VMware 2012 Annual Report Download - page 153

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Form of PSU Agreement
the Plan to the contrary and subject only to a Change in Control, as set forth in Section 4 hereof, the PSUs will be settled
only in shares of Stock.
4.
Change in Control .
(a)
Change in Control during Performance Period . In the event of a Change in Control during the
Performance Period, the Performance Period will terminate immediately prior to consummation of the Change in
Control. The Administrator will determine the Conversion Ratio prior to the consummation of the Change in Control
pursuant to instructions set forth in the Performance Schedule. If the Performance Schedule does not set forth the means
for calculating the Conversion Ratio in the event of a Change in Control, then the Conversion Ratio will equal one share
per each vested PSU.
(b)
Vesting . Following a Change in Control, this Award will continue to vest in accordance with the
original vesting schedule set forth in Section I above, provided however, that if this Award is not assumed or replaced in
accordance with Section 7(m) of the Plan, then immediately prior to the Change in Control, the Award will vest as to a
number of shares equal to the total number of PSUs subject to this Award multiplied by the Conversion Ratio.
(c)
Acceleration of Vesting Following Change in Control . Notwithstanding anything in this
Agreement to the contrary, if, following a Change in Control:
1)
the Participant’s employment is terminated by reason of death or termination by the
Company due to “disability” (as defined in Section 2 above), then, any unvested portion of the PSUs will automatically
accelerate, and the Participant will, upon the date of such termination, become fully vested in a number of Shares equal
to the number of unvested PSUs multiplied by the Conversion Ratio; or
2)
the Participant incurs an involuntary termination of service other than for “Cause” (as
defined below), the Participant terminates employment for “Good Reason” (as defined below), then, subject to the
Participant signing and not revoking the Release (as defined below), any unvested portion of the PSUs will automatically
accelerate, and the Participant will, upon the date of such termination, become fully vested in a number of Shares equal
to the number of unvested PSUs multiplied by the Conversion Ratio. Subject to Section 23 below, all payments and
benefits under this subsection (c)(2) and the effective date of any acceleration of vesting under this subsection as to any
PSUs held by the Participant will become effective on the 60th day following the Participant’s termination of
employment or on the next business day if such 60th day is not a business day, with such date referred to as the “
Payment Date .” The Company will provide the Release to the Participant within five business days of the Participant’s
termination of employment. The Participant will not be entitled to any payment or benefit under this subsection (c)(2) if
the Participant’s Release has not become effective as of the third business day preceding the Payment Date.
3
v. 12-17-
12