, of the
Company. 
 “Class C Common Stock” means the Class C Common Stock, par value $0.01 per share, of
the Company. 
 “Closing” has the meaning ascribed to such term in the Merger Agreement. 

“Closing Date” has the meaning ascribed to such term in the Merger Agreement. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. Reference
herein to any section of the Code shall be deemed to include any regulations or other interpretive guidance under such section, and any amendments or successor provisions to such section, regulations or guidance. 

  
 4 

 “Code of Conduct” means Dell’s Code of Conduct, as amended or updated
from time to time. 
 “Common Stock” means the Class A Common Stock, the Class B Common Stock, the Class C
Common Stock, and any other series or class of common stock of the Company. 
 “Company” has the meaning ascribed to such
term in the Preamble. 
 “Company Award” means an agreement between the Company or any of its Subsidiaries, on the one
hand, and any Management Stockholder (or the Applicable Employee of such Management Stockholder), on the other hand, under which the Company or any of its Subsidiaries issues Shares, Company Stock Options, stock appreciation rights or restricted
stock units (including performance-based restricted stock units) that correspond to Common Stock and/or Company Stock Options or other DTI Securities to such Management Stockholder; provided, that for the avoidance of doubt, no Share Rollover
Agreement, RSU Rollover Agreement or Shares issued in respect thereof shall be deemed to be a Company Award hereunder. For purposes of this definition of “Company Award,” the term “Subsidiary” shall include VMware and its
subsidiaries. 
 “Company Stock Option” means an option to subscribe for, purchase or otherwise acquire shares of Common
Stock. 
 “Confidential Information” has the meaning ascribed to such term in Section 5.2(a).

 “Credit Agreement” means the Credit Agreement dated as of September 7, 2016, by and among Intermediate, Dell, Dell
International L.L.C., a Delaware limited liability company, as the borrower, EMC, the banks and other financial institutions party thereto as lenders from time to time, and Credit Suisse AG, Cayman Islands Branch as Term Loan B Administrative Agent
and Collateral Agent and JPMorgan Chase Bank, N.A. as Term Loan A Administrative Agent. 
 “Cure Period” has the meaning
ascribed to such term in the definition of Good Reason. 
 “Dell” means Dell Inc., a Delaware corporation. 

“Demand Registration” has the meaning ascribed to such term in the Registration Rights Agreement. 

“Denali Acquiror” means Denali Acquiror Inc. 

  
 5 

 “Disability” means either (i) the inability of the Applicable Employee
of a Management Stockholder to perform his or her duties and obligations for any ninety (90) days during a period of one hundred eighty (180) consecutive days due to mental or physical incapacity, as determined by a physician selected by
the Board or (ii) being qualified to receive payments pursuant to any applicable employer-sponsored group long-term disability insurance benefit program in which such Applicable Employee participates. 

“Disabling Event” has the meaning ascribed to such term in the MD Stockholders Agreement, dated as of the date hereof, as it
may be amended from time to time. 
 “DTI Securities” means the Common Stock, any equity or debt securities exercisable or
exchangeable for, or convertible into Common Stock, and any option, warrant or other right to acquire any Common Stock or such equity or debt securities of the Company. 

“Electing Tag-Along Seller” has the meaning ascribed to such term in
Section 3.4(b). 
 “Electronic Transmission” means any form of communication, not directly
involving the physical transmission of paper, that creates a record that may be retained, retrieved, and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process. 

“Eligible Tag-Along Seller” means the Management Stockholders and any of their
respective Permitted Transferees that acquire Transferable Shares. 
 “EMC” means EMC Corporation, a Massachusetts
corporation and indirect wholly owned subsidiary of the Company. 
 “EMC Closing” means the closing of the
EMC Merger pursuant to the EMC Merger Agreement. 
 “EMC Closing Date” means September 7, 2016. 

“EMC Merger Agreement” means that certain Agreement and Plan of Merger, dated as of October 12, 2015, by and among the
Company, Dell, Universal Acquisition Co., a Delaware corporation and direct wholly owned subsidiary of Dell, and EMC (as further amended, restated, supplemented or modified from time to time). 

“Encumbrance” means any lien (statutory or other), pledge, charge, claim, encumbrance, security interest, option to purchase,
mortgage, easement, lease, license, right of first refusal, preemptive right, transfer restriction, interest or claim, covenant, title defect or limitation, hypothecation, assignment, deposit arrangement or other encumbrance of any kind. 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended from time to time, and the rules and
regulations promulgated pursuant thereto. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended and any
successor thereto. Reference herein to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretive guidance under such section or rule, and any amendments or successor
provisions to such section, rules, regulations or guidance. 

  
 6 

 “Exempt Shares” means all Transferable Shares held by a Management
Stockholder that (i) were vested and owned by such Management Stockholder on July 1, 2018, (ii) vested and/or were issued following July 1, 2018, and prior to the Closing Date, other than any such Transferable Shares acquired
upon the exercise of Company Stock Options where such exercise occurred after July 1, 2018, (iii) were not acquired pursuant to a Company Award or (iv) were issued pursuant to the Merger Agreement as Class C Common Stock in exchange
for Transferable Shares described in clause (i), (ii) or (iii) hereof. 
 “Fair Market Value” with respect to the
Applicable Employee of any Management Stockholder (i) shall mean, if there should be a public market for the Class C Common Stock on the determination date, the closing price of a share of Class C Common Stock as reported on such date
on the composite tape of the principal national securities exchange on which the Class C Common Stock is listed or admitted to trading, or if the Class C Common Stock is not listed or admitted on any national securities exchange, the
arithmetic mean of the per share closing bid price and per share closing asked price for the Class C Common Stock on such date as quoted on any established U.S. interdealer quotation system on which such prices are regularly quoted) (a
“Quotation System”), or, if no sale of the Class C Common Stock shall have been reported on the composite tape of any national securities exchange or quoted on a Quotation System on such date, then the immediately preceding
date on which sales of the Class C Common Stock has been so reported or quoted shall be used; and (ii) if there should not be a public market for shares of Class C Common Stock on the determination date, then Fair Market Value
(a) shall have the meaning ascribed to such term in a Company Award with such Applicable Employee, and (b) if no such Company Award exists or has existed or if “Fair Market Value” is not defined therein, then as of any date of
determination, shall mean the fair market value of a Share as determined in good faith by the Board, based upon the most recent valuation of the shares of Common Stock performed by the Company’s independent valuation firm, as adjusted by the
Board for changes to Fair Market Value from the date of such valuation to such date of determination. The valuations described in clause (b) of the immediately preceding sentence shall be performed by the Company’s independent valuation
firm from time to time as determined by the Board in its sole discretion, but in any case, the Company shall obtain at least one such independent valuation as of the end of each fiscal quarter, which in each case shall be completed no later than 60
days following the end of the applicable fiscal quarter. If the last day of any such 60-day period is not a Business Day, such valuation shall be completed no later than the first Business Day following such 60-day period. Notwithstanding anything
herein to the contrary, (1) the per share value of Class A Common Stock, Class B Common Stock and Class C Common Stock shall be deemed to be the same, and (2) Fair Market Value shall be determined without any discounts for
illiquidity and minority interests. 
 “First Restated Agreement” has the meaning ascribed to such term in the Recitals.

 “Good Leaver” means the Applicable Employee of a Management Stockholder who (i) has, prior to the date of the
applicable sale of Transferable Shares under Section 3.2(a), experienced a termination of employment or service with the Company and all of its Affiliates for Good Reason or without Cause or due to such Applicable
Employee’s death, Disability or 

  
 7 

 
Retirement, (ii) has not engaged in Repayment Behavior on or prior to the earlier of (x) the date of the applicable sale of Transferable Shares under
Section 3.2(a) or (y) the one-year anniversary of such Applicable Employee’s date of termination of employment or service with the Company and all of its Affiliates, and
(iii) if the Applicable Employee terminated due to Retirement, has not engaged in Post-Retirement Services on or prior to the earlier of (A) the date of the applicable sale of Transferable Shares under
Section 3.2(a) or (B) the three-year anniversary of such Applicable Employee’s Retirement. 

“Good Reason” shall, with respect to the Applicable Employee of any Management Stockholder, either (i) have the meaning
ascribed to such term in an award agreement for a Company Award (whether or not then-outstanding) that was entered into with such Applicable Employee prior to July 1, 2018, or (ii) if no such Company Award exists or has existed or if
“Good Reason” is not defined therein, then Good Reason shall mean: (A) a material reduction in such Applicable Employee’s base salary or (B) a change in such Applicable Employee’s principal place of work to a location
of more than fifty (50) miles from his or her principal place of work immediately prior to such change; provided, that such Applicable Employee provides written notice to the Company of the existence of any such condition within ninety
(90) days of such Applicable Employee having actual knowledge of the initial existence of such condition and the Company fails to remedy the condition within thirty (30) days of receipt of such notice (the “Cure Period”).
In order to resign for Good Reason pursuant to clause (ii) of the immediately preceding sentence, an Applicable Employee of a Management Stockholder must actually terminate employment no later than thirty (30) days following the end of
such Cure Period, if the Good Reason condition remains uncured. Thus and for the avoidance of doubt, for purposes of this Agreement, if a Good Reason definition is specified in a Company Award granted to the Applicable Employee of the Management
Stockholder prior to July 1, 2018, then the Good Reason definition in clause (i) of the first sentence in this paragraph will apply and the Good Reason definition in clause (ii) of the first sentence in this paragraph shall not apply.
No Company Award granted to the Applicable Employee of a Management Stockholder after July 1, 2018, shall be conditioned upon (nor implement in any way) the retroactive application of a Good Reason definition to any Company Awards granted
to the Applicable Employee prior to July 1, 2018 (or Shares issued or issuable thereunder, regardless of the date of issuance), or any other Shares issued to the Management Stockholder prior to July 1, 2018. 

“Governmental Entity” has the meaning ascribed to such term in Section 5.2(b). 

“Immediate Family Members” means, with respect to any natural person (i) such natural person’s spouse, children
(whether natural or adopted as minors), grandchildren or more remote descendants and (ii) the lineal descendants of each of the persons described in the immediately preceding clause (i). 

“Individual Cap” means, with respect to any Management Stockholder or Management Stockholder Group, either (i) the
“Individual Cap” as defined in an award agreement for a Company Award (whether or not then-outstanding) that was entered into with such Management Stockholder (or the Applicable Employee of such Management Stockholder or Management
Stockholder Group) prior to July 1, 2018, or (ii) in the event that no such Company Award exists or has existed or “Individual Cap” is not defined in such Company 

  
 8 

 
Award, (A) $2,000,000 or (B) beginning in the immediately succeeding fiscal year after the time MD and his Permitted Transferees have become a 90% Owner, $3,000,000. Thus and for the
avoidance of doubt, for purposes of this Agreement, if the Individual Cap definition is specified in a Company Award granted to the Applicable Employee of the Management Stockholder prior to July 1, 2018, then the Individual Cap definition in
clause (i) of the immediately preceding sentence shall apply and the Individual Cap definition in clause (ii) of the immediately preceding sentence shall not apply. No Company Award granted to the Applicable Employee of a Management
Stockholder after July 1, 2018, shall be conditioned upon (nor implement in any way) the retroactive application of an Individual Cap to any Company Awards granted to the Applicable Employee prior to July 1, 2018 (or Shares
issued or issuable thereunder, regardless of the date of issuance), or any other Shares issued to the Management Stockholder prior to July 1, 2018. 

“Initiating Tag-Along Seller” means, collectively, any one or more Stockholders,
acting jointly. 
 “Intermediate” means Denali Intermediate Inc., a wholly-owned subsidiary of the Company. 

“IPO” means the consummation of an initial public offering that is registered under the Securities Act of Class C Common
Stock. 
 “Joinder Agreement” means a joinder agreement substantially in the form of Annex A attached hereto. 

“Legacy Shares” means Shares issued (i) prior to the EMC Closing or (ii) upon the exercise of Company Stock Options
that were granted prior to the EMC Closing. 
 “Lock-up Lapse Date” means the date
that is the 181st day after the Closing Date. 
 “Management Stockholders” means (i) all Stockholders other than the
MD Stockholders and the SLP Stockholders and (ii) any other Person (other than the Company and the Sponsor Stockholders) who becomes a party hereto pursuant to, and in accordance with, Article VI hereof whether or not
such Person is an employee, Non-Sponsor Director or consultant of the Company and/or its Affiliates. For the avoidance of doubt, each Management Stockholder shall continue to be a Management Stockholder
notwithstanding the Applicable Employee of such Management Stockholder no longer being employed with or providing services to the Company or any of its Affiliates. 

“Management Stockholder Group” means a Management Stockholder for so long as he, she or it holds DTI Securities and any of
his, her or its Permitted Transferees for so long as they hold DTI Securities and have become parties to this Agreement as required pursuant to, and in accordance with, Article VI hereof. 

“Management Stockholder Group Representative” has the meaning ascribed to such term in
Section 7.17. 

  
 9 

 “Marketed Underwritten Shelf Take-Down” has the meaning ascribed to such
term in the Registration Rights Agreement. 
 “Merger Sub” has the meaning ascribed to such term in the Recitals. 

“MD” has the meaning ascribed to such term in the Preamble. 

“MD Charitable Entity” means the Michael & Susan Dell Foundation and any other private foundation or supporting
organization (as defined in Section 509(a) of the Code) established and principally funded directly or indirectly by MD and/or his spouse. 

