Document:

EX-10.31

 EXHIBIT 10.31 

SEVERANCE AGREEMENT 
 THIS
SEVERANCE AGREEMENT (this “Agreement”) is made and entered into as of this 1 day of July, 2008, by and between School Bus Holdings, Inc., (the “Company”) and Paul Yousif (the “Employee”) (the “Company” and the
“Employee,” collectively, the “Parties,” each a “Party”). 
 WHEREAS, the Employee is employed by the Company
as Treasurer; and 
 WHEREAS, the Parties wish to set forth the terms and conditions of any future termination of the Employee’s
employment with the Company; 
 NOW, THEREFORE, in consideration of the mutual promises contained herein, the receipt and sufficiency of
which are hereby acknowledged, the Parties agree as follows: 
 1. Effective Date: Term. This Agreement shall be effective as of the
date hereof and shall remain effective until the end of the Severance Period (the “Term”). 
 2. Eligibility for Severance
Benefits. The Employee shall receive the benefits provided for in Section 3 herein (“Severance Benefits”) provided that: 

a. the Employee’s employment with the Company is terminated by the Company without Cause (as defined below) or by the Employee for Good
Reason (as defined below) (each such termination, a “Qualifying Termination”); and 
 b. the Employee has complied and continues
to comply with the restrictions and obligations set forth in Section 7 herein; and 
 c. the Employee signs, and does not revoke, a
valid general release of all claims against the Company and its parents, subsidiaries, Affiliates (as defined in Section 7(a) herein), successors and assigns, and all such entities’ respective current and former directors, officers,
shareholders, members, partners, employees and agents in a form reasonably acceptable to the Company the “Release”); and 
 d.
the Employee has not breached any of the provisions of the Release or any provisions of this Agreement, as determined by the Company. 

For the purposes of this Agreement, “Cause” means, as determined by the Company’s Board of Directors (or its designee) (the
“Board”), (i) conviction of or plea of nolo contendere to a felony by the Employee; (ii) acts of dishonesty by the Employee resulting or intending to result in personal gain or enrichment at the expense of the Company or its
parents, subsidiaries or Affiliates; (iii) the Employee’s material breach of any agreement between the Company and the Employee or the policies set forth in the Company’s Employee Handbook and/or other Company policies as may be in
effect, from time to time, as amended from time to time; (iv) conduct by the Employee in connection with his or her duties that is fraudulent, unlawful or grossly negligent, including, but not limited to, acts of discrimination;
(v) engaging in personal conduct by the Employee (including but not limited to employee harassment or discrimination, the use or possession at work of any illegal controlled substance) which seriously

 
discredits or damages the Company or its parents, subsidiaries or Affiliates; (vi) continuing failure by the Employee to adequately perform his or her duties or continuing inattention to
such duties; or (vii) breach of the Employee’s restrictions and obligations set forth in Section 7 herein before the Termination Date. 

For the purposes of this Agreement, “Good Reason” means, without the Employee’s consent, (i) a material adverse reduction
in the Employees responsibilities, position or duties; (ii) a reduction in the Employee’s annual base salary (“Base Salary”); or (iii) relocation of the Employee’s office more than 50 miles from its location on the date
hereof; provided that the Company shall have thirty (30) days after receipt of notice from the Employee in writing specifying the deficiency to cure the deficiency that would result in Good Reason. Notwithstanding the foregoing, neither
(x) a reduction in the amount of the Employee’s aggregate compensation in an amount proportional to such a reduction in the aggregate compensation of other similarly situated employees of the Company nor (y) the assignment of this
Agreement pursuant to Section 11(g) of this Agreement shall constitute Good Reason. For the avoidance of doubt, to be deemed a Good Reason termination, the Employee is required to give the Company at least thirty (30) days prior written
notice of the termination of employment for Good Reason. 
 3. Severance Benefits. In the event of a Qualifying, Termination in which
the Employee satisfies the conditions set forth in Section 2, the Employee shall receive as of the effective date of the termination of the Employee’s employment with the Company (the “Termination Date”) the following Severance
Benefits: 
 a. Continued payment of Base Salary as in effect on the Termination Date for a period of twelve (12) months after the
Termination Date (the “Severance Period”) (such continued payments, “Severance Payments”); and 
 b. reimbursement of
the cost of continuation coverage of group health coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”) from the Termination Date until the earlier of (i) the last day of the Severance Period, or
(ii) the date the Employee becomes eligible for group health benefits under a plan, policy or program of a subsequent employer, or (iii) the end of the Employee’s eligibility period under COBRA; provided that the Employee is eligible
for and elects such continuation coverage, and subject to the terms of the plan and applicable law. During any remaining period of continuation coverage, the Employee shall be responsible for the entire cost of such continuation coverage. 

No other amounts (including, without limitation, any unpaid bonuses or amounts under any other severance plan, policy or arrangement) or
benefits shall be payable or owed to the Employee upon or after the Termination Date, unless otherwise provided for under this Agreement or as otherwise may be required by law. 

4. Payment of Severance Benefits. Severance Payments shall be made to the Employee in twelve (12) equal monthly installments,
commencing on the first day of the month following the effective date of the Release. Notwithstanding the foregoing, the Employee shall not be entitled to any Severance Benefits upon or after the Termination Date if the Employee has breached any of
the covenants contained in Section 7. If the Company determines that the 

  
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Employee has breached any of the provisions of the Release or any provisions of this Agreement after the Termination Date, in addition to any other remedies it may have, the Company shall not be
liable to the Employee for any Severance Benefits that remain to be paid or provided to the Employee as of the date of the Company’s determination that the Employee has breached any such provision. Furthermore, the Employee will immediately
return to the Company any such Severance Benefits previously received under this Agreement upon such a breach, and, in the event of such breach, the Company will have no obligation to pay any Severance Benefits that otherwise remain payable. 

5. Other Compensation and Benefits. In addition to any amounts received by the Employee pursuant to Section 3, upon termination of
the Employee’s employment with the Company the Employee shall also be entitled to (i) the Employee’s accrued but unpaid Base Salary to the Termination Date and any employee benefits the Employee may be entitled to pursuant to the
employee benefit plans of the Company; (ii) the unpaid portion of any bonus, if any, relating to the calendar year prior to the calendar year of the Employee’s termination of employment, payable on the earlier of (x) thirty days after
the approval by the Board of the consolidated financial statements of the Company, and (y) the date on which the Company pays annual bonuses to other similarly situated employees of the Company; (iii) reimbursement for all appropriate
business expenses incurred by the Employee in connection with his or her employment by the Company in accordance with the policies of the Company as in effect from time to time that are incurred but not yet reimbursed to the Employee through the
Termination Date; and (iv) in the event of a Qualifying Termination, payment for accrued unused vacation days, payable in accordance with Company policy. 

6. Tax Withholding. The Company is authorized to withhold from any benefit provided or payment due hereunder, the amount of withholding
taxes due under any federal, state or local authority in respect of such benefit or payment and to take such other action as may be necessary in the opinion of the Board to satisfy all obligations for the payment of such withholding taxes. 

