Document:

Exhibit 10.12

 

AMENDED AND RESTATED

 

EMPLOYEE MATTERS AGREEMENT

 

by and among

 

DELL INC.,

 

VMWARE, INC.

 

&

 

PIVOTAL SOFTWARE, INC.

 

 

AMENDED AND RESTATED EMPLOYEE MATTERS AGREEMENT

 

THIS AMENDED AND RESTATED EMPLOYEE MATTERS AGREEMENT (this “Agreement”), as executed on or about April   , 2018 (the “Effective Date”) amends and restates the Employee Matters Agreement made and entered into as of April 1, 2013 by and among EMC Corporation (“EMC”), VMware, Inc. (“VMware”) and GoPivotal, Inc. (the “Original Employee Matters Agreement”).  This Agreement is entered into by and among (a) Dell Inc., for itself and its Subsidiaries (“Dell”), (b) VMware, for itself and its Subsidiaries (“VMware”) and (c) Pivotal Software, Inc. (formerly known as GoPivotal, Inc.), for itself and its Subsidiaries (the “Company” and together with Dell and VMware, the “Parties”).

 

BACKGROUND

 

WHEREAS, EMC Corporation and VMware previously entered into a Contribution Agreement on or about April 1, 2013 (the “Contribution Agreement”);

 

WHEREAS, in connection with the Contribution Agreement, EMC, VMware, and the Company entered into the Original Employee Matters Agreement to govern the rights and obligations of the parties thereto with respect to employment, compensation and employee benefits matters, which Original Employee Matters Agreement shall be amended and restated as of the Effective Date;

 

WHEREAS, Dell acquired EMC in September 2016, including EMC’s controlling interests in VMware and the Company;

 

WHEREAS, the Parties wish to amend and restate the Original Employee Matters Agreement;

 

NOW THEREFORE, in consideration of the mutual agreements, provisions, and covenants contained in this Agreement, the Parties hereby agree as follows:

 

ARTICLE I

Definitions

 

Terms used in this Agreement shall have the meanings specified below or in the text of this Agreement or, if not defined herein, shall have the meanings assigned to them in the Contribution Agreement:

 

1.01                        “Business Employee” means (i) each employee of Dell or a Subsidiary of Dell and (ii) each employee of VMware or a Subsidiary of VMware, in each case as agreed upon by the Parties in accordance with Article II and who will be providing services to the Company.

 

1.02                        “Claims Incurred” means those claims that are deemed incurred pursuant to the following: (a) with respect to medical (including continuous hospitalization), dental, vision and/or prescription drug benefits, upon the rendering of health services giving rise to such claim 

 

 

or expense; (b) with respect to life, accidental death and dismemberment and business travel insurance, upon the occurrence of the event giving rise to such claim or expense; (c) with respect to long-term disability and long-term care benefits, upon the date of an individual’s disability, as determined by the disability benefit insurance carrier or claim administrator, giving rise to such claim or expense; and (d) with respect to any other claim, upon the date of the event giving rise to such claim.

 

1.03                        “Code” means the Internal Revenue Code of 1986, as amended, or any successor federal income tax law.  Reference to a specific Code provision also includes any proposed, temporary, or final regulation in force under that provision.

 

1.01                        “Company Group” means the Company and each of its Subsidiaries, but excluding any member of Dell Group or VMware Group.

 

1.02                        “Contribution Agreement” has the meaning set forth in the Background to this Agreement.

 

1.03                  “Dell Group” means Dell and each of its Subsidiaries, but excluding any member of Company Group or VMware Group.

 

1.04                  “Effective Date” has the meaning set forth in the introductory paragraph to this Agreement.

 

1.05                  “Gross Compensation Costs” means the aggregate of all amounts of compensation provided to or for the benefit of an employee including, but not limited to, welfare, retirement and incentive benefits and equity compensation benefits provided to such employee, reimbursement of expenses incurred by or in respect of such employee pursuant to the policies of Dell, VMware, or the Company, costs related to such compensation and benefits and all employer-paid taxes with respect to such employee’s compensation.

 

1.06                        “VMware Group” means VMware and each of its Subsidiaries, but excluding any member of Company Group or Dell Group.

 

ARTICLE II

Identification of Affected Employees

 

2.01                        Identification of Affected Employees.  Employees of the Company, Dell, or VMware who are affected by the terms of this Agreement shall be separately agreed upon by the Parties.

