Document:

Exhibit

Exhibit 10.4
DELL INC.
Deferred Cash Replacement Agreement

1.    Purpose – Dell Inc., a Delaware corporation (the “Company”), previously granted to you one or more awards of units (the “Units”) representing the right to receive shares of the Company’s common stock (the “Shares”) identified in the Stock Plan Administrator’s online grant acceptance process (“Grant Summary”), under either the Dell Inc. 2012 Long-Term Incentive Plan or the Dell Inc. 2002 Long-Term Incentive Plan, as amended (each a “Plan” and together the “Plans”).  In addition to the Grant Summary, each award was subject to the terms and conditions described in the applicable Stock Unit Agreement (“RSU”) or Performance-Based Stock Unit Agreement (“PSU”) between you and the Company (together, the “Stock Unit Agreements”) and the applicable Plan. The applicable Grant Summary stated the number of Units granted to you under the applicable RSU or PSU award.  The Stock Unit Agreements were amended, effective as of April 17, 2013 (the “Amendment”), to provide certain benefits to you in the event of a Change in Control (as defined in the Amendment). 

On October [●], 2013 (the “Effective Time”), the Company consummated the transaction contemplated by that certain Agreement and Plan of Merger, dated as of February 5, 2013 and amended as of August 2, 2013, with Denali Holding Inc., a Delaware corporation (“Parent”), Denali Intermediate Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (“Intermediate”), and Denali Acquiror Inc., a Delaware corporation and a wholly-owned subsidiary of Intermediate (“Merger Sub”), pursuant to which Merger Sub merged with and into the Company, with the Company surviving as a wholly-owned subsidiary of Intermediate (the “Merger”).  The transaction resulted in the Company becoming a privately owned entity, and a subsidiary of Intermediate and Parent, neither of which has securities that trade on a national securities exchange.  In addition, following the Effective Time, Parent is the sponsor of the Plans.

Pursuant to the terms of the merger agreement, (i) each RSU was converted into the right to receive cash equal in value to the per share consideration of $13.75 per Share (“Per Share Cash Value”) for each Unit, subject generally to continued time-based vesting as set forth in the applicable Stock Unit Agreement, and (ii) each PSU was treated as providing a fixed number of Units equal to the target number under the award, such that as of the Effective Time no additional Units could be earned under the PSU award, and each PSU thereafter was converted into the right to receive cash equal to the Per Share Cash Value for each Unit, subject generally to continued time-based vesting as set forth in the applicable Stock Unit Agreement.

In order to reflect the conversion of your Units outstanding under the Stock Unit Agreements into the right to receive cash, and the terms on which the cash consideration will be delivered or forfeited, the Company is amending and restating the Stock Unit Agreements (the “Prior Agreements”) into this Deferred Cash Replacement Agreement.  You agree that each such Prior Agreement will be inapplicable to your Units treated as outstanding immediately prior to the Effective Time, and that the terms and conditions of each award is hereby superseded and replaced by this Deferred Cash Replacement Agreement as of the Effective Time.

2.    Vesting — The Company will pay you the Per Share Cash Value for each vested Unit, with such payment to be made on the applicable vesting date or as soon as administratively practicable thereafter; provided that in no event shall any such payment be delivered later than the fifteenth day of the third month following the end of the calendar year with respect to which the Units were earned and not subject to forfeiture.  For purposes of vesting under this Deferred Cash Replacement Award, with respect to any PSU award, you are entitled to vest in an amount no greater than the target amount of Units under the award.

Each Unit with respect to a RSU will vest, and you will receive the Per Share Cash Value for each such Unit, in accordance with the time-vesting schedule in your applicable Grant Summary. Each Unit with respect to a PSU will be deemed to vest ratably on the last day of each fiscal year during the portion of the performance period (as set forth in the applicable Grant Summary) applicable to the Units that occurs following the Effective Date, and you will receive the Per Share Cash Value for each such Unit, in accordance with this time-vesting schedule and this Paragraph 2 (Vesting).

Notwithstanding the foregoing, if your “Employment” is terminated by the Company or your “Employer” without “Cause” (each as defined below) on or following the Effective Time and prior to the 24-month anniversary of the Effective Time, you will become 100% vested as of your date of Employment termination and the payment of the Per Share Cash Value for each Unit vesting upon the date of your Employment termination will be made within ten days following such date. 

As used herein, the term “Cause” means: (a) a violation of your obligations regarding confidentiality or the protection of sensitive, confidential or proprietary information, or trade secrets; (b) an act or omission by you resulting in your being charged with a criminal offense that constitutes a felony or involves moral turpitude or dishonesty; (c) conduct by you that constitutes poor performance, gross neglect, insubordination, willful misconduct, or a breach of the Company’s Code of Conduct or a fiduciary duty to the Company or its stockholders; or (d)  the determination by the senior management of the Company that you 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.

3.    Expiration — Except as set forth in Paragraph 2 (Vesting) above, if your Employment terminates for any reason other than your death or Permanent Disability, any Units that have not vested as described above will expire at that time. 

If your Employment is terminated by reason of your death or Permanent Disability, all outstanding Units will vest immediately and automatically upon such termination of Employment and the cash value of the Shares will be paid to you as soon as administratively practical and in all events within 60 days of such termination of Employment.

As used herein, the term "Employment" means your regular full-time or part-time employment with Parent, the Company or any Subsidiary of Parent, and the term "Employer" means Parent, the Company or the Subsidiary of Parent that employs you. 

4.    Rights as a Holder; Supplemental Cash Payment — You will have no rights as a stockholder with respect to the Units. Each Unit has a fixed cash value equal to the Per Share Cash Value.  In addition, for each Unit that vests you will receive a supplemental cash payment (“Dividend Equivalent”) at the same time as the Per Share Cash Value equal to the sum of (i) any unpaid dividend equivalents credited on your behalf to the Unit with respect to the payment by the Company of ordinary dividends on Shares prior to the Effective Time; and (ii) $0.13, which represents the special dividend equivalent payable in respect of the special dividend on Shares paid to stockholders of record of the Company as of October 28, 2013, subject to and contingent upon the payment of the special dividend.  
5.    Agreement With Respect to Taxes — You must pay any taxes that are required to be withheld by the Company or your Employer. You may pay such amounts in cash or make other arrangements satisfactory to the Company or your Employer for the payment of such amounts. You agree the Company or your Employer, at its sole discretion and to the fullest extent permitted by law, shall have the right to demand that you pay such amounts in cash or deduct such amounts from any payments of any kind otherwise due to you. 
You agree that, subject to compliance with applicable law, the Company or your Employer may recover from you taxes that may be payable by the Company or your Employer in any jurisdiction in relation to this award. You agree that the Company or your Employer shall be entitled to use whatever method they may deem appropriate to recover such taxes, including the withholding of the Per Share Cash Value or Dividend Equivalents, paying you a net amount of cash, recovering the taxes via payroll and direct invoicing. You further agree that the Company or your Employer may, as it reasonably considers necessary, amend or vary this Agreement to facilitate such recovery of taxes.  

