Exhibit 99.2
1165(e) PLAN ADOPTION AGREEMENT
Popular Master Defined Contribution Retirement Plan
AMENDED EFFECTIVE AS OF OCTOBER 1, 2001
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By executing this Adoption Agreement the Employer is adopting
a profit sharing plan with optional Section 1165(e) provisions for the benefit
of its Employees. The Employer's Plan is comprised of: (i)[x] the Banco Popular
de Puerto Rico Popular Master Defined Contribution Retirement Plan Document or
[x] the Employer's Defined Contribution Retirement Plan Document; (ii) [ ] the
Banco Popular de Puerto Rico Popular Master Defined Contribution Retirement Plan
Master Trust and/or [ ] the Employer's Defined Contribution Retirement Plan
Trust; and (iii) [x] this Adoption Agreement. The terms used in this Adoption
Agreement. The terms used in this Adoption Agreement, as well as the rules to be
complied with in connection with the Plan, are fully explained in the [x]
Popular Master Plan Document or [ ] the Employer's Plan Document. When signing
this Adoption Agreement, if applicable, the employer has received copy of the
Banco Popular de Puerto Rico Popular Master Defined Contribution Retirement Plan
and the Popular Master Plan's Summary Plan Description. The Banco Popular de
Puerto Rico Popular Master Defined Contribution Retirement Plan Master Trust is
available upon request at Banco Popular's main offices in Hato Rey, Puerto Rico.
1165(e) Plan Adoption Agreement
Popular Master Defined Contribution Retirement Plan
Copyright@2001 by Banco Popular de Puerto Rico
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Plan Sponsor
Name of Plan Sponsor: Microsoft Puerto Rico
Address (Physical): X.X. Xxx 000
Xxxxxxx, Xxxxxx Xxxx 00000
Xxxxxxx (Xxxxxx): Xxxx #0 Xx. 00.0
Xxxxxxx, Xxxxxx Xxxx 00000
Telephone: 000-000-0000 Telefax: 000-000-0000
Name of Person for Banco Popular de Puerto Rico to contact:
Xxxxxx Xxxxxx Xxxx Xxxxx
Position: Human Resources Manager Senior Human Resources Generalist
Telephone: 850-1600 ext. 5057/850-5057 850-1600 ext. 2912/850-5366
Telefax: 000-000-0000
E-Mail: xxxxxxxx@xxxxxxxxx.xxx xxxxxx@xxxxxxxxx.xxx
Plan Sponsor tax identification number: 00-0000000
Type of business:
[_] Unincorporated Trade or Business
[_] Partnership
[X] Corporation
[_] Other (specify) _____________________________________________________
Employer's taxable year:
[_] Calendar year
[X] Fiscal Year ending on June 30
Employer Information (Complete even if only one Employer will adopt the Plan,
attach additional sheets to provide information for additional Employers
adopting the Plan. References in this Adoption Agreement to any Employer shall
be in reference to all employers adopting the Plan.)
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Name of Employer: Microsoft Puerto Rico
Address (Physical): Road #3 Xx 00.0 Xxxxxxx, Xxxxxx Xxxx 00000
Address (Postal): X.X. Xxx 000 Xxxxxxx, Xxxxxx Xxxx 00000
Telephone: 000-000-0000 Telefax: 000-000-0000
Name of Person for Banco Popular de Puerto Rico to Contact: Xxxx Xxxxx
Position: Senior Human Resources Generalist
Telephone: 000-000-0000 Telefax: 000-000-0000 E-Mail:
Employer tax identification number: 00-0000000
Type of business:
[_] Unicorporated Trade of Business
[_] Partnership
[X] Corporation
[_] Other (specify)
Employer's taxable year:
[_] Calendar Year
[x] Fiscal Year ending on June 30
Payroll frequency: [x] Weekly - Hourly [_] Bi-Weekly
[x] Semi-Monthly Salaried [_] Monthly
[_] Semi-Weekly [_] Other
Transfer to Banco Popular
General Plan Information
Plan Name Microsoft Puerto Rico, Inc. 1165(e) Savings Plan
(Employer's name and type of plan)
Adoption or Amendment of Plan
By signing this Adoption Agreement the Employer:
[_] adopts the Banco Popular de Puerto Rico Popular Master Defined
Contribution Retirement Plan and its Popular Master Trust
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[_] adopts the Banco Popular de Puerto Rico Popular Master Defined Contribution
Retirement Plan and as Individual Trust
[_] adopts and Individual Defined Contribution Retirement Plan and the Banco
Popular de Puerto Rico Popular Master Defined Contribution Retirement Plan
Master Trust,
[_] amends certain options of an earlier Banco Popular de Puerto Rico Popular
Master Defined Contribution Retirement Plan Adoption Agreement for the
following Plan:
Name of Plan: Microsoft Puerto Rico, Inc. 165(e) Savings Plan
Original Effective Date: January 1, 1991 amended July 1/st/. 1997
[_] amends and restates the following Plan:
Name of Plan:
Original Effective Date:
Effective Date (cannot be earlier than the first day of the Plan Year in which
the Employer signs this Adoption Agreement).
