Document:

EX-10.4

 Exhibit 10.4 

LSC Communications US, LLC. 

Participation Agreement 
 January 19, 2018

 Richard T. Lane 
 LSC Communications 

200 Connecticut Avenue, Suite 4G 
 Norwalk, CT 06854-1907 

 

	 	Re:	Notice of Participation in the Key Employee Severance Plan 

 Dear Rick: 

LSC Communications, Inc. (the “Company”) is pleased to inform you that you have been selected as a participant in the Company’s LSC
Communications US, LLC Key Employee Severance Plan (the “Severance Plan”), which is operated as a sub-plan under the LSC Separation Pay Plan. Capitalized terms that are used in this Participation
Agreement but that are not defined herein shall have the meanings set forth in the Severance Plan. 
 Severance Plan Benefits 

Under Section 5(a) of the Severance Plan, in the event you incur a Qualifying Termination, which for purposes of the Severance Plan
includes a termination of your employment by the Company without Cause (unless otherwise set forth in this Participation Agreement) or a termination of your employment for Good Reason (as defined below), then so long as you fulfill the Severance
Plan’s requirements (e.g., executing a Separation Agreement and General Release), then you would be entitled to the following benefits: 
  

	 	•	 	Salary continuation for 18 months; 

  

	 	•	 	Payment of 150% of your target annual bonus; 

  

	 	•	 	A lump-sum payment which will represent the current difference between your monthly medical insurance cost immediately prior to the applicable Qualifying Termination and the
monthly cost for COBRA for 18 months and may be used for any purpose, including to offset the cost of electing COBRA coverage; and 

  

	 	•	 	Six months of outplacement assistance from a provider selected by the Company. 

 The salary
continuation and target bonus payments amounts set forth above will be paid as provided in the Severance Plan beginning approximately 60 days following your Qualifying Termination and ending on the 18th month anniversary of the Qualifying
Termination. 

 Under Section 5(b) of the Severance Plan, in the event that your Qualifying Termination
occurs within two years following the date of a Change in Control of the Company, then so long as you fulfill the Severance Plan’s requirements (e.g., executing a Separation Agreement and General Release), then you would be entitled to the
following benefits: 
  

	 	•	 	Salary continuation for 24 months; 

  

	 	•	 	Payment of 200% of your target annual bonus; 

  

	 	•	 	A lump-sum payment which will represent the current difference between your monthly medical insurance cost immediately prior to the applicable Qualifying Termination and the
monthly cost for COBRA for 24 months and may be used for any purpose, including to offset the cost of electing COBRA coverage; and 

  

	 	•	 	Six months of outplacement assistance from a provider selected by the Company. 

 The salary
continuation and target bonus payments amounts set forth above will be paid as provided in the Severance Plan beginning approximately 60 days following your Qualifying Termination and ending on the second anniversary of the Qualifying Termination.

 Notwithstanding anything in the Severance Plan to the contrary (including Section 4(d) thereof) and regardless of whether a
Qualifying Termination occurs before, on or after a Change in Control, the Separation Agreement and General Release shall not include any non-competition or
non-solicitation covenants. The only restrictive covenants you are required to comply with as a condition to receiving severance benefits under the Severance Plan are set forth below in Annex A to this
Participation Agreement. 
 Restrictive Covenants 

By signing below, you acknowledge and agree to comply with the restrictive covenants set forth on Annex A to this Participation Agreement and
incorporated herein by reference. 
 Additional Terms 
  

	 	a.	Resignations. Upon termination of your employment for any reason, you shall resign from such offices and directorships, if any, of the Company that you may hold from time to time. 

 

	 	b.	Indemnification. Your rights of indemnification under the Company’s organizational documents, any plan or agreement at law or otherwise and your rights thereunder to director’s and officer’s
liability insurance coverage for, in both cases, actions as an officer of the Company shall survive your termination of employment. 

For purposes of the Severance Plan and this Participation Agreement, “Good Reason” means, without your express written consent, the
occurrence of any of the following events: 
  

	 	i.	A change in your duties or responsibilities (including reporting responsibilities) that taken as a whole represents a material and adverse diminution of your duties, responsibilities or status with the Company (other
than a temporary change that results from or relates to your incapacitation due to physical or mental illness); 

  
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	 	ii.	A material reduction by the Company in your rate of annual base salary or annual target bonus opportunity (including any material and adverse change in the formula for such annual bonus target) as the same may be
increased from time to time; or 

  

	 	iii.	Any requirement of the Company that your office be more than seventy-five (75) miles from Norwalk, CT. 

