Avnet 2012 Annual Report Download - page 87

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AVNET SUPPLEMENTAL
EXECUTIVE OFFICERS’ RETIREMENT PLAN
(2012 Restatement)
ARTICLE 1
HISTORY, PURPOSE AND EFFECTIVE DATE
Avnet, Inc., a New York corporation (the “Company” ),
previously established a program to provide supplemental life
insurance and retirement income benefits for Eligible Executives (as defined herein), known as the Avnet Executive
Officers’ Supplemental Life Insurance and Retirement Benefits Program (the “Program” )
effective July 1, 1979 (the
“Original Effective Date” ).
The Program was amended and restated in 2008, effective generally as of January 1, 2009,
to comply with changes made to the Code (as defined herein) through the enactment of Code Section 409A by the
American Jobs Creation Act of 2004 and to incorporate certain other changes. The Program is hereby amended and
restated to implement changes pursuant to resolutions of the Board of Directors of the Company.
The Plan is intended to be a nonqualified deferred compensation plan under the Code that provides supplemental
retirement income to a select group of management or highly compensated employees. Accordingly, the Company
intends that the Plan will not be a qualified retirement plan under Code Section 401(a), and that the Plan will be exempt
from the requirements of parts 2, 3 and 4 of Title I of ERISA. Moreover, the Company intends that the terms of this Plan
document and the administration of the Plan shall be in compliance with the applicable requirements under Code Section
409A. Prior to the Final Section 409A Effective Date (as defined herein), the Company administered the Program in
accordance with a good faith interpretation of Code Section 409A. Any provision in the Program or the Plan that cannot
be construed consistent with such intent shall automatically be deemed to be severable from the provisions of the
Program or this Plan document and shall have no force or effect.
iii