7. Restrictions and Obligations of the Employee. 

a. Confidentiality. 
 i.
During the course of the Employee’s employment by the Company, the Employee has had and will have access to certain trade secrets and confidential information relating to the Company, its parents and/or subsidiaries and/or the Affiliates (as
defined below) of the Company, its parents and/or subsidiaries (the “Protected Parties”) which is not readily available from sources outside the Company. For purposes of this Agreement, “Affiliate” means, any entity directly or
indirectly controlling, controlled by or under common control with the Company and/or its parents and/or subsidiaries, respectively. The confidential and proprietary information and, in any material respect, trade secrets of the Protected Parties
are among their most valuable assets, including but not limited to, their customer, supplier and vendor lists, databases, competitive strategies, computer programs, frameworks, or models, their marketing programs, their sales, financial, marketing,
training and technical information, their product development (and proprietary product data) and any other information, whether communicated orally, electronically, in writing or in other tangible forms concerning how the

  
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Protected Parties create, develop, acquire or maintain their products and marketing plans, target their potential customers and operate their retail and other businesses. The Protected Parties
invested, and continue to invest, considerable amounts of time and money in their process, technology, know-how, obtaining and developing the goodwill of their customers, their other external relationships, their data systems and data bases, and all
the information described above (hereinafter collectively referred to as “Confidential Information”), and any misappropriation or unauthorized disclosure of Confidential Information in any form would irreparably harm the Protected Parties,
The Employee acknowledges that such Confidential Information constitutes valuable, highly confidential, special and unique property of the Protected Parties. The Employee shall hold in a fiduciary capacity for the benefit of the Protected Parties
all Confidential Information relating to the Protected Parties and their businesses, which shall have been obtained by the Employee during the Employee’s employment by the Company and which shall not be or become public knowledge (other than by
acts by the Employee or representatives of the Employee in violation of this Agreement). Except as required by law or an order of a court or governmental agency with jurisdiction, the Employee shall not, during the period the Employee is employed by
the Company or at any time thereafter, disclose any Confidential Information, directly or indirectly, to any person or entity for any reason or purpose whatsoever, nor shall the Employee use it in any way, except in the course of the Employee’s
employment with the Company and for the benefit of the Protected Parties or to enforce any rights or defend any claims hereunder or under any other agreement to which the Employee is a party, provided that such disclosure is relevant to the
enforcement of such rights or defense of such claims and is only disclosed in the formal proceedings related thereto. The Employee shall take all reasonable steps to safeguard the Confidential Information and to protect it against disclosure,
misuse, espionage, loss and theft. The Employee understands and agrees that the Employee shall acquire no rights to any such Confidential Information. 

ii. All files, records, documents, drawings, specifications, data, computer programs, evaluation mechanisms and analytics and similar items
relating thereto or to the Protected Parties’ businesses, as well as all customer lists, specific customer information, compilations, of product research and marketing techniques of the Protected Parties, whether prepared by the Employee or
otherwise coming into the Employee’s possession, shall remain the exclusive property of the Protected Parties, and the Employee shall not remove any such items from the premises of the Protected Parties, except in furtherance of the
Employee’s duties. 
 iii. It is understood that while employed by the Company the Employee will promptly disclose to it, and assign
to it the Employee’s interest in any invention, improvement or discovery made or conceived by the Employee, either alone or jointly with others, which arises out of the Employee’s employment. At the Company’s request and expense, the
Employee will assist the Protected Parties during the period of the Employee’s employment by the Company and thereafter in connection with any controversy or legal proceeding relating to such invention, improvement or discovery and in obtaining
domestic and foreign patent or other protection covering the same. 
 iv. As requested by the Company and at the Company’s expense,
from time to time and upon the termination of the Employee’s employment with the Company for any reason, the Employee will promptly deliver to the Company all copies and 

  
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embodiments, in whatever form, of all Confidential Information in the Employee’s possession or within his or her control (including, but not limited to, memoranda, records, notes, plans,
photographs, manuals, notebooks, documentation, program listings, flow charts, magnetic media, disks, diskettes, tapes and all other materials containing any Confidential Information) irrespective of the location or form of such material. If
requested by the Company, the Employee will provide the Company with written confirmation that all such materials have been delivered to the Company as provided herein. 

b. Non-Solicitation or Hire. During the Employee’s employment with the Company and for a period of one (1) year following
the Employee’s termination of employment for any reason, the Employee shall not directly or indirectly solicit or attempt to solicit or induce, directly or indirectly, (i) any party who is a customer of School Bus Holdings Inc. or any of
its subsidiaries, or who was a customer of School Bus Holdings Inc. or any of its subsidiaries at any time during the twelve (12) month period immediately prior to the Termination Date, for the purpose of marketing, selling or providing to any
such party any services or products offered by or available from School Bus Holdings Inc. or any of its subsidiaries (provided that if the Employee intends to solicit any such party for any other purpose, he shall notify the Company of such
intention and receive prior written approval from the Company), (ii) any supplier to School Bus Holdings Inc. or any of its subsidiaries to terminate, reduce or alter negatively its relationship with School Bus Holdings Inc. or any of its
subsidiaries or in any manner interfere with any agreement or contract between School Bus Holdings Inc. or any of its subsidiaries and such supplier or (iii) any employee of School Bus Holdings Inc. or any of its subsidiaries or any person who
was an employee of School Bus Holdings Inc. or any of its subsidiaries during the twelve (12) month period immediately prior to the date the Employee’s employment terminates to terminate such employee’s employment relationship with
School Bus Holdings Inc. or any of its subsidiaries in order, in either case, to enter into a similar relationship with the Employee, or any other person or any entity in competition with the Business of School Bus Holdings Inc. or any of its
subsidiaries. 
 c. Non-Competition. During the Employee’s employment with the Company and for a period of one (1) year
following the Employee’s termination of employment for any reason, the Employee shall not, whether individually, as a director, manager, member, stockholder, partner, owner, employee, consultant or agent of any business, or in any other
capacity, other than on behalf of School Bus Holdings Inc. or any of its subsidiaries, organize, establish, own, operate, manage, control, engage in, participate in, invest in, permit his or her name to be used by, act as a consultant or advisor to,
render services for (alone or in association with any person, firm, corporation or business organization); or otherwise assist any person or entity that engages in or owns, invests in, operates, manages or controls any venture or enterprise which
engages or proposes to engage in any business conducted by School Bus Holdings Inc. or any of its subsidiaries on the Termination Date or within twelve (12) months of the Employee’s termination of employment with the Company in the
geographic locations where School Bus Holdings Inc. or any of its subsidiaries, respectively engage or propose to engage in such business (the “Business”). Notwithstanding the foregoing, nothing in this Agreement shall prevent the Employee
from owning for passive investment purposes not intended to circumvent this Agreement, less than five percent (5%) of the publicly traded common equity securities of any company engaged in the Business (so long as the Employee has no power to
manage, operate, advise, consult with or control the competing enterprise and no power, alone or in 

  
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conjunction with other affiliated parties, to select a director, manager, general partner, or similar governing official of the competing enterprise other than in connection with the normal and
customary voting powers afforded the Employee in connection with any permissible equity ownership). 
 d. Nondisparagement. The
Employee shall not at any time (whether during or after the Term) publish or communicate to any person or entity any Disparaging (as defined below) remarks, comments or statements concerning the Company, its parents, subsidiaries and/or Affiliates,
and their respective present and former members, partners, directors, officers, shareholders, employees, agents, attorneys, successors and assigns. “Disparaging” remarks, comments or statements are those that impugn the character, honesty,
integrity or morality or business acumen or abilities in connection with any aspect of the operation of business of the individual or entity being disparaged. 

e. Property. The Employee acknowledges that all originals and copies of materials, records and documents generated by him or coming
into his or her possession during his or her employment by the Company are the sole property of the Company (“Company Property”). During the Term, and at all times thereafter, the Employee shall not remove, or cause to be removed, from the
premises of the Company or its parents, subsidiaries or Affiliates copies of any record, file, memorandum, document, computer related information or equipment, or any other item relating to the Business, except in furtherance of his or her duties.
When the Employee’s employment with the Company terminates, or upon request of the Company at any time, the Employee shall promptly deliver to the Company all copies of Company Property in his or her possession or control. 