Notwithstanding the foregoing, a Good Reason event shall not be deemed to have occurred if the Company cures such action, failure or breach
within ten (10) days after receipt of notice thereof given by you. Your right to terminate employment for Good Reason shall not be affected by your incapacities due to mental or physical illness and your continued employment shall not
constitute consent to, or a waiver of rights with respect to, any event or condition constituting Good Reason, provided, however, that you must provide notice of termination of employment within ninety (90) days following the initial existence
of the event constituting Good Reason or such event shall not constitute Good Reason under the Severance Plan or this Participation Agreement. 

Administrative Provisions 
 Your
eligibility to receive the benefits described above, and the timing of your receipt of those benefits, is in all cases subject to the terms of the Severance Plan, a copy of which can be obtained by contacting the Company’s Chief Human Resources
Officer. 
 Please note, your participation in the Severance Plan is subject to your execution of this Participation Agreement and the
letter from the Company, dated as of January 19, 2018, to which this Participation Agreement is appended. Until you sign such letter and this Participation Agreement below where indicated and return it to Scott Bigelow, you will not be eligible
for the benefits described above in this notice even if a Qualifying Termination were to otherwise occur. If you fail to sign and return such letter and this Participation Agreement by February 2, 2018 then you will lose the opportunity to
participate in the Severance Plan. 

  
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 We thank you for your continued services to the Company. 

 

	
	Sincerely,
	
	/s/ Suzanne S. Bettman
	Suzanne S. Bettman, Chief Administrative Officer

 By signing below, you agree to be bound by the terms of this Participation Agreement and the Severance Plan. 

 

	
	/s/ Richard T. Lane
	Richard T. Lane
	
	Date: January 24, 2018

  
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 ANNEX A 

Restrictive Covenants 
 You and
the Company recognize that, due to the nature of your employment and relationship with the Company, you will have access to and develop confidential business information, proprietary information, and trade secrets relating to the business and
operations of the Company and its affiliates. You acknowledge that such information is valuable to the business of the Company and its affiliates, and that disclosure to, or use for the benefit of, any person or entity other than the Company or its
affiliates, would cause substantial damage to the Company. You further acknowledge that your duties for the Company include the opportunity to develop and maintain relationships with the Company’s customers, employees, representatives and
agents on behalf of the Company and that access to and development of those close relationships with the Company’s customers render your services special, unique and extraordinary. As a result of your position and customer contacts, you
recognize that you will gain valuable information about (i) the Company’s relationship with its customers, their buying habits, special needs, and purchasing policies, (ii) the Company’s pricing policies, purchasing policies,
profit structures, and margin needs, (iii) the skills, capabilities and other employment-related information relating to Company employees, and (iv) other matters of which you would not otherwise know and that is not otherwise readily
available. You recognize that the good will and relationships described herein are assets and extremely valuable to the Company, and that loss of or damage to those relationships would destroy or diminish the value of the Company. In consideration
of the covenants and agreements of the Company herein contained, the payments to be made by the Company pursuant to the Severance Plan and this Participation Agreement, you agree as follows: 

 

	 	1.	Noncompetition and Non-solicitation of Customers and Employees 

  

	 	a.	Non-competition. You agree that, from the date of your termination of employment for any reason, including a termination initiated by the Company with or without Cause, and
for 18 months thereafter, you will not, directly or indirectly, either as an employee, employer, consultant, agent, principal, partner, stockholder, corporate officer, director or in any other individual or representative capacity, worldwide, engage
in any business which is competitive with the business of the Company. You may, however, own stock or the rights to own stock in a company covered by this paragraph that is publicly owned and regularly traded on any national exchange or in the over-the-counter market, so long as your holdings of stock or rights to own stock do not exceed the lesser of (i) 1% of the capital stock entitled to vote in the election of
directors or (ii) the combined value of the stock or rights to acquire stock does not exceed your gross annual earnings from the Company. 