 

ARTICLE III

Non-U.S. Employee and Employee Benefits Provisions

 

3.01                        General.  With respect to Business Employees and Employees of the Company located outside the U.S., the Parties agree to take such additional or different actions and work jointly together, in order to effectuate the provisions and intent of this Agreement in a manner 

 

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that complies with applicable Legal Requirements and any other pertinent requirements (such as any works council, collective bargaining or similar applicable rules or agreements).  With respect to Employees of the Company or its Subsidiaries who are located outside the U.S., the Parties may agree that such Employees will be provided benefits through Dell or VMware benefits plans, as necessary or legally permitted. During such time as such benefits are provided to such Employees through Dell or VMware benefits plans, except as otherwise agreed in writing by the Parties, the Company shall reimburse Dell or VMware, as the case may be, for Claims Incurred and Gross Compensation Costs associated with such Employees to the extent reasonably possible and consistent with the principles and procedures set forth in this Agreement for comparable matters and with applicable Legal Requirements

 

3.02                        Secondment. In any non-U.S. jurisdictions where the Company has not established a legal entity, any Business Employees located outside the U.S. shall provide services to the Company during such period on a secondment basis (such period, the “Secondment Period”). During the Secondment Period, (i) affected non-U.S. Business Employees shall remain employed with Dell or VMware, as the case may be, and (ii) except as otherwise agreed in writing by the Parties, the Company shall reimburse Dell or VMware, as the case may be, for the Claims Incurred and Gross Compensation Costs associated with such affected non-U.S. Business Employees to the extent reasonably possible and consistent with the principles and procedures set forth in this Agreement for comparable matters and in compliance with applicable Legal Requirements.

 

ARTICLE IV

General and Administrative

 

4.01                        Sharing of Participant Information; Cooperation.  Subject to applicable Legal Requirements, the Parties shall share (and shall cause their Subsidiaries to share), with each other and their respective agents and vendors, the information regarding Business Employees reasonably necessary to effect the provisions of this Agreement, consistent with applicable Legal Requirements.  Dell and VMware shall use commercially reasonable efforts (subject to, and in accordance with, applicable Legal Requirements) to take promptly, or cause to be taken promptly, all actions, and to do promptly, or cause to be done promptly, and to assist and cooperate with the other in doing, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by and carry out the intent and purposes of this Agreement.

 

4.02                        Effect on Plans.  No provision of this Agreement or the Contribution Agreement shall be construed to create any right, or accelerate entitlement, to any compensation or benefit whatsoever on the part of any future, present, or former employee of a Party or its Subsidiaries under any plan or agreement or otherwise.  Except as expressly provided in this Agreement, nothing in this Agreement shall preclude any Party or Affiliate from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any plan or agreement or any trust, insurance policy or funding vehicle related thereto, it being understood that this Section 4.02 shall not be construed to amend in any manner any restrictions on the  

 

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ability of a Party to amend or alter the terms of such plan or agreement as set forth in such plan or agreement or under applicable Legal Requirements.

 

4.03                        Consent of Third Parties.  If any provision of this Agreement is dependent on the consent of any third party, the Parties shall use commercially reasonable efforts to obtain such consent and, if such consent is withheld, to implement the applicable provisions of this Agreement to the fullest extent practicable.

 

4.04                        Certain Tax Deductions.  The Parties and their respective Subsidiaries will claim tax deductions for amounts contemplated by this Agreement in accordance with applicable tax laws.

 

ARTICLE V

Miscellaneous

 

5.01                        Consent of Dell.  Any consent of Dell pursuant to this Agreement or any of the Intercompany Agreements shall not be effective unless it is in writing and evidenced by the signature of the General Counsel of Dell (or such other person that the General Counsel has specifically authorized in writing to give such consent).

 

5.02                        Limitation of Liability.  IN NO EVENT SHALL ANY MEMBER OF DELL GROUP, VMWARE GROUP OR COMPANY GROUP BE LIABLE TO ANY OTHER MEMBER OF DELL GROUP, VMWARE GROUP OR COMPANY GROUP FOR ANY SPECIAL, CONSEQUENTIAL, INDIRECT, INCIDENTAL OR PUNITIVE DAMAGES OR LOST PROFITS, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (INCLUDING NEGLIGENCE) ARISING IN ANY WAY OUT OF THIS AGREEMENT, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATIONS SHALL NOT LIMIT EACH PARTY’S INDEMNIFICATION OBLIGATIONS FOR LIABILITIES AS SET FORTH IN THIS AGREEMENT OR IN ANY INTERCOMPANY AGREEMENT.