“MD Fiduciary” means any trustee of an inter vivos or testamentary trust appointed by MD. 

“MD Immediate Family Member” means, with respect to any MD Stockholder that is a natural person, (i) such natural
person’s spouse, children (whether natural or adopted as minors), grandchildren or more remote descendants, siblings, spouse’s siblings and (ii) the lineal descendants of each of the persons described in the immediately preceding
clause (i). 
 “MD Stockholders” has the meaning ascribed to such term in the Preamble. 

“Merger” has the meaning ascribed to such term in the Recitals. 

“Merger Agreement” has the meaning ascribed to such term in the Recitals. 

“MSD Partners Stockholders” has the meaning ascribed to such term in the MSD Partners Stockholders Agreement. 

“MSD Partners Stockholders Agreement” means that certain MSD Partners Stockholders Agreement, dated as of December 25,
2018, among the Company, the MSD Partners Stockholders and the other parties thereto. 
 “Net Settlement Shares” means any
Transferable Shares that were used to pay either (or both of) the aggregate exercise price for any Transferable Shares acquired on the exercise of Company Stock Options and/or the applicable tax withholding due in connection with the issuance of
Shares upon the exercise or settlement of Company Awards (other than Post-Recapitalization Awards) in connection with a net share withholding process, in any such case, whether via having the Company withhold otherwise issuable Shares under the
Company Award or having the Shares issuable upon vesting, exercise or settlement of the Company Award sold into the public market pursuant to a Company approved broker-assisted exercise or sale program. 

“Non-Marketed Underwritten Shelf Take-Down” has the meaning ascribed to such term in
the Registration Rights Agreement. 
 “Non-Sponsor Director” means any director who
is not an Affiliate of the Sponsor Stockholders. 

  
 10 

 “Organizational Documents” means, with respect to any Person, the articles
and/or memorandum of association, certificate of incorporation, certificate of organization, bylaws, partnership agreement, limited liability company agreement, operating agreement, certificate of formation, certificate of limited partnership and/or
other organizational or governing documents of such Person. 
 “Original Agreement” has the meaning ascribed to such term
in the Recitals. 
 “Original Closing” means the closing of the Original Merger pursuant to the Original Merger Agreement.

 “Original Merger” means the merger of Denali Acquiror and Dell pursuant to the Original Merger Agreement. 

“Original Merger Agreement” means that certain Agreement and Plan of Merger, dated as of February 5, 2013, between the
Company, Intermediate, Denali Acquiror and Dell, as amended by Amendment No. 1 on August 2, 2013 (as further amended, restated, supplemented or modified from time to time). 

“Permitted Transferee” means: 

(i) In the case of any Management Stockholder, the Applicable Employee of such Management Stockholder, any family trusts and
other estate-planning vehicles controlled solely by the Applicable Employee of such Management Stockholder and with respect to which the sole beneficiaries are the Applicable Employee of such Management Stockholder and/or such Applicable
Employee’s Immediate Family Members; provided, that any such transferee enters into a Joinder Agreement in the form of Annex A. 

(ii) In the case of the MD Stockholders: 

(A) MD, SLD Trust or any MD Immediate Family Member; 

(B) any MD Charitable Entity; 

(C) one or more trusts whose current beneficiaries are and will remain for so long as such trust holds DTI Securities, any of
(or any combination of) MD, one or more MD Immediate Family Members or MD Charitable Entities; 
 (D) any corporation,
limited liability company, partnership or other entity wholly-owned by any one or more persons or entities described in clauses (ii)(A), (ii)(B) or (ii)(C) of this definition of “Permitted Transferee”; or 

(E) from and after MD’s death, any recipient under MD’s will, any revocable trust established by MD that becomes
irrevocable upon MD’s death, or by the laws of descent and distribution. 

  
 11 

 (iii) In the case of the SLP Stockholders, (A) any of their respective
controlled Affiliates (other than portfolio companies) or (B) an affiliated private equity fund of such SLP Stockholders that remains such an Affiliate or affiliated private equity fund of such SLP Stockholders (which, for the avoidance of
doubt, shall include any special purpose entity formed as part of a “fund-to-fund” transfer of all or a portion of such SLP Stockholder’s investment in
the Company, provided that all of the investors in such special purpose entity are, at the time of such transfer, partners or stockholders of such Stockholder and such special purpose entity is managed by such SLP Stockholder or one of its
Affiliates). 
 For the avoidance of doubt, (x) each MD Stockholder will be a Permitted Transferee of each other MD Stockholder and
(y) each SLP Stockholder will be a Permitted Transferee of each other SLP Stockholder. 
 “Person” means an
individual, any general partnership, limited partnership, limited liability company, corporation, trust, business trust, joint stock company, joint venture, unincorporated association, cooperative or association or any other legal entity or
organization of whatever nature, and shall include any successor (by merger or otherwise) of such entity, or a government or any agency or political subdivision thereof. 

“Piggyback Registration” means an offering by the Company, pursuant to, and in accordance with, Section 2.5 of the
Registration Rights Agreement. 
 “Post-Recapitalization Award” means all Company Awards issued on or after the Closing
Date. No terms of any agreement reflecting a Post-Recapitalization Award or any Company Award granted to the Applicable Employee of a Management Stockholder after July 1, 2018, shall have the effect
of adversely affecting the rights of the Management Stockholder with respect to any Company Awards (and Shares issued or issuable thereunder) and Shares issued to the Management Stockholder prior to July 1, 2018. 

“Post-Retirement Services” shall, with respect to an Applicable Employee, have the meaning ascribed to such term in an
agreement reflecting a Company Award (whether or not outstanding) with such Applicable Employee. 
 “Put Blackout Period”
means the period during which the Company is prohibited under applicable securities laws, including Rule 14e-5 of the Exchange Act, from purchasing Put Shares or other DTI Securities. 

“Put Date” has the meaning ascribed to such term in Section 4.1(a).  

“Put Notice” has the meaning ascribed to such term in Section 4.2(a). 

“Put Period” has the meaning ascribed to such term in Section 4.1(b). 

“Put Price” has the meaning ascribed to such term in Section 4.1(c). 

“Put Right” has the meaning ascribed to such term in Section 4.2(a). 

  
 12 

 “Put Shares” has the meaning ascribed to such term in
Section 4.2(a). 
 “Put Termination Date” has the meaning ascribed to such term in
Section 4.1(d). 
 “Quotation System” has the meaning ascribed to such term in the definition
of“Fair Market Value.” 
 “Registration Rights Agreement” means the Second Amended and Restated Registration
Rights Agreement, dated as of the date hereof, by and among the Company, the Sponsor Stockholders and the other signatories party thereto, as the same may be amended, restated, supplemented or modified from time to time. 

“Release Date” means the date that is the two-year anniversary of the Lock-up Lapse Date. 
 “Release Event” means the earlier to occur of (i) an IPO or
(iii) the Release Date. 
 “Repayment Behavior” shall, with respect to an Applicable Employee, have the meaning
ascribed to such term in an agreement reflecting a Company Award (whether or not outstanding) with such Applicable Employee. 

“Representatives” means, with respect to any Person, such Person’s and its Affiliates’ respective directors,
officers, employees, trustees, partners, members, stockholders, controlling persons, investment committee, financial advisors, attorneys, consultants, accountants, agents and other representatives. 

“Repurchase Caps” has the meaning ascribed to such term in Section 4.3(b).  

“Repurchase Limitations” has the meaning ascribed to such term in Section 4.3(a).  

“Restricted Period” has the meaning ascribed to such term in Section 3.2(a). 

“Retirement” means the voluntary termination of employment with the Company and all of its Affiliates by an Applicable
Employee of a Management Stockholder without Good Reason at or above the age of sixty (60) and after having completed at least five (5) years of service with the Company and its Affiliates (or any other combination of such Applicable
Employee’s age plus years of service completed (not less than five (5)) that is at least equal to sixty-five (65)). 
 “RSU
Rollover Agreement” means, with respect to any Management Stockholder, the Letter Agreement, dated as of the date of the Original Closing, between the Company and such Management Stockholder, pursuant to which such Management Stockholder
rolled over a portion of his or her Dell restricted stock units into Company restricted stock units, which resulted in the issuance of Shares upon their vesting. 

“Rule 144” means Rule 144 (or any successor provision) under the Securities Act, as such provision is amended from time to
time. 

  
 13 

 “SEC” means the U.S. Securities and Exchange Commission or any successor
agency. 
 “Securities Act” means the Securities Act of 1933, as amended and any successor thereto. Reference herein to any
section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretive guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations or
guidance. 
 “Share Rollover Agreement” means, with respect to any Management Stockholder, the Letter Agreement, dated as
of the date of the Original Closing, between the Company and such Management Stockholder, pursuant to which such Management Stockholder rolled over a portion of his or her Dell common equity into Shares. 

“Shares” means shares of Class A Common Stock and/or Class C Common Stock. 

“SLD Trust” has the meaning ascribed to such term in the Preamble. 

“SLP” means Silver Lake Management Company III, L.L.C., Silver Lake Management Company IV, L.L.C. and their respective
affiliated management companies and investment vehicles. 
 “SLP Stockholders” has the meaning ascribed to such term in the
Preamble. 
 “Sponsor Holders” has the meaning ascribed to such term in the Registration Rights Agreement. 

“Sponsor Stockholders” has the meaning ascribed to such term in the Preamble. 

“Spousal Consent” has the meaning ascribed to such term in Section 2.1(g). 

“Stockholders” has the meaning ascribed to such term in the Preamble. 

“Subsidiary” means, with respect to any Person, any entity of which (i) a majority of the total voting power of shares
of stock or equivalent ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, trustees or other members of the applicable governing body thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if no such governing body exists at such entity, a majority of the total voting power of shares of
stock or equivalent ownership interests of the entity is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be
deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other
business entity gains or losses or shall be or control the managing member or general partner of such limited liability company, partnership, association or other business entity. Notwithstanding the foregoing, VMware and its Subsidiaries shall not
be considered Subsidiaries of the Company and its Subsidiaries for so long as VMware is not a direct or indirect wholly-owned subsidiary of the Company. 

  
 14 

 “Tag-Along Buyer” has the meaning
ascribed to such term in Section 3.4(a). 
 “Tag-Along
Participation Notice” has the meaning ascribed to such term in Section 3.4(b). 
 “Tag-Along Sale” has the meaning ascribed to such term in Section 3.4(a).  

“Tag-Along Sale Notice” has the meaning ascribed to such term in
Section 3.4(a).  
 “Tag-Along Sale Percentage”
has the meaning ascribed to such term in Section 3.4(a). 

“Tag-Along Sellers” has the meaning ascribed to such term in
Section 3.4(b).  
 “Tag-Along Shares” has the
meaning ascribed to such term in Section 3.4(a).  
 “transfer” has the meaning ascribed
to such term in Section 3.1(a). 
 “Transferable Shares” means (i) vested Shares and
(ii) solely with respect to Section 3.2(c), Section 3.4, and Article IV, the number of shares of Class C Common Stock issuable upon exercise of Company Stock
Options that are fully vested and exercisable as of the relevant date of determination; provided, that for the avoidance of doubt, Company Stock Options are not Transferable Shares. 

“Underwritten Shelf Take-Down” has the meaning ascribed to such term in the Registration Rights Agreement. 

“VMware” means VMware, Inc., a Delaware corporation, together with its successors by merger or consolidation. 

“wholly-owned subsidiary” means, with respect to any Person, any entity of which all of the shares of stock or equivalent
ownership interests (other than, with respect to non-U.S. subsidiaries, only to the extent legally required, de minimis ownership thereof by residents, natural persons or
non-Affiliates) are owned by such Person or by one or more wholly-owned subsidiaries of such Person. 

Section 1.2. General Interpretive Principles. The name assigned to this Agreement and the section captions used herein are for
convenience of reference only and shall not be construed to affect the meaning, construction or effect hereof. Unless otherwise specified, the terms “hereof,” “herein” and similar terms refer to this Agreement as a whole, and
references herein to Articles or Sections refer to Articles or Sections of this Agreement. For purposes of this Agreement, the words, “include,” “includes” and “including,” when used herein, shall be deemed in each case
to be followed by the words “without limitation.” The terms “dollars” and “$” shall mean United States dollars. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an
ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties and no presumption or burden of proof will arise favoring or disfavoring any party because of the authorship of any
provision of this Agreement. Furthermore, any rule of law or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the drafting party has no application to the parties hereto and is expressly
waived. 

  
 15 

 ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1. Representations and Warranties of the Management Stockholders. Each of the Management Stockholders hereby represents
and warrants severally and not jointly to the MD Stockholders and the SLP Stockholders and to the Company as of the date of the Original Agreement (and in respect of Persons who became or become a party to this Agreement after the date of the
Original Agreement, such Management Stockholder hereby represents and warrants to the MD Stockholders and the SLP Stockholders and the Company on the date of its execution of a Joinder Agreement) as follows: 

(a) Such Management Stockholder, to the extent applicable, is duly organized or incorporated, validly existing and in good standing under the
laws of the jurisdiction of its organization or incorporation and has all requisite power and authority to conduct its business as it is now being conducted and is proposed to be conducted. 

(b) Such Management Stockholder has the full power, authority and legal right to execute, deliver and perform this Agreement. The execution,
delivery and performance of this Agreement have been duly authorized by all necessary action, corporate or otherwise, of such Management Stockholder. This Agreement has been duly executed and delivered by such Management Stockholder and constitutes
its, his or her legal, valid and binding obligation, enforceable against it, him or her in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally. 