8. Remedies: Specific Performance. The Parties acknowledge and agree that the Employee’s breach or threatened breach of any of the
restrictions set forth in Section 7 will result in irreparable and continuing damage to the Company and its parents, subsidiaries, and, as applicable, the Affiliates of the Company and its parents and subsidiaries, for which there may be no
adequate remedy at law and that the Company and its parents and subsidiaries, and, as applicable, the Affiliates of the Company and its parents and subsidiaries, shall be entitled to equitable relief, including specific performance and injunctive
relief as remedies for any such breach or threatened or attempted breach. The Employee hereby consents to the grant of an injunction (temporary or otherwise) against the Employee or the entry of any other court order against the Employee prohibiting
and enjoining him from violating, or directing him to comply with any provision of Section 7. The Employee also agrees that such remedies shall be in addition to any and all remedies, including damages, available to the Company against him or
her for such breaches or threatened or attempted breaches. 
 9. Severability. If any term, provision, covenant or restriction of
this Agreement, or any part thereof, is held by a court of competent jurisdiction of any foreign, federal, state, county or local government or any other governmental, regulatory or administrative agency or authority to be invalid, void,
unenforceable or against public policy for any reason, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected or impaired or invalidated. The
Employee acknowledges that the restrictive covenants contained in Section 7 are a condition of this Agreement and are reasonable and valid in temporal scope and in all other respects. 

  
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 10. Judicial Modification. If any court of competent jurisdiction determines that any of
the covenants in Section 7, or any part of any of them, is invalid or unenforceable (including, without limitation, because of the geographic or temporal scope of such provision), such covenant or part thereof shall apply to the maximum extent
otherwise permitted at applicable law with such modifications as will be necessary to make it valid and enforceable. 
 11.
Miscellaneous. 
 a. No Right to Employment. This Agreement does not create for the Employee any employment right. This
Agreement is not a contract of employment and does not alter the employment at-will relationship. Either Party may terminate the employment relationship at any time for any reason. 

b. Entire Agreement. This Agreement contains the entire agreement between the Parties with respect to the subject matter hereof and
supersedes all prior agreements, written or oral, with respect thereto. 
 c. Waiver and Amendments. This Agreement may be amended,
modified, superseded, canceled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by the Parties or, in the case of a waiver, by the Party waiving compliance. No delay on the part of any
Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any right, power or privilege hereunder, nor any single or partial exercise of any right, power or privilege
hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 
 d.
Notices. Any notice or other communication required or which may be given hereunder shall be in writing and shall be delivered personally, telegraphed, telexed, sent by facsimile transmission or sent by certified, registered or express mail,
postage prepaid or overnight mail and shall be deemed given when so delivered personally, telegraphed, telexed, or sent by facsimile transmission or, if mailed, four (4) days after the date of mailing or one (1) day after overnight mail,
as follows: 
 i. If the Company, to: 

School Bus Holdings, Inc. 
 c/o
Cerberus Capital Management L.P. 
 299 Park Avenue 

New York, NY 10171 
 Attention:
     Dev Kapadia 
 Telephone:    (212) 891-2100 

Fax:               (212) 909-1409 

  
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 With copies to: 

Schulte Roth & Zabel LLP 

919 Third Avenue 
 New York, NY
10022 
 Attention:      Richard A. Presutti, Esq. 

Telephone:    (212) 756-2000 

Fax:               (212) 593-5955 

ii. If the Employee, to the Employee’s home address reflected in the Company’s records. 

e. Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State of New York applicable to
agreements made and not to be performed entirely within such state, without regard to conflicts of laws principles. 
 f. Dispute
Resolution and Venue. The Parties agree irrevocably to submit to the exclusive jurisdiction of the federal courts or, if no federal jurisdiction exists, the state courts, located in the City of New York, Borough of Manhattan, for the purposes of
any suit, action or other proceeding brought by any Party arising out of any breach of any of the provisions of this Agreement and hereby waive, and agree not to assert by way of motion, as a defense or otherwise, in any such suit, action, or
proceeding, any claim that is not personally subject to the jurisdiction of the above-named courts, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit , action or proceeding is improper, or that the
provisions of this Agreement may not be enforced in or by such courts. In addition, the Parties agree to the waiver of a jury trial. 
 g.
Assignability by the Company and the Employee. 
 i. This Agreement, and the rights and obligations hereunder, may not be assigned by
the Company or the Employee without written consent signed by the other Party; provided that the Company may assign the Agreement to any successor that continues the business of the Company. 

ii. Notwithstanding the foregoing, in the event of a sale of all or substantially all of the business or assets of the Company by way of
merger, share purchase, asset purchase or otherwise (a “Transaction”), prior to or in connection with a Transaction, the Company may assign this Agreement to The Traxis Group B.V. or any of its subsidiaries or affiliates. 

h. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which shall
constitute one und the same instrument. 
 i. Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning of terms contained herein. 

  
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 j. Survival. Sections 7, 8, 9, 10 and 11 of this Agreement shall survive after the Term.

 IN WITNESS WHEREOF, the Parties hereto, intending to be legally bound hereby, have executed this Agreement as of the day and year first
above mentioned. 
  

			
	EMPLOYEE
	
	 /s/ Paul Yousif

	Paul Yousif
	
	SCHOOL BUS HOLDINGS, INC.
		
	By:		 /s/ Herb Clark

	Name:		Herb Clark
	Title:		Senior Vice President of Human Resources

  
 -9-avt_Ex_10-1

		
			Exhibit 10.1
		

		
			[English Translation]
		

		
			 
		

		
			EMPLOYMENT AGREEMENT
		

		
			 
		

		
			AVNET EUROPE COMM VA 
		

		
			 
		

		
			and
		

		
			 
		

		
			Patrick ZAMMIT
		

		
			 
		

		
			January 22, 2015
		

		
			 
		

		
			BETWEEN:
		

		
			 
		

		
			 
		

		
			(1)AVNET EUROPE COMM VA whose registered office is at 1831 Diegem, Kouterveldstraat 20, registered in the Crossroads Bank of Enterprises’ Legal Entity Register under Employer number BE 0464.298.616 validly represented by Peter Bielefeld, in his capacity of Permanent Representative (the Employer); 
		

		
			 
		

		
			and
		

		
			 
		

		
			(2)Patrick Zammit, who resides in ___ Brussels, __________,  (the Employee); 
		

		
			 
		

		
			each referred to as a Party and together as the Parties.
		