 

5.03                        Entire Agreement.  This Agreement and the documents referenced herein, or attached hereto, constitute the entire agreement among the Parties with respect to the subject matter hereof and shall supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof.

 

5.04                        Governing Law and Jurisdiction.  This Agreement, including the validity hereof and the rights and obligations of the Parties hereunder, shall be construed in accordance with, and all disputes, controversy or claims arising out of or relating to this Agreement shall be governed by, the laws of the State of Texas applicable to contracts made and to be performed entirely in the State of Texas (without giving effect to the conflicts of law provisions thereof that would cause the application of the laws of any jurisdiction other than the State of Texas), provided, that the internal company affairs of the Company shall be governed by the laws of the State of Delaware.

 

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5.05                        Consent to Jurisdiction. Each of the Parties irrevocably and unconditionally agrees that any legal action or proceeding with respect to this Agreement and the rights and obligations arising hereunder or thereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder or thereunder brought by the other Party hereto or its successors or assigns, shall be brought and determined exclusively in the federal and state courts sitting in the Western District of Texas.  Each of the Parties hereby irrevocably submits and shall cause the members of its Group to submit with regard to any such action or proceeding for itself or for the members of its Group and in respect of its property or the property of the members of its Group, generally and unconditionally, to the personal jurisdiction of the aforesaid courts and agrees that it will not and shall cause the members of its Group not to bring any action relating to this Agreement or any of the transactions contemplated by this Agreement in any court other than the aforesaid courts.  Each of the Parties hereby irrevocably waives, and agrees not to assert, and shall cause the members of its Group to waive and not to assert by way of motion, as a defense, counterclaim or otherwise, in any action or proceeding with respect to this Agreement, (a) any claim that it is not personally subject to the jurisdiction of the above named courts for any reason other than the failure to serve in accordance with this Section 5.05, (b) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (c) to the fullest extent permitted by the applicable law, any claim that (i) the suit, action or proceeding in such court is brought in an inconvenient forum, (ii) the venue of such suit, action or proceeding is improper or (iii) this Agreement, or the subject matter hereof, may not be enforced in or by such courts.

 

5.06                        Specific Performance.  The Parties understand and agree that (a) irreparable damage would occur in the event that any provision of this Agreement were not performed in accordance with its specific terms, (b) although monetary damages may be available for the breach of such covenants and agreements, such monetary damages are not intended to and do not adequately compensate for the harm that would result from a breach of this Agreement, would be an inadequate remedy therefor and shall not be construed to diminish or otherwise impair in any respect any Party’s right to specific performance and (c) the right of specific performance is an integral part of the transactions contemplated by this Agreement and without that right none of the Parties would have entered into this Agreement.  It is accordingly agreed that, in addition to any other remedy that may be available to it, including monetary damages, each of the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement.  Each of the Parties further agrees that no Party shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 5.06, and each Party waives any objection to the imposition of such relief or any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument.

 

5.07                        Termination; Amendment; Waiver.  This Agreement may be terminated or amended with the consent of each of Dell, VMware and the Company, evidenced by an instrument in writing signed on behalf of each such Party.  In the event of termination pursuant to this Section 5.07, no Party shall have any liability of any kind to the other Parties.  This  

 

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Agreement may be waived only by an instrument in writing signed by or on behalf of the Party waiving compliance.

 

5.08                        Notices.  Notices, offers, requests or other communications required or permitted to be given by any Party pursuant to the terms of this Agreement shall be given in writing to the respective Parties to the following addresses (with an electronic copy sent to the email address, if any, appearing below each Party’s address):

 

if to Dell:

 

Dell Inc.

One Dell Way

Round Rock, Texas 78682

Attention: Senior Vice President and General Counsel

 

if to VMware:

 

VMware, Inc.

3401 Hillview Avenue

Palo Alto, CA 94304

Attention:  Legal Department

 

if to the Company:

 

Pivotal Software, Inc.