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6.    Leaves of Absence — Subject to the Units remaining exempt from Code Section 409A or being compliant with Code Section 409A, if you take a leave of absence from active Employment that has been approved by the Company or your Employer or is one to which you are legally entitled regardless of such approval, the following provisions will apply:

A.    Vesting During Leave — Notwithstanding the vesting schedule set forth above, no Units will vest during a leave of absence other than an approved employee medical, FMLA or military leave. Notwithstanding the preceding sentence, vesting shall not be deferred for any approved leave of absence of less than 30 days. The vesting that would have otherwise occurred during a leave of absence other than an approved employee medical, FMLA or military leave will be deferred by the number of days you are on a leave of absence. For example, if your Units are scheduled to vest on August 1, 2014 through August 1, 2018, and you are on a 40 day leave of absence, the dates on which the vesting occurs will be deferred to September 10, 2014 through September 10, 2018. 

B.    Effect of Termination During Leave — If your Employment is terminated during the leave of absence, the Units will expire or vest in accordance with the terms stated in Paragraph 3 (Expiration) above.

7.    Return of Value — By accepting this award, you agree that if the Company determines that you engaged in “Conduct Detrimental to the Company” (as defined below) during your Employment or during the 12-month period following the termination of your Employment, you shall be required, upon demand, to return to the Company, in the form of a cash payment, the gross value of the payments that were issued to you pursuant to this Agreement including any associated Dividend Equivalents (together, the “Returnable Value”). You understand and agree that the repayment of the Returnable Value is in addition to and separate from any other relief available to the Company due to your Conduct Detrimental to the Company.

For purposes of this Agreement, you will be considered to have engaged in “Conduct Detrimental to the Company” if:

(1) you engage in serious misconduct (whether or not such serious misconduct is discovered by the Company prior to the termination of your Employment); 
(2) you breach your obligations to the Company or another Employer with respect to confidential and proprietary information or trade secrets or breach any agreement between you and the Company or another Employer relating to confidential and proprietary information or trade secrets; 
(3) you compete with Company (as described below); or
(4) you solicit Company’s Employees (as described below).

For purposes of this provision, you shall be deemed to “compete” with the Company if you, directly or indirectly:
		
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	Are a principal, owner, officer, director, stockholder or other equity owner (other than a holder of less than 5% of the outstanding shares or other equity interests of a publicly traded company) of a Direct Competitor (as defined below);

		
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	Are a partner or joint venturer in any business or other enterprise or undertaking with a Direct Competitor; or

		
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	Serve or perform work (including consulting or advisory services) for a Direct Competitor that is similar in any material way to the work you performed for your Employer during the 12-month period preceding the termination of your Employment.

You understand and agree that this provision does not prohibit you from competing with the Company but only requires repayment of the Returnable Value in the event of such competition.

For purposes of this provision, a “Company’s Employee” means any person employed by Parent, the Company or any of Parent’s Subsidiaries and “solicit Company’s Employees” means that you communicate in any way with any other person regarding (a) a Company Employee leaving the employ of Parent or any of its Subsidiaries; or (b) a Company Employee seeking employment with any other employer.  This provision does not apply to those communications that are within the scope of your Employment that are made on behalf of your Employer. 

The term “Direct Competitor” means any entity, or other business concern that offers or plans to offer products or services that are materially competitive with any of the products or services being manufactured, offered, marketed, or are actively developed by any Employer as of the date your Employment ends.  By way of illustration, and not by limitation, at the time of execution of this Agreement, the following companies are currently Direct Competitors:  Hewlett-Packard, Lenovo, IBM, Gateway, Apple, Acer, CDW, Cisco, NetApp, Juniper, Wipro, Tata Consulting Services, Xerox, Cognizant, EMC, Software House International, Insight (Software Spectrum), Softchoice, Computer Sciences Corporation and Digital River.  You understand and agree that the foregoing list of Direct Competitors represents a current list of representative examples of Direct Competitors as of the date of execution of this Agreement and that other entities may become Direct Competitors in the future.

The Company shall have complete and absolute authority to construe and interpret the provisions of this Agreement, including but not limited to any determination as to whether you have engaged in “Conduct Detrimental to the Company.” Any such interpretations or determinations by the Company will be final, binding, and conclusive.  Parent’s compensation committee, or its designee, is authorized to make determination under this Section 6 on behalf of the Company. 

8.    Transferability — The Units are not transferable other than by will or the laws of descent and distribution. 

9.    Section 280G – Section 15 of the Plan shall apply to all of your long-term incentive plan awards, including any awards under the Dell Computer Corporation 2002 Long-Term Incentive Plan or such plan as amended and restated as the Dell Inc. Amended and Restated 2002 Long-Term Incentive Plan.     

10.      Incorporation of Plan — This award is made in settlement of the RSU or PSU award granted under the applicable Plan and is intended to incorporate the terms and conditions of the applicable Plan that governed the applicable RSU or PSU. All terms used herein with their initial letters capitalized shall have the meanings given them in such Plan unless otherwise defined herein. A copy of the applicable Plan is available upon request from the Company's Stock Plan Administrator.

11.    Notice — You agree that notices may be given to you in writing either at your home address as shown in the records of the Company or your Employer, or by electronic transmission (including email or reference to a website or other URL) sent to you through the Company’s normal process for communicating electronically with its employees.

12.    No Right to Continued Employment — The granting of Units does not confer upon you any right to expectation of employment by, or to continue in the employment of, your Employer. 

