IM Flash Technologies, LLC Retirement Plan (401(k) Plan)

Transcription

1 IM Flash Technologies, LLC Retirement Plan (401(k) Plan) Summary Plan Description (SPD) This Plan provides a great opportunity to save for retirement on a pretax basis or in a 401(k) Roth account. IM Flash provides a matching contribution on up to 5% of your eligible compensation. Owner: Benefits Please Department refer to this summary for important Date details Created: regarding 06/15/2012 plan provisions IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 1 of 19

2 TABLE OF CONTENTS PLAN HIGHLIGHTS... 4 ELIGIBILITY... 4 ELIGIBLE TEAM MEMBER... 4 ELIGIBILITY DURING A LEAVE OF ABSENCE... 4 HOW TO ENROLL... 4 PRE-TAX AND ROTH CONTRIBUTIONS... 5 YOUR CATCH-UP CONTRIBUTIONS... 6 YOUR ROLLOVER CONTRIBUTIONS... 7 MAKE-UP CONTRIBUTIONS FOR A MILITARY LEAVE... 7 INFORMATION ABOUT YOUR CONTRIBUTIONS... 7 CHANGING YOUR CONTRIBUTION AMOUNT... 7 PLAN COMPENSATION... 8 IM FLASH S MATCHING CONTRIBUTION... 8 INVESTMENT ALTERNATIVES... 9 DECIDING WHERE TO PUT YOUR MONEY... 9 CHANGING YOUR INVESTMENTS ACCOUNT REBALANCE OPTIONS ACCOUNT STATEMENTS LOANS DISTRIBUTIONS AND IN-SERVICE WITHDRAWALS HOW TO REQUEST A DISTRIBUTION OR IN-SERVICE WITHDRAWAL DISTRIBUTION WHEN EMPLOYMENT WITH IM FLASH ENDS DISTRIBUTION UPON TRANSFER TO A FOREIGN AFFILIATE MINIMUM REQUIRED DISTRIBUTIONS WHEN AGE 70 ½ OR OLDER DISTRIBUTION UPON DEATH AGE 59 ½ IN-SERVICE WITHDRAWAL HARDSHIP WITHDRAWAL QUALIFIED RESERVIST DISTRIBUTION (QRD) QUALIFIED DOMESTIC RELATIONS ORDERS IN THE EVENT THE PLAN BECOMES TOP HEAVY PLAN ASSETS (K) APPEAL PROCESS DEFINITIONS IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 2 of 19

3 YOUR RIGHTS UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT (ERISA) ADMINISTRATIVE FACTS CONTACT INFORMATION IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 3 of 19

4 IM Flash Technologies, LLC intends this plan to be a Safe Harbor Plan. This document sets forth the provisions that constitute the IM Flash Technologies, LLC Retirement Plan (the Plan ), including terms and conditions of Benefits, and serves as a Summary Plan Description (SPD). PLAN HIGHLIGHTS This Plan provides a great opportunity to save for retirement on a pretax basis or in a 401(k) Roth account. IM Flash provides a matching contribution up to 5% of your eligible compensation. This plan offers immediate 100% vesting and team members are immediately eligible. The plan trustee is Fidelity Management Trust Company. ELIGIBILITY You are immediately eligible to participate in this Plan if you are a regular full-time or part-time team member of IM Flash Technologies, LLC ( IM Flash ). ELIGIBLE TEAM MEMBER You are eligible to participate in this Plan if you are not an intern, you are not eligible for any other retirement benefit plan which is sponsored by IM Flash or any of its subsidiaries and which is generally available to employees of the applicable company, or you are not an individual who has waived participation in the Plan through any means including individuals whose employment is governed by a written agreement with IM Flash (including an offer letter setting forth the terms and conditions of employment) that provides that the individual is not eligible to participate in the Plan. ELIGIBILITY DURING A LEAVE OF ABSENCE Your participation in this Plan will automatically continue while on an IM Flash Approved Leave of Absence provided you pay your share of premiums accrued during the approved leave of absence. You also have the option to stop coverage while you are on an Approved Leave of Absence. See the "Leave Policy" for more information. If you have not returned to active employment after 12 consecutive calendar weeks of an approved leave of absence and unless otherwise provided for in accordance with federal or state law, you are no longer eligible to participate in this Plan and your participation will end on the last day of the month in which your leave reaches 12 consecutive calendar weeks. If you return to full-time active employment after being gone for more than 12 consecutive calendar weeks on an Approved Leave of Absence, you are eligible to re-enroll. HOW TO ENROLL You can enroll in this Plan at any time by calling Fidelity at (800) or by accessing Fidelity s online enrollment system. Follow this path, Current>Resources>Benefits>Provider Links. You can also access Fidelity s online enrollment system from home at Effective Date Of Contributions Your contributions will begin on the first pay period following your enrollment in this Plan provided you meet the eligibility requirements IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 4 of 19