The effective date of this Plan or amendment is: January 1, 2002
----------------
(month/day/year)
Plan Year
The Plan Year will a calendar year unless the Employer elects otherwise
By checking the box below:
[_] The Plan Year shall begin
on ______________________
(month/day)
end on __________________
(month/day)
[_] If applicable, the first Plan Year is a short Plan Year
beginning on ______________________ and
(month/day)
ending on _________________________.
(month/day)
Accounting Method
The Plan shall use the cash basis accounting method.
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Eligibility for Plan Participation
Waiver of Requirements for New Plans
[_] If checked, each Employee employed on the Effective Date of the Plan is
automatically eligible to participate. Employees hired after the
Effective Date of the Plan are eligible upon satisfying any service
and/or age requirements specified below:
Age Requirement. An employee must fulfill the following age
requirement to become a participant:
[_] No minimum age required.
[x] Minimum age 18 (not greater than 21).
[_] Other
Service Requirements. An employee must fulfill the following service
requirements to become a Participant:
[_] No service requirement
[_] One year of service.
[x] Other 6 months
Method for calculating year of service.
[_] Hours of Service Method. An Employee's will be
determined by using the Hours of Service method as
described in Article 3 of the Popular Master Plan
document or the Employer's Individual Plan Document.
[x] Elapsed Time Method. An Employee's service will be
determined using the elapsed time method, as described
in Article 3 of the Popular Master Plan document or
the Employer's Individual Plan Document.
Affiliates. Please list of the affiliates for which service will be treated as
service under the Plan.
Any affiliated corporation with Microsoft Corporation.
Predecessor Employers. Service with the following predecessor employers will
be treated as service under the Plan.
Any affiliated corporation with Microsoft Corporation.
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Entry Dates
An Employee may elect to become a Participant and start making Employee
Contributions on any entry date on or after he or she satisfies the Plan's
eligibility requirements.
Indicate the Plan's entry dates:
[_] Monthly Entry Dates. The first day of each month date.
[X] Quarterly Entry Dates. The first day of each of the first, fourth, seventh
and tenth months of the Plan Year is an entry date.
[_] Semi-Annual Entry Dates. The first day of each on the first and seventh
months of the Plan Year is an entry date.
