Company: ABBV
Filing Date: 2025-06-13
Form Type: 11-K
Source: 0001104659-25-059360
Chunk: 7

Company: AbbVie Inc.
Filing Date: 2025-06-13
Form: 11-K
Chunk 7
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 years” (i.e., a 12-consecutive month period
of severance). Forfeitures are used to (1) restore any forfeitures of participants who are reemployed with AbbVie before incurring five
consecutive break years, (2) fund corrective allocations or contributions and/or (3) reduce future employer contributions. In 2024, forfeitures
reduced AbbVie’s employer contributions by approximately $3.8 million. Approximately $1.8 million and $1.4 million of forfeitures
were available at the end of 2024 and 2023, respectively.

Distributions

Following retirement, termination or death, participants
or their beneficiaries receive distributions in cash and/or AbbVie common shares and may receive them in installments, lump sums 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

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AbbVie Savings Plan

NOTES TO FINANCIAL STATEMENTS - CONTINUED

December 31, 2024 and 2023

NOTE A - DESCRIPTION OF THE PLAN - Continued

Distributions - Contributions

balance remains in the Plan, and they may continue
to transfer funds among the Plan’s investment options. In-service withdrawals are available in certain 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 AbbVie pays such expenses directly. Expenses paid by AbbVie 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 fee, loan fee, Qualified Domestic Relations Order review fee, brokerage fee, or check fee), such expense is
charged to the account of the participant.

Participant Accounts

Each participant’s account is credited with
the participant’s contributions and AbbVie’s contributions and allocations of plan earnings and charged with any participant
account fees. Plan earnings are allocated based on the participant’s share of net earnings or losses of their respective