EMC Corporation Severance Arrangements for David I. Goulden and David B. Wright
EMC Corporation has agreements with David I. Goulden and David B. Wright outlining severance benefits if their employment ends under certain conditions. If Mr. Goulden is terminated involuntarily and without cause, he will receive his base salary, target bonus, and continued benefits for one year. Mr. Wright will receive his base salary, continued benefits, and continued vesting of stock options and restricted stock for one year if he is terminated involuntarily without cause, experiences a significant reduction in duties or pay, or leaves by mutual agreement. He will also have extended health plan coverage for an additional year.
Exhibit 10.11
SUMMARY OF CERTAIN SEVERANCE ARRANGEMENTS
EMC Corporation has an arrangement with David I. Goulden providing for certain benefits in the event that his employment is terminated by EMC involuntarily and without cause. Mr. Goulden would be entitled to receive for one year after the date of termination (i) payments of base salary and target bonus, and (ii) continued participation in EMC’s benefit programs.
EMC also has an arrangement with David B. Wright providing for certain benefits in the event that his employment is terminated by EMC involuntarily and without cause, there is a material reduction in his duties or pay, or he leaves EMC by mutual agreement. Mr. Wright would be entitled to receive for one year after the date of termination (i) payments of base salary, (ii) continued participation in EMC’s benefit programs, and (iii) subject to the terms of the applicable equity plans and agreements, continued vesting of stock options and restricted stock. Mr. Wright would also be entitled to continued participation in EMC’s group health plan for an additional year after such period.