Compensation
Employee Pre-Tax Contributions
A Participant's Compensation for purposes of Employee Pre-tax Contribution shall
mean the total compensation that is currently includible in income for income
tax purposes paid to him by the Employer during a Plan Year. Except that if
checked below, Compensation will exclude the following items:
[_] bonuses
[_] overtime
[_] commissions
[_] other items (specify)
Employee After-Tax Contributions
A Participant's Compensation for purpose of Employee Pre-Tax Contributions
shall mean the total compensation that is currently includible in income for
income tax purpose paid to him by the Employer during Plan Year. Except that if
checked below, Compensation will exclude the following items:
[_] bonuses
[_] overtime
[_] commissions
[_] other items (specify)
Employer Matching Contributions
A Participant's Compensation for purposes of Employer Matching Contributions
shall mean the total compensation that is currently includible in income for
income tax purposes paid to him by the Employer during a Plan Year. Except that
if checked below, Compensation will exclude the following items:
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[_] bonuses
[_] overtime
[_] commissions
[_] other items (specify)
Employer Profit Sharing Contributions
A Participant's Compensation for purposes of Employer Profit Sharing
Contributions shall mean the total compensation that is currently includible in
income for tax purposes paid to him by the Employer during a Plan Year. Except
that if checked below, Compensation will exclude the following items:
[_] bonuses
[_] overtime
[_] commissions
[_] other items (specify)
Contributions
Negative Election
If the Employer so elects, each Employee shall be deemed to have elected to make
a Pre-Tax Contribution in the percentage indicated below commencing with the
first payroll period following completion of the eligibility requirements of the
Plan unless the Employee elects to receive cash instead. If this is a
restatement of an existing plan Employees not participating in the Plan on the
effective date of the restatement will be given a 3-month notice commencing on
the first day of the Plan Year next following the effective date of the
restatement during which to effect an election to receive cash. A Participant
who does not file an election to receive cash will become a Participant on the
first Entry Date following the three month period. The Employee may at any time
elect to not make Pre-Tax Contributions to the Plan. This is called the
"Negative Election". The Employer can also choose a "Positive Election" whereby
the Employee must make an affirmative election to make a pre-tax contribution.
[_] Negative Election
Percentage ___________ % (1% - 3%)
[X] Positive Election
Employee Contributions
Participants may make contributions as follows:
[_] Pre-Tax Contributions.
[_] After Tax Contributions.
[X] Pre-Tax Contributions and/or After-Tax Contributions, at the election of
the Participant.
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Pre-Tax Contributions in a Plan Year may not exceed 10% of compensation or
$7,500 in 1997 and $8,000 in 1998 and thereafter whichever is less.
After-Tax Contributions in a Plan Year, if authorized, may not exceed 10% of the
aggregate compensation paid to the Employee during all the years he or she has
been a Plan Participant. After-Tax Contributions may be subject to other
restrictions and rules established by the Plan Administrator.
Pre-Tax Contributions and/or After-Tax Contributions may not commence prior to
the date the Plan is adopted.
Rollover Contributions
[_] The Plan's Trustee shall not be authorized to receive rollover
contributions
The Plan's Trustee shall be authorized to receive rollover contributions:
[_] Only if the employee has met the participation requirements of the Plan
as of the date of the contribution.
[x] Even if the Employee has not met the participation requirements of the Plan
as of the date of the contribution.
Matching Contributions
[_] The Employer will make no Matching Contributions.
[x] The Employer will make a Matching Contribution equal to 50 cents for each
dollar of a Participant's:
[X] Pre-Tax Contributions.
[_] After-Tax Contributions.
[_] Pre-Tax Contributions and After-Tax Contributions.
However, the Employer will not make Matching Contributions above 6% of
Participant's Compensation.
Profit Sharing Contributions
[x] The Employer will make no Profit Sharing Contributions.
[_] For each Plan Year in which this Plan as in effect the Employer may make
contributions to the Trust in one or more installments out of its Net
Profits (as defined in Section 6.2C.(3) of the Plan) for the Plan Year, in
such amounts as the Employer may determine (if any). The Plan Year for
which each contribution is made shall be designated at the time of the
contribution. Profit Sharing Contributions may not exceed the lesser of
Employer's Net
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Profit or 15% of a Participant's Compensation in any Plan Year.
Allocation of Employer Contributions
Profit Sharing Contributions shall be allocated as of the last day of such Plan
Year among the Employees who:
[_] completed more than 500 hours of service during the Plan Year [_] and [_]
or
[_] were employed by the Employer on the last day of the Plan Year [_] and [_]
or
[_] ___________________________________________________________________________
Matching Contributions shall be allocated as of the last day of such Plan Year
among the Employees who:
[_] completed more than 500 hours of service during the Plan Year [_] and [_]
or
[_] were employed by the Employer on the last day of the Plan Year [_] and [_]
or
[X] will make contributions based on payroll frequency
Qualified Matching and Non-Elective Contributions
Qualified Matching Contributions and Qualified Non-Elective Contributions, as
defined in the Popular Master Plan Document or the Employer's Plan Document,
will be taken into account for purposes of calculating the Actual Deferral
Percentages of Non-Highly Compensated Employees to the extent necessary to meet
the Actual Deferral Percentage test.