  

	 	b.	 Non-solicitation of Customers. You agree that you shall not, while
employed by the Company and for a period of 18 months from the date of your termination of employment for any reason, including your termination initiated by the Company with or without Cause, directly or indirectly, either on your own behalf or on
behalf of any other person, firm or entity, solicit or provide services that are the same as or similar to the services the Company provided or offered while you were employed by the Company to any customer or prospective customer of the Company
(i) with whom you had direct contact during the last two years of your employment with the Company or 

	 	
about whom you learned confidential information as a result of your employment with the Company, or (ii) with whom any person over whom you had supervisory authority at any time had direct
contact during the last two years of your employment with the Company or about whom such person learned confidential information as a result of his or her employment with the Company. 

 

	 	c.	Non-solicitation of Employees. You shall not, while employed by the Company and for a period of two years following your termination of employment for any reason, including
your termination of employment initiated by the Company with or without Cause, either directly or indirectly solicit, induce or encourage any individual who was a Company employee at the time of, or within six months prior to, your termination of
employment, to terminate their employment with the Company or accept employment with any entity, including but not limited to a competitor, supplier or customer of the Company, nor shall you cooperate with any others in doing or attempting to do so.
As used herein, the term “solicit, induce or encourage” includes, but is not limited to, (i) initiating communications with a Company employee relating to possible employment, (ii) offering bonuses or other compensation to
encourage a Company employee to terminate his or her employment with the Company and accept employment with any entity, including but not limited to a competitor, supplier or customer of the Company, or (iii) referring Company employees to
personnel or agents employed by any entity, including but not limited to competitors, suppliers or customers of the Company. 

  

	 	2.	Confidential Information. 

  

	 	a.	Definition of Confidential Information. Employee agrees that the confidentiality obligations set forth in the Company’s policies shall continue in full force and effect from and after the date hereof. In
addition, Employee acknowledges that his position with the Company created a relationship of high trust and confidence with respect to Confidential Information owned by the Company, its customers or suppliers that may have been learned or developed
by Employee while employed by the Company. For purposes of this Agreement, “Confidential Information” means all information that meets one or more of the following three conditions: (i) it has not been made available generally
to the public either by the Company or by a third party with the Company’s consent, (ii) it is useful or of value to the Company’s current or anticipated business or research and development activities or those of a customer or
supplier of the Company, or (iii) it either has been identified as confidential to Employee by the Company (orally or in writing) or it has been maintained as confidential from outside parties and is recognized as intended for internal
disclosure only. Confidential Information includes, but is not limited to, “Trade Secrets” to the full extent of the definition of that term under Delaware law. It does not include “general skills, knowledge and
experience” as those terms are defined under Delaware law. 

  

	 	b.	 Examples of Confidential Information. Confidential Information includes, but is not limited to: computer
programs, unpatented inventions, discoveries or improvements; marketing, manufacturing, organizational, research and development, and business plans; proposed benefit designs; vendor lists,

	 	
relationship information and pricing; company policies; sales forecasts; personnel information (including the identity of Company employees, their responsibilities, competence, abilities, and
compensation); medical information about employees; pricing and nonpublic financial information; lists of current and prospective customers and information on customers or their employees; information concerning planned or pending acquisitions or
divestitures; and information concerning purchases of major equipment or property. 

  

	 	c.	General Skills, Knowledge and Experience. Employee may take and use the general skills, knowledge and experience that Employee has learned or developed in Employee’s position or positions with the Company.

  

	 	d.	Confidentiality Obligations. Employee will not (i) disclose, directly or indirectly, any Confidential Information to anyone outside of the Company or to any employees of the Company not authorized to receive
such information or (ii) use any Confidential Information other than as may be necessary to perform Employee’s obligations under this Separation Agreement. In no event will Employee disclose any Confidential Information to, or use any
Confidential Information for the benefit of any other person or entity, including without limitation any current or future competitor, supplier or customer of the Company, or any future employer of Employee. 

 

	 	e.	Duration. With respect to Trade Secrets, Employee’s obligations under subparagraph (d) shall continue indefinitely or until such Trade Secret information has been made available generally to the public
either by the Company or by a third party with the Company’s consent or is otherwise not considered a Trade Secret under Delaware law. With respect to Confidential Information that is not a Trade Secret (hereinafter referred to as
“Proprietary Information”), Employee’s obligations under subparagraph (d) shall continue in duration until the first to occur of the following: (a) the expiration of 60 months after the Separation Date or (b) the
Proprietary Information has been made available generally to the public either by the Company or by a third party with the Company’s consent. 