875 Howard Street, 5th floor

San Francisco, CA 94103

Attention: Office of the General Counsel

 

or to such other address or facsimile number as the Party to whom notice is given may have previously furnished to the other in writing as provided herein.  Any notice involving non-performance, termination, or renewal shall be sent by hand delivery, recognized overnight courier or, within the United States, may also be sent via certified mail, return receipt requested.  All other notices may also be sent by facsimile, confirmed by first class mail.  All notices shall be deemed to have been given when received, if hand delivered; when transmitted, if transmitted by facsimile or similar electronic transmission method; one working day after it is sent, if sent by recognized overnight courier; and three days after it is postmarked, if mailed first class mail or certified mail, return receipt requested, with postage prepaid.

 

5.09                        Counterparts; Signature.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement.  If any signature is delivered by facsimile transmission or by PDF, such signature shall create a valid and binding obligation of the Party executing (or on whose behalf the  

 

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signature is executed) with the same force and effect as if such facsimile or PDF signature were an original thereof.

 

5.10                        Binding Effect; Assignment.  This Agreement shall inure to the benefit of and be binding upon the Parties and their respective legal representatives and successors, and nothing in this Agreement, express or implied, is intended to confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this Agreement.  No Party may assign this Agreement or any rights or obligations hereunder without the prior written consent of the other Parties, and any such assignment without consent shall be void.

 

5.11                        Severability.  If any term or other provision of this Agreement is determined by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party.  Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible.

 

5.12                        Failure or Indulgence not Waiver; Remedies Cumulative.  No failure or delay on the part of any Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right.  All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

5.13                        Interpretation.  The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.  When a reference is made in this Agreement to an Article or a Section, such reference shall be to an Article or Section of this Agreement unless otherwise indicated.  The Parties have participated jointly in the negotiation and drafting of this Agreement.  Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by such parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.  Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”  The words “hereof,” “hereby,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such term.  Any law defined or referred to herein or in any agreement or instrument that is referred to herein means such law as from time to time amended, modified or supplemented, including (in the case of statutes) by succession of comparable successor laws.

 

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5.14                        Conflicting Agreements.  None of the provisions of this Agreement are intended to supersede any provision in any Intercompany Agreement or any other agreement with respect to the respective subject matters thereof.  In the event of conflict between this Agreement and any Intercompany Agreement or other agreement executed in connection herewith, the provisions of such other agreement shall prevail.

 

5.15                        Third Party Beneficiaries.  None of the provisions of this Agreement shall be for the benefit of or enforceable by any third party, including any creditor of any Person.  No such third party shall obtain any right under any provision of this Agreement or shall by reasons of any such provision make any claim in respect of any Liability (or otherwise) against either Party.

 

[Remainder of Page Intentionally Left Blank; Signature Page(s) Follow]

 

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IN WITNESS WHEREOF, the parties below have caused this Agreement to be duly executed as of the day and year first above written.

 

	
 
    	
DELL INC.
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
VMWARE, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
PIVOTAL   SOFTWARE, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
Acknowledged   and Agreed:
    
	
 
    	
 
    
	
 
    	
EMC CORPORATION
    
	
 
    	
 
    
	
 
    	
By
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:Exhibit 10.14

 

PIVOTAL SOFTWARE, INC.
  2018 EQUITY INCENTIVE PLAN

RSU AGREEMENT FOR U.S. PARTICIPANTS

 

The Participant has been granted an Award (the “Award”) of RSUs pursuant to the Pivotal Software, Inc. 2018 Equity Incentive Plan (as it may be amended from time to time, the “Plan”), the Notice of RSU Award (the “Notice”) and this RSU Agreement (this “Agreement”). Except as otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan.

 

1.                                      Issuance of Shares. Each RSU shall represent the right to receive one Share upon the vesting of such RSU, as determined in accordance with and subject to the terms of this Agreement, the Plan and the Notice. The number of RSUs is set forth in the Notice.

 

2.                                      Vesting Dates. Subject to Section 3, the Award shall vest on the dates set forth in the Notice.

 

3.                                      Termination of Service.

 

(a)                                 Other Than For Cause or Due to Death or Disability. In the event of the Participant’s Termination of Service for any reason other than by the Company or the Employer for Cause or due to death or Disability, any RSUs that are not vested as of the date of such Termination of Service will be forfeited.