		
			 
		

		
			IT IS AGREED:
		

		
			 
		

		
			DEFINITIONS
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			In this agreement (the Employment Agreement) the following terms have the following meaning: 

		
			 
		

			
	
			
				 ·
			

			
	
			
			Employment Law means the Belgian law of 3 July 1978 on employment contracts (published in the Belgian Official Gazette on 22 August 1978) as amended from time to time.

		
			 
		

			
	
			
				 ·
			

			
	
			
			CBA means a collective bargaining agreement. 

		
			 
		

			
	
			
				 ·
			

			
	
			
			Clause means a clause in the Employment Agreement.

		
			 
		

			
	
			
				 ·
			

			
	
			
			Custom means a general practice which has occurred on a regular basis over a certain number of years.

		
			 
		

			
	
			
				 ·
			

			
	
			
			Group means the Employer and its affiliated companies and persons (as defined in article 11 of the Company Code).  The definitions of Book I, Title II, Chapter II of the Company Code are applicable in this regard; and Group Company is to be interpreted accordingly.   

		
			 
		

		 

		

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				 ·
			

			
	
			
			Undertaking means any organisation – including any corporate person, person or association – acting in the context of its independent economic or professional activity, even if it is only performed by one person and irrespective of whether the activity is performed in pursuit of profit. 

		
			 
		

			
	
			
				 ·
			

			
	
			
			Intellectual Property means all intellectual property rights, including copyrights, patents, models, design rights, trademark rights, sui generis rights, and all other possible intellectual property rights and related rights in works, documents, images, performances, creations, computer programs, databases, studies, research, methods, implementations, or inventions etc, including all related and associated rights and all other forms of similar protection throughout the world.

		
			 
		

			
	
			
				 ·
			

			
	
			
			Law on Copyright means the law of 30 June 1994 on Copyrights and Neighbouring Rights (published in Belgian Official Gazette on 27 July 1994), as modified from time to time.

		
			 
		

			
	
			
				 ·
			

			
	
			
			Confidential Information means personal data or commercial, technical, strategic, operational or financial data concerning the Employer or the Group, or business partners or employees of either or both, which the Employee has obtained in the context of the Employment Agreement or due to his employment within the Group, irrespective of the form of the data (electronic, hard copy, verbal, etc). 

		
			 
		

			
	
			
				 ·
			

			
	
			
			Company Code means the Belgian Company Code dated 7 May 1999 (published in the Belgian Official Gazette on 6 August 1999) as amended from time to time. 

		
			 
		

			
	
			
				 ·
			

			
	
			
			Collaborator means an employee, attorney-in-fact, representative, agent, partner, (direct or indirect) majority shareholder, owner, appointee or independent service provider. 

		
			 
		

			
	
			
				 ·
			

			
	
			
			Penal Code means the penal code of 8 June 1867 (published in Belgian Official Gazette on 9 June 1867), as modified from time to time. 

		
			 
		

			
	
			
				 1.
			

			
	
			
			APPOINTMENT

		
			 
		

		
			The Employer will employ the Employee and the Employee will serve the Employer for an indefinite period as President, Avnet Technology Solutions, on the terms set out in the Employment Agreement. This appointment has taken effect as of 5 January 2015. 
		

		
			 
		

		
			Parties agree however that the original date of commencement of employment was September 1, 1993.
		

		
			 
		

		
			The Employee will also be responsible for the management of the Avnet Technology Solutions Group in the Americas, Europe, Middle East and Africa, and Asia-Pacific.
		

		
			 
		

		
			The Employer may assign to the Employee tasks, duties and missions additional to those that the Employee is retained to carry out, including service as officer or director of other Group companies.  Any such new assignment does not constitute a breach of contract to the extent that it is in line with the Employee's qualifications and does not adversely affect his remuneration package.
		

		
			 
		

			
	
			
				 2.
			

			
	
			
			WORKPLACE

		
			 
		

		
			The Employee will exercise his functions mainly at the Employer's registered office at Diegem. 
		

		
			 
		

		
			The Employer may at its sole discretion assign the Employee to another place of work within 80 kilometres from the Employer's registered office for a temporary or indefinite period. The Employer may also assign the 
		

		 

		

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		Employee to another place of work outside 80 kilometres Employer's registered office for a temporary or indefinite period, however with the Employee’s consent.
		

		
			 
		

		
			It is recognized that the Employee's duties and responsibilities for the Employer will require the Employee to undertake national and international travel.
		

		
			 
		

			
	
			
				 3.
			

			
	
			
			WORKING HOURS

		
			 
		

		
			The Employee holds a management position or a position of trust with the Employer as determined by the Royal Decree of 10 February 1965.
		

		
			 
		

		
			As a minimum, the Employee must perform his duties during the Employer’s normal business hours. The Employee must also perform his duties outside these normal business hours insofar such additional time is necessary to properly fulfil those duties.
		

		
			 
		

		
			The Employee's remuneration, as determined in the Employment Agreement, includes any additional work performed in accordance with this Clause 3.  The Employee is therefore not entitled to any additional payments or holidays for additional work performed. 
		

		
			 
		

			
	
			
				 4.
			

			
	
			
			GENERAL OBLIGATIONS OF THE EMPLOYEE

		
			 
		

		
			The Employee must perform the Employment Agreement loyally and in good faith, and must promote the interests of the Employer and the Group at all times and in all circumstances.
		

		
			 
		

		
			The Employee must perform all duties and exercise all powers as the Employer may assign to or vest in him. In carrying out his duties,  the Employee must at all times exercise the care of a cautious and diligent employee with the same or similar responsibilities. 
		

		
			 
		

		
			The Employee must immediately give the Employer all information that the Employer requests and must comply with all instructions from the Employer.
		

		
			 
		

			
	
			
				 5.
			

			
	
			
			TAX REGIME

		
			 
		

		
			The Employer has filed a request on behalf of the Employee and has obtained the application of the special tax regime for foreign executives. 
		

		
			 
		

		
			The Employee will not undertake any action that could jeopardize the approval or continued application of the special tax regime for foreign executives or reduce the benefits for the Employer.  
		

		
			 
		

		
			The Employee shall keep all documents related to his professional travel outside Belgium, such as boarding passes, train tickets, visa stubs, etc., and forward these upon simple request of the Employer or designated tax consultancy firm to the latter.
		

		
			 
		

		
			If the Employee ever loses the benefits and the application of the special tax regime for foreign executives, for whatever reason,  the Employer will not be liable and will not be held to compensate the Employee in any way. 
		

		
			 
		

		
			If in the course of performance of the Employment Agreement, the benefit of the expatriate tax regime which currently applies to the Employee would be withdrawn or lost, then the Employer shall use its best efforts to explore and agree with the Employee alternative terms and conditions which will aim at minimizing the 
		

		 

		

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		adverse financial impact of such withdrawal or loss, without however resulting in an excess salary cost to the Employer.
		

		
			 
		

			
	
			
				 6.
			

			
	
			
			REMUNERATION

		
			 
		

			
	
			
				 6.1
			

			
	
			
			Salary

		
			 
		

		
			The Employer must pay the Employee a gross fixed yearly salary of EUR 440,000, payable in 13.92  instalments. The Employee's monthly salary is payable in arrears on the last day of every month. The relevant CBAs regulate the entitlement to indexation of the salary and how it is calculated and attributed. 
		