5 PLAN AMENDMENT OR TERMINATION IM Flash has established this Plan with the intention that it will be maintained indefinitely. However, IM Flash reserves the right to amend or terminate the Plan at any time and for any reason by the approval of the Board of Managers, an Executive Officer, or another authorized party. NAMING A BENEFICIARY Fidelity will track your beneficiary information. To designate a beneficiary, log on to and go to Your Profile tab at the top of the screen in black. You will need to enter your marital status and the information for each of your beneficiaries. You can name anyone as your beneficiary or you may name more than one individual. However, if you are married, federal regulations require you to obtain your spouse s consent on the Beneficiary Designation form if you name someone other than your spouse as your primary beneficiary. If you become married, your new spouse will automatically become your new beneficiary regardless of any Beneficiary Designation on file unless you submit a new Beneficiary designation form with your new spouse s consent to name someone else as your beneficiary. You can also name a contingent beneficiary in the event your primary beneficiary also becomes deceased. IM Flash contingent beneficiaries must also be elected online at It is important to keep your beneficiary designation current. Review your designation anytime you have a major life change such as marriage or divorce. If you do not complete a Beneficiary Designation, or the Plan is notified prior to distribution that your designation has not been completed or updated in accordance with applicable law, your account balance will be distributed in accordance with applicable federal and state regulations in the event of your death. YOUR CONTRIBUTIONS PRE-TAX AND ROTH CONTRIBUTIONS You may contribute up to 45% of your eligible compensation on a pre-tax basis or Roth (after tax basis) per pay period. All elections must be in made as a whole percent. Your total contribution for both pre-tax and Roth cannot exceed 45% of your eligible compensation. There are four exceptions to this rule: Maximum Annual Contribution Limit Your contribution is subject to the maximum annual contribution limit established by federal tax regulations. The maximum contribution limit for 2016 is $18,000. If you do not contribute to any other 401(k) or similar plan during the calendar year, your maximum annual contribution limit is automatically tracked by IM Flash and contributions will be stopped once your total contribution amount has reached the maximum allowed IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 5 of 19

6 If you contributed to another 401(k) or similar plan during 2016, you must stop your contributions at the appropriate time. If your pre-tax and Roth contributions to any 401(k) or similar plans exceed the maximum annual contribution limit in the calendar year, you have made an excess contribution and will be subject to adverse tax consequences. If you notify IM Flash in writing before March 1 st of the year following the tax year in which you made an excess contribution, IM Flash will refund the amount of your excess contribution. Your notification must specify the amount of the excess contribution and contain a statement that if the excess contribution is not distributed, it will, when added to amounts contributed under another 401(k) or similar plan, exceed the maximum annual contribution limit for the year in which the excess contribution occurred. You may your written notification to imbenefits@imflash.com. You may also mail or fax your written notification to the address below: Benefits Team IM Flash Technologies, LLC 4000 North Flash Drive Lehi, Utah Fax: (801) Annual Compensation Limit Your contribution is subject to the annual compensation limit established by federal tax regulations. The annual compensation limit for 2016 is $265,000. No contributions will be taken from your pay once your gross earnings have reached this amount. If you want to contribute the maximum annual contribution, you must do so before your gross earnings exceed the IRS annual compensation limit. Limitation Resulting From Mandatory Deductions If your pay is reduced by garnishments, tax liens or other mandatory deductions to the extent that the full amount of your selected contribution cannot be contributed to the Plan, then only that portion available will be made to the Plan in that pay period. YOUR CATCH-UP CONTRIBUTIONS You may contribute an additional $6,000 in 2016 to your Retirement Plan, above the regular limits, if you meet the following eligibility requirements: You must be 50 or older at some point in During 2016, you must make pre-tax and/or Roth contributions which equal the maximum amount you are allowed to make under this plan. For example, if you contributed the maximum percentage of your wages that the plan allows or $18,000 (the maximum allowed by Internal Revenue Service regulation in 2016), then you may make a catch-up contribution. Matching contributions are not made on catch-up contributions. You may make catch-up contributions during the year in anticipation of meeting a plan maximum. However, if you choose to make a catch-up contribution and do not meet the above eligibility requirements, the catch-up contribution amount will be re-characterized as a pre-tax and/or Roth contribution after the end of the year. At that time, you will receive any matching contribution applicable to the re-characterized contributions IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 6 of 19