13.    Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation — By having previously accepted the RSU or PSU award, you expressly acknowledged, and now renew your acknowledgment, that (a) the Plan is discretionary in nature and may be suspended or terminated by Parent at any time; (b) the grant of Units is a one-time benefit that does not create any contractual or other right to receive future grants of Units, or benefits in lieu of Units; (c) all determinations with respect to future grants, if any, including the grant date, the number of Units granted and the vesting dates, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the value of the Units is an extraordinary item of compensation that is outside the scope of your employment contract, if any, and nothing can or must automatically be inferred from such employment contract or its consequences; (f) Units are not part of normal or expected compensation for any purpose, and are not to be used for calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments, and you waive any claim on such basis; (g) the grant of this award gives rise to the Company’s need (on behalf of itself and its stockholders) 

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to protect itself from Conduct Detrimental to the Company, and your promises described in Paragraph 7 (Return of Value) above are designed to protect the Company and its stockholders from Conduct Detrimental to the Company; (h) vesting of Units ceases upon termination of Employment for any reason except as may otherwise be explicitly provided in the Plan or in this Agreement; and (i) you understand, acknowledge and agree that you will have no rights to compensation or damages related to Units in consequence of the termination of your Employment for any reason whatsoever and whether or not in breach of contract.

14.    Data Privacy Consent — As a condition of the grant of the Units evidenced by this Agreement, you previously consented and now renew your consent to the collection, use and transfer of personal data as described in this paragraph. You understand that Parent and its Subsidiaries hold certain personal information about you, including your name, home address and telephone number, date of birth, social security number, salary, nationality, job title, ownership interests or directorships held in Parent or its Subsidiaries, and details of all Units, Shares, stock options or other equity awards, cancelled, exercised, vested or unvested (“Data”).  You further understand that Parent and its Subsidiaries will transfer Data amongst themselves as necessary for the purposes of implementation, administration and management of your participation in the Plan, and that Parent and any of its Subsidiaries may each further transfer Data to any third parties assisting Parent in the implementation, administration and management of the Plan.  You understand that these recipients may be located in the European Economic Area or elsewhere, such as the United States.  You authorize them to receive, possess, use, retain and transfer such Data as may be required for the administration of the Plan, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan. You understand that you may, at any time, view such Data or require any necessary amendments to it.

15.    Governing Law and Venue — This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, United States of America. The exclusive venue for any and all disputes arising out of or in connection with this Agreement shall be New Castle County, Delaware, United States of America, and the courts sitting exclusively in New Castle County, Delaware, United States of America shall have exclusive jurisdiction to adjudicate such disputes. Each party hereby expressly consents to the exercise of jurisdiction by such courts and hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have to such laying of venue (including the defense of inconvenient forum). 

16.    Effect of Invalid Provisions — If any of the promises, terms or conditions set forth herein are determined by a court of competent jurisdiction to be unenforceable, any Units that have not vested as described above will expire at that time and you agree to return to the Company an amount of cash equal to the Returnable Value of all payments theretofore made to you pursuant to this Agreement.

17.    Consent to Electronic Communications — You agree that the Company may provide you with any communications associated with this award in electronic format. Your consent to receive electronic communications includes, but is not limited to, all legal and regulatory disclosures and communications associated with this award or notices or disclosures about a change in the terms and conditions of this award.

18.    Code Section 409A — This Agreement is not intended to constitute a “nonqualified deferred compensation plan” for purposes of Code Section 409A. Neither you nor the Company shall have the right to accelerate or defer the vesting and/or delivery of any Units if such action would cause this Agreement to be subject to Code Section 409A. The Company makes no representations or warranty and shall have no liability to you or any other person if any provisions of or payments under this Agreement are determined to constitute nonqualified deferred compensation subject to Code Section 409A but not to satisfy the conditions of that section. 
__________________________________________________________________________________________________________________________________

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Awarded subject to the terms and conditions stated above:

DENALI HOLDING INC.
By: ________________________

4Exhibit

Exhibit 10.14

DELL INC.

SEVERANCE PAY PLAN
FOR EXECUTIVE EMPLOYEES

As Amended and Restated 
Effective July 14, 2010

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DELL INC.
SEVERANCE PAY PLAN
FOR EXECUTIVE EMPLOYEES

As Amended and Restated
Effective July 14, 2010

BACKGROUND AND SCOPE

DELL INC. (the “Company”) previously adopted the Dell Inc. Severance Pay Plan to provide severance benefits under the terms and conditions specified in such plan.  In connection with a general review of the Company’s severance policies, the Company has elected to amend and restate this “Dell Inc. Severance Pay Plan for Executive Employees” for periods on and after July 14, 2010.

The Company intends for the Plan to qualify as an “employee welfare benefit plan” within the meaning of section 3(1) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).  The Plan is created as a component of the Dell Inc. Comprehensive Welfare Benefits Plan; plan number 501.  The Plan shall, at all times, be interpreted and administered in accordance with ERISA and any other pertinent provisions of Federal law.  Except as specified in the Plan, no employee of the Company or any other person shall have any right to severance benefits under the Plan or otherwise as a result of their performance of services for the Company or any of its related or affiliated entities.  These Severance Benefits may be modified or eliminated at any time in accordance with ERISA.

ARTICLE I
PURPOSE

The Plan provides Eligible Executives with severance benefits designed to mitigate the effects of unemployment in the event that their employment is terminated by the Company as a result of a Qualifying Termination. 

ARTICLE II
DEFINITIONS

Wherever used herein, the following terms have the following meanings unless the context clearly requires a different meaning:

2.1    “Administrator” means the Company’s Administration and Investment Committee, as may be appointed from time to time.  

2.2    “Base Salary” means compensation equal to:

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(i)the annual base salary reported in the Company’s HR Direct system (or any subsequent human resources database) as in effect on the last day on which the Eligible Executive was actively performing services for the Company prior to his or her Separation Date (not including shift differentials, commissions, bonuses, incentive payments, benefits, perks, or overtime compensation); divided by

(ii)12, for computations of monthly Base Salary, or 52, for computations of weekly Base Salary.

2.3    “Beneficiary” means the first surviving person of the following: (i) surviving spouse, (ii) the lineal descendants per stirpes, (iii) parents in equal shares, (iv) brother and sisters in equal shares, or (v) executor or administrator of his estate. 

