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EXHIBIT 10.5

 

 

 

GENENTECH, INC.

 

TAX REDUCTION INVESTMENT PLAN

 

(January 1, 2002 Restatement)
 

 

 

 

 

**TABLE OF CONTENTS       ***Page    
PREAMBLE 
1   
SECTION 1
      DEFINITIONS
2   
SECTION 2
      ELIGIBILITY AND MEMBERSHIP
12    
2.1
Initial Eligibility
12    
2.2
Employer Aggregation
12    
2.3
Membership
12    
2.4
Voluntary Suspension
13    
2.5
Mandatory Suspension
14    
2.6
Termination of Membership
14   
SECTION 3
      SALARY DEFERRALS AND FLEX CREDITS
14    
3.1
Salary Deferrals and Flex Credits
14     
3.1.7     Catch-Up Contributions
18    
3.2
Salary Deferral and Flex Credit Elections
18    
3.3
Payment of Salary Deferrals and Excess Flex Credits
22   
SECTION 4
      MATCHING CONTRIBUTIONS
22    
4.1
Amount of Matching Contributions
22    
4.2
Timing
26    
4.3
Periodic Contributions
26    
4.4
Profits Not Required
27    
4.5
After-Tax Contributions
27   
SECTION 5
      ALLOCATIONS AND INVESTMENT
27    
5.1
Salary Deferrals, Catch-Up Contributions and Flex Credits
27    
5.2
Matching Contributions
27    
5.3
Investment
28    
5.4
Limitations on Allocations
29   
SECTION 6
      ACCOUNTS AND COMMINGLED FUNDS
32    
6.1
Members' Accounts
32    
6.2
Trust Fund Assets
33    
6.3
Commingled Funds
33    
6.4
Valuation of Members' Accounts
35    
6.5
Valuation of Shares
35   

 

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**TABLE OF CONTENTS**(continued)       ***Page     
6.6
Statements of Members' Accounts
36    
6.7
Accounts Nonforfeitable
36   
SECTION 7
      DISTRIBUTIONS
36    
7.1
Events Permitting Distribution
36    
7.2
Times for Distribution
37    
7.3
Consent Requirement
38    
7.4
Form of Distribution
38    
7.5
Common Stock Restrictions
40    
7.6
Beneficiary Designations
40    
7.7
Payments to Minors or Incompetents
42    
7.8
Undistributable Accounts
42   
SECTION 8
      WITHDRAWALS, LOANS AND DOMESTIC RELATIONS ORDERS
43    
8.1
General Rules
43    
8.2
Hardship Withdrawal
44    
8.3
Age 59 1/2 Withdrawal
46    
8.4
Loans to Members
46    
8.5
Qualified Domestic Relations Orders
49   
SECTION 9
      ADMINISTRATION OF THE PLAN
50    
9.1
Plan Administrator
50    
9.2
Committee
51    
9.3
Actions by Committee
51    
9.4
Powers of Committee
51    
9.5
Fiduciary Responsibilities
53    
9.6
Investment Responsibilities
53    
9.7
Voting and Tender Offer Rights in Common Stock
54    
9.8
Decisions of Committee
58    
9.9
Administrative Expenses
58    
9.10
Eligibility to Participate
58    
9.11
Indemnification
59   
SECTION 10
      TRUST FUND AND ROLLOVER CONTRIBUTIONS
59   

 

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**TABLE OF CONTENTS**(continued)       ***Page     
10.1
Trust Fund
59    
10.2
No Diversion of Assets
60    
10.3
Continuing Conditions
60    
10.4
Change of Investment Alternatives
61    
10.5
Rollover Contributions
61   
SECTION 11
      MODIFICATION OR TERMINATION OF PLAN
62    
11.1
Employers' Obligations Limited
62    
11.2
Right to Amend or Terminate
62    
11.3
Effect of Termination
63   
SECTION 12
      TOP-HEAVY PLAN
63    
12.1
Top-Heavy Plan Status
63    
12.2
Top-Heavy Plan Provisions
64   
SECTION 13
      GENERAL PROVISIONS
65    
13.1
Plan Information
65    
13.2
Inalienability
65    
13.3
Rights and Duties
66    
13.4
No Enlargement of Employment Rights
66    
13.5
Apportionment of Duties
66    
13.6
Merger, Consolidation or Transfer
67    
13.7
Military Service
67    
13.8
Applicable Law
67    
13.9
Severability
67    
13.10
Captions
67   
EXECUTION 
68   
APPENDIX A:  EFFECTIVE DATES
A-1   

 

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**GENENTECH, INC.*********************