Company: ABBV
Filing Date: 2025-06-13
Form Type: 11-K
Source: 0001104659-25-059360
Chunk: 19

Company: AbbVie Inc.
Filing Date: 2025-06-13
Form: 11-K
Chunk 19
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Non-vested portions of employer contributions
and earnings thereon are forfeited upon the earlier of (a) the date of distribution of the vested portion of the participant’s full
balance or (b) the date on which the participant incurs five consecutive “break years” (i.e., a 12-consecutive month period
of severance). Forfeitures are used to (1) restore any forfeitures of participants who are reemployed with the Company before incurring
five consecutive break years, (2) fund corrective allocations or contributions and/or (3) reduce future employer contributions. In 2024,
approximately $93,300 of forfeitures were used to reduce AbbVie’s employer contributions. As of December 31, 2024 and 2023, approximately
$34,600 and $29,600, respectively, of forfeitures were available.

Distributions

Following retirement, termination or death, participants or their beneficiaries receive a distribution in cash, AbbVie common shares or direct rollovers, as applicable. Also, participants may elect to defer distribution to a future date, but, after termination of employment, distribution must be made or commence by the 1st of April following the year the participant reaches age 73. When participants defer distributions, their account balance remains in the Plan, and they may continue

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AbbVie Puerto Rico Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

NOTE A - DESCRIPTION OF THE PLAN - Continued

Distributions - Continued

to transfer funds among the Plan’s investment
options. Prior to separation of service, participants are permitted to withdraw their rollover contributions and their after-tax contributions
in shares or in cash, subject to certain limitations. In-service withdrawals are available in certain other circumstances as defined by
the Plan. The Plan also permits hardship withdrawals for participants who meet the criteria outlined in the Plan document.

Administrative Expenses

Investment fees for mutual funds and collective
trusts are charged against the net assets of the respective fund. All other expenses incident to the administration of the Plan and Trust
are charged to the Trust, except to the extent the Company pays such expenses directly. Expenses paid by the Company are excluded from
these financial statements. To the extent that any expense is specifically attributable to a participant’s account (including, but
not limited to, a managed account service