(c) The execution and delivery by such Management Stockholder of this Agreement, the performance by such Management Stockholder of its, his or
her obligations hereunder by such Management Stockholder does not and will not violate (i) in the case of Management Stockholders who are not individuals, any provision of its Organizational Documents, (ii) any provision of any material
agreement to which it, he or she is a party or by which it, he or she is bound or (iii) any law, rule, regulation, judgment, order or decree to which it, he or she is subject. 

(d) No notice, consent, waiver, approval, authorization, exemption, registration, license or declaration is required to be made or obtained by
such Management Stockholder in connection with the execution, delivery or enforceability of this Agreement. 
 (e) Such Management
Stockholder is not currently in violation of any law, rule, regulation, judgment, order or decree, which violation could reasonably be expected at any time to have a material adverse effect upon such Management Stockholder’s ability to enter
into this Agreement or to perform its, his or her obligations hereunder. 
 (f) There is no pending legal action, suit or proceeding that
would materially and adversely affect the ability of such Management Stockholder to enter into this Agreement or to perform its, his or her obligations hereunder. 

  
 16 

 (g) If such Management Stockholder is an individual and married, he or she has delivered to
the other Stockholders and the Company a duly executed copy of a Spousal Consent in the form attached hereto as Annex B (a “Spousal Consent”). 

ARTICLE III 

TRANSFER RESTRICTIONS 

Section 3.1. General Restrictions on Transfers. 

(a) Generally. 

(i) No Management Stockholder may directly or indirectly, sell, exchange, assign, pledge, hypothecate, mortgage, gift or
otherwise transfer, dispose of or encumber, in each case, whether in its own right or by its representative and whether voluntary or involuntary or by operation of law (any of the foregoing, whether effected directly or indirectly (including by a
direct or indirect transfer of equity, ownership or economic interests, or options, warrants or other contractual rights to acquire an equity, ownership or economic interest, in any Management Stockholder), shall be deemed included in the term
“transfer” as used in this Agreement) any DTI Securities, or any legal, economic or beneficial interest in any DTI Securities; provided, that a Management Stockholder may transfer (x) Transferable Shares or
(y) solely with the prior written consent of the Board or the compensation committee of the Board, other DTI Securities, in each case, if and only if (i) such transfer is made on the books and records of the Company and is in compliance
with the provisions of this Article III (including Section 3.2) and any other agreement applicable to the transfer of such Transferable Shares), (ii) the transferee (if other than (A) the
Company or another Stockholder, (B) a transferee pursuant to an offer and sale registered under the Securities Act or (so long as the transferee is not an Affiliate or Permitted Transferee of a Management Stockholder) a transferee pursuant to
Rule 144 under the Securities Act or (C) pursuant to a sale exempt from registration so long as the transferee is not an Affiliate or Permitted Transferee of a Management Stockholder and such transferee enters into a written agreement for the
benefit of the Company confirming its agreement to comply with Section 3.1(c)) agrees to become a party to this Agreement pursuant to Article VI hereof and executes and delivers to the Company a
Joinder Agreement in the form attached hereto as Annex A and (iii) in the case of a transfers to a natural person (if other than (A) another Stockholder, (B) a transferee pursuant to an offer and sale registered under the
Securities Act or (so long as the transferee is not an Affiliate or Permitted Transferee of a Management Stockholder) a transferee pursuant to Rule 144 under the Securities Act or (C) pursuant to a sale exempt from registration so long as the
transferee is not an Affiliate or Permitted Transferee of a Management Stockholder and such transferee enters into a written agreement for the benefit of the Company confirming its agreement to comply with Section 3.1(c)),
such natural person’s spouse executes and delivers to the Company a Joinder Agreement in the form attached hereto as Annex A and a Spousal Consent in the form attached hereto as Annex B. 

  
 17 

 (ii) Any purported transfer of DTI Securities or any interest in any DTI
Securities by any Management Stockholder that is not in compliance with this Agreement shall be null and void, and the Company shall refuse to recognize any such transfer for any purpose and shall not reflect in its register of stockholders or
otherwise any change in record ownership of DTI Securities pursuant to any such transfer. 
 (b) Fees and Expenses. Except as
otherwise provided herein or in any other applicable agreement between a Management Stockholder (or any of its Affiliates) and the Company, any Management Stockholder that proposes to transfer Transferable Shares in accordance with the terms and
conditions hereof shall be responsible for any fees and expenses (including any stamp, transfer, recording or similar taxes) incurred by the Company in connection with such transfer. 

(c) Securities Law Acknowledgement. Each Management Stockholder acknowledges that none of the Common Stock (except any shares of
Class C Common Stock registered (1) on Form S-8 prior to the Closing Date, (2) in connection with the Merger or (3) after the Closing Date) has been registered under the Securities Act and
such unregistered shares may not be transferred, except as otherwise provided herein, pursuant to an effective registration statement under the Securities Act or pursuant to an exemption from registration under the Securities Act. Each Management
Stockholder agrees that it will not transfer any Common Stock at any time if such action would (i) constitute a violation of any securities laws of any applicable jurisdiction or a breach of the conditions to any exemption from registration of
Common Stock under any such laws or a breach of any undertaking or agreement of such Management Stockholder entered into pursuant to such laws or in connection with obtaining an exemption thereunder, (ii) cause the Company to become subject to
the registration requirements of the U.S. Investment Company Act of 1940, as amended from time to time, or (iii) be a non-exempt “prohibited transaction” under ERISA or Section 4975 of the
Code or cause all or any portion of the assets of the Company to constitute “plan assets” for purposes of fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code. Each Management
Stockholder agrees it shall not be entitled to any certificate for any or all of the Common Stock, unless the Board shall otherwise determine. 

(d) Legend. 

(i) Each certificate (or book-entry share) evidencing Shares shall, unless Section 3.1(d)(ii) or
Section 3.1(d)(iii) applies, bear the following restrictive legend, either as an endorsement or on the face thereof: 

THE SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED BY THIS CERTIFICATE IS RESTRICTED BY THE TERMS OF A SECOND
AMENDED AND RESTATED MANAGEMENT STOCKHOLDERS AGREEMENT, DATED AS OF DECEMBER 25, 2018, AS IT MAY BE AMENDED, MODIFIED OR SUPPLEMENTED FROM TIME TO TIME, COPIES OF WHICH ARE ON FILE WITH THE ISSUER OF THIS CERTIFICATE. NO SUCH SALE, ASSIGNMENT,
TRANSFER OR OTHER DISPOSITION SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND CONDITIONS OF SUCH STOCKHOLDERS AGREEMENT HAVE BEEN COMPLIED WITH IN FULL. 

  
 18 

 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION AND MAY NOT BE SOLD OR TRANSFERRED OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(OR OTHER APPLICABLE LAW), OR AN EXEMPTION THEREFROM. 
 (ii) Each certificate (or book-entry share) evidencing any Shares
issued in a transaction registered under the Securities Act shall bear the following restrictive legend, either as an endorsement or on the face thereof: 

THE SALE, ASSIGNMENT, TRANSFER OR OTHER DISPOSITION OF THE SECURITIES EVIDENCED BY THIS CERTIFICATE IS RESTRICTED BY THE TERMS OF A SECOND
AMENDED AND RESTATED MANAGEMENT STOCKHOLDERS AGREEMENT, DATED AS OF DECEMBER 25, 2018, AS IT MAY BE AMENDED, MODIFIED OR SUPPLEMENTED FROM TIME TO TIME, COPIES OF WHICH ARE ON FILE WITH THE ISSUER OF THIS CERTIFICATE. NO SUCH SALE, ASSIGNMENT,
TRANSFER OR OTHER DISPOSITION SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND CONDITIONS OF SUCH STOCKHOLDERS AGREEMENT HAVE BEEN COMPLIED WITH IN FULL. 

(iii) In the event that any or all of the paragraphs in the restrictive legends set forth in
Section 3.1(d)(i) or Section 3.1(d)(ii) has ceased to be applicable, the Company shall provide any Management Stockholder, at his, her or its request, without any expense to such Management
Stockholder (other than applicable transfer taxes and similar governmental charges, if any), with new certificates (or evidence of book-entry shares) for such DTI Securities of like tenor not bearing such paragraph(s) of the legend with respect to
which the restriction has ceased and terminated (it being understood that the restriction referred to in Section 3.1(d)(ii) and in the first paragraph of the legend in Section 3.1(d)(i) shall cease
and terminate only upon the termination of this Article III with respect to the Management Stockholder holding such DTI Securities). 

(e) No Other Proxies or Voting Agreements. No Management Stockholder shall grant any proxy or enter into or agree to be bound by any
voting trust with respect to any DTI Securities or enter into any agreements or arrangements of either kind with any Person with respect to any DTI Securities, including agreements or arrangements with respect to the acquisition, disposition or
voting (if applicable) of any DTI Securities, nor shall any Management Stockholder act, for any reason, as a member of a group or in concert with any other Persons in connection with the acquisition, disposition or voting (if applicable) of any DTI
Securities. 

  
 19 

 (f) Acknowledgement. Each Management Stockholder acknowledges and agrees that the
restrictions on transfer of DTI Securities or any interest in DTI Securities as set forth in this Article III may adversely affect the proceeds received by such Management Stockholder in any sale, transfer or liquidation of
any such DTI Securities, and as a result of such restrictions on transfer, it may not be possible for such Management Stockholder to liquidate all or any part of such Management Stockholder’s interest in DTI Securities at the time of such
Management Stockholder’s choosing. Each Management Stockholder further acknowledges and agrees that none of the Company, the MD Stockholders and/or the SLP Stockholders shall have any liability to such Management Stockholder arising from,
relating to or in connection with the restrictions on transfer of DTI Securities or any interest in DTI Securities as set forth in this Article III, except to the extent the Company, the MD Stockholders and/or the SLP
Stockholders fails to comply with its obligations to such Management Stockholder pursuant to this Article III. 

Section 3.2. Specified Restrictions on Transfers. 

(a) Restrictions on Transfers During Restricted Period. Until a Release Event (and subject to any applicable lock-up or no transfer period in connection with an IPO that constitutes a Release Event) (the “Restricted Period”), no Management Stockholder (including, for the avoidance of doubt, any Permitted
Transferees of a Management Stockholder) may transfer any DTI Securities without the prior written consent of the Company, except transfers of: 

(i) (A) Transferable Shares to the Company pursuant to, and in accordance with, Section 4.2, (B)
any Net Settlement Shares withheld by the Company as described in the definition thereof (whether prior to, on or after the Lock-up Lapse Date) and (C) any Net Settlement Shares transferred on or after
the Lock-up Lapse Date pursuant to a Company approved broker-assisted exercise or sale program; 

(ii) On or after the Lock-up Lapse Date, sales of any Exempt Shares; 

(iii) On or after the Lock-up Lapse Date, if the Applicable Employee of the Management
Stockholder Group either (x) remains employed by or is providing services to the Company or its Affiliates or (y) is a Good Leaver, in each case under clauses (x) or (y) as of the date of the applicable sale, sales by such Management
Stockholder Group of Transferable Shares into the public market in an amount that does not exceed the greatest of the following clauses (A) through (C), subject to clause (D): 

(A) the amount remaining in the fiscal year in which such sale occurs under such Management Stockholder Group’s Individual
Cap; 
 (B) an amount that, when aggregated with any Net Settlement Shares that were sold or withheld after July 1,
2018, and any prior sales of Transferrable Shares pursuant to this Section 3.2(a)(iii) that occur on or after the Closing Date, is equal to (1) 30% in the aggregate for all sales on or prior to the six-month anniversary of the Lock-up Lapse Date, (2) 50% in the aggregate for all sales on or prior to the one-year anniversary of the Lock-up Lapse Date, (3) 80% in the aggregate for all sales on or prior to the eighteen-month anniversary of the Lock-up Lapse Date, and (4) 100% in the aggregate for all sales
after the eighteen-month anniversary of the Lock-up Lapse Date, in each case, of the outstanding shares of Class C Common Stock (whether vested or unvested) and (without duplication) shares of
Class C Common Stock underlying Company Stock Options and other Company Awards (including restricted stock units) held by such Management Stockholder Group at the Closing Date that are not Exempt Shares; or 

  
 20 

 (C) an amount that, when aggregated with any prior sales of Transferable
Shares pursuant to this Section 3.2(a)(iii) that occur on or after the Closing Date, is equal to the product of (x) (1) 30% in the aggregate for all sales on or prior to the six-month
anniversary of the Lock-up Lapse Date, (2) 50% in the aggregate for all sales on or prior to the one-year anniversary of the
Lock-up Lapse Date, (3) 80% in the aggregate for all sales on or prior to the eighteen-month anniversary of the Lock-up Lapse Date, and (4) 100% in the aggregate for all
sales after the eighteen-month anniversary of the Lock-up Lapse Date, multiplied by (y) the sum of (I) the number of outstanding shares of Class C Common Stock (for the avoidance of
doubt, excluding any unvested shares of Class C Common Stock, and shares of Class C Common Stock underlying unvested restricted stock units and any shares of Class C Common Stock issuable upon exercise of any vested or unvested
options) held by such Management Stockholder Group on the Closing Date (other than Exempt Shares) plus, without duplication, (II) the number of shares of Class C Common Stock (other than Net Settlement Shares) acquired after the
Closing Date pursuant to Company Awards (except Post-Recapitalization Awards), including, for the avoidance of doubt, any shares of Class C Common Stock acquired upon the vesting of restricted stock units or upon the exercise of options to
acquire shares of Class C Common Stock and any outstanding shares of Class C Common Stock held by such Management Stockholder Group (in each case, other than in respect of Post-Recapitalization Awards and Net Settlement Shares) that are
unvested on the Closing Date and vest after the Closing Date (other than Net Settlement Shares). 
 (D) For the avoidance of
doubt, (1) any Exempt Shares that are sold will be deemed to be sold pursuant to Section 3.2(a)(ii) and not pursuant to Section 3.2(a)(iii) and (2) under no circumstances shall Net
Settlement Shares be deemed to have been sold pursuant to clause (C) of Section 3.2(a)(iii). Thus, for example and for the avoidance of doubt, sales or other dispositions of Exempt Shares and Net Settlement Shares
would be excluded in determining the number of Transferable Shares that may be sold pursuant to clause (C) of Section 3.2(a)(iii). 