2.4    “Casual Employee” means an employee hired to supplement the work force during temporary periods or on an intermittent basis, usually due to unusual or emergency workload.

2.5     “Company” means Dell Inc., any successor entity that adopts the Plan, or any subsidiary or affiliate of the Company, which is designated by the Administrator as having adopted the Plan.  

2.6    “Comparable Job” means a job with the Company where (i) the Base Salary to be paid by the Company is not materially reduced from the Base Salary previously paid by the Company to such executive; (ii) the grade level offered is not less than the grade level the executive held immediately prior to the date the executive was offered the  job; and (iii) the executive’s principal place of work is not changed on or before the first date of employment in the new job to a location that is a material distance (but not less than fifty (50) miles) from the executive’s principal place of work immediately prior to the date the executive was offered the job, without the prior consent of the executive.

2.7    “Effective Date” means January 1, 2010.  The effective date of this amendment and restatement is July 14, 2010.

2.8    “Eligible Executive” means an individual who is classified as an Executive Employee and: 

(i)who is designated by the Administrator, in its sole and absolute discretion, as having experienced a Qualifying Termination; 

(ii)who is notified in writing by the Company or its duly authorized representative that his or her employment with the Company will be terminated as part of a Qualifying Termination; and

(iii)who was previously employed by the Company to perform services for the Company in a capacity of a regular employee of the Company; and

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(iv)whose employment with the Company was in fact terminated as a result of such Qualifying Termination.  

The term “Eligible Executive” shall not include: (i) an Independent Contractor; (ii) a Casual Employee; or (iii) a Temporary Employee.

2.9    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time.

2.10    “Executive Employee” means an employee of the Company who is designated as having a status of Director (grade level D3) or Vice President (grade level E1 or higher).

2.11    “Independent Contractor” means a person the Company engaged to perform services with the intention that those services would be performed in a capacity other than that of a common law employee, regardless of whether or not the actual facts and circumstances under which such person actually renders services to the Company could be construed to establish that the person was or could be considered for any purpose to be a common law employee.

2.12     “Plan” means the Dell Inc. Severance Pay Plan For Executive Employees, as set forth herein, as may be amended from time to time.

2.13    “Qualifying Termination” means the termination of employment of a Severance Benefit Employee due to Workforce Reduction.

2.14    “Separation Agreement and Release” means the agreement that an Eligible Executive must execute prior to receiving any benefits under the Plan.  The Administrator will provide a copy of the Separation Agreement and Release to the Eligible Executive when he or she is designated as a Severance Benefit Employee under the Plan.

2.15    “Separation Date” means the date designated by the Administrator on which the Eligible Executive’s employment is terminated.

2.16    “Severance Benefit Employee” means an Executive Employee who:

(i)is designated by the Administrator, in its sole discretion, as a Severance Benefit Employee; 

(ii)continued to perform all of his or her job responsibilities, in a manner acceptable to the Company, through his or her Separation Date; 

(iii)ceased to be an employee of the Company on his or her Separation Date solely as a result of the Qualifying Termination; 

(iv)did not, at any time subsequent to the Company’s decision to terminate the employee receive an offer for continued employment in a Comparable Job;

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(v)did not, at any time subsequent to the Company’s decision to terminate the employee, receive an offer for employment in a Similar Job, which was in any way arranged for or facilitated by the Company; 

(vi)prior to the date of the Company’s notification of the termination of employment, did not voluntarily terminate employment or notify the Company of his intention or election to do so at some future date by resignation, failure to appear for work, retirement, or otherwise; 

(vii)did not make any statements or engage in any actions that directly or indirectly defamed, disparaged, or detracted from the Company’s reputation; damage or destroy any of the Company’s property; or otherwise injure or damage the Company; and 

(viii)maintained the confidentiality of any and all confidential or proprietary information of the Company at all times during his employment with the Company.

2.17    “Severance Benefits” means the benefits, if any, provided under Article III to a Severance Benefit Executive.

2.18     “Similar Job” mean a job with a new employer where (i) the compensation offered by the new employer to the executive is not materially less than the Base Salary previously paid by the Company to the executive; (ii) the general nature of the executive’s anticipated duties for the new employer are similar to the general nature of the duties the executive performed by the Company; (iii) the executive’s principal place of work is not changed by the new employer on or before the first day of employment with the new employer to any location that is a material distance (but not less than fifty (50) miles) from the executive’s principal place of work on the date prior to the date the executive was offered the job, without the prior consent of the executive. 

2.19    “Temporary Employee” means a person that the Company contracted with through a temporary service, agency, employee leasing company, staffing company, or a person individually who supplements the work force as a temporary employee, or is otherwise hired to perform services for the Company other than as an employee.

2.20    “Workforce Reduction” means the reduction of the Company’s workforce as part of a designated cost reduction program.  

ARTICLE III
SEVERANCE BENEFITS
 
3.1    Cash Severance Benefits. A Severance Benefit Employee shall receive a cash Severance Benefit equal to the greater of (i) the amount listed on the applicable Exhibit A to this Plan, or (ii) if applicable, the cash severance benefit amount listed in any separate written agreement between the Eligible Executive and the Company.  

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3.2    Form of Payment.  Unless otherwise provided in a Separation Agreement and Release, the cash severance benefit shall be paid in a single lump sum payment within thirty (30) business days after Dell receives the executed Severance Agreement and Release; provided, however, that all such amounts shall be paid not later than March 15th of the calendar year immediately following the calendar year during which an Eligible Executive’s Separation Date occurs.  In the event that an Eligible Executive’s Separation Agreement and Release provides that payments shall be made in installments, such payments shall be structured in a manner that causes the payments to not be subject to Code Section 409A.  Payments under the Plan shall be delivered in the form of a check or, at the Company’s discretion, through any other payment delivery method used to make payroll payments to an Eligible Executive. 

3.3    Additional Severance Benefits.  A Severance Benefit Employee shall receive such other severance benefits as are listed in Exhibit A. 

3.4    Benefits Are Not Salary.  Any Severance Benefits paid under the Plan are not considered as salary for any employee benefit plan purposes.  The number of weeks of Severance Benefits provided to a Severance Benefit Employee shall not be considered in calculating his entitlement, if any, to vacation, sick leave, bonus, incentive salary, retirement or other benefits except as is specifically provided in the Company’s other employee benefit plans.  