  

	 	3.	Obligation upon Subsequent Employment. If you accept employment with any future employer during the time period that you are entitled to receive salary continuation (regardless of whether you actually receive
severance benefits during that period), you will deliver a copy of this Annex A to such employer and advise such employer concerning the existence of your obligations under this Participation Agreement. 

 

	 	4.	 Company’s Right to Injunctive Relief. By execution of this Participation Agreement, you acknowledge
and agree that the Company would be damaged irreparably if any provision under this Annex A were breached by you and money damages would be an inadequate remedy for any such nonperformance or breach. Accordingly, the Company and its successors or
permitted assigns in order to protect its interests, shall pursue, in addition to other rights and remedies existing in its favor, an injunction or injunctions to prevent any breach or threatened breach of any of such provisions and to enforce such
provisions 

	 	
specifically (without posting a bond or other security). With respect to such enforcement, the prevailing party in such litigation shall be entitled to recover from the other party any and all
attorneys’ fees, costs and expenses incurred by or on behalf of that party in enforcing or attempting to enforce any provision under this Annex A or any other rights under this Participation Agreement.avt_Ex_10-3

		

			Exhibit 10.3

		

		
			AMENDMENT NO. 1 TO
THIRD AMENDED AND RESTATED RECEIVABLES PURCHASE AGREEMENT
		

		
			This Amendment No. 1 to Third Amended and Restated Receivables Purchase Agreement (this “Amendment”) is dated as of October 31, 2017, among Avnet Receivables Corporation, a Delaware corporation (“Seller”), Avnet, Inc., a New York corporation (“Avnet”), as Servicer (the Servicer together with Seller, the “Seller Parties” and each a “Seller Party”), each of the entities party hereto identified as a “Financial Institution” (together with any of their respective successors and assigns hereunder, the “Financial Institutions”), each of the entities party hereto identified as a “Company” (together with any of their respective successors and assigns hereunder, the “Companies”) and JPMorgan Chase Bank, N.A., as agent for the Purchasers or any successor agent hereunder (together with its successors and assigns hereunder, the “Agent”), amending the Third Amended and Restated Receivables Purchase Agreement, dated as of February 27, 2017 among the Seller Parties, the Financial Institutions party thereto, the Companies party thereto, and the Agent (the “Existing Agreement,” and as further amended, modified or supplemented from time to time, the “Receivables Purchase Agreement”).  
		

		
			RECITALS
		

		
			The parties hereto are the current parties to the Existing Agreement and they now desire to amend the Existing Agreement, subject to the terms and conditions hereof, as more particularly described herein.
		

		
			AGREEMENT
		

		
			NOW, THEREFORE, in consideration of the premises, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:
		

			
	
			
				 Section 1.
			Definitions Used Herein.  Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth for such terms in, or incorporated by reference into, the Existing Agreement.

			
	
			
				 Section 2.
			Amendment.  Subject to the terms and conditions set forth herein, the Existing Agreement is hereby amended as follows:

			
	
			
				 (a)
			Section 7.1(p) of the Existing Agreement is hereby deleted in its entirety and replaced with the following:

		
			(p)General Ledger and Certain Receivables. Such Seller Party shall maintain its consolidated general accounting ledger such that all indebtedness and other obligations owed to Originator or in which Originator has a security interest or other interest arising in connection with the sale of merchandise or the rendering of services by Originator and sold to Seller are recorded as part of general ledger category “company code US10”; provided however, that from and after December 28, 2010 indebtedness or other obligations owed to Originator or in which Originator has a security interest or other interest arising in connection with the sale of merchandise or the rendering of services by the business previously conducted by businesses acquired by Originator in an Excluded Acquisition shall not be recorded as part of general ledger category “company code US10” until such time, if any, as such indebtedness or other obligations are originated, serviced and collected in a manner substantially similar to the Receivables.
		

