Dell 2003 Annual Report Download - page 122

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XI.
TRUSTEE AND ADMINISTRATION OF TRUST FUND
11.1 Appointment, Resignation, Removal, and Replacement of Trustee. The Trustee shall be appointed, removed, and replaced by and in the sole discretion
of the Directors. The Trustee shall be the "named fiduciary" with respect to investment of the Trust Fund's assets.
11.2 Trust Agreement. As a means of administering the assets of the Plan, the Company has entered into a Trust Agreement with the Trustee. The Trust
Agreement shall govern the administration of the assets of the Plan and the duties, obligations, and responsibilities of the Trustee. The Trust Agreement
may be amended from time to time as the Company deems advisable in order to effectuate the purposes of the Plan. The Trust Agreement is incorporated
herein by reference and thereby made a part of the Plan.
11.3 Payment of Expenses. All expenses incident to the administration of the Plan and Trust, including but not limited to, legal, accounting, Trustee fees, direct
expenses of the Employer and the Committee incurred in the administration of the Plan, and the cost of furnishing any bond or security required of the
Committee, shall be paid by the Trustee from the Trust Fund, and, until paid, shall constitute a claim against the Trust Fund that is paramount to the claims
of Participants and beneficiaries; provided, however, that (i) the obligation of the Trustee to pay such expenses from the Trust Fund shall cease to exist to
the extent such expenses are paid by the Employer and (ii) in the event the Trustee's compensation is to be paid, pursuant to this Section, from the Trust
Fund, any individual serving as Trustee who already receives full-time pay from an Employer or an association of Employers whose employees are
Participants, or from an employee organization whose members are Participants, shall not receive any additional compensation for serving as Trustee. This
Section shall be deemed to be a part of any contract to provide for expenses of Plan and Trust administration, whether or not the signatory to such contract
is, as a matter of convenience, the Employer.
11.4 Trust Fund Property. All income, profits, recoveries, contributions, forfeitures, and any and all moneys, securities, and properties of any kind at any time
received or held by the Trustee hereunder shall be held for investment purposes as a commingled Trust Fund. The Committee shall maintain Accounts in
the name of each Participant, but the maintenance of an Account designated as the Account of a Participant shall not mean that such Participant shall have
a greater or lesser interest than that due him by operation of the Plan and shall not be considered as segregating any funds or property from any other funds
or property contained in the commingled fund. No Participant shall have any title to any specific asset in the Trust Fund.
11.5 Distributions from Participants' Accounts. Distributions from a Participant's Accounts shall be made by the Trustee only if, when, and in the amount
and manner directed in writing by the Committee. Any distribution made to a Participant or for his benefit shall be debited to such Participant's Account or
Accounts. All distributions hereunder shall be made in cash except as otherwise specifically provided herein.
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