3.5    Re-employment.  Any Eligible Executive who received a Severance Benefit under the Plan will not have any right to be re-employed by the Company.  If an Eligible Executive is re-employed by the Company within twelve (12) months from the date of his or her Separation Date, such Eligible Executive may, as a condition of reemployment, be required to repay to the Company a portion of his or her Severance Benefits.

ARTICLE IV
DEDUCTIONS & FORFEITURES

4.1    Deductions.  To the extent permissible under federal or state law, the following items and amounts will be deducted from the amount of Severance Benefits otherwise payable to an Eligible Executive under the Plan:

(i)Any salary or other payments that the Eligible Executive receives (or may be entitled to receive) on termination of employment pursuant to any rights or entitlements that the Eligible Executive possesses or asserts pursuant to a written or oral employment agreement with the Company or any successor thereto, regardless of whether the term of such agreement is expired or unexpired as of the Eligible Executive’s Separation Date;

(ii)Any amounts that an Eligible Executive owes to the Company;

(iii)Any severance pay or other wage replacement benefits payable or previously paid to the Eligible Executive or his beneficiary from this Plan or any other plan or program 

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maintained by the Company (other than any benefits payable from any pension, profit sharing, or stock bonus plan);

(iv)Any amount of garnished earnings which would have been withheld from the Eligible Executive’s pay, if the Company has been garnishing the Eligible Executive’s earnings pursuant to an order of garnishment, child support or tax lien; 

(v)The Company shall have the authority to withhold or to cause to have withheld applicable taxes from any payments under or in accordance with the Plan to the extent required by law.

4.2    Forfeitures.  An Eligible Executive shall forfeit any and all rights to Severance Benefits under the Plan, and shall be obligated to repay any such benefits previously paid under the Plan, if the Administrator, in its sole discretion, determines that the Eligible Executive: 

(i)does not timely submit, and the Administrator does not actually receive, a valid and fully enforceable Separation Agreement and Release from the Eligible Executive; 

(ii)fails or has failed to fulfill any requirement of the Plan or otherwise violates any of the terms and conditions of either the Plan or the Separation Agreement and Release; 

(iii)prior to his Separation Date or thereafter makes any statements or engages in any actions that directly or indirectly defame, disparage, or detract from the Company’ s reputation, damage or destroy any of Company’s property, otherwise injure or damage the Company, or discloses any confidential or proprietary information regarding the Company; 

(iv)subsequently revokes or otherwise takes action to set aside, avoid, or violate the Separation Agreement and Release or the Plan’s terms.  

By accepting any benefits under the Plan’s terms, an Eligible Executive shall be deemed to have agreed to adhere to all terms of the Plan.  The Eligible Executive also shall be deemed to agree that the Eligible Executive will repay any benefits that the Administrator determines he has received from the Plan in excess of the amount provided under the Plan.  Additionally, the Eligible Executive must repay all Severance Benefits that the Eligible Executive is paid or receives if the Eligible Executive asserts that he is or may be entitled to receive compensation or other payments on termination of employment pursuant to any rights or entitlements that he possesses or asserts pursuant to a written or oral employment agreement with Dell or any successor thereto, regardless of whether the term of such agreement is expired or unexpired as of his Separation Date.

ARTICLE V
REQUIREMENT FOR RECEIPT OF SEVERANCE BENEFITS

In order to receive payment of any Severance Benefits under the Plan, the Eligible Executive must comply with all requirements of this Section V.

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5.1    Execution of Separation Agreement and Release.  In order for an Eligible Executive to receive his Severance Benefit, the Eligible Executive must first execute the Separation Agreement and Release within the particular time period specified in the Separation Agreement and Release, which shall be no later than forty-five (45) days following the Eligible Executive’s receipt of the Separation Agreement and Release or such earlier date as required by the Separation Agreement and Release (such deadline, the “Release Deadline”).  The executed Separation Agreement and Release must actually be received by the Administrator, or its duly authorized representative, at the address specified by the Administrator, within seven (7) days after the Release Deadline to be considered timely.  Notwithstanding the preceding, if the Eligible Executive does not properly execute the Separation Agreement and Release by the applicable deadline, or revokes an executed Separation Agreement and Release, the Eligible Executive will receive only those benefits required by applicable law.  If the Eligible Executive’s Severance Date and the Release Deadline fall in two separate taxable years, any payments required to be made to Eligible Executive that are treated as nonqualified deferred compensation for purposes of Code Section 409A shall be made in the later taxable year. 

5.2    Right to Recovery.  The Company shall have the right to recover any payment made to an Eligible Executive in excess of the amount to which the Eligible Executive is entitled to under the terms of the Plan. Such recovery may be from the Eligible Executive, the Beneficiary, or any insurer or other organization or entity thereby enriched.  In the event such repayment is not made by the Eligible Executive, such repayment shall be made either by (i) reducing or suspending any future payments hereunder to the Eligible Executive, or (ii) requiring an assignment of a portion of the Eligible Executive’s earnings, until the amount of such excess payments are fully recovered.  The Company shall also have the right to recover any payment made to an Eligible Executive under the Plan if he later asserts to be entitled to compensation or other payments on termination of employment pursuant to any rights or entitlements that he possesses or asserts pursuant to a written or oral employment agreement with the Company or any successor thereto, regardless of whether the term of such agreement is expired or unexpired as of his Separation Date.

5.3    Payment of Severance Benefits.  Severance Benefits provided under the Plan shall be paid to the Eligible Executive within the timeframe provided for in Section 3.2, but no earlier than the day following the expiration of the revocation period outlined in the Separation Agreement and Release, if applicable,  assuming such Separation Agreement and Release has not been revoked.  If the Eligible Executive is, in the opinion of the Administrator, not competent to affect a valid release for payment of any benefit due him under the Plan and if no request for payment has been received by the Administrator from a duly appointed guardian or other legally appointed representative of the Eligible Executive, the Company may make direct payment to the individual or institution appearing to the Administrator to have assumed custody or the principal support of the Eligible Executive. If the Eligible Executive dies before receipt of his Severance Benefits to which he is entitled under the Plan, such benefits shall be paid to the Eligible Executive’s Beneficiary, if not otherwise required by law.  