		
			

		 

 

		

			Amendment No. 1 to

		

		

			Third Amended and Restated 
Receivables Purchase Agreement

		

		

			 

		

		

			
	
			
				 (b)
			The definition of “Excluded Receivable” in Exhibit I to the Existing Agreement is hereby deleted in its entirety and replaced with the following:

		
			“Excluded Receivable” means all indebtedness and other obligations owed to Originator or in which Originator has a security interest or other interest (including, without limitation, any indebtedness, obligation or interest constituting an account, chattel paper, instrument or general intangible) arising in connection with the sale of merchandise or the rendering of services by Originator and further includes, without limitation, the obligation to pay any Finance Charges with respect thereto, which, in any case:
		

		
			(i) the account debtor for which is Intelbras S.A. Industria de Telecomunicacao Eletronica Brasileira and such indebtedness or other obligation was originated after December 30, 2016;
		

		
			(ii) the account debtor for which is 3M Company and such indebtedness or other obligation was originated after October 31, 2017; or
		

		
			(iii) both (a) arises in connection with the sale of merchandise or the rendering of services by the business previously conducted by any businesses acquired by Originator in an Excluded Acquisition and (b) is not recorded or maintained in Avnet’s consolidated general ledger accounting records as part of general ledger category “company code US10” (other than any Receivables previously coded under “company code US10” that have been coded under any other category without the Agent’s prior written consent).
		

		
			Indebtedness and other rights and obligations arising from any one transaction, including, without limitation, indebtedness and other rights and obligations represented by an individual invoice, shall constitute an Excluded Receivable separate from an Excluded Receivable consisting of the indebtedness and other rights and obligations arising from any other transaction; provided, that any indebtedness, rights or obligations referred to in the immediately preceding sentence shall be an Excluded Receivable regardless of whether the account debtor or Seller treats such indebtedness, rights or obligations as a separate payment obligation.”
		

			
	
			
				 Section 3.
			Conditions to Effectiveness of Amendment.  This Amendment shall become effective as of the date hereof, upon the satisfaction of the conditions precedent that:

			
	
			
				 (a)
			Amendment.  The Agent and each Seller Party shall have received, on or before the date hereof, executed counterparts of this Amendment, duly executed by each of the parties hereto.

			
	
			
				 (b)
			Representations and Warranties.  As of the date hereof, both before and after giving effect to this Amendment, all of the representations and warranties of each Seller Party contained in the Existing Agreement and in each other Transaction Document shall be true and correct in all material respects as though made on the date hereof (and by its execution hereof, each Seller Party shall be deemed to have represented and warranted such).

			
	
			
				 (c)
			No Amortization Event or Potential Amortization Event.  As of the date hereof, both before and after giving effect to this Amendment, no Amortization Event or Potential Amortization Event shall have occurred and be continuing (and by its execution hereof, each Seller Party shall be deemed to have represented and warranted such).

		
			

		 

		

			2

		

 

		

			Amendment No. 1 to

		

		

			Third Amended and Restated 
Receivables Purchase Agreement

		

		

			 

		

		

			
	
			
				 Section 4.
			Miscellaneous.

			
	
			
				 (a)
			Effect; Ratification.  The amendment set forth herein is effective solely for the purposes set forth herein and shall be limited precisely as written, and shall not be deemed (i) to be a consent to, or an acknowledgment of, any amendment, waiver or modification of any other term or condition of the Existing Agreement or of any other instrument or agreement referred to therein or (ii) to prejudice any right or remedy which the Agent, any Company or Financial Institution (or any of their respective assigns) may now have or may have in the future under or in connection with the Receivables Purchase Agreement, as amended hereby, or any other instrument or agreement referred to therein.  Each reference in the Receivables Purchase Agreement to “this Agreement,” “herein,” “hereof” and words of like import and each reference in the other Transaction Documents to the Existing Agreement or to the “Receivables Purchase Agreement” shall mean the Existing Agreement as amended hereby.  This Amendment shall be construed in connection with and as part of the Receivables Purchase Agreement and all terms, conditions, representations, warranties, covenants and agreements set forth in the Receivables Purchase Agreement and each other instrument or agreement referred to therein, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.

			
	
			
				 (b)
			Transaction Documents.  This Amendment is a Transaction Document executed pursuant to the Receivables Purchase Agreement and shall be construed, administered and applied in accordance with the terms and provisions thereof.

			
	
			
				 (c)
			Costs, Fees and Expenses.  Seller agrees to reimburse the Agent and each Purchaser and its assigns upon demand for all reasonable and documented out-of-pocket costs, fees and expenses in connection with the preparation, execution and delivery of this Amendment (including the reasonable fees and expenses of counsel to the Agent).