 

(b)                                 Due to Death or Disability. In the event of the Participant’s Termination of Service due to death or Disability, any RSUs that are not vested as of the date of such Termination of Service will vest in full.

 

(c)                                  For Cause. In the event of the Participant’s Termination of Service by the Company or the Employer for Cause, the RSUs, whether vested or unvested, will be forfeited.

 

4.                                      Change in Control. In the event of a Change in Control, the RSUs will be treated in accordance with Section 12(c) of the Plan.

 

5.                                      Voting Rights. The Participant shall have no voting rights or any other rights as a shareholder of the Company with respect to the RSUs unless and until the Participant becomes the record owner of the Shares underlying the RSUs.

 

6.                                      Dividend Equivalents. If a cash dividend is declared on Shares during the period commencing on the Grant Date and ending on the date on which the Shares underlying the RSUs are distributed to the Participant pursuant to this Agreement, the Participant shall be eligible to receive an amount in cash (a “Dividend Equivalent”) equal to the dividend that the Participant would have received had the Shares underlying the RSUs been held by the Participant as of the time at which such dividend was declared. Each Dividend Equivalent will be paid to the Participant in cash as soon as reasonably practicable (and in no event later than 30 days) after the

 

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applicable Vesting Date of the corresponding RSUs. For clarity, no Dividend Equivalent will be paid with respect to any RSUs that are forfeited.

 

7.                                      Distribution of Shares. Subject to the provisions of this Agreement, upon the vesting of any of the RSUs, the Company shall deliver to the Participant, as soon as reasonably practicable (and in no event later than 30 days) after the applicable Vesting Date, one Share for each such RSU. Upon the delivery of Shares, such Shares shall be fully assignable, alienable, saleable and transferrable by the Participant; provided that any such assignment, alienation, sale, transfer or other alienation with respect to such Shares shall be in accordance with applicable securities laws and any applicable Company policy.

 

8.                                      Responsibility for Taxes.

 

(a)                                 The Participant acknowledges that, regardless of any action taken by the Company or the Employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to the Participant’s participation in the Plan and legally applicable to the Participant (“Tax-Related Items”) is and remains the Participant’s responsibility and may exceed the amount actually withheld by the Company or the Employer. The Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including, but not limited to, the grant, vesting or settlement of the Award, the subsequent sale of Shares acquired upon settlement of the Award and the receipt of any dividends and/or Dividend Equivalents; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the Award to reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

 

(b)                                 Prior to any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, the Participant authorizes the Company and/or the Employer, or their respective agents, at their discretion, to satisfy any applicable withholding obligations with regard to all Tax-Related Items in the manner determined by the Company and/or the Employer from time to time, which may include: (i) withholding from the Participant’s wages or other cash compensation paid to the Participant by the Company and/or the Employer; (ii) requiring the Participant to remit the aggregate amount of such Tax-Related Items to the Company in full, in cash or by check, bank draft or money order payable to the order of the Company or the Employer; (iii) through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Committee to sell Shares obtained upon settlement of the Award and to deliver promptly to the Company an amount of the proceeds of such sale equal to the amount of the Tax-Related Items; (iv) by a “net settlement” under which the Company reduces the number of Shares issued on settlement of the Award by the number of Shares with an aggregate fair market value that equals the

 

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amount of the Tax-Related Items associated with such settlement; provided, however, that if the Participant is then covered by Section 16 of the Exchange Act, then the Company will withhold by a “net settlement” in accordance with method (i) above, unless the use of such withholding method is problematic under applicable tax or securities law or has materially adverse accounting consequences, in which case, the obligation for Tax-Related Items may be satisfied by one or a combination of methods (i), (ii) and (iii) above; or (iv) any other method of withholding determined by the Company and permitted by applicable law.

 

(c)                                  Depending on the withholding method, the Company or the Employer may withhold or account for Tax-Related Items by considering applicable minimum statutory withholding rates or other applicable withholding rates, including maximum applicable rates, in which case the Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent number of Shares. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the settled Award, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

 

(d)                                 Finally, the Participant agrees to pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Participant’s participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Participant fails to comply with the Participant’s obligations in connection with the Tax-Related Items.

