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Repository: hickeng/financial
Branch: main
Commit: 6fd17b74698b
Files: 17
Total size: 5.4 MB
Directory structure:
gitextract_t8cnjcwl/
├── .github/
│ └── FUNDING.yml
├── LICENSE
├── README.md
├── VMW_to_AVGO_ESPP_and_RSU.xlsx
├── documents/
│ └── VMware Broadcom Merger Agreement.html
├── install.md
├── problems.md
├── usage.md
└── worksheet/
├── apply-tax-strategy.gs
├── common.gs
├── config.gs
├── export.gs
├── github_hickeng_financial_vmw_avgo_merger_data_ESPP.json
├── github_hickeng_financial_vmw_avgo_merger_data_PriceReference.json
├── github_hickeng_financial_vmw_avgo_merger_data_RSU.json
├── github_hickeng_financial_vmw_avgo_merger_data_Reference.json
└── github_hickeng_financial_vmw_avgo_merger_data_Summary.json
================================================
FILE CONTENTS
================================================
================================================
FILE: .github/FUNDING.yml
================================================
# These are supported funding model platforms
github: hickeng
#patreon: # Replace with a single Patreon username
#open_collective: # Replace with a single Open Collective username
ko_fi: hickeng # Replace with a single Ko-fi username
#tidelift: # Replace with a single Tidelift platform-name/package-name e.g., npm/babel
#community_bridge: # Replace with a single Community Bridge project-name e.g., cloud-foundry
#liberapay: # Replace with a single Liberapay username
#issuehunt: # Replace with a single IssueHunt username
#otechie: # Replace with a single Otechie username
#lfx_crowdfunding: # Replace with a single LFX Crowdfunding project-name e.g., cloud-foundry
#polar: # Replace with a single Polar username
#custom: # Replace with up to 4 custom sponsorship URLs e.g., ['link1', 'link2']
================================================
FILE: LICENSE
================================================
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================================================
FILE: README.md
================================================
Welcome, fellow members of the Turtle Pond.
This repo holds spreadsheets, research, and conclusions for the financials around the VMW->AVGO acquisition. I'm not a CPA and this is a personal best effort, so do your own diligence - I'll try to provide citations and links to make that easy. Click on the burger menu on the top right of the readme pane for a table of contents and the usage doc for detailed instructions.
By insistent recommendation of colleagues/friends that _they_ want to be able to pay something, I haved enabled Sponsor for the repo ([:heart:](https://github.com/sponsors/hickeng)).
Don't feel obligated - my goal is to provide support to colleagues and friends in getting through an unexpectedly complex tax season... and to get peer reviewed in turn to improve _my_ filing correctness! So, mostly standard Open Source motive.
I've not found a CPA willing to engage in a structured validation of calculations and approach prior to the April filing deadline. I have found some willing to engage after that, but at this point (end of March) I don't think it's feasible to expect formal validation prior to April filing.
Personally I'll be filing an extension using the sheet numbers and engaging a CPA after their crunch season is finished and they've more time for the more complex stuff. The repo was created not just to hold the spreadsheet, but to hold reference material and as an audit trail, so it'll be around after April but updates will be less frequent and will be primarily around logging formal answers as they come.
I'm tracking [questions needing professional expertise](https://github.com/hickeng/financial/issues?q=is%3Aopen+is%3Aissue+label%3Acpa). I'll try to keep those issues curated such that the description is sufficiently clear and coherent to be passed directly to a CPA, but it'll be best effort. If there's questions you want answered that aren't addressed in the README and in that labelled set, please open an issue with the `cpa` label.
Use by past and present VMware and Broadcom employees for tax purposes, including giving it to a CPA for use with your personal holding, is acceptable under the non-commercial license. Use by other individuals for personal tax purposes without CPA involvement is also acceptable. For broader use than that, contact me for commercial licensing.
# Getting Started
This section is a quick reference for gathering critical data and what a CPA needs to be able to calculate basis information and gain/loss/tax, and a high level description of how to use the spreadsheet to generate numbers for filing. The repo focuses on the US tax impact of the merger - if that's not relevant to you then this will be of only academic interest.
Expand the following sections for more detailed info. There is a Getting Started section in the [discussions forum](https://github.com/hickeng/financial/discussions) for questions.
<details><summary>1. Collect necessary inputs</summary><p>
All of this information _should_ be in eTrade (see Known Problems if any is unavailable). Log into your eTrade account and follow the steps [here](usage.md). The instruction links below jump to specific steps. If you're logged into eTrade, the links provided deeplink into the appropriate eTrade pages where possible.
By the end of it you should have:
* ESPP Purchase Confirmations (PDFs) - [instructions](usage.md#etrade-stock-plan-confirmations)
* RSU Release Confirmations (PDFs) - [instructions](usage.md#etrade-stock-plan-confirmations) (same as above)
* Transaction log from 2023-11-21 to some time later, but at least after 2023-11-28 (screenshot or csv) - [instructions](usage.md#etrade-transaction-log)
* Stock Plan Benefit History spreadsheet (xlsx) - [instructions](usage.md#etrade-benefit-history-spreadsheet)
* eTrade 1099-B (PDF) - [instructions](usage.md#etrade-1099-b--supplement)
* eTrade Supplement (PDF) - [instructions](usage.md#etrade-1099-b--supplement) (same as above)
</p></details>
<p/>
<details><summary>2. Create a bundle for a CPA</summary><p>
Your CPA needs all of the information collected in the prior section, along with all the following if the conditions apply:
* If you held VMware shares over the Broadcom merger
* [Form 8937](documents/Broadcom%20-%20Form%208937%20Acquistion%20of%20VMware%20Inc..pdf) for the merger
* If you held VMware shares since before 2021-10-29 (the most recent Dell dividend)
* [Form 8937](documents/Form%208937%20-%20October%2029,%202021.pdf) for the 2nd Dell distribution (the version with the value eTrade used)
* If you held VMware shares acquired via owning Dell shares during the 2021 Dell dividend
* [Form 8937](documents/IRS%20Form%208937%20-%20VMWARE,%20INC.%20November%201,%202021%20Recapitalization.pdf) for the Dell recapitalization
* If you held VMware shares since before 2018-12-27 (the first Dell dividend)
* [Form 8937](documents/IRS%20Form%208937%20-%20VMWARE,%20INC.%20December%2028,%202018%20Distribution.pdf) for the 1st Dell distribution
If you needed to give your CPA any of the Dell distribution/recapitalization forms, let them know that the eTrade Supplement does not include the necessary basis adjustment. Also let them know that you're uncertain whether "imputed ordinary income from the ESPP bargain element" will be correctly reported via W2.
The above information is everything necessary to completely recreate what the sheet does but, for utility, if you're a past/present VMware/Broadcom employee the non-commercial license allows for giving it to a CPA for use with your personal filing.
If you don't want to give your CPA the entire sheet, you could give them the values from the three Form8949 sections (section in Summary for fraction, and sections for ESPPs and RSUs). Collate the Form8949 fragments from the sheet as documented [in the usage](usage.md#form-8949).
</p></details>
<p/>
<details><summary>3. Enter your collected data into the spreadsheet</summary><p>
There is a shared version of the spreadsheet on Google Sheets. Go [here](https://docs.google.com/spreadsheets/d/1aQmg_Bdh5f00mJ0ag-GNZVXL9UIJjujOwpsP2h58ZFE/edit?usp=sharing), select `File->Make a copy`, then you can start entering data. If you want to use Excel instead of Google Sheets, or the binaries from the repo, see [Install](install.md).
This entails:
1. entering number of VMW shares held through the merger for:
1. RSUs - enter `Release Date` and `Shares Issued` values per vest.
1. ESPP - enter `Grant Date`, `Purchase Date`, and `Shares Purchased` per period.
1. details from eTrade transaction log - [instructions](usage.md#etrade-transaction-log)
1. Shares (exchange for cash)
1. Shares (tender payment)
and that's it.
For completeness you should [figure out](usage.md#factional-share) which lot your fractional AVGO share came from and check the appropriate tickbox, but omitting this will have only a minor effect on things if you've any significant number of shares. You _should_ do this if using the sheet for filing, but if using it for estimation, exploration, double-checking CPA figures, etc then it's non-critical.
Optionally you can [add validation inputs](usage.md#etrade-transaction-log) used to sanity check against transcription errors, and W2/1040 information to inform a ballpark tax estimate.
Optionally you can [add other sources of income](usage.md#other-income) to improve the tax estimation.
Optionally you can record related information that's not used for calculation such as shares withheld for tax (RSUs), contribution amounts and carry overs (ESPP), and the numbers of AVGO shares eTrade associated with each lot.
If you sold AVGO shares post-merger but in 2023, you can use the [post merger sale of AVGO](usage.md#post-merger-sale-of-avgo) tweak to set the price at which you sold and generate the necessary basis and imputed income (ESPP) for filing.
Very, very optionally there is [a tweaks section](usage.md#tweaks-and-custom-functions) that you can play with to change the way the sheet works. This goes from minor things like chosing which Broadcom Fair Market Value to use (both Mean and Close seem to be confidently permitted) to major items like changing the per-lot ratios for cash/shares (note [#13](https://github.com/hickeng/financial/issues/13) if playing with this).
The sheet is still being actively refined and, while it's slowed, people are still finding issues to be fixed. The [timeline](https://github.com/users/hickeng/projects/2/views/2) has a stable version that's as vetted as viable towards the end of March. I'll be tagging a v1.0.0 that I will use for filing my extension in April.
</p></details>
<p/>
<details><summary>4. Look at the outputs from the sheet</summary><p>
The primary outputs from the sheet are:
Critical:
1. Per-lot tax basis and gain data needed for Form 8949 to be filed with your tax return. Used to either populate a Form 8949 directly, or to correct 1099-B imports. Information relevant to _now_, such as this data, is tinted in pale blue.
1. Per-lot tax basis, needed when selling AVGO shares post-acquisition. Information related to post-acquisition sale of shares is tinted in pale green.
Informational:
1. Long and short term capital gains for 2023 and potential future values
1. Ballpark tax liability estimate for Federal and California for making estimated payments
</p></details>
<p/>
<details><summary>5. Make Estimated payments if you've not reached Safe Harbor thresholds</summary><p>
Taxes are due for the 4th quarter [on January 15th of the next year](https://www.irs.gov/faqs/estimated-tax/individuals/individuals-2) if making estimated payments (worst case deadline for most people)... so 2024-01-15 was the deadline for paying any estimated taxes resulting from the merger.
If you've _not_ met safe harbor thresholds, and given all the income came in the last quarter of 2023, look at reducing penalty and interest amounts when filing by using the Annualized Income Installment method.
</p></details>
<p/>
<details><summary>6. Adjust 1099-B in TurboTax (or similar)</summary><p>
There's step-by-step instructions [here](usage.md#entry-into-turbotax).