		
			 
		

		
			The gross annual salary includes double holiday pay and a (pro rated) 13th month salary, as determined by the regulations in the applicable CBAs or company arrangements. 
		

		
			 
		

		
			The gross annual salary also includes the allowances as defined by and according to the Belgian Tax Circular of August 8, 1983.
		

		
			 
		

		
			The Employee hereby waives any claims for potential arrears in payment of the Employee’s fixed annual gross salary (as defined above) for the past. 
		

		
			 
		

			
	
			
				 6.2
			

			
	
			
			Payment

		
			 
		

		
			The salary, the holiday pay and the eventual end-of-year bonus is paid into the Employee's bank account, with account number _________________, after deducting the relevant social security contributions and withholding taxes.
		

		
			 
		

			
	
			
				 6.3
			

			
	
			
			Bonus

		
			 
		

		
			The Employee will be entitled to an additional incentive pay (the Bonus),  if the Employee attains certain targets. 
		

		
			 
		

		
			The amount of the Bonus, the measurement criteria and the terms of payment are defined in the annual incentive pay plan (the Bonus Plan), which is agreed upon between the Parties at the beginning of each fiscal year. 
		

		
			 
		

		
			For FY 15, the target Bonus is 440,000 EUR gross, to be pro rated and increased with vacation pay.
		

		
			 
		

			
	
			
				 6.4
			

			
	
			
			The Employee is also entitled to all other benefits which the applicable laws or CBAs entitle him to.

		
			 
		

			
	
			
				 7.
			

			
	
			
			COMPANY CAR

		
			 
		

		
			The Employer must provide the Employee with a company car (the Company Car), type BMW 740 standard (or similar), for carrying out his professional activities. The Employer must also provide the Employee with a fuel card (the Fuel card).
		

		
			 
		

		
			The Employee must use the Company Car and the Fuel card with due diligence, in accordance with the Employer’s car policy (the Car Policy).  The Employee acknowledges having received a copy of the Car Policy, having examined its content, and agrees to comply with it.
		

		
			 
		

		

		

		 

		

			4

		

 

		The Employee may use the Company Car for private purposes, in accordance with the terms and conditions of the Car Policy. 
		

		
			 
		

		
			A benefit in kind will be declared in line with the applicable tax and social security regulations.
		

		
			 
		

			
	
			
				 8.
			

			
	
			
			REIMBURSEMENT OF EXPENSES

		
			 
		

		
			The Employer will reimburse the Employee for his actual travel expenses and other expenses made in performance of the Employment Agreement, to the extent that those costs are accompanied by the appropriate documentary evidence and are in line with the Employer’s (travel, expenses and other related) policies.  The expenses must be reasonable in amount and type and they must be made in the interest of the Employer.  
		

		
			 
		

		
			The reimbursement of expenses cannot be deemed to be salary. 
		

		
			 
		

			
	
			
				 9.
			

			
	
			
			GENEROSITIES

		
			 
		

			
	
			
				 9.1
			

			
	
			
			Definition

		
			 
		

		
			In this article the term Generosity means:
		

		
			 
		

		
			Any advantage to which the Employee has no right under the law, the applicable CBAs or the Employment Agreement.
		

		
			 
		

			
	
			
				 9.2
			

			
	
			
			Adjudication and withdrawal

		
			 
		

		
			The Employer may award a Generosity to the Employee, under conditions determined by the Employer itself. The Employer may also withdraw a Generosity, with no obligation to justify this towards the Employee. The Employer may also unilaterally withdraw or change the conditions made by itself for the award of Generosity. The Employee recognises the Employer's autonomy in this matter.
		

		
			 
		

		
			The Employee has no right to a Generosity. By this agreement, the parties expressly exclude Custom as a source of any right to a Generosity.
		

		
			 
		

		
			The Employee may not claim any pro rated right to a Generosity in case the Employment Agreement is terminated.
		

		
			 
		

			
	
			
				 10.
			

			
	
			
			VACATION AND HOLIDAYS

		
			 
		

		
			The Employee is entitled to 20 working days' leave each year. He is also entitled to the public holidays provided for by law. The holidays must be taken during the calendar year of the entitlement. The Employee is also entitled to 10 recuperation days, 4 seniority days and 2 additional vacation days, as provided for in the applicable CBAs.  
		

		
			 
		

		
			The Employee may only take leave at times agreed in advance with the Employer.
		

		
			 
		

			
	
			
				 11.
			

			
	
			
			SICKNESS AND INJURY

		
			 
		

		
			If the Employee is absent from work due to injury or sickness, the performance of the Employment Agreement is suspended for the duration of the absence. 
		

		
			 
		

		

		

		 

		

			5

		

 

		The Employee must inform the Employer immediately of the sickness or injury, to enable the Employer to take the necessary steps to ensure the continuity of business. The Employee must provide the Employer with a medical certificate to prove the sickness or injury within 48 hours. 
		

		
			 
		

		
			If not already covered by the existing health insurances, the Employer will subscribe to an insurance in order to guarantee that the Employee will be paid his full monthly remuneration during the first 6 (six) months of sickness or injury, or to an additional insurance if the existing insurance would limit the time period.  
		

		
			 
		

			
	
			
				 12.
			

			
	
			
			EXCLUSIVITY CLAUSE

		
			 
		

		
			The Employee acknowledges and accepts that his duties and responsibilities demand, and his remuneration was fixed in such a way,  so that the Employee is required to devote his full working time and ability to the Employer's business.
		

		
			 
		

		
			The Employer must consent in advance if the Employee wishes to undertake any other professional activity. The Employer may refuse its consent without giving reasons, or may subject its consent to certain conditions.
		

		
			 
		

		
			This consent is required for any professional activity, whether or not remunerated, that: 
		

		
			 
		

			
	
			
				 (1)
			

			
	
			
			the Employee carries out directly as a self-employed person or as an employee, officer or  representative of a company or unincorporated association; or

		
			 
		

			
	
			
				 (2)
			

			
	
			
			a  company or unincorporated association that is under the Employee's control carries out.

		
			 
		

		
			The Employee is prohibited from performing any other activity (whether or not remunerated, for his own account or for a third party, directly or indirectly, alone or in collaboration with a third party) other than in performance of the Employment Agreement, that: 
		

		
			 
		

			
	
			
				 (1)
			

			
	
			
			is competitive in any way with the Employer's or the Group's activities;

		
			 
		

			
	
			
				 (2)
			

			
	
			
			is harmful in any way to the interests or reputation of the Employer, the Group or of the clients of the Employer or the Group; or

		
			 
		

			
	
			
				 (3)
			

			
	
			
			obstructs or prevents the proper performance of the Employment Agreement.

		
			 
		

			
	
			
				 13.
			

			
	
			
			CONFIDENTIALITY

		
			 
		

			
	
			
				 13.1
			

			
	
			
			Both during the term of the Employment Agreement and after it ends, the Employee must not:

		
			 
		

			
	
			
				 ·
			

			
	
			
			disclose any Confidential Information to any third Party;

		
			 
		

			
	
			
				 ·
			

			
	
			
			use any Confidential Information for his own purposes (whether or not for financial gain) or for the purposes of any other third party (whether or not for financial gain); or

		
			 
		

			
	
			
				 ·
			

			
	
			
			through any failure to exercise due care and diligence, permit or cause any unauthorised disclosure of any Confidential Information.