7 YOUR ROLLOVER CONTRIBUTIONS You may request a rollover or transfer an amount that was distributed to you from a previous employer s qualified retirement plan. You may initiate the rollover or transfer after IM Flash sets up your account at Fidelity, approximately one week after your date of hire. If you are a transfer from Micron Technology, Inc. or Intel Corporation and have a loan through your 401(k) plan with that company that you would like to rollover to the IM Flash Plan, advise Fidelity at the time you request your rollover. Contact the Benefits Department at (801) or toll free at (888) or imbenefits@imflash.comfor more information. Special rules apply to direct rollovers and trustee-to-trustee transfer contributions. Call Fidelity at (800) for specific information and procedures. MAKE-UP CONTRIBUTIONS FOR A MILITARY LEAVE You have the right to continue your participation in this Plan while on an approved military leave as a result of duty in the Uniformed Services. Subject to the guidelines of the Uniformed Services Employment and Reemployment Act, you may be allowed to make up missed contributions. Contact the Benefits Team within applicable deadlines upon your return from the approved military leave if you wish to exercise this right INFORMATION ABOUT YOUR CONTRIBUTIONS Investment Your pre-tax, Roth, catch-up and make-up contributions are usually deposited into your Fidelity account each pay date. Your rollover contribution is usually deposited into your Fidelity account on the same business day if received by 4 p.m. Eastern Time, otherwise it is usually deposited on the next business day. Vesting You are immediately vested in all contributions made to your account. You are fully vested in your Regular Contributions, Rollover Contributions, Catch-up Contributions, and Make-Up Contributions for a Military Leave, IM Flash Matching Contributions, and any investment earnings on these contributions. This means the money belongs to you and will not be forfeited if you terminate employment with IM Flash. Taxes Your pre-tax, pre-tax catch-up and make-up pre-tax contributions are deducted from your gross income. Although these amounts are not treated as current income for federal income tax purposes, they are included as wages subject to social security (FICA) and Medicare. These contributions as well as rollover contributions are not subject to income tax until you receive a distribution from the Plan. Roth and Roth catch-up contributions are included in your gross income and are subject to ordinary income tax in addition to social security and Medicare tax. Roth contributions are not subject to income tax at the time of distribution. CHANGING YOUR CONTRIBUTION AMOUNT You may adjust your pre-tax, Roth and catch-up contribution amounts at any time by calling Fidelity at (800) or by accessing Fidelity s online system, You also have the option to set up an automatic annual increase to your current contribution of 1% to 3 %. You may use the default date of November 1 st or any other date you choose IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 7 of 19

8 Your change is effective on the first payroll following an eight day processing period. The eight day processing period begins on the next calendar day for changes entered after 5 p.m. Eastern Time. For example, if you change your contribution amount at 3 p.m. Eastern Time on Thursday the 13th, the change is effective for a pay date of Friday the 20th. PLAN COMPENSATION Compensation is the gross annual earnings reported on your Form W-2 and includes your pre-tax and Roth contributions under this Plan as well as any pre-tax deductions for the Health and Welfare Benefits Plan. Compensation does not include (even if includible in gross income): reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving expenses, (and for this purpose relocation payments shall be considered moving expenses ). relocation bonuses, and deferred compensation, or welfare benefits (and for this purpose worker s compensation payments of any type and serverance pay of any type shall be considered welfare benefits, but sick pay, short term disability and vacation pay are not considered ). IM FLASH S MATCHING CONTRIBUTION Match Amount If you are enrolled in the Plan, IM Flash will match your pre-tax and Roth contributions up to 5% of your eligible annual earnings. In addition, IM Flash will match make-up contributions due to military leave but will not match on catch-up contributions made to the Plan. Investment Of Matching Contributions Matching contributions will usually be deposited in your Fidelity account on each pay date using the same investment options selected by you for your pre-tax, Roth, and catch-up contributions. Matching contributions are considered pretax. Vesting Of Match Contributions You are immediately 100% vested in the matching contributions IM Flash makes to your account. Taxes On Matching Contributions Matching contributions are subject to income taxes at the time you receive a distribution from the Plan. Discretionary Authority The decision to make a matching contribution is at the sole discretion of IM Flash. Matching contributions may be suspended or cancelled at any time IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 8 of 19