</p></details>
<p/>
----
If you need some fast context for what's being done, a very quick summary is as follows (assuming you opted for 100% stock):
* you received, per share of VMW, approximately $196.86 true economic compensation:
* $68.2575 cash
* 0.131292 shares of AVGO (value of $128.60 at time of merger)
* you now need to know
* how much tax to pay on the cash
* what the tax basis is of the AVGO for when you sell it
<details><summary>Example with numbers</summary><p>
Assume you have `100` shares of VMW going into the merger at a cost of `$90` each. This results in:
* `$19,686.00 compensation with a basis of `$9,000`
* `$6825.72` in cash
* `13.1292` AVGO shares
You paid `$9000` to get `$19686`, so you've got `$10,686.00` of gain to pay tax on. How much of that gain you need to pay tax on as an immediate consequence of the merger is dictated by IRS Form 8937.
For many shares the mandated gain calculation in Form8937 will requires you consider _all_ of the cash as gain (one of two possible paths), meaning:
1. you owe tax on `$6825.72`, reported by providing a cost basis of `$0.00` for the cash
4. the `$3859.80` of gain in AVGO shares is deferred to the future.
</p></details>
<p/>
There's a [more in-depth but still quick overview](https://docs.google.com/document/d/1cN5gP5Qb-A0NbvOI2dj6gwk1ebpQbRzgnbmJ_N6waZs/edit?usp=sharing) of how VMW shares convert to AVGO+cash, provided by Dan Kan. You don't need to know this, but if you want to understand the basics behind the numbers the sheet generates, this is a good starting point.
-----
## Known Tax Problems After Merger
<details><summary>Details</summary><p>
The problems we as VMW holders know of are collected [here](problems.md), along with groups impacted, and impact assment. All are works in progress. This primarily focuses on issues impacting US persons:
* $0 cost basis and incorrect adjustment in eTrade Supplement
* the cascade consequences of this single issue account for the bulk of this repo
* incorrect code ‘N’ in Form 8949 generated by TurboTax
* treatment of proceeds as dividends
* substantially impacting non-US residents
* fractional share sold at incorrect price
* missing stock confirmations in eTrade
* missing lot information on eTrade 1099-B
* estimated value was used from draft f8937 for 2021 return of capital
* some ESPP lots are showing up on 1099 as Noncovered Securities
* ... if you know of others, please open an issue or pull request
</p></details>
<p/>
-----
# Release Status
Using github project for planning - see [Timeline](https://github.com/users/hickeng/projects/2/views/2)
## [v0.1.8](https://github.com/hickeng/financial/releases/tag/v0.1.8) - 2024-04-07
Minor updates and polish
* Dates now render in the style of `2021-Jan-31` to be utterly unambiguous under review - can still be entered in ISO format
* Default Form8949 display to be Cash Only instead of the prior combined cash and shares value
* Added a per-lot post-merger tax basis column in addition to the per-share basis, in support of reporting 2023 post-merger sales
* Support scenario where an ESPP lot is assigned to 100% cash - now includes the imputed income into the merger basis calculation
* Add summary cell for post-merger average tax basis - this is needed for some non-US tax reporting
* Added additional in-sheet doc notes for columns
* Calculation and error handling changes - for neatness and unreachable edge case correctness, no impact on user values
<details><summary>Previous Releases</summary><p>
## [v0.1.7](https://github.com/hickeng/financial/releases/tag/v0.1.7) - 2024-03-21
Major changes to entry of data into RSU and ESPP, and allows configuration of Form 8949 value style:
* price data is now retrieved based on data from a reference sheet
* no need to insert rows for RSU or ESPP datasheets - all ranges reference the entire column below the headings.
* Form8949 Proceeds, Basis, and Adjustment can be switched between the two styles (`cash & stock` vs `cash only`) using a Tweak. See [the doc](usage.md#display-of-form-8949).
* Adds additional documentation for [Form 8949](usage.md#form-8949) and [fractional shares](usage.md#factional-share).
## [v0.1.6-b](https://github.com/hickeng/financial/releases/tag/v0.1.6) - 2024-03-15
In place patch to the v0.1.6 release to address two row skews resulting from transcription errors when doing the comprehensible formula work.
I've added a v0.1.6-b version of the binary sheets to the release assets that includes a hotfix for a formula that incorrectly skews across rows. The columns impacted were ESPP qualified status, and RSU post-merger short term gain. The old binaries to avoid mistaken use.
Shared sheets had fix made in place and a comment added to cell ESPP!BA7 and RSU!AV7 noting that the cell has changed vs the repo tag.
## [v0.1.6](https://github.com/hickeng/financial/releases/tag/v0.1.6) - 2024-03-13
Updates to ESPP post-merger basis and Form8949 columns for RSUs, and polish:
* Corrects the Form 8949 for RSUs to use (e) instead of (g) for the basis
* Completes the ESPP ordinary income calculation for post-merger basis adjustment
* Splits the ESPP post-merger basis into two columns, pure for use in tracking systems such as broker backends, or with imputed income adjustment for use on sale.
* Updates the sheet formula to be more comprehensible through liberal use of LET and variable names
* Additional documentation expansion including addition of two new [known problems](#known-tax-problems-after-merger) people are hitting
* Includes an Excel compatible sheet version, albeit without strategy logic
* Binary attached to [the release](https://github.com/hickeng/financial/releases/tag/v0.1.6) and shared sheet linked
## [v0.1.5](https://github.com/hickeng/financial/releases/tag/v0.1.5) - 2024-03-11
Substantial revision and update to documentation and allows selection of eTrade tax strategy for per-lot use, including:
* Getting Started section
* Examples for entering RSU & ESPP
* Step-by-step for adding new rows to RSU & ESPP
* Step-by-step for correcting Turbotax Proceeds and Basis for imported 1099-Bs
* In-sheet checklist for tracking progress through completion
* Various updates to in-sheet notes
Updates:
* Updated Dell 2021 Return of Capital number to match eTrade's use in 2021 and added draft Form8937 noting that estimated value
* Added effective rate calculation to estimate
* Added general mechanism for applying eTrade tax strategy from Account Settings if using per-lot approach
* Definitive answer that the merger is not a disposition so doesn't incur imputed income from ESPP bargin element
Includes bug fixes:
* Fractional share now correctly included in potential capital gain
* Other LTG was not being included in tax estimate
* Corrected ESPP basis calculation to use only grant date as per [this comment](https://github.com/hickeng/financial/issues/15#issuecomment-1975816154)
## [v0.1.4](https://github.com/hickeng/financial/releases/tag/v0.1.4) - 2024-02-28
Gets the basics of Form8949 / cost-basis entry for TurboTax in place, adding Form 8949 sections in Summary and RSU/ESPP datasheets.
Additionally:
* fixed up Turbotax 1099-B import using the sheet Form8949 as test.
* various column renames for consistency, precision, and clarity.
* added Close value for AVGO FMV and noted where it's stated it's acceptable (costbasis.com)
* added ratio option for "pure" ratio from eTrade transaction log to see where that value has been used by eTrade.
* add section for import of 1099-B values - currently an unused placeholder for pending import
## [v0.1.3](https://github.com/hickeng/financial/releases/tag/v0.1.3) - 2024-02-28
Fixes use of hardcoded test values in the per-lot optimizer logic which would have meant almost no-one trying it would have got a valid final ratio of stocks/cash.
## [v0.1.2](https://github.com/hickeng/financial/releases/tag/v0.1.2) - 2024-02-22
Refines the per-lot treatment option and adds an input for a "date of sale" for post-merger AVGO to assess changes from Short Term Gains to Long (RSU), and from disqualified to qualified (ESPP) as the lots age.
If you put in a date prior to 2024 then it'll roll the gains from AVGO sale into the tax estimate... but remember that's a very naive estimate and check the logic in the sheet both works for your case and is sufficient for purpose.
The Tweak is found as a dropdown below the Fractional Share Values and contains dates of interest:
* last year - this let's you see a tax estimation
* today - calculate with todays date for LTG/STG and qualified/disqualified
* a series of dates on which RSUs transition from STG to LTG
On the same row there is a share price, set to AVGO live by default that you can overwrite with any postive value.
## [v0.1.1](https://github.com/hickeng/financial/releases/tag/v0.1.1) - 2024-02-20
Adds per-lot treatment mechanism in the RSU and ESPP datasheets:
* select preference per-lot for `cash` or `shares`
* run the optimizer to automatically adjust lot preference for maximum deferred tax (see steps below)
## [v0.1.0](https://github.com/hickeng/financial/releases/tag/v0.1.0) - 2024-02-18
Initial tagged release because the foundation is there:
* human readable diffs are sufficient for reviewing changes before commit
* basic inputs are complete - minimal input data needed and easily sourced from downloadable confirmation docs
* basic outputs are complete - per-lot cash amounts, gain, old adjusted vmw basis, and new avgo basis are calculated considering short/long term gain and ESPP qualified/disqualified status
* all planned changes are enhancements
</p></details>
<p/>
# Contents
The primary functional content of the repo is a spreadsheet, [shared in Google Sheets](https://docs.google.com/spreadsheets/d/1aQmg_Bdh5f00mJ0ag-GNZVXL9UIJjujOwpsP2h58ZFE/edit?usp=sharing), for calculating:
* taxes due as a consequence of the merger
* tax basis for AVGO shares received from the merger
The [spreadsheet in the repo](https://github.com/hickeng/financial/raw/main/VMW_to_AVGO_ESPP_and_RSU.xlsx) is exported from Google Sheets. It can be re-imported into Google Sheets but some minor fix up is required, see [here](install.md). It cannot be imported into Excel without issues - since v0.1.6 there is an Excel version of the sheet attached to the releases that can be used, along with an Office365 shared version.
Additionally there are various documents for reference. These are material that was used to construct the sheet or are directly related to its use. These are included for easy reference and to help in understanding what the sheet does, but are not prerequisites for _using_ the sheet:
* [IRS Form 8949](https://www.irs.gov/pub/irs-pdf/f8949.pdf) - this is what we need to file with taxes. See [here](usage.md#form-8949) for documentation about generating the values to enter into this form. Additionally, the IRS form [instructions](documents/f8949%20-%20instructions.pdf).
* various Form 8937 - these forms exist for the Dell distributions in 2018 and 2021, and for the merger. They detail the tax implications for shares held over those dates.
* [Broadcom/VMware merger agreement](documents/VMware%20Broadcom%20Merger%20Agreement.html)
* A [press release](documents/Broadcom%20and%20VMware%20Provide%20Update%20on%20Pending%20Transaction-%202012-10-30.pdf) and [Form 8-K](documents/Broadcom%20-%20Form%208-K.pdf) that combined are the best reference I currently have for the proration ratio of the overall deal.