		
			 
		

		 

		

			6

		

 

			
	
			
				 13.2
			

			
	
			
			Both during the term of the Employment Agreement and after it ends, the Employee must:

		
			 
		

			
	
			
				 ·
			

			
	
			
			spontaneously, or at the latest on the first request of the Employer or the associated companies, return all Confidential Information to the Employer or the associated companies, irrespective of how the Confidential Information is stored; and

		
			 
		

			
	
			
				 ·
			

			
	
			
			inform his new employer or customer of this obligation.

		
			 
		

			
	
			
				 13.3
			

			
	
			
			Clause 13.1 will not apply to: 

		
			 
		

			
	
			
				 (a)
			

			
	
			
			any use or disclosure which is necessary in the context of and for the purpose of the proper performance of the Employment Agreement; 

		
			 
		

			
	
			
				 (b)
			

			
	
			
			any use or disclosure with the prior written consent of the Employer; or

		
			 
		

			
	
			
				 (c)
			

			
	
			
			any disclosure ordered by a court or other competent authority.

		
			 
		

			
	
			
				 13.4
			

			
	
			
			The following offences are criminally sanctioned:

		
			 
		

			
	
			
				 (a)
			

			
	
			
			The distribution of trade secrets (article 309 Penal Code).

		
			 
		

			
	
			
				 (b)
			

			
	
			
			Defamation (articles 443, 444 and 445 Penal Code).

		
			 
		

			
	
			
				 (c)
			

			
	
			
			Internal hacking (article 550bis §2 Penal Code).

		
			 
		

			
	
			
				 14.
			

			
	
			
			TRANSFER OF INTELLECTUAL PROPERTY RIGHTS 

		
			 
		

			
	
			
				 14.1
			

			
	
			
			Transfer

		
			 
		

		
			From the date of its creation, the Employee assigns all Intellectual Property rights created during the existence of the Employment Agreement and the context of the Employment Agreement in an exclusive, irrevocable and unconditional manner, in full and unburdened property and in the broadest sense, meaning for all current and future creations, for all current and future means and forms of exploitation of the protected works, for the whole term of the relevant Intellectual Property right and worldwide.
		

		
			 
		

			
	
			
				 14.2
			

			
	
			
			Exploitation

		
			 
		

		
			Only the Employer has the right to decide whether, when and how the creation, to which the transferred rights relate, is exploited, for example:
		

		
			 
		

			
	
			
				 (i)
			

			
	
			
			on paper, such as books, magazines, leaflets;  

		
			 
		

			
	
			
				 (ii)
			

			
	
			
			electronically, such as diskettes, compact disks, software programs, networks; or

		
			 
		

			
	
			
				 (iii)
			

			
	
			
			through public information, seminars, etc.

		
			 
		

		
			Works which have not been exploited, and their associated rights, remain part of the exclusive property, except for the Employer's right to transfer them. 
		

		
			 
		

		 

		

			7

		

 

			
	
			
				 14.3
			

			
	
			
			Compensation

		
			 
		

		
			The Employee’s remuneration, as set out in this Employment Agreement, fully compensates the Employee for the transfer of Intellectual Property rights as described in Clause 14.1.  
		

		
			 
		

		
			Notwithstanding this Clause 14.3, the Employer must pay the Employee a share of the profits for each exploitation of a copyright-protected work created by the Employee, excluding works taking the form of computer programs or databases, in accordance with a future form of exploitation as set out in article 3 §1 section 6 of the Law on Copyright.  
		

		
			 
		

		
			This compensation must be equal to 5% of the net profit generated by that new form of exploitation. This compensation is limited to an amount equal to 10% of the last gross monthly remuneration.
		

		
			 
		

			
	
			
				 14.4
			

			
	
			
			Name

		
			 
		

		
			To the extent permissible by law, the Employer need not state the Employee's name on the copyright-protected works and/or may change the works or have them changed, to the extent that the Employer thinks this is necessary for the exploitation of the works,  subject to the Employee's right to oppose any deformation, mutilation or other alteration of his work or other damage to his work that could injure his honour or reputation. The parties expressly agree that if a work appears without the Employee's name, it cannot harm the Employee’s reputation or honour 
		

		
			 
		

			
	
			
				 14.5
			

			
	
			
			Aid of the Employee

		
			 
		

		
			The Employee must provide all help to the Employer or the Group to obtain the right or relevant legal titles, amongst others by giving all necessary permissions, signing the necessary documents and participating in the proceedings to obtain that right or title.
		

		
			 
		

			
	
			
				 14.6
			

			
	
			
			Obtaining the right

		
			 
		

		
			The Employee declares and hereby commits that he has obtained or legally acquired the Intellectual Property rights to the works he has generated and offered to the Employer, including all parts (such as pictures, graphic elements, illustrations, graphics) of the works. The Employee confirms that the works, including the pictures, graphic elements, illustrations and graphics, as offered to the Employer, do not injure third-party Intellectual Property rights or breach any legislation (concerning, for example, public order or good morals). The Employee confirms that to the extent the works contain portraits, the necessary prior consent for publication of these portraits or pictures was obtained.  
		

		
			 
		

			
	
			
				 15.
			

			
	
			
			TERMINATION OF THE AGREEMENT

		
			 
		

			
	
			
				 15.1
			

			
	
			
			Notice given by the Employee 

		
			 
		

		
			The Employee may terminate the Employment Agreement by giving notice or paying compensation in lieu of notice to the Employer.  The applicable notice period will be determined consistent with the seniority obtained by the Employee under the Employer’s service at the time the notice period begins, in accordance with article 37/2, § 2 of the Employment Law.
		

		
			 
		

		 

		

			8

		

 

			
	
			
				 15.2
			

			
	
			
			Notice given by the Employer 

		
			 
		

		
			The Employer may terminate the Employment Agreement by giving notice or paying compensation in lieu of notice to the Employee.  The applicable notice period will be determined consistent with the seniority obtained by the Employee under the Employer’s service at the time the notice period begins, in accordance with article 37/2, § 1 of the Employment Law.  This provision does not in any way affect the application of article 37/6 of the Employment Law, nor the Employer's ability to terminate the Employment Agreement with immediate effect, without notice or payment in lieu of notice, for serious cause (dringende reden/motif grave). 
		

		
			 
		

			
	
			
				 16.
			

			
	
			
			SERIOUS CAUSE

		
			 
		

		
			The Employer may terminate the Employment Agreement with immediate effect, without notice or payment in lieu, if serious misconduct or any other conduct of the Employee renders it immediately and definitively impossible to continue any further professional relations between the Parties.
		

		
			 
		

		
			Examples of serious cause (dringende reden) which would result in the immediate termination of the Employment Agreement, include but are not limited to:
		

		
			 
		

			
	
			
				 1.
			

			
	
			
			any serious breach by the Employee of his duties, as defined by the Employment Agreement;

		
			 
		

			
	
			
				 2.
			

			
	
			
			any breach of the duty of confidentiality;

		
			 
		

			
	
			
				 3.
			

			
	
			
			any forgery of documents, or fraud;

		
			 
		

			
	
			
				 4.
			

