Avnet 2012 Annual Report Download - page 91
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(v)
“ Incentive Compensation ”
shall mean any cash incentive compensation or bonus payable to a
Participant by an Employer for a Plan Year in addition to the Participant’
s Salary, but determined prior to reduction for
any salary deferral contributions to either a plan described under Code Section 125 or 401(k) or the Avnet Deferred
Compensation Plan.
(w)
“ Interim Section 409A Effective Date ”
shall mean the date when a particular provision or rule
promulgated under Code Section 409A became effective, and shall generally mean January 1, 2005. The term “
Interim
Section 409A Period ”
means the period beginning on or after the Interim Section 409A Effective Date and ending
immediately before the Final Section 409A Effective Date.
(x)
“ Normal Retirement Date ”
shall mean the date when a Participant attains age 65 and has incurred a
Separation From Service.
(y)
“ Offset Plan Amount ”
shall mean, as of the date that any benefit payment is due under the Plan, the
amount payable on such date under all Offset Plans (as defined below). For example, with respect to a Participant’
s
Total Retirement Benefit, the Offset Plan Amount for each of the 24 monthly payments described in Section 4.1(a) shall
be the amount payable under the Avnet Restoration Plan (and any other Offset Plan) for each such month and the Offset
Plan Amount for the final lump-sum payment described in Section 4.1(a) shall be the amount of the final lump-
sum
payment due under the Avnet Restoration Plan (and any other Offset Plan).
(z)
“ Offset Plan ” or “ Offset Plans ”
shall mean the Avnet Restoration Plan and any other nonqualified
deferred compensation plan designated by the Committee (other than the Avnet Deferred Compensation Plan); provided,
however, that such other nonqualified deferred compensation plan shall constitute an Offset Plan only to the extent that
it provides for payment at substantially the same time and in substantially the same form as prescribed by this Plan.
(aa)
“ Original Effective Date ” shall mean July 1, 1979.
(bb)
“ Participant ”
shall mean any Eligible Executive who becomes an Active Participant in accordance with
Section 3.1.
(cc)
“ Payment Calculation Date ”
means, with respect to installment payments, the first business day of a
month when such payments would begin without regard to the Six-
Month Delay Rule and, with respect to a lump sum
payment, the first business day of a month when such payment is scheduled to be made under the terms of the Plan.
(dd)
“ Plan ” shall mean the Avnet Supplemental Executive Officers’
Retirement Plan, as set forth herein and
amended from time to time.
(ee)
“ Plan Year ” shall mean the fiscal year of the Company.
(ff)
“ Present Value Interest Factor ”
means an annual discount rate equal to the greater of 4% or the interest
yield reported in the Wall Street Journal (or another independent source designated by the Committee from time to time)
on 10-year United States Treasury Notes as
5