			
	
			
				 (d)
			Counterparts.  This Amendment may be executed in any number of counterparts, each such counterpart constituting an original and all of which when taken together shall constitute one and the same instrument.

			
	
			
				 (e)
			Severability.  Any provision contained in this Amendment which is held to be inoperative, unenforceable or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable or invalid without affecting the remaining provisions of this Amendment in that jurisdiction or the operation, enforceability or validity of such provision in any other jurisdiction.

			
	
			
				 (f)
			GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

			
	
			
				 (g)
			WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT, ANY DOCUMENT EXECUTED BY ORIGINATOR PURSUANT TO THIS AMENDMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER.

		
			[Signature Pages Follow]
		

		
			 
		

		
			 
		

		
			

		 

		

			3

		

 

		

			Amendment No. 1 to

		

		

			Third Amended and Restated 
Receivables Purchase Agreement

		

		

			 

		

		

		
			IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their respective duly authorized officers as of the date first written above.
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						AVNET RECEIVABLES CORPORATION

				
	
					
						 

					
					
						as Seller

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Ken Jacobson

				
	
					
						 

					
					
						Name:  

					
					
						Ken Jacobson

				
	
					
						 

					
					
						Title:

					
					
						President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						AVNET, INC., as Servicer

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Michael J. O’Neill

				
	
					
						 

					
					
						Name:  

					
					
						Michael J. O’Neill

				
	
					
						 

					
					
						Title:

					
					
						Sr. Vice President

				

		
			 
		

		
			
		

		

		 

		

			S-1

		

 

		

			Amendment No. 1 to

		

		

			Third Amended and Restated 
Receivables Purchase Agreement

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Commitment:  $76,500,000

					
					
						CHARIOT FUNDING LLC, 

				
	
					
						 

					
					
						as a Company and as a Financial Institution

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						JPMorgan Chase Bank, N.A.,

				
	
					
						 

					
					
						 

					
					
						its Attorney-in-Fact

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ John Kuhns

				
	
					
						 

					
					
						Name:

					
					
						John Kuhns

				
	
					
						 

					
					
						Title:

					
					
						Executive Director

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						JPMORGAN CHASE BANK, N.A.,

				
	
					
						 

					
					
						as Agent

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ John Kuhns

				
	
					
						 

					
					
						Name:

					
					
						John Kuhns

				
	
					
						 

					
					
						Title:

					
					
						Executive Director

				

		
			 
		

		
			
		

		

		 

		

			S-2

		

 

		

			Amendment No. 1 to

		

		

			Third Amended and Restated 
Receivables Purchase Agreement

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						LIBERTY STREET FUNDING LLC,

				
	
					
						 

					
					
						as a Company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Jill A. Russo

				
	
					
						 

					
					
						Name:

					
					
						Jill A. Russo

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Commitment:  $76,500,000

					
					
						THE BANK OF NOVA SCOTIA, 

				
	
					
						 

					
					
						as a Financial Institution

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Diane Emanuel

				
	
					
						 

					
					
						Name:

					
					
						Diane Emanuel

				
	
					
						 

					
					
						Title:

					
					
						Managing Director & Co-Head 

					
						U.S. Execution

				

		
			 
		

		
			
		

		

		 

		

			S-3

		

 

		

			Amendment No. 1 to

		

		

			Third Amended and Restated 
Receivables Purchase Agreement

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						VICTORY RECEIVABLES CORPORATION,

				
	
					
						 

					
					
						as a Company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ David V. DeAngelis

				
	
					
						 

					
					
						Name:

					
					
						David V. DeAngelis

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Commitment:  $51,000,000

					
					
						THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.,

				
	
					
						 

					
					
						NEW YORK BRANCH, as a Financial Institution

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Christopher Pohl

				
	
					
						 

					
					
						Name:

					
					
						Christopher Pohl

				
	
					
						 

					
					
						Title:

					
					
						Managing Director

				

		
			 
		

		
			
		

		

		 

		

			S-4

		

 

		

			Amendment No. 1 to

		

		

			Third Amended and Restated 
Receivables Purchase Agreement

		

		

			 

		

	
					
						

					
						 

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						PNC BANK, NATIONAL ASSOCIATION,

				
	
					
						 

					
					
						as a Company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Michael Brown

				
	
					
						 

					
					
						Name: 

					
					
						Michael Brown

				
	
					
						 

					
					
						Title: 

					
					