(iv) On or after the Lock-up Lapse Date, if the Applicable Employee of the Management
Stockholder Group’s employment or service with the Company and its Affiliates has been terminated prior to such sale and such Applicable Employee is not a Good Leaver as of the date of such sale, sales by such Management Stockholder Group of
Transferable Shares that do not constitute Exempt Shares into the public market, in an amount that, during each fiscal year of the Company, when aggregated with (A) all Transferable Shares sold during such fiscal year in any prior sales under
clause (iii) above or this clause (iv) or repurchased by the Company during such fiscal year pursuant to the exercise of Put Rights under Section 4.2 and (B) all Net Settlement Shares withheld or sold during
such fiscal year solely to pay the applicable required tax withholding due in connection with the exercise or vesting of a Company Award, but excluding Exempt Shares, does not exceed such Management Stockholder Group’s Individual Cap during any
fiscal year period; 

  
 21 

 (v) Transferable Shares pursuant to the
“tag-along” rights of the Management Stockholders under Section 3.4 in respect of any Tag-Along Sale transaction (in each case,
subject to the “tag-along” rights of the other Management Stockholders under Section 3.4); 

(vi) Transferable Shares to a Permitted Transferee of such Management Stockholder in compliance with
Section 3.3; and 
 (vii) Solely with the prior written consent of the Board or the compensation
committee of the Board, transfers of other DTI Securities to a Permitted Transferee of a Management Stockholder in compliance with Section 3.3. 

(b) In addition, during the Restricted Period, without the prior written consent of the Company, no Management Stockholder Group may transfer
any DTI Securities pursuant to the exercise of Put Rights or similar contractual rights in any fiscal year period in an aggregate amount in excess of such Management Stockholder Group’s Individual Cap (after taking into account any reduction to
such Individual Cap for net share withholding to pay the minimum required tax withholding due in connection with the issuance or vesting of such DTI Securities and/or sales into the public market). 

(c) Notwithstanding anything to the contrary in Section 3.2(a), if any of the MD Stockholders, the MSD Partners
Stockholders or the SLP Stockholders is granted a discretionary release or waiver by the Company from the transfer restrictions applicable to such person pursuant to Section 2.14(a) of the Registration Rights Agreement prior to the earlier of
(i) an IPO or (ii) the Lock-up Lapse Date, then each Management Stockholder Group shall (without duplication of any lock-up release provisions applicable to
such Management Stockholder Group in the Registration Rights Agreement or any other agreement) be entitled to transfer a number of Transferable Shares equal to the product of (x) the maximum percentage of Transferable Shares held (after
applying the provisions of Section 7.15(b)) by the MD Stockholders, the MSD Partners Stockholders or the SLP Stockholders, respectively, being released from Section 2.14(a) of the Registration Rights Agreement pursuant
to such discretionary release or waiver multiplied by (y) the total number of Transferable Shares (including, for purpose of this Section 3.2(c), shares underlying Company Stock Options only to the extent such
Company Stock Options are vested and in the money at the time of such release) held by such Management Stockholder, subject to Section 3.1 and Section 3.5. 

(d) Restrictions on Transfers After Restricted Period. From and after the expiration of the Restricted Period, without the prior written
consent of the Company no Management Stockholder (including, for the avoidance of doubt, any Permitted Transferees of a Management Stockholder) may transfer any DTI Securities, except transfers of DTI Securities in compliance with
Section 3.1 and Section 3.5. 

  
 22 

 (e) For the purpose of determining whether the number of Transferable Shares available is
greatest under Section 3.2(a)(iii)(A), Section 3.2(a)(iii)(B) or Section 3.2(a)(iii)(C), the number of DTI Securities that remain available for a Management Stockholder
Group to transfer in a proposed transfer pursuant to Section 3.2(a)(iii)(A) as of a particular date shall be assumed to be equal to the quotient obtained by dividing (x) the dollar amount remaining in the fiscal
year in which such sale occurs under such Management Stockholder Group’s Individual Cap by (y) the Fair Market Value of a share of Class C Common Stock; provided, that, solely for purposes of such calculation, clause
(i) of the Fair Market Value definition in this Agreement instead shall mean, if there should be a public market for the Class C Common Stock on the determination date, the closing price of a share of Class C Common Stock on the
immediately preceding trading day as reported on the composite tape of the principal national securities exchange on which the Class C Common Stock is listed or admitted to trading, or, if the Class C Common Stock is not listed or admitted
on any national securities exchange, the arithmetic mean of the per share closing bid price and per share closing asked price for the Class C Common Stock on the immediately preceding trading day as quoted on any Quotation System shall be the
Fair Market Value in all events. 
 Section 3.3. Permitted Transfers. Each Management Stockholder may transfer
(x) Transferable Shares or (y) solely with the prior written consent of the Board or the compensation committee of the Board, other DTI Securities, in each case that are held by him, her or it to a Permitted Transferee of such Management
Stockholder without complying with the provisions of this Article III, other than Section 3.1; provided, that (i) such Permitted Transferee shall have executed and delivered to the
Company a Joinder Agreement as contemplated in Section 3.1(a) and Article VI, or otherwise agreed with the Company, in a written instrument reasonably satisfactory to the Company, that he, she or
it will immediately convey record and beneficial ownership of all such Transferable Shares or other DTI Securities (solely if permitted), as the case may be, and all rights and obligations hereunder to such Management Stockholder or another
Permitted Transferee of such Management Stockholder if, and immediately prior to such time that, he, she or it ceases to be a Permitted Transferee of such Management Stockholder and (ii) in the case of a transfer of Transferable Shares or other
DTI Securities (solely if permitted), as the case may be, to a natural person, such natural person’s spouse executes and delivers to the Company a Joinder Agreement and a Spousal Consent as contemplated in
Section 3.1(a). 
 Section 3.4. Tag-Along Rights. 

(a) Subject to Section 3.4(g), if any Initiating Tag-Along Seller enters into
one or a series of related transactions (including any merger or consolidation) involving the sale, transfer, exchange or conversion of a majority of the issued and outstanding shares of Common Stock to any Person (other than one or more Affiliates
or Permitted Transferees of such Initiating Tag-Along Seller) (a “Tag-Along Sale”), then the Initiating
Tag-Along Seller shall give, or direct the Company to give and the Company shall so promptly give, written notice (a “Tag-Along Sale Notice”) of such
proposed transfer to all Eligible Tag-Along Sellers with respect to such Tag-Along Sale at least fifteen (15) days prior to each of the consummation of such
proposed transfer and the delivery of a Tag-Along Sale Notice setting forth (i) the number and type of each class of DTI Securities proposed to be transferred, (ii) the consideration to be received
for such DTI 

  
 23 

 
Securities by such Initiating Tag-Along Seller, (iii) the identity of the purchaser (the “Tag-Along
Buyer”), (iv) a detailed summary of all material terms and conditions of the proposed transfer, (v) the fraction, expressed as a percentage, determined by dividing the number of DTI Securities to be purchased from the Initiating Tag-Along Seller and its Permitted Transferees by the total number of DTI Securities held by such Initiating Tag-Along Seller and its Permitted Transferees (the “Tag-Along Sale Percentage”) and (vi) an invitation to each Eligible Tag-Along Seller to irrevocably agree to include in the
Tag-Along Sale up to a number of Transferable Shares held by such Eligible Tag-Along Seller equal to the product of the total number of Transferable Shares held by such
Eligible Tag-Along Seller multiplied by the Tag-Along Sale Percentage (such amount of DTI Securities with respect to each Eligible
Tag-Along Seller, such Eligible Tag-Along Seller’s “Tag-Along Shares”). In the event that more than one
Stockholder proposes to execute a Tag-Along Sale as an Initiating Tag-Along Seller, then all such transferring Stockholders shall be treated as the Initiating Tag-Along Seller, and the DTI Securities held and to be transferred by such Stockholders shall be aggregated as set forth in Section 7.15, including for purposes of calculating the
applicable Tag-Along Sale Percentage. Notwithstanding anything in this Section 3.4 to the contrary, if the Initiating Tag-Along Seller is
transferring Common Stock or vested in-the-money Company Stock Options in such Tag-Along Sale, each of the Eligible Tag-Along Sellers shall be entitled to transfer the same proportion of Transferable Shares held by such Eligible Tag-Along Seller as the proportion of the Initiating Tag-Along Seller’s Common Stock and vested in-the-money Company Stock Options (relative to the Initiating Tag-Along Seller’s total number of such DTI Securities) that are being sold by the Initiating Tag-Along Seller in such Tag-Along
Sale (with each vested in the money Company Stock Option counting as a share of Common Stock for purposes of the foregoing calculation). Notwithstanding anything herein to the contrary, for the avoidance of doubt, no DTI Securities that are subject
to any vesting or similar condition may be transferred prior to such time as such DTI Securities have fully vested and become Transferable Shares; provided, that it is understood that if such DTI Securities vest in connection with such Tag-Along Sale and would become Transferable Shares, such Transferable Shares may be transferred in connection therewith in accordance with this Section 3.4. 

(b) Upon delivery of a Tag-Along Sale Notice, each Eligible
Tag-Along Seller may elect to include all or a portion of such Eligible Tag-Along Seller’s Tag-Along Shares in such Tag-Along Sale (Eligible Tag-Along Sellers who make such an election being an “Electing Tag-Along Seller” and,
together with the Initiating Tag-Along Seller and all other Persons (other than any Affiliates of the Initiating Tag-Along Seller) who otherwise are transferring, or
have exercised a contractual or other right to transfer, Transferable Shares in connection with such Tag-Along Sale, the “Tag-Along Sellers”), at the
same price per Share (it being understood that all classes or series of Common Stock shall be at the same price per share) and pursuant to the same terms and conditions as agreed to by the Initiating Tag-Along
Seller and otherwise in accordance with this Section 3.4, by sending an irrevocable written notice (a “Tag-Along Participation Notice”) to the Initiating Tag-Along Seller within fifteen (15) days of the date the Tag-Along Sale Notice is received by such Eligible Tag-Along Seller,
indicating such Electing Tag-Along Seller’s irrevocable election, subject to Section 3.4(c), to include its Tag-Along Shares in the Tag-Along Sale and setting forth the number of Eligible Tag-Along Seller’s Tag-Along Shares it elects to include. Following such
fifteen (15) day period, each Electing Tag-Along Seller that has delivered a Tag-Along Participation Notice shall be entitled to sell to such proposed transferee on
the same terms and conditions as and, concurrently with, 

  
 24 

 
the other Electing Tag-Along Sellers and the Initiating Tag-Along Seller, such Electing Tag-Along Seller’s Tag-Along Shares it elects to include, which terms and conditions have been set forth in the Tag-Along Sale
Notice. Each Eligible Tag-Along Seller who does not deliver a Tag-Along Participation Notice within such fifteen (15) day period shall have waived and be deemed to
have waived all of such Eligible Tag-Along Seller’s rights with respect to such Tag-Along Sale. For the avoidance of doubt, it is understood that in order to be
entitled to exercise its right to include Tag-Along Shares in a Tag-Along Sale pursuant to this Section 3.4, each Electing Tag-Along Seller must agree to make the same representations and warranties, covenants, indemnities and agreements to the Tag-Along Buyer as made by the Initiating Tag-Along Seller and any Electing Tag-Along Seller in connection with the Tag-Along Sale (and shall be subject to the same escrow or
other holdback arrangements as such Persons so long as such escrows or other holdbacks are proportionately based on the amount of consideration received for the sale of DTI Securities in such Tag-Along Sale
transaction); provided, that: 
 (i) each Electing Tag-Along Seller shall be
entitled to receive its pro rata portion (based on the relative amount and type of Transferable Shares sold in such Tag-Along Sale transaction) of any deferred consideration or indemnification payments
relating to such Tag-Along Sale (provided, however, that, with respect to any unexercised Company Stock Options proposed to be transferred in such
Tag-Along Sale by any Tag-Along Seller, the per share consideration in respect thereof shall be reduced by the exercise price of such options or, if required pursuant to
the terms of such options or such Tag-Along Sale, such Tag-Along Seller must exercise the relevant option and transfer the relevant Transferable Shares (rather than the
option) (in each case, net of any amounts required to be withheld by the Company in connection with such exercise)); 
 (ii)
the aggregate amount of liability of each Electing Tag-Along Seller shall not exceed the proceeds received by such Electing Tag-Along Seller in such Tag-Along Sale; 
 (iii) all indemnification obligations (other than with respect to the
matters referenced in Section 3.4(b)(iv)) shall be on a several and not joint basis to the Tag-Along Sellers pro rata (based on the amount of consideration received by each Tag-Along Seller in the Tag-Along Sale transaction); and 

(iv) no Electing Tag-Along Seller shall be responsible for any indemnification
obligations and/or liabilities (including through escrow or hold back arrangements) for (A) breaches or inaccuracies of representations and warranties made with respect to any other Tag-Along
Seller’s (1) ownership of and title to DTI Securities, (2) organization and authority or (3) conflicts and consents and any other matter concerning such other Person and/or (B) breaches of any covenant specifically relating
to any other Tag-Along Seller. 
 (c) Notwithstanding the delivery of any Tag-Along Sale Notice, all determinations as to whether to complete any Tag-Along Sale and as to the timing, manner, price and, subject to
Section 3.4(b)(i) through (iv), other terms and conditions of any such Tag-Along Sale shall be at the sole discretion of the Initiating
Tag-Along Seller, and none of the Initiating Tag-Along Seller, its Affiliates and their respective Representatives shall have any liability to

  
 25 

 
any Electing Tag-Along Seller arising from, relating to or in connection with the pursuit, consummation, postponement, abandonment or terms and conditions
of any proposed Tag-Along Sale except to the extent such Initiating Tag-Along Seller failed to comply with the provisions of this Section 3.4;
provided, that (i) if the Initiating Tag-Along Seller agrees to amend, restate, modify or supplement the terms and/or conditions of the Tag-Along Sale after
such time that any Stockholder has elected to be an Electing Tag-Along Seller in accordance with the terms of this Section 3.4, the Initiating
Tag-Along Seller shall promptly notify the Company and each Electing Tag-Along Seller of such amendment, restatement, modification and/or supplement and (ii) each
such Electing Tag-Along Seller shall have the right to withdraw its Tag-Along Participation Notice by delivering written notice of such withdrawal to the Initiating Tag-Along Seller within five (5) Business Days of the date of receipt of such notice from the Initiating Tag-Along Seller. 