9 INVESTMENT ALTERNATIVES DECIDING WHERE TO PUT YOUR MONEY You decide how contributions made to your account are to be invested among one or more of several professionally managed investment options. Each investment option varies in risk and return. How much risk you take depends on the type of investment you choose to put your money in. Generally, the longer you have until retirement and depending on what your other sources of income are, the more risk you can afford. Only you can decide how much risk to take. Fidelity s website, has several different tools to help you determine what might be the right investments for you and your current situation. Optional investment advisory services are available to Plan participants for a fee from Strategic Advisors, Inc. (an affiliate of Fidelity). You decide whether or not to request investment advice through Strategic Advisors, Inc. for your account, you must enroll for such services through Fidelity s website. Responsibility For Investment Selections This Plan is intended to be a plan as described in Section 404(c) of the Employee Retirement Income Security Act and Title 29 of the Code of Federal Regulations Section c-1. This means the Plan Administrator and other fiduciaries of this Plan (for example, the people who control the selection of investment options) are relieved of liability for any investment losses which are the direct and necessary result of investment instructions given by you under the Plan. In other words, the Plan fiduciaries are responsible for choosing what investment alternatives and investment managers are available in this Plan but you are responsible for choosing the best investment mix given your own situation. The Plan fiduciaries are not responsible for your investment choices. Investment Information Soon after you begin employment with IM Flash, you will receive a booklet from Fidelity. The booklet is a summary of the Plan and the investment options available. If you would like additional information on Plan investment you may access Fidelity s web site at You can also call Fidelity at (800) to talk to a representative about the investment options available through this Plan or to request a copy of the most recent prospectus, or you may also contact Fidelity by mail at the following address: Fidelity Investments P.O. Box Cincinnati, OH Investment information contained on the Fidelity Web site and otherwise available from Fidelity includes the following: A general description of the investment objectives of each investment option. Risk and return characteristics of each investment option, including information about the type of assets that make up the holdings of the investment option IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 9 of 19

10 A description of the annual fund management and/or other expenses of each investment option which reduce the rate of return to participants and beneficiaries. A copy of the prospectus or annual report, as applicable and other information relating to each investment option. A list of the top ten holdings of each investment option and the proportion of the investment option which the top ten holdings comprise. You can also obtain the fund s annual report and other reports which list the investment option s historical holdings in detail. Information on the value of shares or units in each investment option and past and current investment performance of each investment option. You can also find information on the value of your shares/units of each investment option on your account statement. With any investment, past performance is no guarantee of future results. The investment options offered under this Plan are monitored by the Plan s Investment Committee and are changed from time to time. See the "Responsibility for Investment Selections" section for important information on the limited liability of the Investment Committee. CHANGING YOUR INVESTMENTS Changing Your Future Investment Mix You may change the investment mix of future contributions at any time by calling Fidelity at (800) or by accessing the Fidelity Web site, Fund to Fund Transfers You may move money from one fund to another at any time by calling Fidelity at (800) or by accessing the Fidelity Web site. Companies that provide mutual funds have rules around the frequency of exchanges. These rules are known as excessive trading rules and may limit the number of exchanges you can make into or out of a specific mutual fund. You can find out more information about excessive trading rules by calling Fidelity at (800) or by accessing the Fidelity Web site, Account Rebalance Options These services can assist you in managing your account funds and maintain the combination of investment types you want for your plan. Automatic Rebalance - Periodically rebalances your account to stay consistent with the investment strategy you ve chosen. You simply identify an initial investment combination, adjust your account to that mix, and let the service do the rest. Rebalance Notification - Alerts you by any time your account s investment mix strays from your original specification. You decide whether to rebalance, and you can take action immediately by clicking on a link delivered with the message. You can also access Fidelity s Web site from home at IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 10 of 19

