Avnet 2012 Annual Report Download - page 88

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ARTICLE 2
DEFINITIONS
2.1
Definitions .
Whenever the following words and phrases are used in this Plan, with the first letter capitalized, they shall have
the meanings specified below:
(a)
“ Active Participant ”
shall mean a Participant who, for a particular Plan Year, is an Eligible Executive
and received Compensation from an Employer.
(b)
“ Actuarial Equivalent ” shall mean the present value of a Participant’
s unpaid Total Retirement Benefit
(as defined in Section 4.1) determined by using the Present Value Interest Factor in effect on the first business day of the
month preceding the Participant’
s applicable Payment Calculation Date and no charge for mortality factors. No actuarial
increase will be provided for benefit payments made after age 65 except as otherwise specifically provided herein.
(c)
“ Affiliate ”
means the Company and any other entity that is, or would be, aggregated and treated as a
single employer with the Company under Code Sections 414(b) (controlled group of corporations) or 414(c) (a group of
trades or businesses, whether or not incorporated, under common control); provided, however, that an ownership
threshold of at least 50% shall be used hereunder instead of the 80% minimum ownership threshold that would
otherwise apply under such Code sections.
(d)
“ Avnet Pension Plan ”
shall mean the Avnet Pension Plan, as amended and in effect from time to time,
and any successor qualified retirement plan thereto as designated by the Company from time to time.
(e)
“ Beneficiary ” or “ Beneficiaries ”
shall mean the person or persons, including a trustee, personal
representative or other fiduciary, last designated in writing by a Participant in accordance with procedures established by
the Committee to receive the benefits specified hereunder in the event of the Participant’
s death. No Beneficiary
designation shall become effective until it is filed with the Committee. If there is no Beneficiary designation in effect,
then the Participant’
s surviving spouse shall be the Beneficiary. If there is no surviving spouse to receive any benefits
payable in accordance with the preceding sentence, the duly appointed and currently acting personal representative of
the Participant’s estate (which shall include either the Participant’
s probate estate or living trust) shall be the Beneficiary.
In any case where there is no such personal representative of the Participant’
s estate duly appointed and acting in that
capacity within 90 days after the Participant’
s death (or such extended period as the Committee determines is reasonably
necessary to allow such personal representative to be appointed, but not to exceed 180 days after the Participant’
s death),
then a Participant’
s Beneficiary shall mean the person or persons who can verify by affidavit or court order to the
satisfaction of the Committee that they are legally entitled to receive the benefits specified hereunder. In the event any
amount is payable under the Plan to a minor, payment shall not be made to the minor, but instead shall be paid (a) to that
person’s living parent(s) to act as custodian, (b) if that person’
s parents are then divorced, and one parent is the sole or
primary custodial parent, to such custodial parent or (c) if no parent of that person is then
2