(d) Notwithstanding anything in this Section 3.4 to the contrary, this Section 3.4 shall
not apply to (i) any transfers of DTI Securities to a Permitted Transferee of the transferring Stockholder and/or (ii) any transfer of shares of Class C Common Stock in a registered public offering (whether in a Demand Registration,
Piggyback Registration, Marketed Underwritten Shelf Take-Down or otherwise), it being understood that Management Stockholders’ participation rights in connection with transfers of Transferable Shares in a registered public offering (whether in
a Demand Registration, Piggyback Registration, Marketed Underwritten Shelf Take-Down or otherwise) shall be governed by the terms of the Registration Rights Agreement. 

(e) All reasonable and documented out-of-pocket costs and
expenses incurred by the Company, its Subsidiaries, the Sponsor Stockholders and/or one (1) outside legal counsel acting jointly for the Management Stockholders (which legal counsel shall have been approved in advance by the Sponsor
Stockholders), in each case, in connection with such Tag-Along Sale shall be allocated and borne on a pro rata basis by each Tag-Along Seller in accordance with
the amount of consideration otherwise received by each Tag-Along Seller in such Tag-Along Sale. For the avoidance of doubt, it is understood that this
Section 3.4(e) shall not prevent any Tag-Along Sale to be structured in a manner such that some or all of the such costs and expenses result in a pro rata reduction in the
consideration received by the Tag-Along Sellers in such Tag-Along Sale. 

(f) Notwithstanding anything herein to the contrary, if the Initiating Tag-Along Seller has not
completed the proposed Tag-Along Sale within one hundred twenty (120) days following delivery of the Tag-Along Sale Notice in accordance with this
Section 3.4, the Initiating Tag-Along Seller may not then effect such proposed Tag-Along Sale without again complying with the provisions of
this Section 3.4; provided, that if such proposed Tag-Along Sale is subject to, and conditioned on, one or more prior regulatory approvals, then such one hundred twenty
(120) day period shall be extended solely to the extent necessary until no later than the expiration of ten (10) days after all such approvals shall have been received. 

(g) This Section 3.4 automatically terminates without any further action upon an IPO. 

  
 26 

 Section 3.5. Black-Out Periods. 

(a) In the event of an Underwritten Shelf Take-Down (whether a Marketed Underwritten Shelf Take-Down or
Non-Marketed Underwritten Shelf Take-Down) pursuant to Section 2.3 of the Registration Rights Agreement or an underwritten offering of Shares pursuant to Section 2.4 or Section 2.5 of the
Registration Rights Agreement, each of the Management Stockholders agrees if requested by the Company or the managing underwriter or underwriters in such underwritten offering, not to (1) offer for sale, sell, pledge, hypothecate, transfer,
make any short sale of, loan, grant any option or right to purchase of or otherwise dispose of (or enter into any transaction or device that is designed to, or could be expected to, result in the disposition by any person at any time in the future
of) any DTI Securities (including DTI Securities that may be deemed to be beneficially owned by the Management Stockholder in accordance with the rules and regulations of the SEC and DTI Securities that may be issued upon exercise of any Company
Stock Options or warrants or settlement of any Company Awards) or securities convertible into or exercisable or exchangeable for DTI Securities, (2) enter into any swap, hedging arrangement or other derivatives transaction with respect to any
DTI Securities (including DTI Securities that may be deemed to be beneficially owned by the Management Stockholder in accordance with the rules and regulations of the SEC and DTI Securities that may be issued upon exercise of any Company Stock
Options or warrants or settlement of any Company Awards) or securities convertible into or exercisable or exchangeable for DTI Securities, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of DTI
Securities, in cash or otherwise or (3) publicly disclose the intention to do any of the foregoing, in the case of each of the foregoing clauses (1) through (3), during each of the following time periods: (X) in the case of an IPO,
during the period beginning seven (7) days before, and ending one hundred eighty (180) days thereafter, (Y) in the case of any other underwritten offering but subject to clause (Z), during the period beginning seven (7) days
before, and ending ninety (90) days thereafter and (Z) in the case of any other offering or shelf takedown, such other period as may be requested by the Company that is no less favorable to the Management Stockholders than that applicable
to the Sponsor Holders, the managing underwriter or underwriters, or the Person initiating such offering or shelf take-down; provided, that the foregoing shall not prohibit a Management Stockholder from exercising its rights, if any, pursuant
to the Registration Rights Agreement. 
 (b) If requested by the managing underwriter or underwriters of any such underwritten offering, each
Management Stockholder shall execute a customary agreement reflecting its agreement set forth in this Section 3.5. 

Section 3.6. Applicability to Post-Recapitalization Awards. Anything in this Article III to the contrary
notwithstanding, Section 3.5 shall apply to Shares that are, or are issued upon the exercise or settlement of, Post-Recapitalization Awards and Section 3.2, Section 3.3,
and Section 3.4 shall not restrict or provide any rights with respect to such Shares. 

  
 27 

 ARTICLE IV 

PUT RIGHTS 

Section 4.1. Certain Definitions. As used in this Article IV and elsewhere in this Agreement: 

(a) “Put Date” means the date on which the Company receives a Put Notice from an Applicable Employee with respect to all or a
portion of the Put Shares of such Applicable Employee and/or such Applicable Employee’s Management Stockholder Group. 
 (b)
“Put Period” means, with respect to any Applicable Employee, the period commencing on the thirtieth (30th) day following the later of (i) the termination of employment or service of such Applicable Employee with the Company and
all of its Affiliates due to a resignation by the Applicable Employee without Good Reason (other than a Retirement) and (ii) the last date following such termination of employment or service on which such Applicable Employee or any member of
such Applicable Employee’s Management Stockholder Group acquires any Shares upon the exercise of Company Stock Options or similar purchase right or in settlement of a Company Award (or, if later, the last date on which any such Shares became
vested Shares), and ending on the Put Termination Date. 
 (c) “Put Price” means, for any Put Share, the Fair Market Value
of such Put Share as of the Put Date; provided, that if the event triggering the Put Right is a termination of employment or service with the Company and all of its Affiliates by an Applicable Employee (excluding any Applicable Employee who
was serving solely as a Non-Sponsor Director of the Company or any of its Subsidiaries (which for this purpose includes VMware and its subsidiaries) immediately prior to the termination of such services with
the Company and its Subsidiaries (which for this purpose includes VMware and its subsidiaries)) without Good Reason (other than a Retirement or termination due to such Applicable Employee’s death or Disability) that occurs (i) with respect
to any Put Share that is a Legacy Share, prior to the fourth (4th) anniversary of the later of (A) the commencement of such Applicable Employee’s employment or service with the Company and/or any of its Affiliates and (B) the Original
Closing or (ii) with respect to any Put Share that is not a Legacy Share, prior to the third (3rd) anniversary of the later of (A) the commencement of such Applicable Employee’s employment or service with the Company and/or any of its
Affiliates and (B) the EMC Closing Date, the Put Price shall equal 80% of the Fair Market Value of such Put Share as of the Put Date. 

(d) “Put Termination Date” means, with respect to the Management Stockholder Group of any Applicable Employee, the six
(6) month anniversary of the thirtieth (30th) day following the later of (i) the termination of employment or service by the Company and all of its Affiliates of such Applicable Employee with the Company and all of its Affiliates due to a
resignation by the Applicable Employee without Good Reason (other than a Retirement) and (ii) the last date following such termination of employment or service on which such Applicable Employee or any member of such Applicable Employee’s
Management Stockholder Group acquires any Shares upon the exercise of Company Stock Options or similar purchase right or in settlement of a Company Award (or, if later, the last date on which any such Shares became vested Shares); provided,
that notwithstanding the foregoing, in the event that at any time during the Put Period the Company is prohibited from purchasing DTI Securities under applicable securities laws, including Rule 14e-5 of the
Exchange Act, the Put Termination Date shall be tolled until the Put Blackout Period is no longer applicable, and the Put Period and the Put Termination Date shall each be extended by the number of days during which the Put Termination Date was
tolled; provided, further, that if the Put Termination Date is not a Business Day, the Put Termination Date shall instead be the immediately succeeding Business Day after such six (6) month anniversary date. 

  
 28 

 Section 4.2. Put Right of the Management Stockholders. 

(a) Except as otherwise agreed in writing between the Company (with the Board’s prior written approval) and an Applicable Employee, if the
employment or service of such Applicable Employee with the Company and all of its Affiliates shall be terminated or end due to a resignation by the Applicable Employee without Good Reason (other than a Retirement), such Applicable Employee shall
have the right, but not the obligation, to deliver one (1) written notice in the form attached hereto as Annex C (a “Put Notice”) to the Company at any time during the Put Period (but in no event later than the Put
Termination Date), to require the Company to purchase, and the Company shall have the obligation to purchase, the amount of vested Shares (including, as provided herein, any Share that is issued upon the exercise of a vested Company Stock Option or
similar purchase right or in settlement of a vested Company Award) identified in such Put Notice and that have been both (x) collectively owned by such Applicable Employee and/or any member of such Applicable Employee’s Management
Stockholder Group and (y) vested for at least six (6) months prior to the delivery of such Put Notice to the Company (such Shares elected to be sold to the Company, the “Put Shares”) upon the terms and subject to the
conditions set forth in this Article IV (a “Put Right”); provided, that notwithstanding the foregoing, the Put Right shall be subject to, and the Company shall not be required to purchase any Put
Shares that would breach, violate or be inconsistent with, the terms, conditions and limitations set forth in Section 4.3. For the avoidance of doubt, a Share issuable upon exercise of a Company Stock Option or similar
purchase right or in settlement of a Company Award shall not be considered owned by the Applicable Employee and/or any member of such Applicable Employee’s Management Group for purposes of this Section 4.2 until such
Share is actually issued by the Company upon exercise of the Company Stock Option or similar award or settlement of the Company Award. 
 (b)
Subject to Section 4.3, upon the exercise of a Put Right with respect to any Put Shares pursuant to this Section 4.2, the Company shall purchase each of the Put Shares no later than 11:59 p.m. New
York City time on the thirtieth (30th) day following the Put Date with respect to such Put Right (provided, that if such day is not a Business Day, then the Put Shares shall be purchased on the immediately succeeding Business Day), for the
Put Price, in each case (x) payable in cash and (y) minus any applicable tax withholdings. 
 Section 4.3. Limitations on
Repurchases. 
 (a) Repurchase Delays. If (i) the Company is prohibited from repurchasing shares of Common Stock, including
any Put Shares for which a Put Right was or may be exercised, pursuant to Delaware law or other applicable law (including, for the avoidance of doubt, non-U.S. law and/or foreign exchange or currency control
laws and regulations), due to a Put Blackout Period and/or under the terms of any preferred stock, debt financing arrangements or other indebtedness of the Company and/or its Subsidiaries or (ii) the Company’s Subsidiaries are prohibited
or prevented from distributing to the Company sufficient proceeds or funds to enable the Company to effect such repurchase of Put Shares in accordance with Delaware law or other applicable law and/or the then applicable terms and conditions of any
preferred stock, debt financing arrangement or other indebtedness of the Company and/or its Subsidiaries) (the foregoing clauses (i) and (ii), collectively, “Repurchase Limitations”), the Company shall repurchase, as soon as,
and to the maximum extent possible, such number of Put Shares that can 

  
 29 

 
be purchased under, and in compliance with, the Repurchase Limitations, without violating any provisions, terms and/or conditions thereof, in each case, subject to
Section 4.3(c). The Company will use its good faith efforts to cause any debt financing arrangements to permit at least $100,000,000 of repurchases of DTI Securities each fiscal year; provided, that in no event shall
the Company or any of its Subsidiaries or controlled Affiliates be required to agree to any, or amend, supplement, waive or modify any, terms or conditions in a manner adverse to the Company or its Subsidiaries or controlled Affiliates. The Company
shall repurchase all Put Shares which the Company failed to purchase due to Repurchase Limitations as soon as practicable, in compliance with, and subject to the terms of, this Agreement. 

