Letter Agreement Regarding Chief Operating Officer Role Between VMware, Inc. and Raghu Raghuram
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Summary
This agreement confirms Raghu Raghuram's new position as Chief Operating Officer, Products and Cloud Services at VMware, Inc., effective October 26, 2016. He will report to the CEO, maintain his current salary and bonus eligibility, and continue to participate in VMware's executive compensation and retention plans. The agreement also outlines his eligibility for future equity awards and supersedes any prior related agreements. The terms ensure continued employment benefits and protections for Mr. Raghuram in his new executive role.
EX-10.32 3 vmw-12312016x10kex1032.htm LETTER AGREEMENT BETWEEN VMWARE, INC. AND RAGHU RAGHURAM Exhibit
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October 25, 2016 Raghu Raghuram Dear Raghu, I am pleased to present you with this letter to document your new role at VMware, Inc. (“VMware”). Title Effective October 26, 2016 (the “Effective Date”), your new title is Chief Operating Officer, Products and Cloud Services. In your role, you will report directly to me. Salary and Bonus As of the Effective Date, your annual base salary rate will continue to be $610,000, and you will remain a participant in VMware's Executive Bonus Program as it may be amended from time to time. You will continue to be eligible for an annual target bonus opportunity of 100% of your eligible compensation. Equity Your existing equity awards will remain in effect in accordance with their terms. You will be eligible for future equity award grants by the Compensation and Corporate Governance Committee of the VMware Board of Directors (the “Committee”) in accordance with VMware’s ongoing compensation programs for its executive officers. Severance Protection You will remain a participant in the VMware Executive Retention Plan adopted on June 15, 2016, as it may be amended from time to time in accordance with and subject to its terms and conditions. Change in Control Protection You will remain a participant in the VMware Change in Control Retention Plan adopted on February 25, 2015, as it may be amended from time to time in accordance with and subject to its terms and conditions. Entire Agreement This letter agreement represents the entire agreement between you and VMware with respect to the matters set forth herein and supersedes and replaces any prior agreements, written or oral, with respect to your role and compensation. I would like to thank you for your contributions to VMware’s successes and for your continued commitment toward accomplishment of our goals. Best regards and continued success, Pat Gelsinger, Chief Executive Officer |
Signed: /s/ Raghu Raghuram Date: October 31, 2016 Raghu Raghuram |