* A [2017 article](documents/Code_Sec_356_and_358_Regulations.pdf) from `The M&A Tax Report` - describes the concepts behind how share basis works through Section 356 mergers, along with commentary on a trial relating to such a merger.
## On "Upgrades"
Prior to `v0.1.7` it was necessary to jump through hoops to insert rows in the RSU and ESPP sheets. With contribution from Eric Gray (a VLOOKUP prototype) and [market price data](https://github.com/wligithub/tax-tool/blob/93c2b2c2461f0e4b08cfec8098bd33c4c38d6228/data/vmw-historical-price.csv) from @wligithub this friction has been resolved.
Upgrade between sheets should now be a matter of simple copy/paste of entered data, consisting of Dates, Share quantities, a checkbox for a fractional lot, and the Inputs on the Summary sheet.
# On use of Issues
I'm opening issues to track questions and feature requests. Feel free to do the same.
If it's also applicable to me, I'll get to them (no latency guarantees). If not it'll be best effort.
# References
<details><summary>Form 8949 (to be filed with taxes) and basis calculcation pseudocode</summary><p>
This is the form used to report "Sales and Other Dispositions of Captial Assets". It's split into Short Term and Long Term gain sections, with a radio button (well, checkbox but radio button is the required behaviour) to record how it intersects with the 1099-B. If you need to use multiple radio buttons, then you must submit additional instances of the form.
There are more specific details on Form8949 and a walkthrough of how to use the generated values to adjust an imported 1099-B in TurboTax [in the usage doc](usage.md#form-8949).
[Form 8949](documents/f8949.pdf) - ([instructions](documents/f8949%20-%20instructions.pdf))
Many people received a 1099-B from eTrade with the individual lots broken out individually (which is what we want), the cash received in the merger as Proceeds (Box 1d), and a Cost Basis (Box 1e) of `0.00`. This is correct for lots where your cost basis in VMware shares is less than approximately `$128.60`. For lots with a higher cost basis, you can recognize less capital gain via the alternative calculation provided in Form 8937.
If you file with those unadjusted values from the 1099-B you're not going to be underpaying tax, but you may be paying more tax in 2023 than needed for those high basis lots. This would work itself out when you sell those lots, assuming you adjust the tax basis appropriately, but it's not ideal. The sheet aims to provide you with the specific Proceeds & Basis values to pay precisely what it owed in 2023.
For many people the eTrade supplement contains incorrect basis values, in some cases even indicating a capital loss, and using those values could lead to underpayment of tax. The VMware share price was _never_ high enough for anyone to recognize an actual capital loss when receiving a mix of cash and stock in the merger.
Form 8937 dictates the gain we should recognize for each lot, and therefore the value that must be entered into Form8949 column (h). To determine the other values I've worked through from first principles and validated using costbasis.com (reasoning promoted from [my working](https://github.com/hickeng/financial/issues/1#issuecomment-1950283122) in #1). This is here for people that want the details of the reasoning and calculations - you can safely skip this.
Axioms:
* realized gain and adjusted avgo basis are inflexible values dictated by f8937
* f8949 cash proceeds is inflexible as an actual dollar value credited & fmv of shares received
* must pay tax on realized gain now
* must pay tax on deferred gain on eventual sale (future basis must be adjusted for this)
* difference between proceeds and basis reported on f8949 must equal realized gain
The only flexible value we can adjust to reconcile the above is the reported f8949 basis.
This logic is written agnostic of per-lot or per-vmw. I prefer normalized per-vmw, but we just need to use matching values for vmw_basis, avgo_fmv, and cash_recieved:
```python
# known without calculation
f8949_proceeds = cash_received + avgo_fmv
# the alternate gain calculation from f8937
# translating it, this is also the real economic value received: total consideration - true basis
alternate_gain_calc = cash_received + avgo_fmv - vmw_basis
# the approximate threshold for per-share vmw basis (adjusted for dividends) where we switch clauses is
# 0.2520 * 0.521 * 979.50 = 128.601
if cash_received < alternate_gain_calc {
# composite vmw basis was lower than avgo fmv, ie. we've got a capital gain (avgo_fmv-vmw_basis) from the share consideration that is deferred.
# gain mandated by f8937 does not include deferred gain.
f8937_gain = cash_received
# the deferred gain from vmw->avgo conversion must still be realized in the future. Adjustment
# to avgo_basis is the way this is accomplished. This is rolled into the mandated f8937 basis adjustment.
# we need the 2023 f8949 to reconcile correctly in the future against the deferred gain resulting from the inflexible
# avgo_basis. future avgo_basis is dictated as vmw_basis - cash_received + f8937_gain which simplifies to vmw_basis
# for this case.
#
# we're deferring avgo_fmv - vmw_basis gain to the future, and we must realize the cash_received as gain now.
# we've got a mandated basis of vmw_basis for future sales, so our current basis is avgo_fmv to achieve the necessary delta.
f8949_basis = avgo_fmv
} else {
# composite vmw basis was higher than avgo fmv - no deferral
# gain mandated by f8937
f8937_gain = alternate_gain_calc
# that's our true full gain, so we should be ok with a future avgo_basis of avgo_fmv... but f8937 says the adjusted avgo basis must be:
# avgo_basis = vmw_basis - cash_received + f8937_gain
#
# This is still makes sense, as that simplifies
# avgo_basis = vmw_basis - cash_received + cash_received + avgo_fmv - vmw_basis
# avgo_basis = avgo_fmv
f8949_basis = vmw_basis
}
# adjusted avgo basis for future sale - this is mandated by f8937
avgo_basis = vmw_basis - cash_received + f8937_gain
```
Links into the IRS webiste:
* [IRS instructions for Form 8949](https://www.irs.gov/instructions/i8949)
* [IRS Form 8949](https://www.irs.gov/pub/irs-pdf/f8949.pdf)
</p></details>
<p/>
<details><summary>ESPP specific complexity</summary><p>
The ESPP discount is considered ordinary income and _should_ be reported on your W2 when you sell the shares. In the past it has shown up on VMW W2's in `Box 14 Other`, labelled as ESPP. However, the proportion of the discount treated as ordinary income vs long term capital gain depends on whether the ESPP shares are qualified or disqualified and that's termed the Bargain Element.
The recognition of ordinary income is not a consideration for lots exchanged for shares or mixed shares/cash. IRS tax code [Section 424(c)(1)(b)](https://www.law.cornell.edu/uscode/text/26/424#:~:text=an%20exchange%20to%20which%20section) explicitly excludes Section 356 exchanges from being considered as a disposition and 356 is what's noted in [Form 8937](documents/Broadcom%20-%20Form%208937%20Acquistion%20of%20VMware%20Inc..pdf) as governing the exchange. A big thank you to [@alkom](https://github.com/alkom) for [tracking down the specific section references](https://github.com/hickeng/financial/issues/15#issuecomment-1982794737).
There's discussion in [#15](https://github.com/hickeng/financial/issues/15) regarding specifics - below is a distilation of current understanding of terms/impact relating to ESPP:
* disqualified - sold within either 1 year from purchase date (when you got the shares aka exercise) or 2 years from grant date (when the ESPP period started aka offering).
* qualified - held for 2 years past grant _and_ 1 year past purchase
* tax basis - the actual amount you paid
* grant date price - the Fair Market Value at ESPP grant date - because the final option price is not know at grant, this is the price used to determine the ordinary income amount.
* purchase date price - the Fair Market Value when you actually acquired the share
* Disposition - the share exits your control, eg. through a sale, gift, etc.
* Surrender of VMW for cash+AVGO consideration under section 356 does _not_ count as a Disposition
* Bargain element - I refer to this as imputed income. You pay tax on this via your W2 as if it were actual income on Disposition of the share (eg. sale). The broker should inform Broadcom of any future sale, and Broadcom should add it to your W2. If it does not show up on your W2 for some reason it's your responsibility to ensure it's reported.
* [Qualified bargain element](https://fairmark.com/compensation-stock-options/employee-stock-purchase-plans/qualifying-disposition-reporting/) - `grant date price - purchase price`, which equates to 15% of grant date price for the VMware ESPP plan. If you made less than the bargain element in gain from Disposition, then it's the gain amount instead.
* [Disqualified bargain element](https://fairmark.com/compensation-stock-options/employee-stock-purchase-plans/disqualifying-disposition-reporting/) - `purchase date price - actual amount paid`
</p></details>
<p/>
<details><summary>Forms 8937 - IRS form detailing impact on tax basis from Organizational Actions </summary><p>
These forms detail tax handling for an event. This includes qualified/unqualified amounts from dividends, how to adjust cost-basis, how to calculate gain that must be realized, etc. These are pulled from the [Broadcom Invester Relations](https://investors.broadcom.com/financial-information/tax-information) site.
The acquisition form mostly uses non-imperative language, which leaves a lot of optionality for other treatments. My personal plan is to use the "generally ..." guidence absent a strong endorsement from a CPA for a different treatment being valid.
Links to the relevant Form 8937's:
* [Broadcom Acquisition](https://investors.broadcom.com/static-files/7720c4c1-c940-4d9d-800c-66819bfdc7a0) ([from repo](documents/Broadcom%20-%20Form%208937%20Acquistion%20of%20VMware%20Inc..pdf))
* [Dell recapitalization 2021](https://investors.broadcom.com/static-files/7ba40d05-a5b8-454d-8140-7f9782069523) - ([from repo](documents/IRS%20Form%208937%20-%20VMWARE,%20INC.%20November%201,%202021%20Recapitalization.pdf))applies if you received VMWs by virtue of owning Dell shares during the spin out.
* [Dell distribution 2021](https://investors.broadcom.com/static-files/c03396b2-538b-42c3-910c-dce218d5d9f1) ([from repo](documents/IRS%20Form%208937%20-%20VMWARE,%20INC.%20November%201,%202021%20Distribution.pdf))
* [Dell distribution 2018](https://investors.broadcom.com/static-files/674c4fc3-6cc3-48cf-83b1-f6f6f3f75623) ([from repo](documents/IRS%20Form%208937%20-%20VMWARE,%20INC.%20December%2028,%202018%20Distribution.pdf))
Of note, there was a draft version of the 2021 Form 8937 with an estimated return of capital value. By inspection of statements and 1099-B by multiple people, it's this estimate that was used for our taxes that year and therefore should be the basis adjustment. See [#83](https://github.com/hickeng/financial/issues/83).
* [Dell distribution 2021 - draft version](documents/Form%208937%20-%20October%2029,%202021.pdf)
### Pro-rata vs other allocation of cash/share split
> a shareholder ... is treated as having surrendered each share _for a pro rata portion of the stock and cash received_, based on the [fair market value](https://github.com/hickeng/financial/edit/main/README.md#on-fair-market-value) of such surrendered share, _unless the terms of the exchange provide otherwise and are economically reasonable_.