(b) Repurchase Caps. In addition to the Repurchase Limitations set forth in Section 4.3(a) and subject to the
repurchase priority set forth in Section 4.3(c), notwithstanding anything herein to the contrary, the Company’s obligation to repurchase shares of Common Stock shall be subject to the limitations set forth in this
Section 4.3(b). Repurchases of shares of Common Stock pursuant to the exercise of Put Rights or similar contractual rights of stockholders of the Company (which, for the avoidance of doubt, shall include any net share
withholding to pay the minimum required tax withholding due in connection with the issuance or vesting of such Shares) are collectively subject to, and the Company is not obligated to purchase any such Shares, in any fiscal year period in excess of
the lesser of (i) $300,000,000 in the aggregate and (ii) the amount available at the time of such repurchase under the restricted payment basket in section 6.08(a)(vi) of the Credit Agreement or the lowest amount pursuant to a comparable
provision in any other instruments or agreements evidencing debt securities, term loan indebtedness and other debt financing arrangements of the Company and/or its Affiliates (the “Aggregate Cap”) and the remaining amount under each
Management Stockholder Group’s Individual Cap (together with the Aggregate Cap, the “Repurchase Caps”); provided, that the Company (solely with the Board’s prior written consent) may waive the Aggregate Cap or any
applicable Individual Cap as it may apply to the Management Stockholder Group of any Applicable Employee. The Company shall repurchase all shares of Common Stock pursuant to the exercise of Put Rights or similar contractual rights of stockholders of
the Company (which, for the avoidance of doubt, shall include any net share withholding in connection with the exercise of Company Stock Options to acquire such shares) which the Company failed to purchase due to the Repurchase Caps as soon as
practicable, in compliance with, and subject to the terms of, this Agreement. Notwithstanding anything to the contrary in Section 4.3, until such date as Put Shares held by a Management Stockholder are repurchased in
accordance with Section 4.2, the Management Stockholder shall have all the rights and privileges as a holder of Shares with respect to such Put Shares, including but not limited to the rights set forth in
Section 3.4 (Tag-Along Rights). 
 (c) Repurchase Priority. In the
event that either the repurchase of Put Shares of more than one Person has been delayed pursuant to Section 4.3(a) and/or a Management Stockholder Group’s shares of Common Stock cannot be repurchased due to the
Repurchase Caps, the Company shall repurchase any then pending Put Shares that it is permitted under this Section 4.3 to repurchase but which the Company failed to purchase due to Repurchase Limitations on a pro rata
basis among all holders of such shares. 

  
 30 

 Section 4.4. Further Assurances. 

(a) Upon the delivery to the Company of a Put Notice by an Applicable Employee, such Applicable Employee and each member of such Applicable
Employee’s Management Stockholder Group and the Company shall take all action or actions reasonably requested of such Persons by the Company that are necessary or appropriate to complete or facilitate such purchase of such Put Shares pursuant
this Article IV. 
 Section 4.5. Termination of Article IV. The obligation
of the Company to purchase any Put Shares as set forth in this Article IV, automatically terminates without any further action upon the earliest to occur of (a) a Release Event or (b) the consummation of a Change
in Control in which the Shares held by Management Stockholders are exchanged for, or converted into, equity securities of a Person, which equity securities are listed on a securities exchange or automated quotation system. 

Section 4.6. Not Applicable to Post-Recapitalization Awards. This Article IV shall not apply to any
Shares that are, or are issued upon the exercise or settlement of, Post-Recapitalization Awards. 
 Section 4.7. Reinstatement of
Put Right. Notwithstanding Section 4.5 and Section 4.6, in the event that the Class C Common Stock (or any successor thereto) ceases to be registered under the Exchange Act and listed or
quoted, as applicable, on at least one of The New York Stock Exchange, NYSE MKT LLC, The NASDAQ Global Select Market, The NASDAQ Global Market, The NASDAQ Capital Market (or any of their respective successors) or any other established U.S.
securities exchange or Quotation System, then as of such date, the provisions governing Put Rights under Article IV of the First Restated Agreement automatically will be reinstated, mutatis mutandis, including without limitation, with
respect to Post-Recapitalization Awards. 
 ARTICLE V 

ADDITIONAL AGREEMENTS 

Section 5.1. Further Assurances. From time to time, at the reasonable request of the MD Stockholders or the SLP Stockholders and
without further consideration, each Management Stockholder shall execute and deliver such additional documents and take all such further action as may be necessary or appropriate to consummate and make effective, in the most expeditious manner
practicable, the transactions contemplated by this Agreement. 
 Section 5.2. Confidentiality. 

(a) Subject to Section 5.2(b), the terms of this Agreement, any information relating to any exercise of rights hereunder, and any
documents, notices or other communications provided pursuant to the terms of this Agreement, including any Put Notice and/or any documents, statements, certificates, materials or information furnished, disseminated or otherwise made available in
connection therewith (“Confidential Information”), shall be confidential and no Management Stockholder shall disclose to any Person not a party to this Agreement any Confidential Information, except (a) to such Management
Stockholder’s advisors, agents, accountants and attorneys, in each case so long as such Persons agree to keep such information confidential and (b) to a Permitted Transferee pursuant to a transfer by such

  
 31 

 
Management Stockholder in accordance with Article III. Except as set forth in the immediately preceding sentence, no Management Stockholder shall disclose or use in any
manner whatsoever, in whole or in part, any Confidential Information, any information concerning the Company, any of its direct or indirect Subsidiaries or Affiliates or any of its or their respective employees, directors or consultants received on
a confidential basis from the Company or any other Person under or pursuant to this Agreement including financial terms and financial and organizational information contained in any documents, statements, certificates, materials or information
furnished, or to be furnished, by or on behalf of the Company or any other Person in connection with the purchase or ownership of any DTI Securities; provided, however, that the foregoing shall not be construed, now or in the future,
to apply to any information obtained from sources other than the Company, any of its direct or indirect Subsidiaries or Affiliates or any of its or their employees, directors, consultants, agents or representatives (including attorneys, accountants,
financial advisors, engineers and insurance brokers) or information that is or becomes in the public domain through no fault of such Management Stockholder or any of his, her or its Permitted Transferees, nor shall it be construed to prevent such
Management Stockholder from making any disclosure of any information (A) if required to do so by any statute, law, treaty, rule, regulation, order, decree, writ, injunction or determination of any court or other governmental authority, in each
case applicable to or binding upon such Management Stockholder or (B) pursuant to subpoena 
 (b) Nothing in this Agreement shall
prohibit or impede any Applicable Employee from communicating, cooperating or filing a complaint with any U.S. federal, state or local governmental or law enforcement branch, agency or entity (collectively, a “Governmental Entity”) with
respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise making disclosures to any Governmental Entity, in each case, that are protected under the whistleblower provisions of any such law or regulation;
provided, that in each case such communications and disclosures are consistent with applicable law. No Applicable Employee shall need the prior authorization of (or to give notice to) the Company regarding any such communication or disclosure. Each
Applicable Employee understands and acknowledges that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal,
state, or local government official or to an attorney solely for the purpose of reporting or investigating a suspected violation of the law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made
under seal. The Applicable Employee understands and acknowledges further that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual
and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order. Notwithstanding the foregoing, under
no circumstance is any Applicable Employee authorized to disclose any information covered by the Company’s attorney client privilege or attorney work product without the prior written consent of the Company’s General Counsel. 

  
 32 

 Section 5.3. Cooperation with Reorganizations. 

(a) Mergers, Reorganizations, Etc. In the event of any merger, amalgamation, statutory share exchange or other business combination or
reorganization of the Company, on the one hand, with any of its Subsidiaries (which for this purpose includes VMware and its subsidiaries), on the other hand, the Management Stockholders shall, to the extent necessary, as determined by the approval
of the MD Stockholders and the SLP Stockholders, execute a stockholders agreement with terms that are substantially equivalent (to the extent practicable) to, mutatis mutandis, such terms of this Agreement. 

(b) Further Assurances. In connection with any proposed transaction contemplated by Section 5.3(a), each
Management Stockholder shall take such actions as may be required and otherwise cooperate in good faith with the Company, the MD Stockholders and the SLP Stockholders, including approving such reorganizations, mergers or other transactions and
taking all actions requested by the Company or the MD Stockholders and the SLP Stockholders, acting jointly, and executing and delivering all agreements, instruments and documents as may be required in order to consummate any such proposed
transaction contemplated by Section 5.3(a). Without limiting the effect of any other provision of this Agreement, each of the Management Stockholders, by entering into this Agreement, and in consideration of the obligations
hereunder agreed to by the other parties hereto, hereby (i) agrees to the provisions of this Section 5.3 (including, without limitation, the provisions under which each share of Class A Common Stock held by such
Management Stockholder shall be exchanged for a newly issued share of Class C Common Stock), and (ii) knowingly, voluntarily, and intentionally forever waives, surrenders, and agrees not to assert, whether directly or derivatively, in an
action at law or in equity, any claim that such Management Stockholder may now or hereafter have in connection with any conversion of shares provided for in this Section 5.3 (including, without limitation, any claim that
the shares held by such Management Stockholder as a result of any such exchange or conversion are not validly issued and outstanding shares); provided, however, that nothing in the foregoing clauses (i) and (ii) of this
Section 5.3(b) shall preclude any action or claim by any Management Stockholder to enforce the terms of this Agreement. 

ARTICLE VI 

ADDITIONAL MANAGEMENT STOCKHOLDERS 

Section 6.1. Additional Management Stockholders. 

(a) Additional Management Stockholders may be added as parties to, be bound by and receive the benefits afforded by, and be subject to the
obligations provided by, this Agreement upon the execution and delivery of a Joinder Agreement in the form attached hereto as Annex A by such additional Management Stockholder to the Company and the acceptance thereof by the Company. No later
than one (1) Business Day following such execution, the Company shall deliver to the MD Stockholders and SLP Stockholders a notice thereof, together with a copy of such Joinder Agreement. 

(b) To the extent permitted by Section 7.7, amendments may be effected to this Agreement reflecting such rights and
obligations, consistent with the terms of this Agreement, of such additional Management Stockholder as the MD Stockholders, the SLP Stockholders and such additional Management Stockholder may agree. 

  
 33 

 ARTICLE VII 

MISCELLANEOUS 

Section 7.1. Entire Agreement. This Agreement (together with the Registration Rights Agreement, the Share Rollover Agreements, the
RSU Rollover Agreements and any Company Award between the Company and an Applicable Employee for any Management Stockholder) constitutes the entire understanding and agreement between the parties and supersedes and replaces any prior understanding,
agreement or statement of intent, in each case, written or oral, of any and every nature with respect thereto. In the event of any inconsistency between this Agreement and any document executed or delivered to effect the purposes of this Agreement,
including the Organizational Documents of any Person, this Agreement shall govern as among the parties hereto. Each of the parties hereto shall exercise all voting and other rights and powers available to it so as to give effect to the provisions of
this Agreement and, if necessary, to procure (so far as it is able to do so) any required amendment to the Company’s and/or its Subsidiaries’ Organizational Documents, in order to cure any such inconsistency. 

Section 7.2. Specific Performance. The parties hereto agree that the obligations imposed on them in this Agreement are special,
unique and of an extraordinary character, and that, in the event of breach by any party, damages would not be an adequate remedy and each of the other parties shall be entitled to specific performance and injunctive and other equitable relief in
addition to any other remedy to which it may be entitled, at law or in equity. The parties hereto further agree to waive any requirement for the securing or posting of any bond in connection with the obtaining of any such injunctive or other
equitable relief. 
 Section 7.3. Governing Law. This Agreement and all claims or causes of action (whether in tort, contract or
otherwise) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or
warranty made in or in connection with this Agreement) shall be governed by and construed in accordance with the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws. 

Section 7.4. Submissions to Jurisdictions; WAIVER OF JURY TRIAL. 

(a) Each of the parties hereto hereby irrevocably acknowledges and consents that any legal action or proceeding brought with respect to this
Agreement or any of the obligations arising under or relating to this Agreement shall be brought and determined exclusively in the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to
accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware), and each of the parties hereto hereby irrevocably submits to and accepts with regard to any such action or proceeding,
for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a
particular matter, any Federal court of the United States of America sitting in the State of Delaware). Each party hereby further irrevocably waives any claim that the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in
the State of Delaware declines to accept jurisdiction over a particular matter, any Federal court 

  
 34 

 
of the United States of America sitting in the State of Delaware) lacks jurisdiction over such party, and agrees not to plead or claim, in any legal action or proceeding with respect to this
Agreement or the transactions contemplated hereby brought in the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a particular matter, any Federal court of
the United States of America sitting in the State of Delaware), that any such court lacks jurisdiction over such party. 
 (b) Each party
irrevocably consents to the service of process in any legal action or proceeding brought with respect to this Agreement or any of the obligations arising under or relating to this Agreement by the mailing of copies thereof by registered or certified
mail, postage prepaid, to such party, at its address for notices as provided in Section 7.12 of this Agreement, such service to become effective ten (10) days after such mailing. Each party hereby irrevocably waives
any objection to such service of process and further irrevocably waives and agrees not to plead or claim in any action or proceeding commenced hereunder or under any other documents contemplated hereby, that service of process was in any way invalid
or ineffective. Subject to Section 7.4(c), the foregoing shall not limit the rights of any party to serve process in any other manner permitted by applicable law. The foregoing consents to jurisdiction shall not constitute
general consents to service of process in the State of Delaware for any purpose except as provided above and shall not be deemed to confer rights on any Person other than the respective parties to this Agreement. 