5.4    Acceptance of Severance Benefit.  By accepting any Severance Benefits from the Plan, the Eligible Executive shall be deemed to have agreed to adhere to all terms of the Plan.  

8

ARTICLE VI 
CLAIMS AND APPEAL PROCEDURES

6.1    Claims Procedures.  Severance Benefits under the Plan will be automatically paid to an Eligible Executive who qualifies for such benefits, and signs and does not revoke the Separation Agreement and Release.  An Eligible Executive who believes he or she is entitled to Severance Benefits under this Plan and has not been provided such benefits must file a written claim for such benefits with the Administrator.  The Administrator shall render a written decision concerning the claim not later than ninety (90) days after its receipt, unless special circumstances require an extension of time for processing the claim, in which case a decision will be rendered not later than one hundred twenty (120) days after receipt of the claim.  Written notice of the extension will be furnished to the Eligible Executive prior to the expiration of the initial ninety (90)-day period and will indicate (i) the special circumstances requiring an extension of time for processing the claim, and (ii) the date the Administrator expects to render its decision.  For purposes of this Section 6.1, any payment of Severance Benefits under this Plan shall be treated as the issuance of a written decision by the Administrator to approve the claim for benefits.  

If the claim is denied, in whole or in part, such decision shall include (i) the specific reasons for the denial; (ii) a reference to the Plan provision(s) constituting the basis of the denial; (iii) a description of any additional material or information necessary for the Eligible Executive to perfect his claim; (iv) an explanation as to why such additional material or information is necessary; and (v) a description of how the claim review procedure is administered. If the notice of denial is not furnished in accordance with the above procedure the claim shall be deemed denied and the Eligible Executive is then permitted to appeal the decision.

6.2    Appeal Procedure.  If the Eligible Executive’s claim is denied, in whole or in part, he then has sixty (60) days to appeal the decision.  An appeal must be submitted in writing to the Administrator.  The Eligible Executive may also submit a written request to review copies of the pertinent Plan documents in connection with his appeal.  The Administrator will review the appeal and determine if a meeting with the Eligible Executive is necessary to reach a decision.  If the Administrator determines a meeting is necessary, the Eligible Executive must submit a written “statement of position” containing all pertinent details of the appeal and the supporting reasons, as well as any questions the Eligible Executive may have regarding the appeal.  The statement of position must be received by the Administrator at least fourteen (14) days before the scheduled meeting.  If the statement of position is not received in a timely manner, the Administrator may cancel the meeting.  No action may be brought for Severance Benefits provided under the Plan or any amendment or modification thereof, or to enforce any right thereunder, until a claim has been submitted and the appeal rights under the Plan have been exhausted.  

ARTICLE VII
PLAN ADMINISTRATION

7.1    In General The general administration of the Plan and the duty to carry out its provisions shall be vested in the Administrator, which shall be the named fiduciary of the Plan for purposes of ERISA.  The Administrator shall administer the Plan and any Severance Benefits 

9

provided under the Plan.  The Administrator may, in its discretion, secure the services of other parties, including agents and/or employees to carry out the day‐to‐day functions necessary to an efficient operation of the Plan.  The Administrator shall have the exclusive, discretionary right to interpret the terms of the Plan, to determine eligibility for coverage and benefits, and to make such other determinations and to exercise such other powers and responsibilities as shall be provided for in the Plan or shall be necessary or helpful with respect thereto and its good faith interpretations and decisions shall be binding and conclusive upon all persons. 

7.2    Reimbursement and Compensation.  The Administrator shall receive no compensation for its services as Administrator, but it shall be entitled to reimbursement for all sums reasonably and necessarily expended by it in the performance of such duties.

7.3    Rulemaking Powers.  The Administrator shall have the discretionary power to make reasonable rules and regulations required in the administration of the Plan; make all determinations necessary for the Plan’s administration, except those determinations which the Plan requires others to make; construe and interpret the Plan wherever necessary to carry out its intent and purpose and to facilitate its administration.  The Administrator shall have the exclusive right to determine, in its discretion, eligibility for coverage and benefits under the Plan and waive any requirements under the Plan’s terms, and the Administrator’s good faith interpretation of the Plan shall be binding and conclusive on all persons.  Any dispute as to eligibility, type, amount, or duration of benefits under the Plan or any amendment or modification thereof shall be resolved by the Administrator under and pursuant to the Plan, in its sole and absolute discretion, and its decision of the dispute shall be binding and final on all parties to the dispute.  In the exercise of such discretionary powers, the Administrator shall treat all similarly situated Eligible Executives uniformly and equitably under the Plan.  The Administrator will be the named fiduciary for purposes of Section 402(a)(1) of ERISA with respect to all duties and powers assigned to the Administrator hereunder and will be responsible for complying with all reporting and disclosure requirements of Part I of Subtitle B of Title I of ERISA.

7.4    Indemnification.  To the extent permitted by law, the Company shall indemnify any persons acting on its behalf in fulfilling its duties as Administrator against any and all claims, losses, damages, expenses, or liabilities arising from its responsibilities in connection with the Plan, unless the same is deemed to be due to gross negligence or intentional misconduct or such indemnification is prohibited by ERISA.

7.5    Governmental Compliance.  The Administrator shall prepare, or cause to be prepared and distributed to Eligible Executives or their Beneficiaries, and filed with appropriate governmental agencies, such reports, disclosures, and forms as are required by said governmental agencies, if any, and shall retain all such reports, disclosures and forms in the Administrator’s files.

ARTICLE VIII 
MISCELLANEOUS

8.1    Amendment and Termination.  The Company, acting through its chief executive officer or such other person or committee appointed by its board of directors, reserves the right to 

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amend or terminate the Plan at any time it may deem advisable without the consent of any person or entity.  Severance Benefits payable to an Eligible Executive or his Beneficiary under the Plan prior to the amendment or termination of the Plan shall continue to be due and payable under the Plan.  Any amendment or termination shall be effective when adopted in a written instrument, and all Eligible Executives and their Beneficiaries and other persons shall be bound thereby.  If the Plan is amended to improve benefits, the amendment will only apply to Eligible Executives who terminate employment after the effective date of the amendment, unless the amendment specifies that it also applies to employment terminations occurring before the effective date of the amendment.  If the Plan is terminated, employment terminations that occur after the effective date of the termination of the Plan will not be covered by the Plan.