Vesting
Pre-Tax and/or After-Tax Contributions are always 100% vested.
Matching Contributions and/or Profit Sharing Contributions
You may elect a single vesting schedule for both Matching Contributions and
Profit Sharing Contributions or you may select different vesting schedules.
Matching Contributions and/or Profit Sharing Contributions will vest in
accordance with the following vesting schedule:
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Graded Vesting Table
[_] Full Vesting. Participants are 100% vested at all times.
[X] Cliff Vesting. Participants are 100% vested after completing 2 years of
service (insert number; cannot be greater than 3). The Participant will be 0%
vested until completing the years of service specified above.
[_] Graded Vesting. Participants are vested in accordance with the following
vesting schedule. (A Participant's vested percentage is the percentage
inserted in column (2) or the percentage in column (3), whichever is greater.
Spaces left blank are treated as zeros).
[_] Applicable to Matching Contribution and Profit Sharing Contributions.
[X] Applicable to Matching Contributions only.
(1) (2) (3)
Years of Vested Minimum Required
Service Percentage Percentage
Less than 1 0
At least 1 0
At least 2 100 20
At least 3 40
At least 4 60
At least 5 _____ 80
At least 6 100
Profit Sharing Contributions will vest in accordance with the following
schedule:
[_] Full Vesting. Participants are 100% vested at all times.
[_] Cliff Vesting. Participants are 100% vested After completing years of
service (insert number; cannot be greater than 5). The Participant will be
0% vested until completing the years of service specified above.
[ ] Graded Vesting. Participants are vested in accordance with the following
vesting schedule. (A Participant's vested percentage is the percentage
inserted in column (2) or the percentage in column (3), whichever is greater.
Spaces left blank are treated as zeros).
Graded Vesting Table
(1) (2) (3)
Years of Vested Minimum Required
Service Percentage Percentage
Less than 1 0
At least 1 0
At least 2 0
At least 3 20
At least 4 40
At least 5 60
At least 6 80
At least 7 100
Years of service excluded in determining vested percentages. Need not be
completed -check as many as desired.
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[_] Years completed before the effective date of this Plan (or a predecessor
plan).
[X] Years completed before the Participant's ___ birthday not greater than
18th).
Forfeitures
Forfeitures under the Plan will be (choose one):
[X] allocated to Participant's accounts during the Plan Year in the proportion
that each such Participant's Compensation during such Plan Year bears to the
total compensation during such Plan Year of all Participants
[_] used to reduce the amount the Employer must contribute to the Plan.
Forfeitures will be made at the time specified in Section 8.4 of the Popular
Master Plan document. You may choose to maintain [X] individual Participant
Suspense Accounts or [_] a Single Suspense Account for all forfeitures and
choose whether forfeitures will be invested according to [_] the Participant's
investment directions or [X] in the default investment option selected by the
Plan Sponsor.
Loans
[_] Loans from the Plan will be permitted, subject to the Plan's loan rules.
(Loans will not be available to Owner-Employees unless one of the following
occurs: such person has at his expense obtained an administrative exemption
from ERISA's prohibited transaction rules from the United States Department
of Labor with respect to such loan or the United States Department of Labor
has issued a prohibited transaction class exemption covering such loans.)
[X] Loans to Participants form the Plan are not permitted.
In-service Withdrawals
The following provisions will govern the availability of in-service withdrawals
from a Participant's accounts. See Article 9 of the Plan document for
additional details, including definitions and limitations.
Profit Sharing Contributions. In-service withdrawals from Profit Sharing
Contributions will not be allowed unless one of the following boxes is checked:
[_] In service withdrawals from Profit Sharing Contributions Account will only
be allowed in case of a financial hardship as such term is defined in
Article 9.1 of the Popular Master Plan Document or the Employer's Individual
Plan Document.
[_] In-service withdrawals from Profit Sharing Contributions Account will be
allowed for any reason.
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Pre-Tax Contributions. In-service withdrawals from Pre-Tax Contributions will
only be allowed in case of financial hardship as such term is defined in Article
9.1 of the Popular Master Plan Document or the Employer's Individual Plan
Document.
After-Tax Contributions. In-service withdrawals from After-Tax Contributions
will be allowed for any reason.