11 ACCOUNT STATEMENTS You will receive notification from Fidelity when the quarterly online statement is available, showing your account s activity during the previous quarter. You also have the option of receiving paper quarterly statements if you prefer via Fidelity s web site If you have registered on NetBenefits, you may request a statement on-line for any period of time within the last twenty-four months. You will also receive, mailed to your address of record, an annual statement from Fidelity at the beginning of each year. LOANS You may request a loan from this Plan using your account balance as collateral for repayment. See the IM Flash 401(k) Retirement Plan Loan Policy found at this link 401(k) Loan Policy for more information. You may also obtain an electronic copy of the Notice at any time on Current by following this menu path: Resources Benefits Guidebooks 401(k) Loan Policy. You may ask that we provide you a paper copy of the Notice at any time. In your request, you must specify where you would like the Notice sent. DISTRIBUTIONS AND IN-SERVICE WITHDRAWALS Federal regulations limit your accessibility to your vested account balance because this Plan is a qualified retirement plan under federal tax laws. You might want to consult a tax advisor before requesting a distribution or withdrawal because federal, state, estate and inheritance taxes can make a significant difference in the amount of money you actually receive. Taxes Upon Distribution Or In-Service Withdrawal Your pretax contributions, match and earnings on the pretax portion of your account are subject to federal and state income tax at the time of distribution or in-service withdrawal. The amount of tax due depends on the tax laws in effect at the time of the distribution. If you request distribution of any pretax amount that is eligible to be rolled over to an Individual Retirement Account (IRA) or other qualified plan, a minimum of 20% will be withheld for federal income tax. You may request to have additional federal income taxes withheld at the time you request your distribution or in-service withdrawal. Your designated Roth contributions and earnings on the contributions will be tax-free qualified distributions only if they are made after the end of the five-taxable-year period that begins with the first day of the year in which you first made a designated Roth contribution to the plan. Penalty For Early Withdrawal You are subject to an early withdrawal penalty of 10% paid to the federal government if you take a distribution prior to age 59 ½, for a reason other than termination of employment due to disability, termination of employment on or after age 55, a qualified reservist distribution or qualified disaster distribution IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 11 of 19

12 You can avoid the penalty for early withdrawal by making a rollover contribution to an IRA or another qualified plan. Please consult your IRA provider or the sponsor of the qualified plan, for example your new employer, for information on how to make a rollover contribution. HOW TO REQUEST A DISTRIBUTION OR IN-SERVICE WITHDRAWAL You may request a distribution or an in-service withdrawal by calling Fidelity at (800) or by accessing the Fidelity Web site, Your request will be reviewed and you will be notified if additional information is necessary. If your request is approved, your account balance will be paid as soon as practical after the request is received. If your request for a distribution or in-service withdrawal is denied, you will be notified in writing within 90 days. The notice includes the specific reasons for denial and references to the relevant provisions of this Plan on which the denial was based. In special circumstances, an additional 90 days may be required. If this happens, you will be notified in writing why the extension is required and the date a final decision is expected. In any case, the total amount of time taken to review your request cannot exceed 180 days. DISTRIBUTION WHEN EMPLOYMENT WITH IM FLASH ENDS You may request a distribution of your account at any time after your employment with IM Flash. Your account balance will be paid to you as soon as practical after your employment with IM Flash ends and your distribution request is received. You are not required to request a distribution. If you do not request a distribution and your account balance is greater than $1,000 on the date Fidelity determines the value of your account, your money will stay in your account until the earlier of the date you make a request for distribution or the date federal law requires the Plan to make a distribution. If your account balance is less than $1,000 on the date Fidelity determines the value of your account, the Plan will make a distribution. In general, the Plan will distribute your account balance in the calendar quarter following the calendar quarter in which your employment with IM Flash ends. You will receive a written notification from Fidelity if it is determined that the value of your account is less than $1,000. This notification provides you the opportunity to roll your money into another account instead of taking a distribution. 401(a)(14) Distributions for Participants with a Termination Date Unless you elect otherwise, Internal Revenue Code Section 401(a)(14) provides for the distribution of your account balance not later than the 60 th day after the latest of the year in which: You become age, Your 10 th anniversary of participation in the Plan occurs, or You have terminated employment with IM Flash Unless you notify the Plan otherwise, the Plan will presume you have elected to not receive a distribution for one of those reasons. DISTRIBUTION UPON TRANSFER TO A FOREIGN AFFILIATE You may request a distribution of your account at any time after your transfer to a foreign affiliate IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 12 of 19

