Avnet 2012 Annual Report Download - page 121

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Rehired Employees
The time of payment of benefits to any Participant who has had a Separation from Service shall not be affected in any
way by a subsequent rehire by the Company. For example, if a Participant has a bona fide Separation from Service and
is subsequently rehired, the vested benefit (if any) that accrued before such rehire shall be paid at the time and in the
form prescribed by Section 4.02, above, without regard to the Participant's rehire.
Death Benefits
(b)
If the Participant is also a participant in the SERP, his vested benefit under the Plan shall be paid at the time and
in the form prescribed by the SERP. Except as otherwise provided by the SERP in the case of disability (and
subject to Section 4.04 (Death Benefits)), such vested benefit shall be paid as follows:
(1)
The balance of the Participant's Restoration Account shall be converted to an actuarially equivalent series
of 120 equal monthly installments, payable over 10 years, commencing as of the Participant's “payment
calculation date” under the SERP. The amount of such monthly installments shall be calculated using the
“present value interest factor” prescribed by the SERP as of the “payment calculation date” under the
SERP.
(2)
The Participant shall receive 24 monthly payments, each equal to the monthly amount calculated under
paragraph (1), above, commencing at the time prescribed by the SERP. The six-
month delay rule required
by Section 409A of the Code shall be administered in the same manner as prescribed by the SERP: each
monthly installment that is required to be delayed shall be paid at the time prescribed by the SERP, with
interest to the extent prescribed by the SERP.
(3)
On the date prescribed by the SERP, the present value of the remaining 96 payments shall be paid in a
lump sum. Such present value shall be calculated in the manner prescribed by the SERP, using the same
interest factor as is used for the calculation described in paragraph (1), above. (To the extent that the
SERP requires payment in the form of 120 monthly installments, the benefit under this Plan shall also be
paid in 120 monthly installments, and each installment shall be equal to the amount required by paragraph
(1), above.)
(a)
If a Participant dies before his Payment Date, the only benefit payable under the Plan shall be a lump-sum
payment to the Participant's Beneficiary. Such payment shall be equal to the vested balance, if any, of the
Participant's Restoration Account and shall be made within 90 days after the Participant's death.
(b)
If a Participant is also a participant in the SERP, and such Participant dies after his Separation from Service and
before the last payment required by Section 4.02(b) is made, the payments required by Section 4.02(b) (or, if
such payments have already started, any remaining payments) shall be paid to his Beneficiary at the time and in
the form prescribed by the SERP.
Avnet Restoration Plan
Table of Contents
January 1, 2012 Page 8