Matching Contributions. In-service withdrawals from Matching Contributions will
not be allowed unless one of the following boxes is checked:
[_] In-service withdrawals from Matching Contributions Account will only be
allowed in case of a financial hardship as such term is defined in Article
9.1 of the Popular Master Plan Document or the Employer's Individual Plan
Document.
[_] In-service withdrawals from Matching Contributions Account will be allowed
for any reason.
Rollover Contributions. Refer to Article 9 of the Popular Master Plan document.
Withdrawals After Age 59 1/2.
[X] If checked, after 59 1/2 a Participant may make in-service withdrawals from
his Pre-Tax Contributions and, if applicable, from his Qualified Matching
and Non-Elective Contributions Accounts without financial hardship (up to
the vested percentage of each such accounts).
Financial Hardship. An in-service withdrawal will be on account of financial
hardship only if the Participant has an immediate and heavy financial need and
the withdrawal is necessary to meet such need.
A withdrawal will be deemed to be on account of an immediate and heavy financial
need if it is occasioned by:
.. a deductible medical expense incurred by the Participant or his spouse,
children or dependent; (not reimbursed by medical insured or otherwise;
.. purchase of the Participant's principal residence (not including mortgage
payments);
.. tuition payments for the next semester or quarter of post-secondary
education for the Participant or his spouse, child or dependent;
.. rent or mortgage payments to prevent the Participant's eviction from or the
foreclosure of the mortgage on his principal residence; or
.. such other event or circumstances as the Puerto Rico Secretary of the
Treasury through regulations may permit.
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A Participant must establish to the Plan Administrator's satisfaction both that
the Participant has an immediate and heavy financial need and that the
withdrawal is necessary to meet the need.
The Trustee and the Plan Administrator shall agree to the most convenient way of
administering the financial hardship provisions of the Plan.
A Participant who makes a withdrawal on account of a financial hardship may not
make Pre-Tax Contributions or After-Tax Contributions hereunder (or under any
other Plan maintained by the Employer) for a period of 12 months following the
date of the in-service withdrawal.
Payment. Participant's in-service withdrawal request shall be paid as soon as it
is administratively feasible following the date in which the Plan Participant
requests the distribution.
Retirement Age
Normal Retirement Age. A Participant will be fully vested and may retire after
the latter of: reaching age 65 or the fifth anniversary of the first day of the
Plan Year in which he/she commenced participation in the Plan.
Disability Retirement. A Participant will be fully vested and may retire before
normal retirement upon becoming disabled.
Early Retirement Age.
[X] If checked, a Participant will be fully vested and may retire prior to
Normal Retirement Age upon reaching age 50 and completing 10 years of service.
Distribution of Vested Benefits before Retirement, Death or Disability.
If the Participant terminates his employment with the Employer before reaching
his normal or early retirement age, becoming disabled or dying, Participant [X]
shall be [_] shall not be allowed to apply for an early distribution of his
plan benefits.
Distribution of Benefits
Upon becoming entitled to the distribution of this Plan's benefits, the
Participants or their authorized representative must request from the Employer
that their benefits be distributed. The normal form of benefit under the Plan is
a lump sum distribution however, the Plan Sponsor may elect periodical payments
(below) as an optional form of benefit. If this Plan is a restatement of an
existing plan which provided for payment of benefits in the form of an annuity
this form of payment will be preserved. Please provide details in the space
provided below.
[X] periodical payments (monthly, quarterly, semiannual or annual installments
of substantially equal amounts over a period of years certain not to exceed
10).
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[_] Other (for amended and restated Plans with optional forms of benefits only)
If the Employer elects more that one method of distribution hereunder,
Participants shall elect under which of such methods his or her benefit shall be
distributed.
Investment Funds
All investment instructions as to each Participant's account will be directed by
the Participant and/or the Employer and/or the Trustee. If no investment
instructions are provided by the Participant and/or the Employer, and the
Trustee is a directed trustee, the Participant's account will be invested in the
money market fund included in the investment funds chosen by the Plan Sponsor.
For purposes of the Plan, the Trustee [X] shall be [_] shall not be considered
as a directed trustee.
