SEC Contract Filing

Filing Date: 2022-03-24

Document Content:
<DOCUMENT>
<TYPE>EX-10.6
<SEQUENCE>5
<FILENAME>vmw-1282022x10kex106.htm
<DESCRIPTION>EXECUTIVE SEVERANCE PLAN, AMENDED
<TEXT>
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<title>Document</title></head><body><div id="i7b0fbf6a0ea34f128dc0fd8297cb325a_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit 10.6</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Amended November 1, 2021</font></div></div><div style="margin-bottom:18pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">VMware, Inc.<br><br>Executive Severance Plan</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The Company considers it essential to the best interests of its stockholders to retain senior-level executives and to foster the continuous employment of key management personnel. In this connection, the Compensation Committee (the </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">&#8220;Committee&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">) of the Board of Directors of the Company (the </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">&#8220;Board&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">), recognizes that from time to time the uncertainty such as changes in the business environment can raise among members of management, may result in the departure or distraction of management personnel to the detriment of the Company and its stockholders. The Committee has determined that appropriate steps should be taken to ensure the continuity of management and to foster objectivity in the face of such potentially disruptive circumstances. In order to induce such Company officers and other key personnel designated by the Committee and described on </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule A</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">, which list may be amended from time to time (each, a </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">&#8220;Participant&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">), to remain in the employ of the Company and in consideration of a Participant&#8217;s further services to the Company, the Company agrees that effective as of the date on which a Participant signs the attached </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline">Schedule B</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">&#8220;Consent to Accept Plan Benefits&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">), such Participant will receive the severance benefits from the Company set forth in this Executive Severance Plan (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">&#8220;Severance Plan&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">) in the event any such Participant Separates from Service with the Company or a Subsidiary who is the Participant&#8217;s direct employer (the Company and any such employing Subsidiary, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:100%">&#8220;VMware&#8221;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">) under the circumstances described below.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The Committee is responsible for selecting and designating eligible individuals employed by VMware as Participants.</font></div><div style="margin-bottom:12pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">It is a condition for eligibility to receive benefits under this Severance Plan that, during the term of the Severance Plan, each Participant waive any and all severance benefits to which the Participant might otherwise have been entitled under any prior agreement or arrangement with the Company or policy of the Company, other than the Company&#8217;s Change in Control Severance Plan adopted on February 25, 2015, as may be amended (the </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style: