Avnet 2012 Annual Report Download - page 108

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ARTICLE 8
MISCELLANEOUS
8.1
Unsecured General Creditor .
Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or equitable rights, claims,
or interests in any specific property or assets of the Company. No assets of the Company shall be held under any trust
(other than a Trust), or held in any way as collateral security for the fulfilling of the obligations of the Company under
this Plan. Except as provided in a Trust, any and all of the Company’
s assets relating to the Plan shall be, and remain, the
general unpledged, unrestricted assets of the Company. The Company’
s obligation under the Plan shall be merely that of
an unfunded and unsecured promise of the Company to pay money in the future, and the rights of the Participants and
Beneficiaries shall be no greater than those of unsecured general creditors. It is the intention of the Company that this
Plan (and any Trust) be unfunded for purposes of the Code and Title I of ERISA.
8.2
Restriction Against Assignment .
The Company shall pay all amounts payable hereunder only to the person or persons designated by the Plan and
not to any other person or corporation. No part of a Participant’
s benefits hereunder shall be liable for the debts,
contracts or engagements of any Participant, his or her Beneficiary, or successors in interest. Except as may be required
by a valid and recognizable qualified domestic relations order under ERISA, a Participant’
s benefits hereunder shall not
be subject to execution by levy, attachment, or garnishment or by any other legal or equitable proceeding. A Participant
or Beneficiary shall not have any right to alienate, anticipate, sell, transfer, commute, pledge, encumber or assign any
benefits or payments hereunder in any manner whatsoever. If any Participant, Beneficiary or successor in interest is
adjudicated bankrupt or purports to anticipate, alienate, sell, transfer, commute, assign, pledge, encumber or charge any
distribution or payment from the Plan, voluntarily or involuntarily, the Committee, in its discretion, may cancel such
distribution or payment (or any part thereof) to or for the benefit of such Participant, Beneficiary or successor in interest
in such manner as is consistent with applicable law.
8.3
Withholding .
There shall be deducted from each payment made under the Plan or Trust or any other Compensation payable to
the Participant (or Beneficiary) all taxes which are required to be withheld by the Company in respect to such payment
or this Plan. The Company shall have the right to reduce any payment (or Compensation) by the amount of cash
sufficient to provide the amount of said taxes.
8.4
Amendment, Modification, Suspension or Termination .
The Board of Directors may amend, modify, suspend or terminate the Plan in whole or in part by adopting a
written instrument, except that no amendment, modification, suspension or termination shall have any retroactive effect
to reduce the amount of a Participant’
s vested Total Retirement Benefit that has accrued as of the date of the
amendment. In addition, the Committee
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