Avnet 2012 Annual Report Download - page 90

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Committee of the Board.
(j)
“ Company ”
shall mean Avnet, Inc., a New York corporation, any successor corporation or entity (or
successor thereto) and its (or their) assigns.
(k)
“ Compensation ” shall mean a Participant’
s Incentive Compensation, if any, and Salary, if any, earned
during a Plan Year.
(l)
“ Covered Compensation ”
means the average of the highest two (2) out of the most current five (5) full
Plan Years of Compensation earned by a Participant, as determined on the last day of the Fiscal Year on or prior to the
date that he ceases to be an Active Participant.
(m)
“ Death Benefit Earnings ” shall mean the total amount of a Participant’
s Compensation for the last full
Fiscal Year, as determined on or prior to the date of the Participant’s death.
(n)
“ Disability ”
means an event that would enable an Active Participant to become eligible for a Disability
Retirement Date under subsection 4.4 of the Avnet Pension Plan or a similar provision of an amended version of such
plan. For purposes of this Plan, the term “ Section 409A Disability ”
means a Disability that also qualifies as a
“disability” under the Section 409A Rules.
(o)
“ Early Retirement Date ”
means the date when a Participant has incurred a Separation From Service and
has attained age 55.
(p)
“ Effective Date ” means the date this restatement of the Plan was approved by the Board.
(q)
“ Eligible Executive ”
means an executive officer of the Company who has been designated as eligible to
participate in the Plan by action of the Board, the Committee or the Avnet, Inc. Executive Committee. If requested by
the Committee, such an officer will be an Eligible Executive only if he or she agrees, in writing, to terminate any prior or
existing obligation of an Employer providing supplemental life insurance and/or nonqualified retirement benefits other
than pursuant to the Avnet Deferred Compensation Plan. No individual shall become an Eligible Executive after
December 31, 2011.
(r)
“ Employer ”
shall mean the Company and any Affiliate that has adopted this Plan with the consent of the
Board.
(s)
“ ERISA ” shall mean the Employee Retirement Income Security Act of 1974, as amended.
(t)
“ Final Section 409A Effective Date ”
shall mean the date when a rule or requirement under the final
regulations issued by the Secretary of the Treasury became effective under Code Section 409A, and shall generally refer
to January 1, 2009.
(u)
“ Inactive Participant ” shall have the meaning set forth in Section 3.1.
4