> If a holder of VMware Common Stock acquired different blocks of shares ... at different times or different prices, any gain or loss _may_ be determined separately for each block of shares ... . Any such holder should consult their tax advisor regarding the manner in which the Cash Consideration and Stock Consideration should be allocated among different blocks of shares of VMware Common Stock surrendered.
Per my reading, this explicitly states that we have the option to chose _not_ to use a pro-rata approach to calculating the cash/stock split. I've an [issue](https://github.com/hickeng/financial/issues/13) to collect data on _when_ we're allowed to make this choice.
The first quote is referencing the FMV of a VMW share at the time of acquisition. Unclear to me if this is the composite value of VMW considering the stock/cash conversion, or just the VMW trading value. I've an [issue](https://github.com/hickeng/financial/issues/14) to follow up on this.
### Realized gain calculation
> ... a holder ... who received a combination of ... Stock and cash ... will recognize gain (but not loss) for U.S. federal income tax purposes in an amount equal to the lesser of
> (1) the sum of the amount of the cash ... and the fair market value of the Broadcom Common Stock received in exchange ..., minus the holder’s adjusted tax basis in ... VMware Common Stock surrendered..., and
> (2) the amount of cash received for such share of VMware Common Stock.
We recognize gain, per lot, on the lesser of:
* `cash portion`
* `cash portion + FMV AVGO - VMW basis`
You'll recognize the cash unless your VMW basis was higher than the FMV of the AVGO received.
### Basis calculation - post-acquisition sale of AVGO
The concise version of future tax basis of RSUs, calculated per lot, is:
* basis prior to merger - cash received + gain recognized
Gain recognized is the lesser of (per Form 8937):
* cash received
* cash received + FMV AVGO received - basis prior to merger
That simplifies the tax basis calculation to the lesser of:
* basis prior to merger
* FMV AVGO received
### On Fair Market Value
[Yahoo Finance market data for the period in question](https://ca.finance.yahoo.com/quote/AVGO/history?period1=1700438400&period2=1700870400&interval=1d&filter=history&frequency=1d&includeAdjustedClose=true)
> Fair market value generally is the price at which property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of the facts.
> ... tax law does not specifically prescribe ... the fair market value ... for purposes of calculating any gain recognized ....
> One reasonable approach is ... the mean ... trading price on November 22, 2023, which is $979.50 .... Other approaches ... may be appropriate. _You should consult your tax advisor to determine what measure of fair market value is appropriate._
I have an [issue](https://github.com/hickeng/financial/issues/11) open to determine the knwoledge available to our hypothetical buyer/seller pair and add other FMV options to the dropdown in the spreadsheet.
### Fractional share sale
> A holder of VMware Common Stock who received cash in lieu of a fractional share ... will generally be treated as having received such fractional share and then as having received such cash in redemption of the fractional share.
> Gain or loss generally will be recognized based on the difference between the amount of cash in lieu of the fractional share and the tax basis allocated to such fractional share.
This details sequential steps of:
1. receive fractional share
2. sell fractional share
I'm interpreting that as needing to calculate the gain for the fractional share sale (step 2) using the new cost basis, post conversion. You'll have also seperately recognised gain on the conversion of the fraction (step 1).
If the fraction was attributed against an ESPP share this implies recognizing the ordinary income associated with the fraction given it's a sale.
> The amount paid for a fractional share of Broadcom Common Stock _was based on_ the closing price of Broadcom Common Stock as reported on the NASDAQ on November 21, 2023, which was $981.20.
eTrade did not use the value explicitly specified in f8937 for the fraction. I do not know what consequence "based on" has in this sentence. I've an [issue](https://github.com/hickeng/financial/issues/12) to determine handling for this.
</p></details>
<p/>
================================================
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 540pt;"><a name="ny20005454x1_defm14a_001-regcov_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="block-frill" style="width: 540pt; margin-left: 0pt;"><div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div><div class="page-content"><div class="block-main" style="width: 540pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 9.5pt; text-align: center;">UNITED STATES<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;">SECURITIES AND EXCHANGE COMMISSION<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 14pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-size: 12pt;">Washington, D.C. 20549</font></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 18pt; font-weight: bold; margin-top: 18.5pt; text-align: center;">SCHEDULE 14A</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 18.5pt; text-align: center;">Proxy Statement Pursuant to Section 14(A) of the Securities Exchange Act of 19341<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">(Amendment No.  )</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 7.5pt; margin-left: 0pt; text-align: left;">Filed by the Registrant ☒ </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Filed by a Party other than the Registrant <font style="font-size: 1pt;"> </font>☐ </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; margin-left: 0pt; text-align: left;">Check the appropriate box: </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="txttab" style="/* border-collapse: collapse; */ width: 540pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"> <font style="font-size: 10pt;">☐</font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 6pt;">​</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 6pt;">​</td><td style="width: 95.56%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Preliminary Proxy Statement</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"> <font style="font-size: 10pt;">☐</font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 6pt;">​</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 6pt;">​</td><td style="width: 95.56%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">☒</div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 6pt;">​</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 6pt;">​</td><td style="width: 95.56%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Definitive Proxy Statement</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"> <font style="font-size: 10pt;">☐</font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 6pt;">​</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 6pt;">​</td><td style="width: 95.56%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Definitive Additional Materials</div></td></tr><tr><td style="width: 2.22%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"> <font style="font-size: 10pt;">☐</font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">​</td><td style="width: 95.56%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Soliciting Material Pursuant to §240.14a-12</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-align: left;"> </div><table cellspacing="0" cellpadding="0" class="txttab" style="/* border-collapse: collapse; */ width: 540pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 100%; text-align: center; vertical-align: top; border-bottom: 1pt solid #000000; padding-top: 6pt; padding-bottom: 4.25pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 20pt; font-weight: bold; margin-top: 0pt; text-align: center;">VMWARE, INC.</div></td></tr><tr><td style="width: 100%; text-align: center; vertical-align: top; padding-top: 4.25pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">(Name of the Registrant as Specified In Its Charter) </div></td></tr><tr><td style="width: 100%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 100%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.5pt; margin-left: 0pt; text-align: left;">Payment of Filing Fee (Check the appropriate box): </div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; /* border-collapse: collapse; */ width: 540pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 1.85%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">☒ </div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 6pt;">​</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 6pt;">​</td><td style="width: 95.93%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">No fee required.</div></td></tr><tr><td style="width: 1.85%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"> <font style="font-size: 10pt;">☐</font><font style="font-size: 10pt;"> </font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 6pt;">​</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 6pt;">​</td><td style="width: 95.93%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 6pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee paid previously with preliminary materials.</div></td></tr><tr><td style="width: 1.85%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 1pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"> <font style="font-size: 10pt;">☐</font><font style="font-size: 10pt;"> </font></div></td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 1.11%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">​</td><td style="width: 95.93%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a- 6(i)(1) and 0-11</div></td></tr></table></div></div><div class="block-frill" style="width: 540pt; margin-top: 12pt; margin-left: 0pt;"><div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 1pt solid #000000; margin-top: 1pt; margin-bottom: 1pt; margin-left: auto; margin-right: auto;"> </div><div class="rule-full" style="height: 0pt; width: 100%; border-bottom: 2pt solid #000000; margin-bottom: 1pt; margin-left: auto; margin-right: auto; margin-top: 4pt;"> </div></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 528pt;"><a name="ny20005454x1_defm14a_101-cov_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 528pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: -0.25pt; text-align: center;"><img style="height: 61px; width: 263px;" src="logo_vmware.jpg"><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"> </div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">TRANSACTIONS PROPOSED—YOUR VOTE IS VERY IMPORTANT</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 4pt; margin-left: 0pt; text-align: left;">Dear VMware, Inc. Stockholder: </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">On May 26, 2022, VMware, Inc. (referred to as VMware), Broadcom Inc. (referred to as Broadcom), Verona Holdco, Inc., a direct wholly owned subsidiary of VMware (referred to as Holdco), Verona Merger Sub, Inc., a direct wholly owned subsidiary of Holdco (referred to as Merger Sub 1), Barcelona Merger Sub 2, Inc., a direct wholly owned subsidiary of Broadcom (referred to as Merger Sub 2) and Barcelona Merger Sub 3, LLC, a direct wholly owned subsidiary of Broadcom (referred to as Merger Sub 3) entered into an Agreement and Plan of Merger that provides for the acquisition of VMware by Broadcom (such agreement, as it may be amended from time to time, is referred to as the merger agreement). Pursuant to the terms of the merger agreement, (i) Merger Sub 1 will merge with and into VMware (referred to as the first merger), with VMware surviving the first merger and becoming a wholly owned subsidiary of Holdco, (ii) following the effective time of the first merger, VMware, the surviving company of the first merger, will be converted (referred to as the LLC conversion) into a Delaware limited liability company, (iii) following the effective time of the LLC conversion, Merger Sub 2 will merge with and into Holdco (referred to as the second merger), with Holdco surviving the second merger and becoming a wholly owned subsidiary of Broadcom and (iv) following the effective time of the second merger, Holdco, the surviving company of the second merger, will merge with and into Merger Sub 3 (referred to as the third merger and collectively with the first merger, the LLC conversion and the second merger, referred to as the transactions), with Merger Sub 3 surviving the third merger as a wholly owned subsidiary of Broadcom. The respective boards of directors of VMware and Broadcom have unanimously approved the merger agreement and the transactions.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Upon the terms and subject to the conditions of the merger agreement, at the effective time of the second merger, each share of Class A common stock, par value $0.01 per share, of VMware (referred to as VMware common stock) that you own immediately prior to the effective time of the second merger will be indirectly converted into the right to receive, at your election and subject to proration in accordance with the merger agreement as described below, (i) $142.50 per share in cash, without interest (referred to as the cash consideration) or (ii) 0.25200 shares of common stock, par value $0.001 per share, of Broadcom (referred to as the stock consideration). You may elect a different form of consideration for each share you own. You may elect to receive (i) solely the cash consideration, (ii) solely the stock consideration or (iii) if you own more than one share, a combination of the cash consideration for a selected number of shares and the stock consideration for the remaining number of shares. The stockholder election will be subject to the election of other VMware stockholders and a proration mechanism, such that the total number of shares of VMware common stock entitled to receive the cash consideration, and the total number of shares of VMware common stock entitled to receive the stock consideration, will, in each case, be equal to 50% of the aggregate number of shares of VMware common stock issued and outstanding immediately prior to the effective time of the second merger. Holders of VMware common stock that do not make an election will be treated as having elected to receive the cash consideration or the stock consideration in accordance with the proration methodology in the merger agreement. You will receive cash in lieu of any fractional shares of Broadcom common stock that you would otherwise be entitled to receive.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Contemporaneously and in connection with the execution of the merger agreement, Broadcom entered into voting agreements with each of (i) Michael S. Dell and Susan Lieberman Dell Separate Property Trust and (ii) certain VMware stockholders affiliated with Silver Lake (referred to as the voting agreements). Subject to the terms and conditions of the voting agreements, such stockholders have agreed, among other things, to vote all of the shares of VMware common stock held by them (representing in the aggregate approximately 50.1% of the total outstanding shares of VMware common stock as of May 26, 2022) in favor of the adoption of the merger agreement. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The blended value per share of VMware common stock of $139.69, calculated as of May 20, 2022 (the last trading day prior to market speculation regarding the transactions), and $137.30, calculated as of May 24, 2022, represented a premium of approximately 46% and 43% over the closing price per VMware common stock of $95.71 on May 20, 2022, and a premium of approximately 36% and 34% over the 30-day volume weighted average closing price per VMware common stock ending May 20, 2022 of $102.41, respectively. The implied value of the stock consideration will fluctuate as the market price of Broadcom common stock fluctuates because the stock consideration is payable in a fixed number of shares of Broadcom common stock. As a result, the value of the stock consideration that VMware stockholders will receive upon completion of the transactions could be greater than, less than or the same as the value of the stock consideration on the date of the accompanying proxy statement/prospectus, at the time of the special meeting of the VMware stockholders described in the accompanying proxy statement/prospectus (referred to as the special meeting) or on the date on which VMware stockholders make their election. Accordingly, you should obtain current stock price quotations for Broadcom common stock and VMware common stock before deciding how to vote with respect to the approval of the merger agreement proposal. Broadcom common stock and VMware common stock trade on The Nasdaq Global Select Market and the New York Stock Exchange under the symbols “AVGO” and “VMW,” respectively. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Based on the number of shares of Broadcom common stock and VMware common stock outstanding on September 12, 2022, upon completion of the transactions, former VMware stockholders will own approximately 12.6% of the outstanding shares of Broadcom common stock and Broadcom stockholders immediately prior to the transactions will own approximately 87.4% of the outstanding shares of Broadcom common stock. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The VMware board of directors unanimously (i) determined that the terms of the merger agreement and the transactions are fair to, and in the best interests of, VMware and its stockholders, (ii) determined that it is in the best interests of VMware and its stockholders, and declared it advisable, to enter into the merger agreement, (iii) approved the execution and delivery by VMware of the merger agreement, the performance by VMware of its covenants and agreements contained therein and the consummation of the transactions upon the terms and subject to the conditions set forth in the merger agreement and (iv) resolved to recommend that the VMware stockholders vote to adopt the merger agreement.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">At the special meeting, you will be asked to approve the merger agreement proposal and to vote on other transaction-related matters. You will also be asked to vote on a proposal to amend VMware’s certificate of incorporation to eliminate the personal liability of VMware’s officers for monetary damages for breach of fiduciary duty as an officer, except to the extent such an exemption from liability or limitation thereof is not permitted by the General Corporation Law of the State of Delaware. <font style="font-weight: bold;">The VMware board of directors unanimously recommends that VMware stockholders vote “FOR” the merger agreement </font><font style="font-weight: bold;">proposal</font><font style="font-weight: bold;">, “FOR” the cha</font><font style="font-weight: bold;">rter amendment proposal </font><font style="font-weight: bold;">and “FOR” each of the other proposals described in the accompanying proxy statement/prospectus.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Your vote is very important. Broadcom and VMware cannot complete the transactions without the approval of the merger agreement proposal by VMware stockholders holding at least a majority of the shares of VMware common stock outstanding at the close of business on September 30, 2022, the record date for the special meeting. The failure of any stockholder to vote will have the same effect as a vote against the approval of the merger agreement proposal and against the charter amendment proposal. It is important that your shares of VMware common stock be represented and voted regardless of the size of your holdings. Whether or not you plan to participate in the special meeting, VMware urges you to submit a proxy in advance of the special meeting to have your shares voted by using one of the methods described in the accompanying proxy statement/prospectus.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">More information about Broadcom, VMware, the special meeting, the transactions and the other proposals for consideration at the special meeting is contained in the accompanying proxy statement/prospectus. <font style="font-weight: bold;">Please carefully read the entire proxy statement/prospectus, including the section titled “Risk </font><font style="font-weight: bold;">Factors” beginning on page </font><font style="font-weight: bold;"><a href="#tRF">27</a></font><font style="font-weight: bold;">, for a discussion of the risks relating to the transactions, and the annexes and documents incorporated by reference.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">On behalf of the VMware board of directors, thank you for your continued support.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 3pt; margin-left: 0pt; text-align: left;">Sincerely,</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 8.25pt; margin-left: 0pt; text-align: left;"><img style="height: 40px; width: 192px;" src="sig_afolli.jpg"><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"> </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amy Fliegelman Olli<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Executive Vice President, General Counsel and Secretary</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: bold; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THE TRANSACTIONS OR OTHER TRANSACTIONS DESCRIBED IN THE ACCOMPANYING PROXY STATEMENT/PROSPECTUS OR THE SECURITIES TO BE ISSUED PURSUANT TO THE TRANSACTIONS UNDER THE ACCOMPANYING PROXY STATEMENT/PROSPECTUS NOR HAVE THEY DETERMINED IF THE ACCOMPANYING PROXY STATEMENT/PROSPECTUS IS ACCURATE OR ADEQUATE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 3pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The accompanying proxy statement/prospectus is dated October 3, 2022 and is first being mailed to VMware stockholders on or about October 4, 2022. </div></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 528pt;"><a name="ny20005454x1_defm14a_102-notice_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 528pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; text-align: center;"><img style="height: 61px; width: 263px;" src="logo_vmware.jpg"><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">  <br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 5pt; text-align: center;">VMWARE, INC.</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; text-align: center;">3401 Hillview Avenue<br></div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Palo Alto, California 94304</div><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 13pt; text-align: center;">NOTICE OF SPECIAL MEETING OF STOCKHOLDERS TO BE HELD ON NOVEMBER 4, 2022</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This is a notice that the special meeting of stockholders of VMware, Inc. (referred to as VMware) will be held on November 4, 2022, beginning at 8:30 a.m., Pacific time. The special meeting will be a completely virtual, live audio webcast meeting of stockholders and will be held for the following purposes:</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to adopt the Agreement and Plan of Merger, dated as of May 26, 2022 (such agreement, as it may be amended from time to time, is referred to as the merger agreement), by and among VMware, Broadcom Inc. (referred to as Broadcom), Verona Holdco, Inc., a direct wholly owned subsidiary of VMware (referred to as Holdco), Verona Merger Sub, Inc., a direct wholly owned subsidiary of Holdco (referred to as Merger Sub 1), Barcelona Merger Sub 2, Inc., a direct wholly owned subsidiary of Broadcom (referred to as Merger Sub 2) and Barcelona Merger Sub 3, LLC, a direct wholly owned subsidiary of Broadcom (referred to as Merger Sub 3 ), pursuant to which, upon the terms and subject to the conditions of the merger agreement, (i) Merger Sub 1 will merge with and into VMware (referred to as the first merger), with VMware surviving the first merger and becoming a wholly owned subsidiary of Holdco, (ii) following the effective time of the first merger, VMware, the surviving company of the first merger, will be converted (referred to as the LLC conversion) into a Delaware limited liability company, (iii) following the effective time of the LLC conversion, Merger Sub 2 will merge with and into Holdco (referred to as the second merger), with Holdco surviving the second merger and becoming a wholly owned subsidiary of Broadcom and (iv) following the effective time of the second merger, Holdco, the surviving company of the second merger, will merge with and into Merger Sub 3 (referred to as the third merger and collectively with the first merger, the LLC conversion and the second merger, referred to as the transactions), with Merger Sub 3 surviving the third merger as a wholly owned subsidiary of Broadcom (adoption of the merger agreement and approval of the first merger and the second merger referred to as the merger agreement proposal); </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to approve on an advisory (non-binding) basis the compensation that may be paid or become payable to VMware’s named executive officers that is based on or otherwise relates to the transactions (referred to as the merger-related compensation proposal);</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to approve the adjournment of the special meeting, if necessary, to solicit additional proxies if there are not sufficient votes to approve the merger agreement proposal (referred to as the adjournment proposal); and </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">to approve and adopt an amendment to VMware’s certificate of incorporation (referred to as the charter amendment) to eliminate the personal liability of VMware’s officers for monetary damages for breach of fiduciary duty as an officer, except to the extent such an exemption from liability or limitation thereof is not permitted by the General Corporation Law of the State of Delaware (referred to as the charter amendment proposal). </div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The accompanying proxy statement/prospectus describes the proposals listed above in more detail. Please refer to the accompanying proxy statement/prospectus, including the merger agreement and the other annexes and documents included in, or incorporated by reference into, the accompanying proxy statement/prospectus for further information with respect to the business to be transacted at the special meeting. You are encouraged to read the entire proxy statement/prospectus carefully before voting. <font style="font-weight: bold;">In particular, see the section titled “Risk Factors” beginning on page</font><font style="font-weight: bold;"> </font><font style="font-weight: bold;"><a href="#tRF">27</a></font><font style="font-weight: bold;">.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The VMware board of directors unanimously (i) determined that the terms of the merger agreement and the transactions are fair to, and in the best interests, of VMware and its stockholders, (ii) determined that it is in the best interests of VMware and its stockholders, and declared it advisable, to enter into the merger agreement, (iii) approved the execution and delivery by VMware of the merger agreement, the performance by VMware of its covenants and agreements contained therein and the consummation of the transactions upon the terms and subject to the conditions set forth in the merger agreement and (iv) resolved to recommend that the VMware stockholders vote to adopt the merger agreement. The VMware board of directors further approved, adopted, authorized and declared advisable the charter amendment. The VMware board of directors unanimously recommends that VMware stockholders vote “FOR” the merger agreement proposal, “FOR” the </div></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 528pt;"><a name="ny20005454x1_defm14a_102-notice_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 528pt; margin-left: 0pt;"><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; margin-left: 0pt; text-align: left;">charter amendment proposal and “FOR” each of the other proposals listed above and described in more detail in the accompanying proxy statement/prospectus.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The VMware board of directors has fixed the close of business on September 30, 2022 as the record date for determination of VMware stockholders entitled to receive notice of, and to vote at, the special meeting or any adjournments or postponements thereof. Only holders of record of VMware common stock as of the close of business on the record date are entitled to receive notice of, and to vote at, the special meeting.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">YOUR VOTE IS VERY IMPORTANT, REGARDLESS OF THE NUMBER OF SHARES THAT YOU OWN.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The transactions cannot be completed unless the merger agreement proposal is approved by the affirmative vote, virtually or by proxy, of holders of at least a majority of the outstanding shares of VMware common stock entitled to vote thereon.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The affirmative vote, virtually or by proxy, of holders of at least 67% of the outstanding shares of VMware common stock entitled to vote thereon is required to approve the charter amendment proposal. Further, the affirmative vote of holders of at least a majority of the outstanding shares of VMware common stock represented at the special meeting, virtually or by proxy, and entitled to vote thereon is required to approve the merger-related compensation proposal and the adjournment proposal.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Whether or not you expect to participate in the special meeting, VMware urges you to submit a proxy to have your shares voted as promptly as possible either: (1) via the Internet at proxyvote.com (see proxy card for instructions); (2) by telephone (see proxy card for instructions); or (3) by completing, signing and returning the enclosed proxy card in the postage-paid envelope provided, so that your shares may be represented and voted at the special meeting.<font style="font-weight: normal;"> If your </font><font style="font-weight: normal;">shares are held in “street name” by a bank, brokerage firm or other nominee, please follow the instructions on the voting </font><font style="font-weight: normal;">instruction card furnished by such bank, brokerage firm or other nominee. Any stockholder of record participating in the special </font><font style="font-weight: normal;">meeting may vote even if such stockholder has returned a proxy card. However, if your shares are held in “street name” you </font><font style="font-weight: normal;">must obtain a legal proxy from the bank, brokerage firm or nominee to vote at the special meeting.