8.2    Limitation of Rights.  Neither the establishment of the Plan nor any amendment thereof, nor the payment of any benefits, will be construed as giving to any Eligible Executive, or other person, any legal or equitable right against the Company, or any person acting on behalf of the Company.  Likewise, nothing appearing in or completed pursuant to the Plan shall be held or construed to create a contract of employment with any Eligible Executive, to continue the current employment status, or to modify his or her terms of employment in any way; nor shall any provision hereof restrict the right of the Company to discharge any of its employees or restrict the right of any such employee to terminate his employment with the Company.

8.3    Governing Law.  The Plan shall be governed and construed in accordance with ERISA and any other applicable federal law and, to the extent not preempted by federal law, the laws of the State of Texas.  Except as otherwise mandated by federal law, exclusive jurisdiction over all disputes and actions arising under, or directly or indirectly relating to the Plan, shall be in Austin, Texas. 

8.4    Funding and Source of Severance Benefits Payments.  Any Severance Benefits payable under the Plan shall be paid from the general assets of the Company.

8.5    Successor Employer.  In the event of a merger, consolidation, dissolution, or reorganization of the Company or transfer of all or substantially all of its assets to any other corporation, partnership or association, a provision may be made by such successor corporation, partnership or association, at its election, for the continuation of the Plan created hereunder by such successor entity.  Such successor shall, upon its election to continue the Plan, be substituted in place of the Company by an instrument duly authorizing such substitution. 

8.6    Severability.  If any provision of the Plan is held invalid or unenforceable, its validity or unenforceability shall not affect any other provisions of the Plan, and the Plan shall be construed and enforced as if such provision had not been included herein.

8.7    Captions.  The captions contained herein are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge or describe the scope or intent of the Plan, nor in any way shall affect the Plan or the construction of any provision thereof.

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8.8    Gender and Numbers.  Terms used in the masculine shall also include the feminine and be neutral where appropriate.  Terms in the singular shall include the plural where appropriate, and vices versa.

8.9    Non-transferability.  No benefit, right or interest of any Eligible Executive hereunder shall be subject to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, seizure, attachment or legal, equitable or other process or be liable for, or subject to, the debts, liabilities or other obligations of such persons, except as otherwise required by law.

8.10    Limitations.  No action may be brought for benefits provided by this Plan or any amendment or modification thereof, or to enforce any right thereunder, until after the claim has been submitted to and determined by the Administrator, and thereafter the only action which may be brought is one to enforce the decision of the Administrator. Any legal action must commence within twelve (12) calendar months immediately following the date of such Administrator's decision made pursuant to Section 6.2 above.

8.11    Information Requested.  The Eligible Executive or other persons shall provide the Company, the Administrator, or their authorized representatives with such information and evidence, and shall sign such documents, as may reasonably be requested from time to time for the purpose of administration of the Plan.

8.12    Mistaken Payments.  Any amounts paid to an Eligible Executive or other person in excess of the amount to which he is entitled hereunder shall be repaid by the Eligible Executive or other person promptly following the sooner of:  receipt by the Eligible Executive or other person of a notice of such excess payments or when such person has knowledge of the excess payments. In the event such repayment is not made by the Eligible Executive or other person, such repayment shall be made, at the discretion of the Administrator, either by reducing or suspending future payments hereunder to the Eligible Executive or other person, or by requiring an assignment of a portion of the Eligible Executive or other person's earnings, until the amount of such excess payments are recovered by the Administrator.

8.13    Integration with WARN Act.  To the extent that any federal, state or local law, including, without limitation, any so-called “plant closing” laws, requires the Company to give advanced notice or make payment of any kind of to an Eligible Executive because of his or her involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, change of control or any other similar event or reason, the Severance Benefits provided under this Plan may either be reduced or eliminated.  The benefits provided under this Plan are intended to satisfy any and all statutory obligations that may arise out of any Eligible Executive’s involuntary termination for any of the foregoing reasons, and the Administrator shall construe and implement the terms of this Plan in its sole discretion.  Included in the scope of the foregoing, (i) if an Eligible Executive receives notice from the Company pursuant to the Workers Adjustment and Retraining Notification (WARN) Act, and remains employed during the WARN notice period, then the Severance Benefits payable to the Eligible Executive may be reduced by the pay and benefits received by such Eligible Executive during the WARN notice period, and (ii) if an Eligible 

12

Executive receives notice from the Company pursuant to the Workers Adjustment and Retraining Notification (WARN) Act, and does not remain employed during some or all of the WARN notice period, then the Severance Benefits payable to the Eligible Executive shall be reduced any amount the Company is required to pay to such Eligible Executive as compensation for its failure to provide timely notice under the WARN Act.  An Eligible Executive shall not be required to sign a Severance Agreement and Release solely with respect to the portion of any payment under this Plan which must be paid pursuant to the Workers Adjustment and Retraining Notification (WARN) Act or any other comparable law.

8.14    Section 409A Limitation.  Each payment of Severance Benefits, including any outplacement benefits or continued medical benefits, shall be treated as a separate payment for purposes of the short-term deferral rules under Treasury Regulation Section 1.409A-1(b)(4)(i)(F), the exemption for involuntary terminations under separation pay plans under Treasury Regulation Section 1.409A-1(b)(9)(iii), the exemption for medical expense reimbursements under Treasury Regulation Section 1.409A-1(b)(9)(v)(B) and the exemption for in-kind benefits under Treasury Regulation Section 1.409A-1(b)(9)(v)(C).  No amount shall be payable under this Plan unless such amount (i) is paid on or before March 15th day of the calendar year immediately following the applicable Separation Date, or (ii) is paid on or before the last day of the second calendar year following the year during which an Eligible Executive’s Separation Date occurred and is includable in a group of payments which does not exceed the lesser of two times the Eligible Executive’s annual Base Salary in the year prior to the year during which the Separation Date occurred or two times the limit under Code Section 401(a)(17) as then in effect. 

