Dell 2003 Annual Report Download - page 155

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Accounts shall be deemed to be invested. The preceding notwithstanding, the Committee may, in its discretion, permit one or more Participants, or any
group of Participants, to direct the hypothetical investment of all or any portion of their Accounts in accordance with Section 5.2.
5.2 Designation of Investment Funds.
(a) Each Participant shall designate, in accordance with the procedures established from time to time by the Committee, the manner in which the amounts
credited to his Accounts over which he has been given investment discretion by the Committee shall be deemed to be invested from among the
Investment Funds. Such Participant may designate one of such Investment Funds for the hypothetical investment of all the amounts credited to such
Accounts, or he may split the hypothetical investment of the amounts credited to such Accounts between such Investment Funds in such increments as
the Committee may prescribe. If a Participant fails to make a proper designation, then his Accounts shall be deemed to be invested in the Investment
Fund or Investment Funds designated by the Committee from time to time.
(b) A Participant may change his hypothetical investment designation for future amounts to be credited to the portion of his Accounts over which he has
been given investment discretion by the Committee. Any such change shall be made in accordance with the procedures established by the Committee,
and the frequency of such changes may be limited by the Committee.
(c) If the Committee elects to establish a hypothetical investment fund that holds shares of the Company's common stock, a Participant may elect to invest
his Accounts in such fund. The Committee may in its sole discretion refuse to recognize Participant elections that it determines may cause the
Participant's Accounts to become subject to the short-swing profit provisions of Section 16b of the Securities Exchange Act of 1934 and establish
special election procedures for Participants subject to Section 16 of such Act.
(d) A Participant's hypothetical investment selections pursuant to the immediately preceding paragraph shall be made solely for purposes of crediting
earnings and/or losses to his Accounts under Section 4.3 of this Plan. The Committee shall not, in any way, be bound to actually invest any amounts
set aside pursuant to Article X below to satisfy its obligations under this Plan in accordance with such selections.
ARTICLE VI.
VESTED INTEREST
6.1 Vesting of Compensation Deferrals Account. A Participant shall have a 100% Vested Interest in his Compensation Deferrals Account at all times.
6.2 Vesting of Company Credits Account.
(a) A Participant shall acquire a Vested Interest in his Company Credits Account as such Participant completes years of Vesting Service in accordance
with the following schedule: -12-