VMware, Inc. 3401 Hillview Avenue Palo Alto, California 94304, USA Prospectus for the public offer of 4,108,440 shares of VMware, Inc. Class A common stock each with a par value of $0.01 under the VMware, Inc. Amended and Restated 2007 Employee Stock Purchase Plan to the employees of the European Economic Area subsidiaries of VMware, Inc. March 24, 2017 International Securities Identification Number (ISIN): US9285634021 German Securities Code Number (Wertpapier-Kenn-Nummer): A0MYC8 Committee on Uniform Security Identification Procedures Number (CUSIP): 928563402 TABLE OF CONTENTS Prospectus Summary ............................................................................................................................................... 4 Prospektzusammenfassung ................................................................................................................................... 14 Risk Factors .......................................................................................................................................................... 26 General Information .............................................................................................................................................. 45 Responsibility for Contents of the Prospectus ........................................................................................ 45 Subject Matter of the Offering ................................................................................................................ 45 Forward-Looking Statements ................................................................................................................. 45 Currency References ............................................................................................................................... 45 Documents Available for Inspection ...................................................................................................... 45 The Offering .......................................................................................................................................................... 46 Information Concerning the Shares to be Offered .................................................................................. 46 Transferability......................................................................................................................................... 46 Administration of the Plans .................................................................................................................... 46 The Offering under the ESPP ................................................................................................................. 47 Reasons for the Offering and Use of Proceeds...................................................................................................... 50 Purpose of the ESPP ............................................................................................................................... 50 Proceeds and Use of Proceeds ................................................................................................................ 50 Dilution ................................................................................................................................................................. 51 Dividend Policy .................................................................................................................................................... 52 Capitalization ........................................................................................................................................................ 53 Capitalization and Indebtedness ............................................................................................................. 53 Working Capital Statement ..................................................................................................................... 55 Selected Consolidated Financial Data ................................................................................................................... 56 Legal, Arbitration and Administrative Proceedings .............................................................................................. 57 Shareholdings and Stock Options of Members of the Administrative, Management and Supervisory Bodies..... 58 General Information on VMware .......................................................................................................................... 60 Company Name ...................................................................................................................................... 60 General Information about VMware, Inc. and its Business .................................................................... 60 Auditors .................................................................................................................................................. 61 Description of the Securities ................................................................................................................................. 62 Type and the Class of the Securities being Offered, including the Securities Identification Code ......... 62 Stock Repurchase Programs ................................................................................................................... 62 VMware Shares Repurchased for Tax Withholdings .............................................................................. 63 Legislation under which the Securities have been Created/Regulation of the Shares............................. 63 Form of Securities, Name and Address of the Entity in Charge of Keeping the Records ...................... 63 Commission ............................................................................................................................................ 63 Currency of the Securities Issue ............................................................................................................. 63 Rights attached to the Securities ............................................................................................................. 63 2 Change of Shareholders’ Rights ............................................................................................................. 65 Transferability......................................................................................................................................... 66 Applicable Squeeze-Out and Sell-Out Rules .......................................................................................... 66 Stock Based Compensation Plans ........................................................................................................... 66 Information on the Governing Bodies of VMware ............................................................................................... 68 VMware’s Directors as of the Date of this Prospectus ........................................................................... 69 VMware’s Executive Officers as of the Date of this Prospectus ............................................................ 71 Good Standing of Directors and Executive Officers............................................................................... 73 Any Arrangement or Understanding with Major Shareholders pursuant to which a Director of VMware was selected as a Member of the Board .................................................................................................. 73 Potential Conflicts between any Duties to the Issuer of Directors or Executive Officers of VMware and their Private Interests and/or Other Duties .............................................................................................. 73 Disposal Restrictions agreed by the Company’s Directors and Officers ................................................ 76 Taxation in Austria................................................................................................................................................ 77 Taxation in Bulgaria.............................................................................................................................................. 78 Taxation in France ................................................................................................................................................ 79 Taxation in the Federal Republic of Germany ...................................................................................................... 81 Taxation in Ireland ................................................................................................................................................ 82 Taxation in the United Kingdom ........................................................................................................................... 83 Recent Developments and Outlook ....................................................................................................................... 85 Recent Developments ............................................................................................................................. 85 Trend Information ................................................................................................................................... 85 Outlook ................................................................................................................................................... 85 Signature S-1 Page…………………………………………………………………………………………… 3 PROSPECTUS SUMMARY Note to the reader