13 Your account balance will be paid to you as soon as practical after your transfer to a foreign affiliate and your distribution request is received. You do not have to request a distribution. If you do not request a distribution and your account balance is greater than $1,000 on the date Fidelity determines the value of your account, your money will stay in your account until the earlier of the date you make a request for distribution or the date federal law requires the Plan to make a distribution. If your account balance is less than $1,000 on the date Fidelity determines the value of your account, the Plan will make a distribution. In general, the Plan will distribute your account balance in the calendar quarter following the calendar quarter in which you transferred to a foreign affiliate. You will receive a written notification from Fidelity if it is determined that the value of your account is less than $1,000. This notification provides you the opportunity to roll your money into another account. MINIMUM REQUIRED DISTRIBUTIONS WHEN AGE 70 ½ OR OLDER Federal law requires the Plan to distribute a portion of your account balance in the year after the year in which you attain the age of 70 ½ or in which you retire from IM Flash, whichever is later. The minimum amount required by law will be paid to you no later than 90 days following the end of the plan year in which you become 70 ½ unless you have timely withdrawn at least the minimum amount required. Call Fidelity at (800) to find out more information. DISTRIBUTION UPON DEATH Your beneficiary may request a distribution of your account at any time after your death and after your account balance has been transferred to an account in the name of your beneficiary. Fidelity sends your beneficiary an account statement after the new account has been established. Your account balance will be paid to your beneficiary as soon as practical after your death and your beneficiary s distribution request is received. Distribution upon your death is not subject to the 10% early withdrawal penalty. Your beneficiary does not have to request a distribution. If your beneficiary does not request a distribution and your beneficiary s account balance is greater than $1,000 on the date Fidelity determines the value of your beneficiary s account, your money will stay in your beneficiary s account until the earlier of the date your beneficiary makes a request for distribution or the date federal law requires the Plan to make a distribution. If your beneficiary s account balance is less than $1,000 on the date Fidelity determines the value of your beneficiary s account, the Plan will make a distribution. In general, the Plan will distribute your beneficiary s account balance in the calendar quarter following the calendar quarter in which your death occurs. Your beneficiary will receive a written notification from Fidelity if it is determined that the value of your beneficiary s account is less than $1,000. This notification provides your beneficiary the opportunity to roll over money into another account. AGE 59 ½ IN-SERVICE WITHDRAWAL You may request an in-service withdrawal for all or a portion of your account at any time after you reach age 59 ½. You may also continue to make contributions to the plan. However, the in-service withdrawal may not be repaid to the plan and may be subject to a $20 processing fee IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 13 of 19

14 HARDSHIP WITHDRAWAL You may request a hardship withdrawal at any time. You are only eligible to request the portion of your account that was contributed by you, including any earnings on those contributions. Call Fidelity at (800) to request an application. As required by federal law, a hardship withdrawal can only be requested for the following reasons: Prevention of eviction from your principal place of residence or foreclosure on your principal place of residence no later than 60 days from the date on the notice. Purchase or construction of your principal place of residence no later than 60 days after close of sale. Payment of outstanding medical expenses that have not been reimbursed for you or your legal dependents. Payment of post-secondary education expenses for you or your legal dependents no later than 60 days after expenses have been paid. Payment of funeral expenses for an immediate family member. Expenses for home repairs to your principal place of residence due to a casualty loss. Additionally, your hardship must meet the following requirements: The amount of your request cannot exceed the amount needed to meet the hardship. You must have exhausted all other financial means available to you including a Retirement Plan loan. As required by federal law, your contributions to the Retirement Plan will be suspended for six months after the distribution of a hardship withdrawal. QUALIFIED RESERVIST DISTRIBUTION (QRD) You may request a distribution of your elective deferrals (plus attributable earnings) if you were ordered or called to active military duty after September 11, 2001 for a period in excess of 179 days. The distribution must be made between the date of order or call to active duty and the close of the active-duty period. QRD s are not subject to the 10% early distribution penalty. QUALIFIED DOMESTIC RELATIONS ORDERS A Qualified Domestic Relations Order may require a portion of your Retirement Plan account to be transferred to an alternate payee. You will be notified if the Plan receives such a Domestic Relations Order regarding your Retirement Plan account. You may obtain a copy of this Plan s Qualified Domestic Relations Order procedure from IM Flash at no cost by calling the Benefits Team at (801) or (888) IN THE EVENT THE PLAN BECOMES TOP HEAVY This Plan is considered top heavy if, as of December 31, the total account balances for key employees is more than 60% of the total account balances for all participants. Key employees include certain officers and owners of IM Flash. If this Plan is considered top heavy, IM Flash must take action to ensure that the total annual contribution made by IM Flash for each non-key employee equals either 3% of each non-key employee s pay or the highest percentage 2016 IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 14 of 19

