Avnet 2012 Annual Report Download - page 103

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ARTICLE 6
DISTRIBUTION PROCEDURES
6.1
Distribution of Benefits .
Benefits under the Plan shall not be paid until the Participant or Beneficiary files any written distribution forms
required by the Committee with the Company, and the Committee approves the distribution. If such forms are not timely
filed or there is an administrative delay in making the payment, then payment will be made at a later date within the
same taxable year as the originally scheduled payment date under the Plan (and, if this occurs after a Participant’
s
Normal Retirement Date and was not due to the fault of the Participant or Beneficiary, he or she will receive retroactive
payments with interest calculated in accordance with Section 4.6). Payments delayed due to an administrative delay on
behalf of the Company or the Committee will commence no later than the 15th day of the third calendar month
following the originally scheduled payment date under the Plan (and the first payment will include the delayed payments
with interest calculated in accordance with Section 4.6 except as provided in Section 6.3 below); provided, however, that
if the calculation of the amount of payment under the Plan is not administratively practicable (due to events beyond the
control of the Participant or Beneficiary), the payment will be made in the first calendar year in which the calculation of
the amount of the payment is administratively practicable (and the first payment will include the delayed payments with
interest calculated in accordance with Section 4.6 except as provided in Section 6.3 below). No provision of this Section
6.1 shall be construed as permitting a Participant or Beneficiary to directly or indirectly designate the taxable year of a
payment described in this Section, and this Section 6.1 shall be construed and limited as necessary to effectuate the
intent to comply with Code Section 409A.
6.2
No Loans or Financial Hardship or In-Service Withdrawals .
The Plan does not permit loans or financial hardship or in-service distributions.
6.3
Inability to Locate Participant .
In the event that the Committee is unable to locate a Participant or Beneficiary within two (2) years following the
Participant’
s 65th birthday, no payment will be made of his or her Total Retirement Benefit. However, if Participant or
Beneficiary later claims such benefit prior to the expiration of a ten (10) year period from the Participant’
s 65th birthday,
such benefit shall be reinstated without interest or earnings.
6.4
Trust .
In the event that a Change of Control occurs (or is imminent), a Participant may direct that the Company
establish a Trust with a financial institution or trust company and deposit into the Trust cash, marketable securities or
insurance policies in an amount sufficient to fund his or her vested Total Retirement Benefit. The Company may
establish separate Trusts for each Participant or one Trust for all Participants, in its discretion.
17