			
	
			
			any misuse of a credit card of the Employer or the Employer’s funds; 

		
			 
		

			
	
			
				 5.
			

			
	
			
			any other criminal offence or any other act which is of such nature that it definitively breaks the trust between the Parties or which could damage the reputation or public image of the Employer or the Group, provided, however, that any criminal offence charged to the Employee solely by virtue of his status as a director or officer of any Group Company and not by virtue of any act or wilful omission by him shall not constitute serious cause;

		
			 
		

			
	
			
				 6.
			

			
	
			
			any unjustified absence of three consecutive days;

		
			 
		

			
	
			
				 7.
			

			
	
			
			any public statement which could damage the reputation or the public image of the Employer or any other Group Employer; and

		
			 
		

			
	
			
				 8.
			

			
	
			
			any breach by the Employee of a third party's Intellectual Property rights.

		
			 
		

			
	
			
				 17.
			

			
	
			
			DUTIES OF THE EMPLOYEE UPON  TERMINATION

		
			 
		

		
			On termination of the Employment Agreement, for whatever reason, the Employee must return to the Employer immediately the following:
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			all business cards and credit cards issued to him by the Employer or by any other company of the Group;

		
			 
		

			
	
			
				 ·
			

			
	
			
			all documents containing Confidential Information (without making any copies) that are in his possession; 

		 

		

			9

		

 

		
			 
		

			
	
			
				 ·
			

			
	
			
			the keys to the Employer’s premises;

		
			 
		

			
	
			
				 ·
			

			
	
			
			the Company Car and Fuel Card;

		
			 
		

			
	
			
				 ·
			

			
	
			
			all materials pertaining to any Intellectual Property rights transferred to the Employer; and

		
			 
		

			
	
			
				 ·
			

			
	
			
			all other property, materials, and equipment in his possession belonging to the Employer or any other company of the Group.

		
			 
		

		
			Any arrangement or agreement between the Parties about terminating this Employment Agreement must be treated as Confidential Information, and the confidentiality clauses in this Employment Agreement therefore apply in relation thereto.
		

		
			 
		

		
			 The following Clauses survive the other stipulations of this Employment Agreement and remain in force after its termination, regardless of the manner of termination: 13, 14, 17, 18, 19, 20, 21, 24 and 25.
		

		
			 
		

			
	
			
				 18.
			

			
	
			
			UNFAIR COMPETITION – NON-SOLICITATION OF CUSTOMERS

		
			 
		

			
	
			
				 18.1
			

			
	
			
			The Employee is prohibited from engaging  in or co-operating in any unfair competition, both during the performance of and after the termination of the Employment Agreement. Examples of unfair competition include, but are not limited to, the following:

			
	
			
				 (1)
			

			
	
			
			Use of the Employer’s name or logo or the name or logo of any other Group company for the Employee’s own benefit or for the benefit of any corporate person or individual other than the Employer or the Group;

			
	
			
				 (2)
			

			
	
			
			Any act which could confuse the Employer's or any Group company’s clients or suppliers about the activity of the Employer or the activities of the Employer or the Group;

		
			 
		

			
	
			
				 (3)
			

			
	
			
			The Employee representing himself as being in any way connected with or interested in the business of the Employer or the Group after the termination of the Employment Agreement; or

		
			 
		

			
	
			
				 (4)
			

			
	
			
			Any attempt to induce or encourage any agent, any other intermediary, supplier or service provider of the Employer or the Group to cease providing services or the delivery of goods to the Employer or the Group or to change the conditions under which these goods or services are delivered in a manner that is disadvantageous to the Employer or the Group.

		
			 
		

			
	
			
				 18.2
			

			
	
			
			The following practices will also be considered unfair competition, to the extent that they are associated  with one of the practices referred to under Clauses 18.1(1) – 18.1(4)or have the intention or effect or is accompanied by the destabilising of the Undertakings of the Employer or the Group, causing confusion, being misleading, portraying the Employer or Group in a bad light, making deceptive statements, using Confidential Information, obtaining disproportionate advantages, engaging in parasitic competition, abusing rights or being an accomplice as a third party to a breach of contract: 

		
			 
		

			
	
			
				 (1)
			

			
	
			
			(Directly or indirectly) soliciting Collaborators of the Employer or the Group (irrespective of whether these Collaborators would breach their own employment agreement or contract).

		
			 
		

		 

		

			10

		

 

			
	
			
				 (2)
			

			
	
			
			Enticing away clients or prospective clients of the Employer or the Group.  For the purpose of this Clause "prospective clients" means Undertakings with whom the Employer or the Group is or has been in negotiation with at any given time in the three-year period preceding the termination of the Employment Agreement with a view to providing services and/or goods to that Undertaking, unless the Employer or the Group respectively has decided that it will not provide services or goods to the Undertaking concerned.

		
			 
		

			
	
			
				 18.3
			

			
	
			
			Clause 18 in no way affects Clause 19 (Non-compete).

		
			 
		

			
	
			
				 19.
			

			
	
			
			SPECIAL NON-COMPETITION CLAUSE

		
			 
		

			
	
			
				 19.1
			

			
	
			
			Background

		
			 
		

		
			The Employer has:
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			an international scope of activities; 

		
			 
		

			
	
			
				 ·
			

			
	
			
			important economic, technical or financial interests in international markets; or

		
			 
		

			
	
			
				 ·
			

			
	
			
			its own research department or a department which develops original industrial models.

		
			 
		

		
			During his employment with the Employer,  the Employee will be involved in the Employer's international management.  As a result, he will acquire exceptional experience in, knowledge of and insight into the Employer's international administrative and financial management and other practices specific to the Employer or the Group, the use of which outside the business would seriously damage the Employer.
		

		
			 
		

			
	
			
				 19.2
			

			
	
			
			Subject

		
			 
		

		
			Therefore, if the Employment Agreement ends for whatever reason, the Employee is prohibited from undertaking any activity that competes with the Employer either directly, by exploiting an Undertaking himself, or indirectly by accepting a position as a Collaborator in an Undertaking with competing activities. Hereby, it is irrelevant whether or not the competing activity is fair or unfair, and whether or not it is performed for the Employee’s own account or for the account of a third party.
		

		
			 
		

			
	
			
				 19.3
			

			
	
			
			The non-compete obligation set out in this Clause 19:  

		
			 
		

			
	
			
				 ·
			

			
	
			
			only applies if the Undertaking referred to in Clause 19.2 competes with or is contemplating competing with the Employer or the Group and is limited to identical or similar activities to those performed by the Employee for the Employer or the Group;

		
			 
		

			
	
			
				 ·
			

			
	
			
			applies in the Americas, Europe, Middle East and Africa, and Asia-Pacific;

		
			 
		

			
	
			
				 ·
			

			
	
			
			applies for 12 months from and including the day on which the Employment Agreement ends.

		
			 
		

			
	
			
				 19.4
			

			
	
			
			Conditions for enforcement

		
			 
		

		
			The non-compete obligation set out in this Clause 19 does not apply in the event of termination of the Employment Agreement by the Employee for serious cause (dringende reden/motif grave) attributable to the Employer.  
		

		

		

		 

		

			11

		

 

		 
		

		
			If any applicable CBA or other regulation limits the conditions for deviating non-compete clauses in comparison with the conditions that apply at the time of signing the Employment Agreement, this Clause 19 will automatically be adjusted to reflect those changed conditions, insofar as that CBA or other regulation applies to clauses such as this Clause.
		