15 contributed by a key employee for that plan year, whichever is less. You will be notified in the event this Plan becomes top-heavy. PLAN ASSETS In accordance with federal law, the assets of this Plan are entirely separate from IM Flash s assets and belong only to Plan participants and their beneficiaries. This means the assets of this Plan cannot be used by IM Flash for any purpose. Pension Benefit Guaranty Corporation This plan is a 401(k) plan, therefore the Plan is not protected by the Pension Benefit Guaranty Corporation. This means your vested benefits under this Plan are not insured by the Pension Benefit Guaranty Corporation. Administrative Expenses Generally, most Plan administrative expenses are allocated among the accounts of all the Participants as a part of general Plan expenses and as may be related to their selected investments. Loan fees are paid by the requesting Participants. IM Flash may also pay some Plan expenses, such as some of the legal services required by the Plan. Benefits are Non-Assignable Your account cannot be assigned and is not subject to garnishment, attachment or other legal process except for a Qualified Domestic Relations Order. Merger or Acquisition If IM Flash is merged into or is acquired by another company, this Plan may be continued or terminated. 401(K) APPEAL PROCESS If your request for a distribution or in-service withdrawal or other Plan benefit is denied, you or your authorized representative may appeal to this Plan s Administrative Committee. The appeal must be in writing and must be submitted within 180 days from the date you receive notice of denial. You or your authorized representative must e- mail, mail or fax your written request for review to: 401(k) Plan Committee Benefits Team IM Flash Technologies, LLC 4000 North Flash Drive Lehi, Utah Fax: (801) imbenefits@imflash.com You will receive a written decision regarding your appeal within a reasonable period of time, but not usually longer than 60 days after your appeal is received. The written decision will include the following: The results of the request for review, The reason(s) for the decision, A reference to and description of the Plan provision(s) on which the decision is based, and 2016 IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 15 of 19

16 Other information about the review and your options as required by federal law. In special circumstances, an additional 60 days may be required. If this happens, you will be notified in writing why the extension is required and the date a final decision is expected. In any case, the total amount of time taken to review your request cannot exceed 120 days. DEFINITIONS Approved Leave of Absence - An approved leave of absence is your absence from assigned work, which has been approved by IM Flash under standard human resource policies, applied in a nondiscriminatory manner to all team members; such as approved FMLA, approved personnel leave, or an approved military leave as a result of duty in the uniformed services including service in the Armed Forces, the Army National Guard, and the Air National Guard, when engaged in active duty for training, inactive duty training, or full-time National Guard duty, the commissioned corps of the Public Health Service, certain types of service in the National Disaster Medical System, and any other category of persons designated by the President of the United States in time of war or emergency. Review IM Flash s Leave Policy for detailed information. Catch-up Contributions Contributions which can be made by participants age 50 and older to their 401(k) accounts. Employee Retirement Income Security Act (ERISA) Was enacted in 1974 and is a federal law that sets minimum standards for pension plans in private industry. Family and Medical Leave Act (FMLA) - Entitles eligible employees of covered employers to take unpaid, jobprotected leave for specified family and medical reasons with continuation of group health insurance coverage under the same terms and conditions as if the employee had not taken leave. Full-Time Team Member - A full-time team member is expected to work at least an average of 38 hours per week, at least 48 weeks per year. Highly Compensated Employees (HCE) - Team Members whose gross earnings are $120,000 or more in 2016 are considered highly compensated and may be limited to a contribution percent less than 45%. Highly compensated Team Members will be notified if it is necessary to reduce their maximum contribution percent. However, this should not be necessary as long as the Plan continues to qualify as a safe harbor plan. In-service Withdrawal A withdrawal permitted under plan provisions while you are still employed by IM Flash. Part-Time Team Member - A part-time team member is expected to work at least 18 hours, but less than 38 hours per week, 48 weeks per year. Pre-tax Contributions Contributions made to 401(k) account made before taxes are deducted. Contributions will be subject to taxes upon distribution IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 16 of 19