 

9.                                      Not Salary, Pensionable Earnings or Base Pay. The Participant acknowledges that the Award shall not be included in or deemed to be a part of (a) salary, normal salary or other ordinary compensation, (b) any definition of pensionable or other earnings (however defined) for the purpose of calculating any benefits payable to or on behalf of the Participant under any pension, retirement, termination or dismissal indemnity, severance benefit, retirement indemnity or other benefit arrangement of the Company or any Affiliate (including the Employer) or (c) any calculation of base pay or regular pay for any purpose.

 

10.                               Cancellation/Clawback. The Participant hereby acknowledges and agrees that the Participant and the Award are subject to the terms and conditions of Section 18 (Cancellation or “Clawback” of Awards) of the Plan.

 

11.                               Provisions of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the Plan, including the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee and as may be in effect from time to time.  The Plan is incorporated herein by reference.  If and to the extent that this Agreement conflicts or is inconsistent with the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.

 

12.                               Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or by courier, or

 

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sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below or to such changed address as such party may subsequently by similar process give notice of:

 

If to the Company:

 

Pivotal Software, Inc.

875 Howard Street, 5th Floor

San Francisco, California 94103

Attention: Pivotal Stock Team

 

If to the Participant, to the address of the Participant on file with the Company.

 

13.                               No Right to Continued Service. The grant of the Award shall not be construed as giving the Participant the right to be retained in the employ of, or to continue to provide services to, the Company or any Affiliate (including the Employer).

 

14.                               No Right to Future Awards. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

 

15.                               Transfer of RSUs. Except as may be permitted by the Committee, neither the Award nor any right under the Award shall be assignable, alienable, saleable or transferable by the Participant otherwise than by will or pursuant to the laws of descent and distribution. This provision shall not apply to any portion of the Award that has been fully settled and shall not preclude forfeiture of any portion of the Award in accordance with the terms herein.

 

16.                               Entire Agreement. This Agreement, the Plan, the Notice and any other agreements, schedules, exhibits and other documents referred to herein or therein constitute the entire agreement and understanding between the parties in respect of the subject matter hereof and supersede all prior and contemporaneous arrangements, agreements and understandings, both oral and written, whether in term sheets, presentations or otherwise, between the parties with respect to the subject matter hereof.

 

17.                               Severability. If any provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan or this Agreement under any law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Board, materially altering the intent of this Agreement, such provision shall be stricken as to such jurisdiction, and the remainder of this Agreement shall remain in full force and effect.

 

18.                               Amendment; Waiver. No amendment or modification of any provision of this Agreement that has a material adverse effect on the Participant shall be effective unless signed in writing by or on behalf of the Company and the Participant; provided that the Company may amend or modify this Agreement without the Participant’s consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. No waiver of any breach or

 

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condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which such amendment, modification or waiver is made or given.

 

19.                               Assignment. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Participant.

 

20.                               Successors and Assigns; No Third-Party Beneficiaries. This Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns. Nothing in this Agreement, express or implied, is intended to confer on any Person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

 

21.                               Dispute Resolution. All controversies and claims arising out of or relating to this Agreement, or the breach hereof, shall be settled by the Company’s or the Employer’s mandatory dispute resolution procedures, if any, as may be in effect from time to time with respect to matters arising out of or relating to the Participant’s employment with the Company or the Employer.

 

22.                               Governing Law; Venue. All matters arising out of or relating to this Agreement and the transactions contemplated hereby, including its validity, interpretation, construction, performance and enforcement, shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to its principles of conflict of laws. For purposes of any action, lawsuit or other proceedings brought to enforce this Agreement, relating to it, or arising from it, the parties hereby submit to and consent to the sole and exclusive jurisdiction of the courts of Santa Clara County, California, or the federal courts for the United States for the Northern District of California, and no other courts.

 

23.                               Imposition of other Requirements and Participant Undertaking. The Company reserves the right to impose other requirements on the Participant’s participation in the Plan, on the Award and on any Shares to be issued upon settlement of the Award, to the extent the Company determines it is necessary or advisable for legal or administrative reasons.  The Participant agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable to accomplish the foregoing or to carry out or give effect to any of the obligations or restrictions imposed on either the Participant or the RSU pursuant to this Agreement.

 

24.                               References. References herein to rights and obligations of the Participant shall apply, where appropriate, to the Participant’s legal representative or estate without regard to whether specific reference to such legal representative or estate is contained in a particular provision of this Agreement.

 

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