Avnet 2012 Annual Report Download - page 125

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Article 6
Payment Rules
Funding and Obligation to Pay
No Assignment or Alienation
Withholding
All amounts payable under this Plan are subject to withholding for all federal, state, and local taxes, and all other
amounts relating to tax or other payroll deductions, as the Company may reasonably determine should be withheld.
Regardless of the amount withheld, the Participant shall be solely responsible for paying all required taxes (other than
the employer's share of employment taxes) on all payments and other compensation (including imputed compensation)
and benefits provided under this Plan.
Payment Satisfies Claims
Any payment to a Participant or the Participant's Beneficiary in accordance with the provisions of the Plan
(a)
All benefits under the Plan shall be paid by the Company; provided that the Company may, by action of the Plan
Committee, cause benefits to be paid by an Employer or a Trust. If a Participant also participates in the SERP
and the offset required by the SERP for benefits payable under this Plan results in the net benefit payable under
the SERP being less than the proceeds of any insurance policy under the SERP that are payable to the Participant
or his beneficiary, the excess of such insurance proceeds over the net benefit payable under the SERP shall be
applied toward payment of the Participant's benefit (or, if applicable, the death benefit payable on behalf of the
Participant) under this Plan.
(b)
In the event that a Change of Control occurs or is imminent, the Company shall contribute, or cause to be
contributed, to a Trust, cash, marketable securities, or insurance policies in an amount equal to the sum of the
balances of all Restoration Accounts under the Plan as of the date of the Change of Control (whether or not
vested).
(a)
No benefit payable under this Plan shall be voluntarily or involuntarily assigned or alienated; provided, however,
that the Company and each Employer may reduce benefits under the Plan to the extent that they determine is
necessary or appropriate to recover a debt owed by the Participant or Beneficiary to the Company or an Affiliate,
or to remedy any injury caused by the Participant or Beneficiary to the Company or an Affiliate. Any offset shall
be applied in accordance with the applicable requirements of Section 409A of the Code.
(b)
A Beneficiary who is entitled to receive a benefit under the Plan may disclaim his right to such benefit by filing a
disclaimer that satisfies the requirements to be a “qualified disclaimer” under Section 2518 of the Code no later
than nine months after the death of the Participant. If the Plan Committee receives a qualified disclaimer (as
defined in Section 2518 of the Code) from any Beneficiary, the Participant's Beneficiary under the Plan shall be
determined as if the disclaiming Beneficiary had predeceased the Participant.
Avnet Restoration Plan
January 1, 2012 Page
12