Participant's Investment Instructions
The Participants will be allowed to modify their investments instructions on a
[x] daily [_] monthly [_] quarterly [_] semi annual [_] annual basis.
Participant's Contributions to the Plan
The Participants will be allowed to modify or suspend their pre-tax and/or their
after-tax contributions to the Plan on a [_] monthly [X] quarterly [_] semi
annual [_] annual basis.
Popular Master Trust
By executing this Adoption Agreement the Plan Sponsor [_] adopts [_] does not
adopt the Popular Master Trust established by Banco Popular de Puerto Rico to
carry out the purposes of the Plan and thus retain Banco Popular as Trustee. The
terms of the Trust and corresponding fees are contained in the Banco Popular de
Puerto Rico Master Defined Contribution Retirement Plan, Popular Master Trust
and Fee Schedule respectively, which are incorporated by reference into this
Adoption Agreement.
Recordkeeper
[X] By executing this Adoption Agreement, the Plan Sponsor retains Banco Popular
de Puerto Rico as Recordkeeper of the Plan pursuant to the Recordkeeping
Agreement and Fee Schedule incorporated by reference into this Adoption
Agreement.
[_] The Plan Sponsor has selected as recordkeeper for the Plan:
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Name:
Address:
Telephone No. Telefax:
Contact Person Name
Telephone No: Telefax: E-mail:
Recordkeeper and Trustee's Fees
By executing this Adoption Agreement, the Plan Sponsor, if so selected, agrees
to retain Banco Popular de Puerto Rico as Recordkeeper and, if applicable, as
Trustee of the Plan, for an initial minimum period of three years. This
Agreement shall renew automatically for successive three year periods
indefinitely. The Plan Sponsor may terminate this Agreement at any time subject
to a written termination notice received by Banco Popular at least thirty days
prior to the effective date of termination. If termination occurs during the
initial three year period, the Plan Sponsor agrees to compensate Banco Popular
with a termination fee equal to three times the total annual fees minus any
amount already satisfied in connection with the services rendered since the
effective date of this agreement. Banco Popular may change the Fee Schedule from
time to time and shall provide written notification to the Plan Sponsor.
Termination may occur due to a termination and liquidation of the Plan by the
Plan Sponsor or due to a trust to trust transfer whereby a successor trustee is
appointed. Should Banco Popular be instructed to carry out a trust to trust
transfer, the Plan assets shall be transferred in cash. Therefore, all positions
of the Plan held in the Investment Funds shall be liquidated.
Valuation of Participant's Accounts
The Participant's Accounts shall be valued [_] daily [_] monthly [X] quarterly
[_] semi-annually [_] annually.
Participant's Account Statements
The Participants shall be provided with a statement of their account on a [_]
monthly [X] quarterly [_] semi-annually [_] annual basis.
Plan Administrator. The Plan Sponsor is the legal Plan Administrator under
ERISA.
Service Fee Disclosure
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Banco Popular has agreed to make available plan recordkeeping, directed trustee
services, certain administration services, and mutual fund investment choices
(which have been provided separately).
For providing certain administrative or shareholder services to the mutual
funds, Banco Popular will receive an administrative fee from the mutual funds.
The rate or amount of the fees to be paid to Banco Popular by each mutual fund
is shown in parentheses on the fund list.
Banco Popular's annual fee for its services as directed-trustee and recordkeeper
will be billed to the Plan Sponsor separately based on the separate fee
schedule.
Banco Popular reserves the right to change the funds on the funds list from time
to time. Banco Popular will provide the Plan Sponsor with 60 days advance
written notice of any change thereto and the corresponding change in fees if
any. Banco Popular will try to find a suitable alternative if the Plan Sponsor
does not agree with the proposed substitution. However, if the Plan Sponsor does
not object in writing within the 60-day period, Banco Popular will make the
change. If the Plan Sponsor objects to be proposed change and a suitable
alternative cannot be found, the Plan Sponsor will be provided and additional 60
day period to find a new trustee for the Plan.