</font></div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">Stockholders of record as of September 30, 2022 will be able to participate in the special meeting by visiting www.virtualshareholdermeeting.com/VMW2022SM and entering the 16-digit control number included on your proxy card or voting instruction card that accompanied your proxy materials.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If you have any questions about the special meeting, the transactions, the proposals or the accompanying proxy statement/prospectus, would like additional copies of the proxy statement/prospectus, need to obtain proxy cards or other information related to this proxy solicitation or need help submitting a proxy or voting your shares of VMware common stock, you should contact:</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; text-align: center;">VMware, Inc.<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">3401 Hillview Avenue</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">Palo Alto, California 94304</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">(650) 427-5000</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">Attention: Investor Relations</font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; text-align: center;">or</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 8pt; text-align: center;">D.F. King & Co., Inc.<font style="font-weight: normal;"> </font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">48 Wall Street, 22nd Floor</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">New York, New York 10005</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">Banks and Brokerage Firms Call: (212) 269-5550</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">Stockholders Call Toll Free: (800) 628-8532</font><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;"><font style="font-weight: normal;">Email: vmw@dfking.com</font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">By order of the board of directors</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 10.25pt; margin-left: 0pt; text-align: left;"><img style="height: 40px; width: 192px;" src="sig_afolli.jpg"><br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 8pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">  <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 2pt; margin-left: 0pt; text-align: left;">Amy Fliegelman Olli<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><font style="font-style: italic;">Executive Vice President, General Counsel and Secretary</font></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 0pt; text-align: left;">Dated: October 3, 2022<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Palo Alto, California</div></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20005454x1_defm14a_103-additional_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">ADDITIONAL INFORMATION</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This proxy statement/prospectus incorporates important information about Broadcom and VMware from other documents that Broadcom and VMware have filed with the U.S. Securities and Exchange Commission (referred to as the SEC) and that are contained in or incorporated by reference into this proxy statement/prospectus. For a listing of documents incorporated by reference into this proxy statement/prospectus, please see the section titled “Where You Can Find More Information.” This information is available for you to review on the SEC’s website at www.sec.gov. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">You can obtain copies of this proxy statement/prospectus and the documents incorporated by reference into this proxy statement/prospectus free of charge by requesting them in writing or by telephone at the following addresses and telephone numbers:</div><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; /* border-collapse: collapse; */ width: 468pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 48.72%; text-align: center; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">For Information Regarding Broadcom:</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">​</td><td style="width: 48.72%; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">For Information Regarding VMware:</div></td></tr><tr><td style="width: 48.72%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"> </div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 48.72%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"> </div></td></tr><tr><td style="width: 48.72%; text-align: center; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Broadcom Inc. <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">1320 Ridder Park Drive <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">San Jose, California 95131 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">(408) 433-8000 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Attention: Investor Relations</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 48.72%; text-align: center; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">VMware, Inc. <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">3401 Hillview Avenue <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Palo Alto, California 94304 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">(650) 427-5000 <br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; text-align: center;">Attention: Investor Relations</div></td></tr></table><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, you may obtain copies of documents filed by Broadcom with the SEC by accessing Broadcom’s website at https://investors.broadcom.com. You may also obtain copies of documents filed by VMware with the SEC by accessing VMware’s website at http://ir.vmware.com. We are not incorporating the contents of the websites of the SEC, Broadcom, VMware or any other entity into this proxy statement/prospectus. We are providing the information about how you can obtain certain documents that are incorporated by reference into this proxy statement/prospectus at these websites only for your convenience.</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">In addition, if you have questions about the special meeting, the transactions, the proposals or this proxy statement/prospectus, would like additional copies of the proxy statement/prospectus, need to obtain proxy cards or other information related to the proxy solicitation or need help submitting a proxy or voting your shares of VMware common stock, you may contact D.F. King & Co., Inc. (referred to as D.F. King or VMware’s proxy solicitor), at the address and telephone number listed below. You will not be charged for any of these documents that you request. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8.5pt; text-align: center;">48 Wall Street, 22nd Floor<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">New York, New York 10005<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Banks and Brokerage Firms Call: (212) 269-5550<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Stockholders Call Toll Free: (800) 628-8532<br></div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; text-align: center;">Email: vmw@dfking.com</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">If you would like to request any documents, please do so by October 28, 2022, which is the date that is five business days prior to the date of the special meeting, in order to receive them before the special meeting.</div></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20005454x1_defm14a_104-about_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tATPS"><!--Anchor--></a>ABOUT THIS PROXY STATEMENT/PROSPECTUS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This proxy statement/prospectus, which forms part of a registration statement on Form S-4 (Registration No. 333-266181) filed with the SEC by Broadcom, constitutes a prospectus of Broadcom under the Securities Act of 1933, as amended (referred to as the Securities Act), with respect to the Broadcom common stock to be issued to VMware stockholders pursuant to the transactions. This proxy statement/prospectus also constitutes a proxy statement for VMware under the Securities Exchange Act of 1934, as amended (referred to as the Exchange Act), and a notice of meeting with respect to the special meeting of VMware stockholders. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">You should rely only on the information contained in or incorporated by reference into this proxy statement/prospectus. No one has been authorized to provide you with information that is different from that contained in, or incorporated by reference into, this proxy statement/prospectus. This proxy statement/prospectus is dated October 3, 2022, and you should assume that the information contained in this proxy statement/prospectus is accurate only as of such date. You should also assume that the information incorporated by reference into this proxy statement/prospectus is accurate only as of the date of such information. </div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">This proxy statement/prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, or the solicitation of a proxy in any jurisdiction to or from any person to whom it is unlawful to make any such offer or solicitation in such jurisdiction. Information contained in this proxy statement/prospectus regarding Broadcom has been provided by Broadcom, and information contained in this proxy statement/prospectus regarding VMware has been provided by VMware.</div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">i<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20005454x1_defm14a_105-toc_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;">TABLE OF CONTENTS</div><a name="TOC"><!--Anchor--></a><table cellspacing="0" cellpadding="0" class="fintab" style="margin-top: 4pt; /* border-collapse: collapse; */ width: 468pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tATPS">ABOUT THIS PROXY STATEMENT/PROSPECTUS<font style="padding-left: 2.18pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 6pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tATPS"><font style="padding-left: 12.22pt;">i</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tQA">QUESTIONS AND ANSWERS<font style="padding-left: 3.97pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tQA"><font style="padding-left: 10pt;">1</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tS">SUMMARY<font style="padding-left: 3.39pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tS"><font style="padding-left: 5.37pt;">11</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCSR">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS<font style="padding-left: 4.51pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCSR"><font style="padding-left: 5pt;">25</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRF">RISK FACTORS<font style="padding-left: 4.32pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tRF"><font style="padding-left: 5pt;">27</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tIAV">INFORMATION ABOUT VMWARE<font style="padding-left: 1.01pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tIAV"><font style="padding-left: 5pt;">36</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tIAB">INFORMATION ABOUT BROADCOM<font style="padding-left: 2.5pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tIAB"><font style="padding-left: 5pt;">37</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tIATV">INFORMATION ABOUT THE VMWARE SPECIAL MEETING<font style="padding-left: 1.59pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tIATV"><font style="padding-left: 5pt;">38</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tPROP1">PROPOSAL 1: THE MERGER AGREEMENT PROPOSAL<font style="padding-left: 1.38pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tPROP1"><font style="padding-left: 5pt;">43</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tPROP2">PROPOSAL 2: THE MERGER-RELATED COMPENSATION PROPOSAL<font style="padding-left: 2.34pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tPROP2"><font style="padding-left: 5pt;">44</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tPROP3">PROPOSAL 3: THE ADJOURNMENT PROPOSAL<font style="padding-left: 3.05pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tPROP3"><font style="padding-left: 5pt;">45</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tPROP4">PROPOSAL 4: THE CHARTER AMENDMENT PROPOSAL<font style="padding-left: 3.66pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tPROP4"><font style="padding-left: 5pt;">46</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTT">THE TRANSACTIONS<font style="padding-left: 0.82pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTT"><font style="padding-left: 5pt;">47</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTMA">THE MERGER AGREEMENT<font style="padding-left: 0.63pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTMA"><font style="padding-left: 5pt;">94</font></a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTVA">THE VOTING AGREEMENTS<font style="padding-left: 3.6pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tTVA">124</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tOM">OTHER MATTERS<font style="padding-left: 2.29pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tOM">126</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tUPF">UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION<font style="padding-left: 4.99pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tUPF">127</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCOR">COMPARISON OF RIGHTS OF COMMON STOCKHOLDERS OF BROADCOM AND VMWARE<font style="padding-left: 2.56pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tCOR">143</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tIAVT">INFORMATION ABOUT THE VMWARE BENEFICIAL OWNERS<font style="padding-left: 1.6pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tIAVT">158</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tARV">APPRAISAL RIGHTS OF VMWARE STOCKHOLDERS<font style="padding-left: 0.29pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tARV">160</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tLM">LEGAL MATTERS<font style="padding-left: 3.22pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tLM">164</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tE">EXPERTS<font style="padding-left: 1.77pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tE">165</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tVSP">VMWARE STOCKHOLDER PROPOSALS<font style="padding-left: 3.61pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tVSP">166</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tHOP">HOUSEHOLDING OF PROXY STATEMENT/PROSPECTUS<font style="padding-left: 1.84pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tHOP">167</a></div></td></tr><tr><td style="width: 92.31%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tWYC">WHERE YOU CAN FIND MORE INFORMATION<font style="padding-left: 3.84pt;"></font></a></div></td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td class="gutter" style="width: 2.24%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;">​</td><td style="width: 3.21%; text-align: left; vertical-align: bottom; white-space: nowrap; padding-top: 3pt; padding-bottom: 3pt; background-color: #CCEEFF;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;"><a href="#tWYC">168</a></div></td></tr></table><table cellspacing="0" cellpadding="0" class="txttab" style="margin-top: 4pt; /* border-collapse: collapse; */ width: 468pt; margin-left: auto; margin-right: auto;"><tr><td style="width: 10.26%; text-align: left; vertical-align: top; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 0pt; margin-left: 0pt; text-align: left;">ANNEXES</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 6pt; padding-bottom: 3pt;">​</td><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 6pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> </div></td></tr><tr><td style="width: 10.26%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annex A </div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Merger Agreement</div></td></tr><tr><td style="width: 10.26%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annex B </div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">MSD Voting Agreement</div></td></tr><tr><td style="width: 10.26%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annex C</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">SL Voting Agreement</div></td></tr><tr><td style="width: 10.26%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annex D </div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Goldman Sachs Fairness Opinion</div></td></tr><tr><td style="width: 10.26%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annex E </div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">J.P. Morgan Fairness Opinion</div></td></tr><tr><td style="width: 10.26%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annex F</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">General Corporation Law of the State of Delaware, Section 262</div></td></tr><tr><td style="width: 10.26%; text-align: left; vertical-align: top; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Annex G</div></td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td class="gutter" style="width: 1.28%; border-bottom: none; font-size: 2pt; padding-top: 3pt; padding-bottom: 3pt;">​</td><td style="width: 87.18%; text-align: left; vertical-align: bottom; padding-top: 3pt; padding-bottom: 3pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-left: 0pt; text-align: left;">Amended and Restated Certificate of Incorporation of VMware, Inc.