(c) Each of the parties hereto hereby waives any right it may have under the laws of any jurisdiction to commence by publication any legal
action or proceeding with respect to this Agreement or any of the obligations under or relating to this Agreement. To the fullest extent permitted by applicable law, each of the parties hereto hereby irrevocably waives the objection which it may now
or hereafter have to the laying of the venue of any suit, action or proceeding with respect to this Agreement or any of the obligations arising under or relating to this Agreement in the Court of Chancery in the State of Delaware (or, only if the
Court of Chancery in the State of Delaware declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State of Delaware), and hereby further irrevocably waives and agrees not to plead
or claim that the Court of Chancery in the State of Delaware (or, only if the Court of Chancery in the State of Delaware declines to accept jurisdiction over a particular matter, any Federal court of the United States of America sitting in the State
of Delaware) is not a convenient forum for any such suit, action or proceeding. 
 (d) The parties hereto agree that any judgment obtained by
any party hereto or its successors or assigns in any action, suit or proceeding referred to above may, in the discretion of such party (or its successors or assigns), be enforced in any jurisdiction, to the extent permitted by applicable law. 

(e) EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT
TO ANY SUIT, ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH OF THE PARTIES (I) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH 

  
 35 

 
OTHER PARTY WOULD NOT, IN THE EVENT OF ANY SUIT, ACTION OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER
INTO THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.4(e). 

Section 7.5. Obligations. All obligations hereunder shall be satisfied in full without
set-off, defense or counterclaim. 
 Section 7.6. Consents, Approvals and Actions. 

(a) MD Stockholders. All actions required to be taken by, or approvals or consents of, the MD Stockholders under this Agreement shall be
taken by consent or approval by, or agreement of, MD or his permitted assignee; provided, that upon the occurrence and during the continuation of a Disabling Event, such approval or consent shall be taken by consent or approval by, or
agreement of, the holders of a majority of the DTI Securities held by the MD Stockholders, and in each case, such consent, approval or agreement shall constitute the necessary action, approval or consent by the MD Stockholders. 

(b) SLP Stockholders. All actions required to be taken by, or approvals or consents of, the SLP Stockholders under this Agreement shall
be taken by consent or approval by, or agreement of, the holders of a majority of the DTI Securities held by the SLP Stockholders, and such consent, approval or agreement shall constitute the necessary action, approval or consent by the SLP
Stockholders. 
 Section 7.7. Amendment; Waiver. 

(a) Except as set forth below, any amendment or modification of any provision of this Agreement shall require the prior written approval of the
Company; provided, that (i) if any such amendment or modification adversely affects the MD Stockholders, it shall require the prior written consent of the holders of a majority of the DTI Securities held by the MD Stockholders in the
aggregate, (ii) if any such amendment or modification adversely affects the SLP Stockholders, it shall require the prior written consent of the holders of a majority of the DTI Securities held by the SLP Stockholders in the aggregate and
(iii) if the express terms of any such amendment or modification disproportionately and materially adversely affects a Management Stockholder relative to the MD Stockholders or the SLP Stockholders or any other Management Stockholder, it shall
require the prior written consent of the holders of a majority of the DTI Securities held by such affected Management Stockholders in the aggregate. Notwithstanding the foregoing, (i) the foregoing proviso shall not apply, in the case of
Management Stockholders, with respect to amendments or modifications that do not apply to Management Stockholders, and (ii) neither the entry into any employment, severance, change of control, consulting, option grant or award or other similar
agreement between the Company or any of its Affiliates, on the one hand, and an Applicable Employee of a Management Stockholder, on the other hand, the amendment, supplement or modification thereof, nor the waiver or consent of any provision or term
herein or therein with respect to any Management Stockholder, shall constitute an amendment or modification of any provision of this Agreement, 

  
 36 

 
(iii) any addition of a transferee of DTI Securities or a recipient of DTI Securities as a party hereto pursuant to Article VI shall not constitute an amendment or
modification hereto and the applicable Joinder Agreement need be signed only by the Company and such transferee or recipient and (iv) the Company shall promptly amend the books and records of the Company appropriately as and to the extent
necessary to reflect the removal or addition of a Management Stockholder, any changes in the amount and/or type of DTI Securities beneficially owned by each Management Stockholder and/or the addition of a transferee of DTI Securities or a recipient
of any DTI Securities, in each case, pursuant to and in accordance with the terms of this Agreement. 
 (b) Any failure by the Company, the
MD Stockholders or the SLP Stockholders at any time to enforce any of the provisions of this Agreement shall not be construed a waiver of such provision or any other provisions hereof. The waiver by the Company, the MD Stockholders or the SLP
Stockholders of a breach of any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. Except as otherwise expressly provided herein, no
failure on the part of the Company, the MD Stockholders or the SLP Stockholders to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver
thereof, nor shall any single or partial exercise of such right, power or remedy by the Company, the MD Stockholders or the SLP Stockholders preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

Section 7.8. Assignment of Rights By Management Stockholders. No Management Stockholder may assign or transfer its rights under
this Agreement except with the prior consent of the MD Stockholders and the SLP Stockholders. Any purported assignment of rights or obligations under this Agreement in derogation of this Section 7.8 shall be null and void.

 Section 7.9. Binding Effect. Except as otherwise expressly provided herein, the provisions hereof shall inure to the benefit
of, and be binding upon, the parties’ successors and permitted assigns. 
 Section 7.10. Third Party Beneficiaries. Except
for Section 7.13 (which will be for the benefit of the Persons set forth therein, and any such Person will have the rights provided for therein), this Agreement does not create any rights, claims or benefits inuring to any
Person that is not a party hereto, and it does not create or establish any third party beneficiary hereto. 
 Section 7.11.
Termination. This Agreement shall terminate only (i) by written consent of the MD Stockholders (for so long as the MD Stockholders own DTI Securities), the SLP Stockholders (for so long as the SLP Stockholders own DTI Securities) and the
holders of a majority of the DTI Securities held by all of the Management Stockholders or (ii) upon the dissolution or liquidation of the Company. 

Section 7.12. Notices. Any and all notices, designations, offers, acceptances or other communications provided for herein shall be
deemed to be sufficient if contained in a written instrument delivered in person or sent by facsimile (with written confirmation of transmission), e-mail (with written confirmation of transmission) or
nationally-recognized overnight courier, which shall be addressed: 

  
 37 

 (a) in the case of the Company, to its principal office to the attention of its General
Counsel; 
 (b) in the case of the Stockholders identified below, to the following respective addresses,
e-mail addresses or facsimile numbers: 
 If to any of the SLP Stockholders, to: 

c/o Silver Lake Partners 
 2775
Sand Hill Road 
 Suite 100 

Menlo Park, CA 94025 
 Attention:
Karen King 
 Facsimile: (650) 233-8125 

E-mail: karen.king@silverlake.com 

and 
 c/o Silver Lake Partners

 9 West 57th Street 
 32nd
Floor 
 New York, NY 10019 

Attention: Andrew J. Schader 

Facsimile: (212) 981-3535 

E-mail: andy.schader@silverlake.com  

with a copy (which shall not constitute actual or constructive notice) to: 

Simpson Thacher & Bartlett LLP 

2475 Hanover Street 
 Palo Alto,
CA 94304 
 Attention: Rich Capelouto 

                  Tristan M. Brown 

                  Dan N. Webb 

Facsimile: (650) 251-5002 

Email: rcapelouto@stblaw.com 

Email: tbrown@stblaw.com 
 Email:
dwebb@stblaw.com 

  
 38 

 If to any of the MD Stockholders, to: 

Michael S. Dell 
 c/o Dell Inc.One
Dell Way 
 Round Rock, TX 78682 

Facsimile: (512) 283-1469 

Email: michael@dell.com 
 with a
copy (which shall not constitute actual or constructive notice) to: 
 Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York, NY
10019 
 Attention: Steven A. Rosenblum 

Michael J. Segal 
 Andrew J.
Nussbaum 
 Gordon S. Moodie 

Facsimile: (212) 403-2000 

Email: sarosenblum@wlrk.com 

Email: msegal@wlrk.com 
 Email:
ajnussbaum@wlrk.com 
 Email: gsmoodie@wlrk.com 

and 
 MSD Capital, L.P. 

645 Fifth Avenue 
 21st Floor 

New York, NY 10022-5910 

Attention: Marc R. Lisker 

Marcello Liguori 
 Facsimile:
(212) 303-1772 
 Email: mlisker@msdpartners.com 

Email: mliguori@msdcapital.com 

(c) If to any Management Stockholder, to the address, e-mail address or facsimile number appearing in
the books and records of the Company or its Subsidiaries, on the signature pages hereto and/or Joinder Agreement (if applicable) of such Management Stockholder. 

Any and all notices, designations, offers, acceptances or other communications shall be conclusively deemed to have been given, delivered or received
(i) in the case of personal delivery, on the day of actual delivery thereof, (ii) in the case of facsimile or e-mail, on the day of transmittal thereof if given during the normal business hours of
the recipient, and on the Business Day during which such normal business hours next occur if not given during such hours on any day and (iii) in the case of dispatch by nationally-recognized overnight courier, on

  
 39 

 
the next Business Day following the disposition with such nationally-recognized overnight courier. By notice complying with the foregoing provisions of this
Section 7.12, each party shall have the right to change its mailing address, e-mail address or facsimile number for the notices and communications to such party. The Stockholders
hereby consent to the delivery of any and all notices, designations, offers, acceptances or other communications provided for herein by Electronic Transmission addressed to the email address or facsimile number of such Stockholder as provided
herein. 
 Section 7.13. No Third Party Liability. This Agreement may only be enforced against the named parties hereto. All
claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any representation or warranty made in or in
connection with this Agreement or as an inducement to enter into this Agreement), may be made only against the entities that are expressly identified as parties hereto; and no past, present or future director, officer, employee, incorporator,
member, partner, stockholder, Affiliate, portfolio company in which any such party or any of its investment fund Affiliates have made a debt or equity investment (and vice versa), agent, attorney or representative of any party hereto (including any
Person negotiating or executing this Agreement on behalf of a party hereto), unless party to this Agreement, shall have any liability or obligation with respect to this Agreement or with respect any claim or cause of action (whether in contract or
tort) that may arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including a representation or warranty made in or in connection with this Agreement or as an inducement to enter into this
Agreement). 
 Section 7.14. No Partnership. Nothing in this Agreement and no actions taken by the parties under this Agreement
shall constitute a partnership, association or other co-operative entity between any of the parties or constitute any party the agent of any other party for any purpose. 

Section 7.15. Aggregation; Beneficial Ownership. 

(a) All Shares (including in each case Shares issuable upon exercise, delivery or vesting of Company Awards) held by an Applicable Employee or
any member of such Applicable Employee’s Management Stockholder Group shall be deemed as being owned by such Management Stockholder Group. 

