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  • Glossary: Wealth Plans

    The definitions below will help you understand the terminology used throughout the Summary Plan Description and Prospectus:

    Company. EMC Corporation.

    Compensation.This includes all taxable compensation paid to you during the Plan Year plus any amounts that would have been paid to you in the absence of a salary reduction agreement in connection with participation in a Code section 125 (Cafeteria Plan), a Commuter Benefits Plan, or 401(k) plan sponsored by EMC.

    Compensation does not include car allowances, transit payments, escheat payments, legal settlements, FICA earnings in respect of deceased employees, life insurance related payments, relocation assistance, reimbursements (such as travel expenses, financial planning, tuition assistance, adoption assistance and similar reimbursements and advances), any imputed income, cost-of-living allowance earnings, tax gross-ups, referral bonuses, nonqualified deferred compensation plan payments, severance or termination pay, third party sick pay, income relating to equity or equity-related compensation, special cash awards or bonuses (such as patent awards, gold, silver and bronze awards, contests pay, President's Club awards and other similar awards), and other irregular and special payments that are non-recurring. Also the Plan does not take into consideration any compensation in excess of $255,000 in 2013 (as indexed).

    Eligible Employee. All U.S. employees in the employ of EMC or a Participating Employer are eligible to participate in the plan except the following: any employee who is subject to the terms of a collective bargaining agreement, any nonresident alien who receives no U.S. source income, any employee who is a student intern or co-op student or similar student employee, any leased employee, and any individual who is classified as an independent contractor (regardless of any later reclassification, whether or not retroactive).

    Entry Dates. In general, eligible employees can begin participating on any payroll date after completing the enrollment process.

    Hours of Service. In general, an hour of service is any hour for which you receive pay or are entitled to receive pay from EMC, including hours you are paid for vacation, holiday, illness, disability, jury duty, military duty, or leave of absence. No more than 501 hours of service, however, will be credited to you for any single continuous period during which you are not actually working.

    Participant. You are a participant of the Plan if you as an Eligible Employee elected to participate and there is an account maintained under the Plan for your benefit.

    Participating Employer. A Participating Employer means EMC Corporation and those subsidiaries and affiliates of EMC Corporation that have been authorized to participate in the Plan.

    Plan. The legal name of the Plan is the EMC Corporation 401(k) Savings Plan. Its identification number for Federal IRS reporting purposes is 001. The Plan is classified as a defined contribution plan and an ERISA 404(c) Plan.

    Plan Administrator. The Company serves as the Plan Administrator, and can be contacted through the EMC Employee Service Center (888-EMC-BENE or 888-362-2363).

    Plan Document. The official legal document that sets forth in detail the rules governing the Plan.

    Plan Year. The calendar year.

    Total and Permanent Disability. A medically determinable impairment that is likely to result in death or to be of a continuous period of not less than 12 months, as determined by the long-term disability carrier or the U.S. Social Security Administration.

    Trustee. Fidelity Management Trust Company serves as the Trustee. All funds are held under the terms of a Trust Agreement that meets standards set by federal law. The Trustee may be reached at 82 Devonshire Street, Boston, MA 02109. The Trustee may be changed at the Company's discretion at any time.

    Valuation Date. The plan’s investments are valued each day the New York Stock Exchange is open.