SEC Contract Filing

Filing Date: 2015-02-26

Document Content:
<DOCUMENT>
<TYPE>EX-10.28
<SEQUENCE>2
<FILENAME>ex-1028_changeincontrolret.htm
<DESCRIPTION>CHANGE IN CONTROL RETENTION PLAN, ADOPTED FEBRUARY 25, 2015
<TEXT>
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 <title>EX-10.28_Change in Control Retention Plan, adopted February 25, 2015</title>
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<a name="sF415DBD413A967D722FDBD9B44F32626"></a><div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Exhibit 10.28</font></div><div style="line-height:120%;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Approved on February 25, 2015</font></div></div><br><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">VMware, Inc.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">February 25, 2015 </font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Change in Control Retention Plan</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company considers it essential to the best interests of its stockholders to attract senior-level executives and to foster the continuous employment of key management personnel. In this connection, the Board of Directors of the Company (the </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Board</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">&#8221;</font><font style="font-family:inherit;font-size:10pt;">), recognizes that from time to time the possibility of a Change in Control may exist and that such possibility, and the uncertainty such circumstances 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. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Board 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 the Company officers and other key personnel described on </font><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Schedule A</font><font style="font-family:inherit;font-size:10pt;">, which list may be amended from time to time (each, a &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Participant</font><font style="font-family:inherit;font-size:10pt;">&#8221;), 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="font-family:inherit;font-size:10pt;text-decoration:underline;">Schedule B</font><font style="font-family:inherit;font-size:10pt;">&#32;(&#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Consent to Accept Plan Benefits</font><font style="font-family:inherit;font-size:10pt;">&#8221;), such Participant will receive the severance benefits from the Company set forth in this Change in Control Retention Plan (&#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">CIC Plan</font><font style="font-family:inherit;font-size:10pt;">&#8221;) in the event any such Participant Separates from Service with the Company or a subsidiary of the Company who is the Participant&#8217;s direct employer (the Company and any such employing subsidiary, &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">VMware</font><font style="font-family:inherit;font-size:10pt;">&#8221;) in connection with a Change in Control of the Company under the circumstances described below. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Compensation and Corporate Governance Committee of the Board (the &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Committee</font><font style="font-family:inherit;font-size:10pt;">&#8221;) is responsible for selecting and designating eligible individuals employed by VMware as Participants.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">It is a condition for eligibility to receive benefits under this CIC Plan that each Participant waive any and all severance benefits conditioned on a Change in Control to which he or she might otherwise have been entitled under any prior agreement, arrangement or policy should the Participant Separate from Service to VMware (as each term is defined below), and this CIC Plan supersedes and replaces in all respects any rights a Participant had to such benefits other than as set forth herein.</font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:left;text-indent:42px;"><font style="padding-bottom:16px;text-align:left;font-family:inherit;font-size:10pt;padding-right:0px;">1.</font><font