		
			 
		

		
			In the event any competent court holds that the territorial scope of Clause 19 is deemed to be too wide and hence puts an undue burden on the Employee, the parties agree to nevertheless observe the key provisions of the covenant (since they recognize the business interests of the Employer in this covenant) but to limit the territorial scope of Clause 19 to the countries listed in Annex A. 
		

		
			 
		

			
	
			
				 19.5
			

			
	
			
			Waiver – compensation - sanction

		
			 
		

		
			Within 15 days of the Employment Agreement ending, the Employer may waive its rights under this Clause 19 for any reason at its discretion.  Any such waiver must be given in writing.
		

		
			 
		

		
			If the Employer does not waive the application of this Clause 19, the Employer must pay the Employee a one-off lump-sum payment equal to 100% of the Employee’s gross fixed salary for a period equivalent to the number of months during which this Clause 19 applies. The reference salary to be taken into account is the gross salary that the Employee received during the month preceding the day on which his employment was terminated.
		

		
			 
		

		
			If the Employee breaches this Clause 19,  the Employee must reimburse the Employer for the amount paid by the Employer under the previous paragraph, and in addition pay the Employer an equivalent amount as a penalty. The Employer may claim additional compensation based on the actual suffered and proven by the Employer.
		

		
			 
		

			
	
			
				 20.
			

			
	
			
			NON-SOLICITATION 

		
			 
		

			
	
			
				
			The Employee must with regards to any person who is at any time during the term of the Agreement 

			
	
			
				
			 

			
	
			
				 (1)
			

			
	
			
			a Collaborator of the Company or any Group company:

		
			 
		

			
	
			
				 ·
			

			
	
			
			not attempt or participate in an attempt to

		
			 
		

			
	
			
				 ·
			

			
	
			
			recruit that person (or otherwise employ them as a self-employed service provider, or in any other capacity); or 

		
			 
		

			
	
			
				 ·
			

			
	
			
			incite that person to end his or her professional relationship with the Employer or any Group company; 

		
			 
		

			
	
			
				 (2)
			

			
	
			
			a client, prospective client, supplier or any other party to a contract with the Employer, or any Group company entice that entity;

		
			 
		

			
	
			
				 ·
			

			
	
			
			to terminate its relationship with the Employer or any Group company; or

		
			 
		

			
	
			
				 ·
			

			
	
			
			substantially reduce its business with the Employer or any Group Company, or change the terms and conditions of the business with the Employer in any unfavourable way.

		
			 
		

		

		

		 

		

			12

		

 

		For the application of this Clause 20 "prospective client" means: persons, companies, or any other entities that the Employer or the Group is negotiating with, or has negotiated with a view to the supply of services or goods to that person, company or other entity, except where the Employer or the Group has decided that it does not wish to supply goods, or services to the person, company or other entity in question.
		

		
			 
		

			
	
			
				
			The limitation imposed in this Clause 20 applies both during the term of the Employment Agreement and during a period of 12 months after the termination thereof.

			
	
			
				
			 

			
	
			
				 21.
			

			
	
			
			LIABILITY OF THE EMPLOYEE

		
			 
		

		
			If the Employee breaches any of the provisions of Clause 12 (Exclusivity), 13 (Confidentiality), 18 (Unfair Competition), 19 (Special Non-Competition) or 20 (Non-Solicitation), the Employer or the Group is entitled to (i) claim damages from the Employee based on actual loss sustained and (ii) implement any other measure deemed necessary to protect their rights (including suspension of the Employment Agreement, initiating a claim or summary proceedings etc.) without any prior formal notice.
		

		
			 
		

			
	
			
				 22.
			

			
	
			
			ADDITIONAL COMPENSATION AND BENEFITS

		
			 
		

		
			During  the employment the Employer shall reimburse the Employee:  
		

		
			 
		

			
	
			
				 ·
			

			
	
			
			expenses incurred for private schooling of his children (up to the end of secondary school or earlier), upon presentation of invoices up to a maximum amount of 5,000 EUR per year, per child. If a taxation is required by law, the Employee himself is responsible for this;

		
			 
		

			
	
			
				 ·
			

			
	
			
			the annual contribution to the French Management Pension insurance at Groupe Humanis (CRE + IRCAFEX).  The quarterly premium is calculated on a reference salary, fixed at EUR 184,083 for 2014, and revaluated annually.  The contribution rates are fixed by collective agreement and may be revaluated from time to time. If a  taxation is required by law, the Employee himself is responsible for this.

		
			 
		

			
	
			
				 23.
			WORK REGULATIONS

		
			 
		

		
			The Employee acknowledges having received a copy of the work regulations. 
		

		
			 
		

			
	
			
				 24.
			

			
	
			
			APPLICABLE LAW

		
			 
		

		
			The Employment Agreement is governed by and construed in accordance with Belgian law.
		

		
			 
		

			
	
			
				 25.
			

			
	
			
			CLAUSE OF JURISDICTION

		
			 
		

		
			Any dispute concerning the Employment Agreement, including its construction, performance and termination, must exclusively be submitted to the Belgian labour courts.
		

		
			 
		

			
	
			
				 26.
			

			
	
			
			GENERAL

		
			 
		

		
			This Employment Agreement constitutes the whole agreement between the Employee and the Employer and replaces any previous agreement, arrangement or correspondence on the subject matter of this agreement with any affiliated company of the Group, except for the indemnity agreement between the Employee and Avnet, Inc. and the agreement on change of control between the Employee and Avnet, Inc., which remain applicable.
		

		

		

		 

		

			13

		

 

		 
		

		
			This Agreement has been issued in both an English and a Dutch version. In case of discrepancies or contradictions between the two language versions, the Dutch version will prevail.  
		

		
			 
		

		
			This agreement was signed in Phoenix, Arizona, on January 22, 2015, in 2 originals. By signing this agreement each party acknowledges having received one original.
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						The Employee

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Patrick Zammit

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Patrick ZAMMIT

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						The Employer

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						/s/ Dirk De Vos

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Dirk De Vos

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						Vice President HR EM EMEA

					
					
						 

				

		
			 
		

		

		

		 

		

			14

		

 

		
		

		
			 
		

		
			ANNEX A
		

		
			 
		

		
			Australia
		

		
			Austria
		

		
			Belgium
		

		
			Brazil
		

		
			Canada
		

		
			China
		

		
			Czech Republic
		

		
			Denmark
		

		
			France
		

		
			Germany
		

		
			Hong Kong
		

		
			Hungary
		

		
			India
		

		
			Indonesia
		

		
			Ireland
		

		
			Israel
		

		
			Italy
		

		
			Malaysia
		

		
			Mexico
		

		
			Netherlands
		

		
			Poland
		

		
			Romania
		

		
			Russian Federation
		

		
			Singapore
		

		
			South Africa
		

		
			South Korea
		

		
			Spain
		

		
			Sweden
		

		
			Switzerland
		

		
			Taiwan
		

		
			Thailand
		

		
			Turkey
		

		
			United Arab Emirates
		

		
			United Kingdom
		

		
			United States
		

		 

		

			15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00243-of-00352.parquet"}]]