Company: ABBV
Filing Date: 2025-06-13
Form Type: 11-K
Source: 0001104659-25-059360
Chunk: 16

Company: AbbVie Inc.
Filing Date: 2025-06-13
Form: 11-K
Chunk 16
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 |     | $ | 560,135 |

The accompanying notes are an integral part of this statement.

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AbbVie Puerto Rico Savings Plan

NOTES TO FINANCIAL STATEMENTS

December 31, 2024 and 2023

NOTE A - DESCRIPTION OF THE PLAN

The following description of the AbbVie Puerto
Rico Savings Plan (the “Plan”) provides only general information. Participants should refer to the Plan document for a more
complete description of the Plan’s provisions.

General

In general, employees of AbbVie Inc.’s (“AbbVie”)
selected subsidiaries and affiliates in Puerto Rico (the “Company”) may, after their date of hire, voluntarily participate
in the Plan. Any eligible employee who begins employment or re-employment on or after January 1, 2022, and any eligible employee who first
becomes eligible to participate in the Plan on or after January 1, 2022, shall be covered by the AbbVie Puerto Rico Savings Plan Plus
(“ASP+”) provisions set forth in the Plan document. The ASP+ provisions provide for automatic enrollment into the Plan and
matching contribution and annual employer contribution formulas that differ from those that apply to participants who joined the Plan
before January 1, 2022. The Plan’s sponsor is AbbVie Ltd. The Plan is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (“ERISA”), as amended.

Empower Retirement serves as the recordkeeper
of the Plan and Empower Trust Company, LLC (“Custodian”) serves as the custodian. Banco Popular de Puerto Rico serves as trustee
(“Trustee”) of the Plan.

Contributions and Vesting

Contributions to the Plan are paid to the AbbVie
Puerto Rico Savings Plan Trust (“Trust”). The Trust is administered by the Trustee, the Custodian, and an investment committee
comprised of AbbVie employees (the “Committee”).

Eligible employees electing to participate may
choose to make their contributions from either pre-tax earnings or after-tax earnings or both, subject to certain limitations. Participants
who have attained age 50 before the end of the Plan year and who are making the maximum pre-tax contribution are eligible to make catch-up
contributions. Participants’ pre-tax contributions are an elective deferral feature, which is a cash or deferred arrangement under
the provisions of Section 1081.