By executing this Adoption Agreement the Plan Sponsor acknowledges that (i)
Banco Popular has provided the Plan Sponsor with the mutual fund list, (ii) the
mutual funds list contains the rate or amount of fees to be paid to Banco
Popular, (iii) Banco Popular has the right to modify the mutual funds list in
such manner as Banco Popular, in its sole discretion, sees fit, (iv) the Plan
Sponsor has selected from the mutual funds list the mutual funds used as
investment options for the Plan, (v) the Plan Sponsor has received copies of
each mutual fund's Prospectus and Statement of Additional Information, and (vi)
the Plan Sponsor agrees with the procedures disclosed herein with relation to a
substitution of a particular mutual fund.
Execution of Adoption Agreement
The Plan Sponsor understands that, by establishing this Plan, it will have
certain legal responsibilities for which neither the Trustee nor the Plan
Sponsor will be responsible. The Plan Sponsor also understands that it will be
solely responsible for any taxes, costs or expenses arising from the
disqualification of the Plan. The Plan Sponsor warrants that it has obtained
legal and tax advice to the extent the Plan Sponsor deems necessary before
signing this Adoption Agreement.
Plan Sponsor
Name of Plan Sponsor: Microsoft Puerto Rico
Signed: /s/ Xxxxxxx Xxxxxxx
----------------------
Print name and title:
Date:
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Trustee
Name of Trustee:
Address:
Signed:
Print name and title:
Date:
The identifying number for the Banco Popular de Puerto Rico Popular Master
Defined Contribution Retirement Plan document is 01 and for this Adoption
Agreement is 102. The Plan Sponsor is (insert Plan Sponsor's name and address):
Microsoft Puerto Rico, X.X. Xxx 000, Xxxxxxx, Xxxxxx Xxxx 00000
Banco Popular de Puerto Rico will notify you if it amends or discontinues this
Popular Master Plan.
The Plan Sponsor should insure that this Adoption Agreement has been filled out
completely and properly. Failure to do so may result in Plan disqualification.
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POPULAR MASTER PLAN
PLAN SPONSOR'S SELECTION OF INVESTMENT FUNDS
Plan Sponsor Name: Microsoft Puerto Rico
Plan Name: Microsoft Puerto Rico, Inc. 1165(e) Savings Plan
The Plan Sponsor selects the following Investment Funds for the above named
plan: (At least three.)
1. Federated Trust for U.S. Treasury Obligations Fund
2. Fidelity Advisor Equity Growth Fund
3. Janus Worldwide Fund #41
4. Microsoft Corp. Common Stock
5. Strong Multi Cap Value Fund
6. Vanguard Windsor II
In San Xxxx, Puerto Rico on the day of 200 .
Plan Sponsor
Plan Sponsor Name : Microsoft Puerto Rico
Signed : /s/ Xxxxxxx Xxxxxxx
-----------------------------------------------
Print name and Title :
Date :
Trustee
Trustee Name : Banco Popular de Puerto Rico
Signed : /s/ Xxxxxxxxx Xxxxxxxxx Xxxxxx
-----------------------------------------------
Print name and Title : Xxxxxxxxx Xxxxxxxxx Xxxxxx
Date :
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ADDENDUM A
POPULAR MASTER PLAN
ADDITIONAL EMPLOYER'S INFORMATION
Employer Information (Complete even if only one Employer will adopt the Plan;
attach additional sheets to provide information for additional Employers
adopting the Plan. References in this Adoption Agreement to any Employer shall
be in reference to all employers adopting the Plan.)
Name of Employer: Microsoft Puerto Rico
Address (Physical): Road #3 Xx. 00.0 Xxxxxxx, XX 00000
Address (Postal): P. 0. Xxx 000 Xxxxxxx, Xxxxxx Xxxx 00000
Telephone: 000-000-0000 Telefax: 000-000-0000
Name of Person for Banco Popular de Puerto Rico to Contact:
Position: Senior Human Resource Generalist
Telephone: 787-850-l600 Telefax: 000-000-0000 E-Mail:
Employer tax identification number:
Type of business:
[_] Unincorporated Trade or Business
[_] Partnership
[X] Corporation
[_] Other (specify)
Employer's taxable year:
[_] Calendar Year
[X] Fiscal Year ending on June 30
Payroll frequency: [X] Weekly [_] Bi-Weekly
[_] Semi-Monthly [_] Monthly
[_] Semi-Weekly [_] Other
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