						Senior Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Commitment:  $50,000,000

					
					
						PNC BANK, NATIONAL ASSOCIATION, 

				
	
					
						 

					
					
						as a Financial Institution

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Michael Brown

				
	
					
						 

					
					
						Name: 

					
					
						Michael Brown

				
	
					
						 

					
					
						Title: 

					
					
						Senior Vice President

				

		
			 
		

		
			
		

		

		 

		

			S-5

		

 

		

			Amendment No. 1 to

		

		

			Third Amended and Restated 
Receivables Purchase Agreement

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRANCH BANKING AND TRUST COMPANY, 

				
	
					
						 

					
					
						as a Company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Melinda Gulledge

				
	
					
						 

					
					
						Name:

					
					
						Melinda Gulledge

				
	
					
						 

					
					
						Title:

					
					
						Assistant Vice President

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Commitment:  $25,000,000

					
					
						BRANCH BANKING AND TRUST COMPANY, 

				
	
					
						 

					
					
						as a Financial Institution

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Melinda Gulledge

				
	
					
						 

					
					
						Name:

					
					
						Melinda Gulledge

				
	
					
						 

					
					
						Title:

					
					
						Assistant Vice President

				

		
			 
		

		
			
		

		

		 

		

			S-6

		

 

		

			Amendment No. 1 to

		

		

			Third Amended and Restated 
Receivables Purchase Agreement

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION, 

				
	
					
						 

					
					
						as a Company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Eero Maki

				
	
					
						 

					
					
						Name:

					
					
						Eero Maki

				
	
					
						 

					
					
						Title:

					
					
						Managing Director

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Commitment:  $75,000,000

					
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION, 

				
	
					
						 

					
					
						as a Financial Institution

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Eero Maki

				
	
					
						 

					
					
						Name:

					
					
						Eero Maki

				
	
					
						 

					
					
						Title:

					
					
						Managing Director

				

		
			 
		

		
			
		

		

		 

		

			S-7

		

 

		

			Amendment No. 1 to

		

		

			Third Amended and Restated 
Receivables Purchase Agreement

		

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Manhattan Asset Funding

				
	
					
						 

					
					
						Company LLC, as a Company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:  

					
					
						MAF Receivables Corp., its member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Linda Khaimova

				
	
					
						 

					
					
						Name:

					
					
						Linda Khaimova

				
	
					
						 

					
					
						Title:

					
					
						Vice President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						SMBC NIKKO SECURITIES AMERICA, INC.,

				
	
					
						 

					
					
						as agent for the SMBC Company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Neil Bautista

				
	
					
						 

					
					
						Name: 

					
					
						Neil Bautista

				
	
					
						 

					
					
						Title: 

					
					
						Executive Director

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Commitment:  $51,000,000

					
					
						Sumitomo Mitsui Banking Corporation, as a Financial Institution

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ James D. Weinstein

				
	
					
						 

					
					
						Name: 

					
					
						James D. Weinstein

				
	
					
						 

					
					
						Title: 

					
					
						Managing Director

				

		
			 
		

		
			
		

		
			

		 

		

			S-8

		

 

		

			Amendment No. 1 to

		

		

			Third Amended and Restated 
Receivables Purchase Agreement

		

		

			 

		

		

		
			As of the date first set forth above, each of Avnet, Inc., in its capacity as Originator (the “Originator”) and Avnet Receivables Corporation, in its capacity as Buyer (the “Buyer”), in each case, under the Amended and Restated Receivables Sale Agreement, dated as of February 27, 2017 (the “Sale Agreement”), by and between the Originator and the Buyer, hereby acknowledge and agree that the foregoing Amendment is effective as an amendment to the definition of “Excluded Receivable” as used in the Sale Agreement.
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						AVNET RECEIVABLES CORPORATION,

				
	
					
						 

					
					
						as Buyer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Ken Jacobson

				
	
					
						 

					
					
						Name: 

					
					
						Ken Jacobson

				
	
					
						 

					
					
						Title: 

					
					
						President

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						AVNET, INC., as Originator

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By: 

					
					
						/s/ Michael J. O’Neill

				
	
					
						 

					
					
						Name: 

					
					
						Michael J. O’Neill

				
	
					
						 

					
					
						Title: 

					
					
						Sr. Vice President

				

		
			 
		

		
			 
		

		 

		

			S-9

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