Avnet 2013 Annual Report Download - page 117

his Termination of Employment ( e.g. , by reason of the Company requesting, without “cause,”
that the Participant
reduce his work hours or stop reporting to work before the end of an applicable notice period), the reduction required by
this Section 4.3 shall be determined based on the commencement date that would apply if the Participant's Separation
From Service had occurred on the date of his Termination of Employment.
4.4
Death Benefit .
If an Active Participant dies before incurring a Termination of Employment, his or her Beneficiary shall be
entitled to receive, in lieu of a benefit under Section 4.1, a lump sum payment equal to 200% of the amount of the
Participant's Death Benefit Earnings (the “ Death Benefit ”)
within 90 days following the Participant's death (and the
Beneficiary may not determine the calendar year when the lump sum payment is made); provided, however, that if an
Offset Plan exists, such Death Benefit shall be reduced by the Participant's Offset Plan Amount (expressed as a lump
sum payable on the same day as the Death Benefit). The Company may maintain an insurance policy (or policies) on the
life of the Participant to pay the Death Benefit. Any payment of insurance proceeds to the Beneficiary (whether paid
directly by the insurer or otherwise) shall be treated as a payment made under the Plan and shall count toward satisfying
all obligations under the Plan. If the proceeds under any insurance policy exceed the amount of the Death Benefit (or any
other benefit) payable under the Plan, the excess proceeds shall first be applied toward payment of the Participant's
benefit under the Avnet Restoration Plan (as if such excess had been paid under the Avnet Restoration Plan) and any
remaining proceeds shall be paid to the Company.
4.5
Disability Benefit .
An Active Participant who becomes unable to work due to Disability may be eligible to receive a Disability
Pension (as defined below). To be eligible to receive a Disability Pension, a Participant must have:
(a)
completed at least five (5) Years of Service as a full-time employee of an Employer;
(b)
ceased working for the Company due to Disability before his or her Normal Retirement Date or, if
applicable, Early Retirement Date; and
(c)
filed an application for disability benefits under the Avnet Pension Plan, any disability plan sponsored or
maintained by an Employer or, for Participants who are not covered under any such plan and reside in a country other
than the United States of America, a disability program established or maintained under the national laws of his or her
resident country.
A Participant's annual “ Disability Pension ”
shall be equal to 13% of his or her Death Benefit (determined as if
the Participant had died on the date he or she is first considered to be Disabled under the Plan). If the Participant's
Disability qualifies as a Section 409A Disability, his or her Disability Pension will be paid over a ten (10) year period
(120 monthly payments) commencing on the first business day of the month on or after the Participant's Disability date.
If the Participant's Disability does not qualify as a Section 409A Disability, his or her Disability Pension shall be paid at
the time and in the form prescribed by Sections 4.2(b) (Retirement on or After Final Section 409A
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