17 Roth Contributions Contributions made to 401(k) account after taxes are deducted. Contributions will be tax-free upon an eligible distribution. Team Member - Team Member means an individual who is considered an employee of IM Flash as classified by IM Flash under its standard personnel practices, regardless of whether or not such person may be considered a common law employee or independent contractor for purposes of Federal income tax withholding or other purposes. For example, the following persons are not Team Member: Leased employees, as defined in Internal Revenue Code Section 414(n), Individuals whose terms and conditions of employment are governed by a collective bargaining agreement, Individuals classified by IM Flash as independent contractors, temporary or leased workers, Individuals who are seconded to an employer not participating in this plan. Vesting - Vesting is the amount of your retirement account that belongs to you. YOUR RIGHTS UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT (ERISA) As a participant in the Plans described herein, you are entitled to certain rights and protections under the Employee Retirement Income Security Act of 1974 ( ERISA ). ERISA provides that all Plan participants shall be entitled to: Receive Information About the Plan and Benefits Examine, without charge, at the plan administrator's office and at other specified locations, such as worksites, all documents governing the plan, including insurance contracts and copies of the latest annual report (Form 5500 Series) filed by the plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. Obtain, upon written request to the plan administrator, copies of documents governing the operation of the plan, including insurance contracts and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The administrator may make a reasonable charge for the copies. Receive a summary of the plan s annual financial report. The plan administrator is required by law to furnish each participant with a copy of this summary annual report. Prudent Actions by Plan Fiduciaries In addition to creating rights for plan participants ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your plan, called "fiduciaries" of the plan, have a duty to do so prudently and in the interest of you and other plan participants and beneficiaries. No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a (pension or welfare) benefit or exercising your rights under ERISA. Enforce Your Rights If your claim for a benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 17 of 19

18 Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of plan documents or the latest annual report from the plan and do not receive them within 30 days, you may file suit in a Federal court. In such a case, the court may require the plan administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court. In addition, if you disagree with the plan s decision or lack thereof concerning the qualified status of a domestic relations order or a medical child support order, you may file suit in Federal court. If it should happen that plan fiduciaries misuse the plan s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If you are successful the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim frivolous. Assistance with Your Questions If you have any questions about your plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the plan administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or write to: Division of Technical Assistance & Inquiries Employee Benefits Security Administration U.S. Department of Labor 200 Constitution Avenue, N.W. Washington, D.C., You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration at (866) 444-EBSA. ADMINISTRATIVE FACTS Employer and Plan Sponsor The Employer and Plan Sponsor is IM Flash Technologies, LLC ( IM Flash ) and any other affiliated entity which participates in the plan pursuant to the terms of the Plan. Participants and beneficiaries may receive from the Plan Administrator, upon written request, information as to whether a particular employer is a sponsor of a plan and, if the employer is a plan sponsor, the employer's address. Employer EIN Plan Name IM Flash Technologies, LLC Retirement Plan 2016 IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 18 of 19

19 Plan Number 001 Plan Year January 1 through December 31 Plan Effective Date February 6, 2006 Plan Administrator IM Flash Technologies, LLC 4000 North Flash Drive Lehi, Utah (801) Plan Fiduciary Plan Administrator Plan Trustee Fidelity Management Trust Company 82 Devonshire Street Mail Zone ZR9 Boston, MA Agent for Service of Process Legal Department IM Flash Technologies, LLC 1550 East 3400 North Lehi, Utah (801) Service of process may also be made upon the Trustee listed above. CONTACT INFORMATION Who to Contact Please contact the Benefits Team if you have any questions about the Plan's Summary Plan Description at (801) or imbenefits@imflash.com CONFIDENTIALITY STATEMENT 2016 IM Flash Technologies, LLC. All rights reserved. Any duplication, reproduction, distribution, modifications, or alterations are prohibited without the express prior written permission of IM Flash Technologies, LLC IM Flash Technologies, LLC. All rights reserved. If printed, for reference only. Page 19 of 19