8.15    Entire Document.  THE BENEFITS DESCRIBED IN THE PLAN ARE INTENDED TO BE THE ENTIRE BENEFITS PAYABLE TO AN ELIGIBLE EXECUTIVE WHOSE EMPLOYMENT IS TERMINATED SOLELY AS A RESULT OF A QUALIFYING TERMINATION, OTHER THAN BENEFITS PROVIDED BY ANOTHER EMPLOYEE BENEFIT PLAN OF THE COMPANY.  BY ELECTING TO PARTICIPATE IN THE PLAN AND SIGNING THE SEPARATION AGREEMENT AND RELEASE ON THE FORM PROVIDED TO THE ELIGIBLE EXECUTIVE BY THE COMPANY, THE ELIGIBLE EXECUTIVE WAIVES HIS RIGHT TO BENEFITS UNDER ANY AND ALL PRIOR SEVERANCE AGREEMENTS, UNDERSTANDINGS, EMPLOYMENT OR OTHER AGREEMENTS,  DESCRIPTIONS OR ARRANGEMENTS.

[Signature Page Attached]

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IN WITNESS WHEREOF, the Company has caused the Plan to be executed in its name and on its behalf amended and restated effective as of July 14, 2010, by a duly authorized officer.

Dell Inc.

By:    
    
Its:    
 

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Exhibit A

DESCRIPTION OF SEVERANCE BENEFITS

(Attached)

15

Schedule A-1
Standard Severance Benefits
(Individuals Described in Any Other Schedule to Exhibit A Excluded)
This Schedule A-1 to Exhibit A to the Dell Inc. Severance Pay Plan for Executive Employees lists the Severance Benefits provided to Severance Benefit Employees under the Plan’s terms; provided that the benefits described in Sections 3 and 4 shall not apply to any Executive Employee who is classified as a "Covered Employee" for purposes of Section 162(m)(3) of the Code. Individuals eligible to receive benefits under any other Schedule to Exhibit A shall not be eligible to receive benefits under this Schedule A-1.

		
	1.
	Severance Pay.  If an Eligible Executive signs and does not revoke a Separation Agreement and Release, he or she will be eligible to receive Severance Pay in the amount of (i) six months of Base Salary, plus (ii) an additional one week of Base Salary for each whole year of service with the Company, calculated from the Eligible Executive’s service date to the scheduled Separation Date, with a one week minimum. This payment will not include 401(k) or any other benefits related deductions. However, all applicable taxes will be withheld.

If an Eligible Executive does not sign the Separation Agreement and Release, or if the Eligible Executive revokes a signed Separation Agreement and Release, the only benefits payable hereunder shall be such amounts as are required by applicable law. 

		
	2.
	COBRA Benefits Payment Coverage. If an Eligible Executive signs and does not revoke a Separation Agreement and Release, and he or she enrolls in COBRA coverage, the Company will pay the first six (6) months of the Eligible Executive’s COBRA premiums.  If the Eligible Executive is eligible to participate in the Dell Inc. Retiree Medical Plan and enrolls in such plan, then the Company will instead pay the first six (6) months of the Eligible Executive’s Retiree Medical Plan premiums.

If an Eligible Executive does not sign the Separation Agreement and Release, or if the Eligible Executive revokes a signed Separation Agreement and Release, the only COBRA benefits or Retiree Medical Plan benefits payable hereunder shall be those benefits required by applicable law.

		
	3.
	Short-Term Incentive Plan Payments. If an Eligible Executive signs and does not revoke a Separation Agreement and Release, and such Eligible Executive is participating in the Incentive Bonus Plan (IBP) on his or her Separation Date, the Eligible Executive will receive an additional severance benefit equal to a prorated award payout. This payout amount will be calculated using:

		
	•
	A payout modifier of 75%.

16

		
	•
	A proration factor based on the number of days in the fiscal year that the Eligible Executive was employed by the Company through his or her Separation Date.

		
	•
	The Eligible Executive’s Base Salary on [his or her Separation Date].

		
	•
	The plan target for the Eligible Executive’s grade.

		
	•
	Assumed corporate performance and individual modifiers of 100%.

Amounts payable under this Section 3 will be paid to the Eligible Executive through direct deposit (if available) within thirty (30) business days after the Administrator’s receipt of the signed Separation Agreement and Release. 

If an Eligible Executive does not sign the Separation Agreement and Release, or if the Eligible Executive revokes a signed Separation Agreement and Release, the Eligible Executive will not receive any short-term incentive plan payments.

		
	4.
	Long-Term Incentive Plan Payments. If an Eligible Executive signs and does not revoke a Separation Agreement and Release, and such Eligible Executive holds unvested long-term incentive grants which are due to vest within 90 days following his or her Separation Date, such Eligible Executive will receive an additional severance benefit equal to a prorated portion of the value of such grants. This payout amount will be calculated using the following calculation formula as applicable:

		
	•
	Stock Options: 75% TIMES number of options due to vest within ninety (90) days after separation TIMES (Dell average closing price for the week prior to the week of separation MINUS option exercise price). If this value is negative, it will be excluded from the payment calculation.

		
	•
	Restricted (and Performance Based) Stock Units: 75% TIMES number of units due to vest within 90 days after separation TIMES Dell average closing price for the week prior to the week of the Eligible Executive’s Separation Date.

		
	•
	Long-Term Cash: 75% TIMES value of cash due to vest within 90 days after the Eligible Executive’s Separation Date.

Amounts payable under this Section 4 will be paid to the Eligible Executive through direct deposit (if available) within thirty (30) business days after the Administrator’s receipt of the signed Separation Agreement and Release. 

If an Eligible Executive does not sign the Separation Agreement and Release, or if the Eligible Executive revokes a signed Separation Agreement and Release, the Eligible Executive will not receive any long-term incentive plan payments.

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NOTE: The terms and conditions of an Eligible Executive’s Long-Term Incentive award agreements remain in full force and effect following the termination of his or her employment. An Eligible Executive’s agreements may require the Eligible Executive to return shares of stock, share value, option proceeds, or cash award payments if he or she engages in certain conduct detrimental to the company after the Eligible Executive’s termination of employment.

5.    Outplacement Benefits. If an Eligible Executive signs and does not revoke a Separation Agreement and Release, such Eligible Executive will receive six (6) months of executive outplacement services, provided the Eligible Executive commences use of such benefits within sixty (60) days following his or her Separation Date.  

If an Eligible Executive does not sign the Separation Agreement and Release, or if the Eligible Executive revokes a signed Separation Agreement and Release, the Eligible Executive will not receive any outplacement benefits.

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