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">ii<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20005454x1_defm14a_106-qa_pg1"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="h1" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; margin-top: 6.75pt; text-align: center;"><a name="tQA"><!--Anchor--></a>QUESTIONS AND ANSWERS</div><div class="para" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: italic; margin-top: 6pt; margin-left: 0pt; text-indent: 20pt; text-align: left;">The following questions and answers are intended to briefly address some commonly asked questions regarding the transactions, the merger agreement and the special meeting. These questions and answers may not address all questions that may be important to you as a VMware stockholder. Please refer to the section titled “Summary” and the more detailed information contained elsewhere in this proxy statement/prospectus, the annexes to this proxy statement/prospectus and the documents referred to in this proxy statement/prospectus, which you should read carefully and in their entirety. You may obtain the information incorporated by reference into this proxy statement/prospectus without charge by following the instructions under the section titled “Where You Can Find More Information.”</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Why am I receiving this proxy statement/prospectus?</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">VMware, Inc. (referred to as VMware) is sending these materials to VMware stockholders to help them decide how to vote their shares of VMware common stock with respect to (i) the adoption of the Agreement and Plan of Merger, dated as of May 26, 2022, by and among Broadcom Inc. (referred to as Broadcom), VMware, Verona Holdco, Inc., a wholly owned subsidiary of VMware (referred to as Holdco), Verona Merger Sub, Inc., a wholly owned subsidiary of Holdco (referred to as Merger Sub 1), Barcelona Merger Sub 2, Inc., a wholly owned subsidiary of Broadcom (referred to as Merger Sub 2) and Barcelona Merger Sub 3, LLC, a wholly owned subsidiary of Broadcom (referred to as Merger Sub 3, and collectively, with Merger Sub 2, as Broadcom Merger Subs), which agreement provides for the acquisition of VMware by Broadcom (such agreement, as it may be amended from time to time, is referred to as the merger agreement), a copy of which is included as <font style="font-weight: bold;">Annex A</font> to this proxy statement/prospectus, and approval of the first merger and the second merger (each as defined below), (ii) the adoption of an amendment to VMware’s certificate of incorporation (referred to as the charter amendment) to eliminate the personal liability of VMware’s officers for monetary damages for breach of fiduciary duty as an officer, except to the extent such an exemption from liability or limitation thereof is not permitted by the General Corporation Law of the State of Delaware (referred to as the DGCL) and (iii) the other proposals to be considered at the special meeting of VMware stockholders to be held on November 4, 2022 (referred to as the special meeting). </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: left;">This document constitutes both a proxy statement of VMware and a prospectus of Broadcom. It is a proxy statement because VMware is soliciting proxies from its stockholders. It is a prospectus because Broadcom will issue shares of its common stock, par value $0.001 per share (referred to as Broadcom common stock), in exchange for shares of VMware Class A common stock, par value $0.01 per share (referred to as VMware common stock or VMware shares) in the transactions (as defined below) if the transactions are completed. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">What are the transactions? </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">VMware has agreed to be acquired by Broadcom under the terms of the merger agreement, which is further described in this proxy statement/prospectus. If the merger agreement is adopted by VMware stockholders and the other closing conditions under the merger agreement are satisfied or waived, the following transactions (collectively referred to as the transactions) will be consummated: </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Merger Sub 1 will merge with and into VMware (referred to as the first merger), with VMware surviving the first merger and becoming a wholly owned subsidiary of Holdco; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">following the effective time of the first merger, VMware, the surviving company of the first merger, will be converted into a Delaware limited liability company (referred to as the LLC conversion); </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">following the effective time of the LLC conversion, Merger Sub 2 will merge with and into Holdco (referred to as the second merger), with Holdco surviving the second merger and becoming a wholly owned subsidiary of Broadcom; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">following the effective time of the second merger, Holdco, the surviving company of the second merger, will merge with and into Merger Sub 3 (referred to as the third merger), with Merger Sub 3 surviving the third merger as a wholly owned subsidiary of Broadcom.</div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">1<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20005454x1_defm14a_106-qa_pg2"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6.75pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">Are there any risks that I should consider in deciding whether to vote for the approval of the merger agreement proposal? </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Yes. You should read and carefully consider the risks set forth in the section titled “Risk Factors” beginning on page <a href="#tRF">27</a>. You should also read and carefully consider the risks related to Broadcom and VMware contained in the documents that are incorporated by reference into this proxy statement/prospectus. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">What will I receive for my shares if the transactions are completed? </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Immediately prior to the effective time of the second merger, the merger consideration is subject to proration so that 50% of VMware common stock issued and outstanding will be converted into cash consideration and 50% will be converted into stock consideration. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: left;">At the effective time of the second merger, you will be entitled to receive, at your election and subject to proration, for each share of VMware common stock that you hold (i) $142.50 in cash, without interest (referred to as the cash consideration) or (ii) 0.25200 shares of Broadcom common stock (referred to as the stock consideration and together with the cash consideration, the merger consideration). You will receive cash in lieu of any fractional shares of Broadcom common stock that you would otherwise be entitled to receive. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: left;">You may elect a different form of merger consideration for each share you own. You may elect to receive (i) solely the cash consideration, (ii) solely the stock consideration or (iii) if you own more than one share, a combination of the cash consideration for a selected number of shares and the stock consideration for the remaining number of shares. Whether you receive your elected merger consideration will depend on the election of other VMware stockholders and a proration mechanism. For example, if you elect to receive solely the cash consideration or solely the stock consideration, and all other VMware stockholders make the same election, the consideration you receive will vary to the maximum extent possible compared to your original election. In such instance, you would receive the cash consideration in exchange for 50% of your shares of VMware common stock and the stock consideration in exchange for 50% of your shares of VMware common stock. The following examples illustrate the proration mechanism in the case of an oversubscription of either the cash consideration or the stock consideration (both if you elect solely the oversubscribed form of merger consideration and if you elect a combination of the cash consideration and the stock consideration). Note that for illustrative purposes, the following examples do not round shares to the nearest whole number. </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">If you own 100 shares of VMware common stock and elect to receive solely the cash consideration, and 80% of the outstanding VMware shares elect to receive cash, 15% of the outstanding VMware shares elect to receive Broadcom common stock and 5% of the outstanding VMware shares do not make an election, you will receive cash in exchange for 62.5 of your shares of VMware common stock and Broadcom common stock in exchange for 37.5 of your shares of VMware common stock. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">If you own 100 shares of VMware common stock and elect to receive the cash consideration for 55 shares and the stock consideration for 45 shares, and 80% of the outstanding VMware shares elect to receive cash, 15% of the outstanding VMware shares elect to receive Broadcom common stock and 5% of the outstanding VMware shares do not make an election, you will receive cash in exchange for 34.375 of your shares of VMware common stock and Broadcom common stock in exchange for 65.625 of your shares of VMware common stock. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">If you own 100 shares of VMware common stock and elect to receive solely the stock consideration, and 80% of the outstanding VMware shares elect to receive Broadcom common stock, 15% of the outstanding VMware shares elect to receive cash and 5% of the outstanding VMware shares do not make an election, you will receive cash in exchange for 37.5 of your shares of VMware common stock and Broadcom common stock in exchange for 62.5 of your shares of VMware common stock. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">•</div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">If you own 100 shares of VMware common stock and elect to receive the cash consideration for 45 shares and the stock consideration for 55 shares, and 80% of the outstanding VMware shares elect to receive Broadcom common stock, 15% of the outstanding VMware shares elect to receive cash and 5% of the outstanding VMware shares do not make an election, you will receive cash in exchange for 65.625 of your shares of VMware common stock and Broadcom common stock in exchange for 34.375 of your shares of VMware common stock. </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">2<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20005454x1_defm14a_106-qa_pg3"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-align: left;">The proration of the merger consideration will not be known until immediately prior to or following the effective time of the second merger. VMware stockholders who do not make an election will be treated as having elected to receive cash consideration or stock consideration in accordance with the proration methodology in the merger agreement. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: left;">On May 25, 2022 (the last full trading day before the announcement of the transactions), the closing stock price per share of Broadcom common stock was $531.63, which, after giving effect to the exchange ratio of 0.25200, has an implied value of approximately $133.97 per share. Based on this price, with respect to the stock consideration and the cash consideration of $142.50 per share, upon completion of the transactions, VMware stockholders that receive the cash consideration for 50% of their shares of VMware common stock and receive the stock consideration for 50% of their shares of VMware common stock would receive total merger consideration with an implied value of approximately $138.24 per share. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: left;">On September 30, 2022 (the most recent practicable date prior to the date of this proxy statement/prospectus), the closing stock price per share of Broadcom common stock was $444.01, which, after giving effect to the exchange ratio of 0.25200, has an implied value of approximately $111.89 per share. Based on this price, with respect to the stock consideration and the cash consideration of $142.50 per share, upon completion of the transactions, VMware stockholders that receive the cash consideration for 50% of their shares of VMware common stock and receive the stock consideration for 50% of their shares of VMware common stock would receive total merger consideration with an implied value of approximately $127.20 per share. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: left;">The implied value of the stock consideration will fluctuate as the market price of Broadcom common stock fluctuates because the stock consideration is payable in a fixed number of shares of Broadcom common stock. As a result, the value of the stock consideration that VMware stockholders will receive upon completion of the transactions could be greater than, less than or the same as the value of the stock consideration on the date of this proxy statement/prospectus, at the time of the VMware special meeting or on the date on which VMware stockholders make their election. Accordingly, you should obtain current stock price quotations for Broadcom common stock and VMware common stock before deciding how to vote with respect to the merger agreement proposal. Broadcom common stock trades on The Nasdaq Global Select Market under the symbol “AVGO” and VMware common stock trades on the New York Stock Exchange under the symbol “VMW.”</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: left;">For additional information regarding the consideration to be received in the transactions, see the section titled “The Transactions—Merger Consideration.” </div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">What happens if I am eligible to receive a fraction of a share of Broadcom common stock as part of the stock consideration? </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">If the aggregate number of shares of Broadcom common stock that you are entitled to receive as part of the stock consideration otherwise would include a fraction of a share of Broadcom common stock, you will receive cash in lieu of that fractional share. See the section titled “The Transactions—Exchange of Shares; Elections as to Form of Consideration.” </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">How and when do I make my merger consideration election? </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">You will receive an election form following the VMware special meeting. You will make your cash and/or stock election by properly completing, signing and returning the election form. In addition, if you hold stock certificates representing VMware common stock, you must return your stock certificates (or guaranty of delivery of such certificates) to the exchange agent in connection with the transactions. If you do not send in the election form with such stock certificates, if applicable, by the election deadline, you will be treated as though you had not made an election. Carefully review and follow the instructions accompanying the election form. If you own VMware common stock in “street name” through a bank, brokerage firm or other nominee and you wish to make an election, you should follow the instructions provided by your bank, brokerage firm or other nominee when making your election. </div></td></tr></table><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: left;">The mailing of the election form will occur at least 20 business days prior to the anticipated election deadline, which is expected to be 5:00 p.m. local time (in the city in which the principal office of the </div></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">3<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20005454x1_defm14a_106-qa_pg4"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-align: left;">exchange agent is located) on the date that is five business days prior to Broadcom’s good faith estimate of the closing date or such other date as may be mutually agreed to by the parties. Broadcom and VMware will publicly announce the anticipated election deadline at least three business days prior to the election deadline.</div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 8pt; margin-left: 20pt; text-align: left;">Do NOT submit any stock certificates (or evidence of shares in book-entry form) with your proxy card. </div><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6pt; margin-left: 20pt; text-align: left;">For more details on the election procedures, see “The Transactions—Exchange of Shares; Elections as to Form of Consideration.”</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">What do I do if I want to revoke my election? </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">You may change or revoke your election at any time during the election period, by written notice to the exchange agent prior to the election deadline or by withdrawal of your VMware stock certificates (or of the guarantee of delivery of such stock certificates), if applicable, previously deposited with the exchange agent prior to the election deadline.</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">What happens if I do not make a valid merger consideration election? </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">If you do not return a properly completed election form by the election deadline, your shares of VMware common stock will be considered “non-election” shares and will be converted into the right to receive the cash consideration or the stock consideration according to the allocation procedures specified in the merger agreement. Generally, in the event one form of merger consideration (i.e., cash or shares of Broadcom common stock) is undersubscribed (referred to as the undersubscribed consideration), “non-election” shares will be allocated the undersubscribed consideration. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">If I make a valid merger consideration election, could I receive a form of merger consideration that I did not elect to receive?</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">If, after the “non-election” shares have been allocated any undersubscribed consideration, there still remains undersubscribed consideration, then shares of VMware common stock electing the oversubscribed form of merger consideration will be allocated the undersubscribed consideration pursuant to the proration and adjustment procedures. Accordingly, there is no guarantee that you will receive your elected form of merger consideration for all of your shares of VMware common stock. In the event proration is necessary, electing shares will be allocated the undersubscribed consideration only after the undersubscribed consideration is allocated to “non-election” shares. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">How will I receive the merger consideration to which I am entitled? </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">After receiving the proper documentation from you, following the completion of the second merger, the exchange agent will provide to you the cash consideration and/or stock consideration to which you are entitled. More information on the documentation you are required to deliver to the exchange agent may be found in the section titled “The Merger Agreement—Exchange and Payment Procedures.” </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">What will happen to VMware as a result of the transactions? </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">If the transactions are completed, VMware, as the surviving corporation of the first merger, will be converted to a limited liability company in the LLC conversion and will become an indirect wholly owned subsidiary of Broadcom as a result of the second merger. As a result of the transactions, VMware will no longer be a publicly held company and VMware common stock will be delisted from the New York Stock Exchange and deregistered under the Exchange Act. </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">What are the closing conditions that must be satisfied to complete the transactions and can the parties waive the closing conditions? </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">There are a number of conditions to the closing of the transactions. For a summary of the conditions that must be satisfied or waived prior to the consummation of the transactions, see the section titled “The Merger Agreement—Conditions to the Transactions.” The closing conditions can be waived by the applicable parties to the extent permitted by applicable law, but no party is required to waive any closing conditions. </div></td></tr></table></div></div><div class="block-frill" style="width: 468pt; margin-top: 12pt; margin-left: 0pt;"><div class="unknown" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 9.47pt; text-align: center;">4<br></div></div></div>
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<div class="page" style="text-align: left; margin: auto; position: relative; width: 468pt;"><a name="ny20005454x1_defm14a_106-qa_pg5"><!--Anchor--></a><p style="text-align: left; font-family: 'Times New Roman', Times, Serif; font-size: 8pt; font-variant: normal; font-weight: bold"><a href="#TOC">TABLE OF CONTENTS</a></p><div class="page-content"><div class="block-main" style="width: 468pt; margin-left: 0pt;"><div class="fpara" style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 6.75pt; margin-left: 20pt; text-align: left;">If the parties were to waive any closing conditions—such as the condition that: (i) the shares of Broadcom common stock to be issued to VMware stockholders in the second merger be approved for listing on The Nasdaq Global Select Market, subject to official notice of issuance, (ii) the representations and warranties of VMware and Broadcom must be true and correct as of the closing, subject to certain materiality or material adverse effect qualifiers, or (iii) no material adverse effect has occurred on the other party that is continuing—such waiver may have an adverse effect on VMware and Broadcom and their respective stockholders. For a summary of the potential risks relating to the transactions, see the section titled “Risk Factors—Risks Relating to the Transactions.”</div><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">When are the transactions expected to be completed? </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">Broadcom and VMware currently expect the transactions to be completed during Broadcom’s fiscal year 2023, subject to the affirmative vote of the holders of at least a majority of the outstanding shares of VMware common stock in favor of adoption of the merger agreement, the expiration or termination of the waiting period (and any extensions thereof) applicable to the transactions under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (referred to as the HSR Act), the receipt of the clearances and approvals applicable to the transactions under the antitrust laws of the European Union and certain other jurisdictions, and the satisfaction or waiver of the other closing conditions contained in the merger agreement. However, Broadcom and VMware cannot predict the actual date on which the transactions will be completed because completion is subject to conditions beyond their control and it is possible that such conditions could result in the transactions being completed earlier or later or not being completed at all. See the sections titled “The Transactions—Regulatory Clearances and Approvals Required for the Transactions” and “The Merger Agreement—Conditions to the Transactions.” </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 12pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">Q:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold; text-align: left;">What am I being asked to vote on? </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 0pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">A:<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;">You are being asked to vote upon the following proposals: </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">1.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic; font-weight: bold;">Proposal 1—The Merger Agreement Proposal:</font> the proposal to adopt the merger agreement, which is further described in the sections titled “The Transactions” and “The Merger Agreement” and a copy of which is attached to this proxy statement/prospectus as <font style="font-weight: bold;">Annex A</font>, and to approve the first merger and the second merger; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">2.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic; font-weight: bold;">Proposal 2—The Merger-Related Compensation Proposal:</font> the proposal to approve on an advisory (non-binding) basis the compensation that may be paid or become payable to VMware’s named executive officers that is based on or otherwise relates to the transactions; </div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">3.<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic; font-weight: bold;">Proposal 3—The Adjournment Proposal:</font> the proposal to approve the adjournment of the special meeting, if necessary, to solicit additional proxies if there are not sufficient votes to approve the merger agreement proposal; and</div></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="margin-top: 6pt; margin-left: 20pt;"><tr><td style="width: 20pt; text-align: left; vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">4<br></div></td><td style="vertical-align: top;"><div style="color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;"><font style="font-style: italic; font-weight: bold;">Proposal 4—The Charter Amendment Proposal:</font> the proposal to approve and adopt the charter amendment, which is further de
gitextract_t8cnjcwl/
├── .github/
│ └── FUNDING.yml
├── LICENSE
├── README.md
├── VMW_to_AVGO_ESPP_and_RSU.xlsx
├── documents/
│ └── VMware Broadcom Merger Agreement.html
├── install.md
├── problems.md
├── usage.md
└── worksheet/
├── apply-tax-strategy.gs
├── common.gs
├── config.gs
├── export.gs
├── github_hickeng_financial_vmw_avgo_merger_data_ESPP.json
├── github_hickeng_financial_vmw_avgo_merger_data_PriceReference.json
├── github_hickeng_financial_vmw_avgo_merger_data_RSU.json
├── github_hickeng_financial_vmw_avgo_merger_data_Reference.json
└── github_hickeng_financial_vmw_avgo_merger_data_Summary.json
Condensed preview — 17 files, each showing path, character count, and a content snippet. Download the .json file or copy for the full structured content (5,918K chars).
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{
"path": ".github/FUNDING.yml",
"chars": 798,
"preview": "# These are supported funding model platforms\n\ngithub: hickeng\n\n#patreon: # Replace with a single Patreon username\n#open"
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"path": "LICENSE",
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"preview": "Attribution-NonCommercial 4.0 International\n\n=======================================================================\n\nCr"
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"preview": "Welcome, fellow members of the Turtle Pond.\n\nThis repo holds spreadsheets, research, and conclusions for the financials "
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{
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"chars": 3355,
"preview": "# Install\r\n\r\nTo just use the sheet directly from Google, go:\r\n\r\n* [here for G-Suite](https://docs.google.com/spreadsheet"
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"preview": "# Problems impacting holders of WMV through merger\n\nThere've been various issues and confusion around the Broadcom acqui"
},
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// ... and 1 more files (download for full content)
About this extraction
This page contains the full source code of the hickeng/financial GitHub repository, extracted and formatted as plain text for AI agents and large language models (LLMs). The extraction includes 17 files (5.4 MB), approximately 1.4M tokens. Use this with OpenClaw, Claude, ChatGPT, Cursor, Windsurf, or any other AI tool that accepts text input. You can copy the full output to your clipboard or download it as a .txt file.
Extracted by GitExtract — free GitHub repo to text converter for AI. Built by Nikandr Surkov.