(b) All DTI Securities held or acquired by any Sponsor Stockholder and its Affiliates and Permitted Transferees shall be aggregated together
for the purpose of determining the availability of any rights under and application of any limitations under this Agreement, and such Sponsor Stockholder and its Affiliates may apportion such rights as among themselves in any manner they deem
appropriate. Without limiting the generality of the foregoing: 
 (i) for the purposes of calculating the beneficial
ownership of the MD Stockholders, all of the MD Stockholders’ Common Stock, the MSD Partners Stockholders’ Common Stock, all of their respective Affiliates’ Common Stock and all of their respective Permitted Transferees’ Common
Stock (including in each case Common Stock issuable upon exercise, delivery or vesting of Company Awards) shall be included as being owned by the MD Stockholders and as being outstanding; and 

 

  
 40 

 (ii) for the purposes of calculating the beneficial ownership of any other
Stockholder, all of such Stockholder’s Common Stock, all of its Affiliates’ Common Stock and all of its Permitted Transferees’ Common Stock (including in each case Common Stock issuable upon exercise, delivery or vesting of Company
Awards) shall be included as being owned by such Stockholder and as being outstanding. 
 Section 7.16. Severability. If any
portion of this Agreement shall be declared void or unenforceable by any court or administrative body of competent jurisdiction, such portion shall be deemed severable from the remainder of this Agreement, which shall continue in all respects to be
valid and enforceable. 
 Section 7.17. Management Stockholder Group Representative. With respect to each Management Stockholder
Group, the Applicable Employee (in such capacity, the “Management Stockholder Group Representative”) for such Management Stockholder Group shall act as, and each member of such Management Stockholder Group hereby designates and
appoints (and each Permitted Transferee of the Applicable Employee of such Management Stockholder Group is hereby deemed to have so designated and appointed) such Management Stockholder Group Representative, as the sole representative of such
Management Stockholder Group under this Agreement and the Registration Rights Agreement, as applicable, with sole power and authority to exercise all rights of the members of such Management Stockholder Group hereunder and thereunder and to perform
all such acts as are required, authorized or contemplated by this Agreement to be performed by any member of such Management Stockholder Group under this Agreement and the Registration Rights Agreement, as applicable, including delivering any notice
or granting any waiver or consent hereunder or thereunder. The other parties hereto are and will be entitled to rely on any action so taken or any notice given by such Management Stockholder Group Representative on behalf of any member of such
Management Stockholder Group and are and will be entitled and authorized to give notices only to such Management Stockholder Group Representative for any notice contemplated by this Agreement or the Registration Rights Agreement, as applicable, to
be given to any member of such Management Stockholder Group. Each member of a Management Stockholder Group hereby acknowledges and agrees that the rights of the members of such Management Stockholder Group under this Agreement and the Registration
Rights Agreement, as applicable, shall be exercised only by the Management Stockholder Group Representative with respect to such Management Stockholder Group on behalf of such members and no such members shall be separately entitled to exercise any
such rights or to take any action required, authorized or contemplated by this Agreement or the Registration Rights Agreement, as applicable, by any member of such Management Stockholder Group. Each member of a Management Stockholder Group further
acknowledges that the foregoing appointment and designation shall be deemed to be coupled with an interest and shall survive the death or incapacity of such member. In the event of the death or Disability of the Applicable Employee for such
Management Stockholder Group, a successor Management Stockholder Group Representative may be chosen by holders of a majority of the DTI Securities beneficially owned by the members of such Management Stockholder Group; provided, that notice
thereof is given by such new Management Stockholder Group Representative to the Company, the MD Stockholders and the SLP Stockholders. Without limiting the generality of 

  
 41 

 
the foregoing, with respect to each Management Stockholder Group, each member of such Management Stockholder Group hereby irrevocably makes, constitutes and appoints (and each Permitted
Transferee of the Applicable Employee of such Management Stockholder Group is hereby deemed to have so made, constituted and appointed) the Applicable Employee of such Management Stockholder Group (and each successor to such Management Stockholder
Group Representative) the true and lawful attorney-in-fact of such member (or such Permitted Transferee), with full power and authority, for, on behalf of and in the
name of such member (or such Permitted Transferee) to execute and deliver on behalf of such member (or such Permitted Transferee) any and all instruments, agreements, notices, consents and other documents that are necessary or advisable to exercise
the rights and perform the acts contemplated by this Section 7.17. 
 Section 7.18. Counterparts. This
Agreement may be executed in any number of counterparts (which delivery may be via facsimile transmission or e-mail if in .pdf format), each of which shall be deemed an original, but all of which together
shall constitute a single instrument. 
 Section 7.19. Effectiveness. This Agreement shall become effective on December 25,
2018 upon execution of this Agreement by the Company, the MD Stockholders and the SLP Stockholders. In the event this Agreement does not become effective, shall be void ab initio and the First Restated Agreement shall continue in full force and
effect without amendment or restatement. 
 [Remainder of page intentionally left blank] 

  
 42 

 IN WITNESS WHEREOF, each of the undersigned has executed this Management Stockholders
Agreement or caused this Second Amended and Restated Management Stockholders Agreement to be signed by its officer thereunto duly authorized as of the date first written above. 

 

			
	COMPANY:
	
	DELL TECHNOLOGIES INC.
		
	By:	 	 /s/ Janet M. Bawcom

		 	Name: Janet M. Bawcom
		 	 Title:   Senior Vice President and Assistant

            Secretary

 
	
	MD STOCKHOLDER:
	
	 /s/ Michael S. Dell

	MICHAEL S. DELL

 
			
	MD STOCKHOLDER:
	
	SUSAN LIEBERMAN DELL SEPARATE PROPERTY TRUST
		
	By:	 	 /s/ Marc R. Lisker

		 	Name: Marc R. Lisker
		 	Title:   President, Hexagon Trust Company

 
			
	SLP STOCKHOLDERS:
	
	SILVER LAKE PARTNERS III, L.P.
	
	By: Silver Lake Technology Associates III, L.P., its general partner
	
	By: SLTA III (GP), L.L.C., its general partner
	
	By: Silver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

		 	Name: Egon Durban
		 	Title: Managing Director
	
	SILVER LAKE PARTNERS IV, L.P.
	
	By: Silver Lake Technology Associates IV, L.P., its general partner
	
	By: SLTA IV (GP), L.L.C., its general partner
	
	By: Silver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

	Name:	 	Egon Durban
	Title:	 	Managing Director
	
	SILVER LAKE TECHNOLOGY INVESTORS III, L.P.
	
	By: Silver Lake Technology Associates III, L.P., its general partner
	
	By: SLTA III (GP), L.L.C., its general partner
	
	By: Silver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

		 	Name: Egon Durban
		 	Title: Managing Director

 
			
	SILVER LAKE TECHNOLOGY INVESTORS IV, L.P.
	
	By: Silver Lake Technology Associates IV, L.P., its general partner
	
	By: SLTA IV (GP), L.L.C., its general partner
	
	By: Silver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

		 	Name: Egon Durban
		 	Title: Managing Director
	
	SLP DENALI CO-INVEST, L.P.
	
	By: SLP Denali Co-Invest GP, L.L.C., its general partner
	
	By: Silver Lake Technology Associates III, L.P., its managing member
	
	By: SLTA III (GP), L.L.C., its general partner
	
	By: Silver Lake Group, L.L.C., its managing member
		
	By:	 	 /s/ Egon Durban

		 	Name: Egon Durban
		 	Title: Managing Director

 Annex A 

FORM OF 
 JOINDER
AGREEMENT 
 The undersigned is executing and delivering this Joinder Agreement pursuant to that certain Second Amended and Restated
Management Stockholders Agreement, dated as of December 25, 2018 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “Management Stockholders Agreement”) by and among Dell
Technologies Inc., Michael S. Dell, Susan Lieberman Dell Separate Property Trust, Silver Lake Partners III, L.P., Silver Lake Technology Investors III, L.P., Silver Lake Partners IV, L.P., Silver Lake Technology Investors IV, L.P., SLP Denali Co-Invest, L.P., the Management Stockholders party thereto and any other Persons who become a party thereto in accordance with the terms thereof. Capitalized terms used but not defined in this Joinder Agreement
shall have the respective meanings ascribed to such terms in the Management Stockholders Agreement. 
 By executing and delivering this
Joinder Agreement to the Management Stockholders Agreement, the undersigned hereby adopts and approves the Management Stockholders Agreement and agrees, effective commencing on the date hereof and as a condition to the undersigned’s becoming
the transferee of DTI Securities, to become a party as a Management Stockholder to, and to be bound by and comply with the provisions of, the Management Stockholders Agreement applicable to a Management Stockholder in the same manner as if the
undersigned were an original signatory to the Management Stockholders Agreement. 
 [The undersigned hereby represents and warrants that,
pursuant to this Joinder Agreement and the Management Stockholders Agreement, it is a Permitted Transferee of [•] and will be the lawful record owner of [•] shares of Class C Common Stock of the Company as of the date hereof. The
undersigned hereby covenants and agrees that it will take all such actions as required of a Permitted Transferee as set forth in the Management Stockholders Agreement, including but not limited to conveying its record and beneficial ownership of any
DTI Securities and all rights, title and obligations thereunder back to the initial transferor Stockholder or to another Permitted Transferee of the original transferor Stockholder, as the case may be, immediately prior to such time that the
undersigned no longer meets the qualifications of a Permitted Transferee as set forth in the Management Stockholders Agreement.]1 

The undersigned acknowledges and agrees that Section 7.2 through Section 7.4 of the
Management Stockholders Agreement are incorporated herein by reference, mutatis mutandis. 
 [Remainder of page intentionally left
blank] 
  

	1 	 [To be included for transfers of Transferable Shares to Permitted Transferees] 

 Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the day
of            ,        . 
  

			
	  
 Signature

	
	  
 Print Name

		
	Address:	 	  

	  

	  

	Telephone:	 	  

	Facsimile:	 	  

	Email:	 	  

			
	AGREED AND ACCEPTED as of the day of             ,         .
	
	DELL TECHNOLOGIES INC.
		
	By:	 	  

		 	Name:
		 	Title:

 Annex B 

FORM OF 
 SPOUSAL CONSENT

 In consideration of the execution of that certain Second Amended and Restated Management Stockholders Agreement, dated as of
December 25, 2018 (as amended, restated, supplemented or otherwise modified in accordance with the terms thereof, the “Management Stockholders Agreement”) by and among Dell Technologies Inc., Michael S. Dell, Susan
Lieberman Dell Separate Property Trust, Silver Lake Partners III, L.P., Silver Lake Technology Investors III, L.P., Silver Lake Partners IV, L.P., Silver Lake Technology Investors IV, L.P., SLP Denali
Co-Invest, L.P., the Management Stockholders party thereto and any other Persons who become a party thereto in accordance with the thereof, I,
            , the spouse of             , who is a party to the Management Stockholders Agreement, do hereby join with my spouse
in executing the foregoing Management Stockholders Agreement and do hereby agree to be bound by all of the terms and provisions thereof, in consideration of the issuance, acquisition or receipt of DTI Securities and all other interests I may have in
the shares and DTI Securities subject thereto, whether the interest may be pursuant to community property laws or similar laws relating to marital property in effect in the state or province of my or our residence as of the date of signing this
consent. Capitalized terms used but not defined herein shall have the meaning ascribed to such terms in the Management Stockholders Agreement. 
  

			
	Dated as of                     ,         	 	
		 	  
 (Signature of Spouse)

		
		 	  
 (Print Name of Spouse)

 Annex C 

FORM OF 
 PUT NOTICE

 TO 
 DELL
TECHNOLOGIES INC. 
 Pursuant to Section 4.2 of the Second Amended and Restated Management Stockholders
Agreement, dated as of December 25, 2018, by and among Dell Technologies Inc. (the “Company”), the Sponsor Stockholders party thereto, the Management Stockholders party thereto, the undersigned and the other signatories thereto
(as the same may be amended, restated, supplemented or modified from time to time, the “Agreement”), the undersigned (the “Applicable Employee”) hereby delivers to the Company this Put Notice on behalf of itself and
all members of such Applicable Employee’s Management Stockholder Group. Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Agreement. 

This Put Notice is being delivered by the Applicable Employee to the Company on or prior to the expiration of the Put Termination Date. The
Applicable Employee requests the Company purchase the number of Put Shares identified on Schedule I attached hereto (the “Requested Put Shares”), in each case, for a price per share equal to the Put Price. The Applicable
Employee represents and warrants to the Company that the Applicable Employee has full power and authority to execute and deliver this Put Notice on behalf of the Applicable Employee and all members of the Applicable Employee’s Management
Stockholder Group and that the Requested Put Shares have been held by the Applicable Employee and/or a member of the Applicable Employee’s Management Stockholder Group for at least six (6) months prior to the delivery of this Put Notice to
the Company. 
 The Applicable Employee hereby expressly acknowledges and agrees that (A) the Put Right shall be subject to, and the
Company shall not be required to purchase any Requested Put Shares that would breach, violate or be inconsistent with, the terms, conditions and limitations set forth in Section 4.3 of the Agreement. 

The Applicable Employee covenants and agrees to transfer to the Company all stock certificates representing such Requested Put Shares, if such
Requested Put Shares are certificated (or if one or more of such stock certificates have been lost, stolen or destroyed, such other evidence requested by the Board with respect to lost, damaged or destroyed stock certificates), to the Company, free
and clear of all Encumbrances, and covenants and agrees to deliver to the Company all such releases, letters of transmittal and/or instruments of transfer properly completed and duly executed, as shall be requested by the Company. 

The Company is requested to wire any cash amounts paid in satisfaction of the Put Price to the account of the Applicable Employee included in
the instructions on Schedule I attached hereto (the “Wire Transfer Instructions”). By signing this Put Notice the Applicable Employee agrees that payment of any amounts to the account designated in this Put Notice and the
Wire Transfer Instructions shall constitute payment to and, upon delivery to such account, payment received by the Management Stockholder Group. The Applicable Employee, on behalf 

 
of the Management Group, hereby waives and releases any and all claims relating to the payment to the account designated in this Put Notice and the Wire Transfer Instructions, that the
undersigned may have against any party relying on this Put Notice and the Wire Transfer Instructions, including, without limitation, the failure of the Management Stockholder Group to receive amounts due and owing to the undersigned which were
transmitted according to this Put Notice and the Wire Transfer Instructions, and agrees to indemnify and hold the relying party harmless therefrom. 

[Remainder of page intentionally left blank] 

 
			
	Dated the day of                         , 20 .
	
	As attorney-in-fact and Management Stockholder Group Representative for the Management Stockholder Group of the following named Applicable
Employee:
	
	  
 (print
name of Applicable Employee)

		
	By:	 	  

		 	(signature)
		
		 	  
 (print name
legibly)

 Schedule I 

DESCRIPTION OF REQUESTED PUT SHARES 
  

									
	Name(s) and Address(es) of Registered Owner(s)	  				  			
	(Please Note Address Changes)	  	Certificate Number	 	  	No. of Shares	 
		  				  			
		  				  			
		  				  			
	 Total No. of Shares
	  				  			

 WIRE TRANSFER INSTRUCTIONS 

Please insert your wire transfer instructions in the space provided below: 
  

	
	 Bank Name:
                                         
                           

	 Bank Telephone Number:
                                         
     

	 Account Name:
                                         
                       

	 Account Number:
                                         
                   

	 Routing Number:

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