Dell 2003 Annual Report Download - page 154

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its sole discretion shall determine. Such credits may be made on behalf of some Participants but not others, and such credits may vary in amount among
individual Participants. ARTICLE IV.
ALLOCATIONS TO PARTICIPANT ACCOUNTS
4.1 Individual Accounts. The Committee shall create and maintain adequate records to disclose the interest hereunder of each Participant, former Participant
and Beneficiary. Such records shall be in the form of individual accounts and credits and debits shall be made to such accounts in the manner herein
described.
4.2 Investment of Accounts. The Committee shall allocate earnings and losses to each Participant's Accounts according to the hypothetical investments made
by a Participant pursuant to the terms of Article V.
4.3 Allocation of Net Income or Loss and Changes in Value.
(a) As of each Valuation Date, the Committee shall determine the fair market value and the net income (or net loss) of each Investment Fund for the
period elapsed since the next preceding Valuation Date. The net income (or net loss) of each Investment Fund since the next preceding Valuation Date
shall be ascertained by the Committee in such manner as it deems appropriate, which may include expenses, if any, of administering the Investment
Fund, the Trust, and the Plan.
(b) For purposes of allocations of net income (or net loss), each Participant's Accounts shall be divided into subaccounts to reflect the hypothetical
investment of such Participant's Accounts in a particular Investment Fund or Investment Funds pursuant to Article V. As of each Valuation Date, the
net income (or net loss) of each Investment Fund, separately and respectively, shall be allocated among the corresponding subaccounts of the
Participants who had such corresponding subaccounts invested in such Investment Fund since the next preceding Valuation Date, and each such
corresponding subaccount shall be credited with (or debited for) that portion of such net income (or net loss) that the value of each such corresponding
subaccount on such next preceding Valuation Date was of the value of all such corresponding subaccounts on such date; provided, however, that the
value of such subaccounts as of the next preceding Valuation Date shall be reduced by the amount of any distributions made therefrom since the next
preceding Valuation Date.
(c) So long as there is any balance in any Account, such Account shall continue to receive allocations pursuant to this Section.
ARTICLE V.
HYPOTHETICAL INVESTMENT OF ACCOUNTS
5.1 Hypothetical Investment of Accounts. The Committee shall from time to time select, add, and/or delete Investment Funds for purposes of the
hypothetical investment of Participants' Accounts. For purposes of allocating earnings and losses and valuation of each Participant's Accounts, each
Participant's Accounts shall be deemed to be invested in the Investment Funds. The Committee shall designate which Investment Fund or Funds the
Participant's -11-