Document:

sky-ex1011_9.htm

Exhibit 10.11

EMPLOYMENT AGREEMENT

 

This Employment Agreement (this “Agreement”) is made and entered into as of the 26th day of March 2021, effective as of the 3rd day of May 2021 (the “Effective Date”) by and between Champion Home Builders, Inc. (the “Company”) and Timothy Larson (the “Executive”).

 

WHEREAS, the Executive is possessed of certain experience and expertise that qualify him to provide the direction and leadership required by the Company and its Affiliates; and

 

WHEREAS, subject to the terms and conditions hereinafter set forth, the Company, and its parent company, Skyline Champion Corporation (“Skyline”), therefore wishes to employ the Executive as its Chief Growth Officer and the Executive wishes to accept such employment;

 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth in this Agreement, the parties hereby agree:

 

1.Employment.  Subject to the terms and conditions set forth in this Agreement, the Company hereby offers, and the Executive hereby accepts, employment.

 

2.Term.  The Executive’s employment hereunder shall continue until terminated in accordance with Section 5 hereof. Such period is hereafter referred to as the “Term.”

 

	
 
	
3.
	
Capacity and Performance.

 

(a)During the Term, the Executive shall serve the Company and Skyline as its Chief Growth Officer.

 

(b)During the Term, the Executive shall be employed by the Company on a full-time basis and shall perform the duties and responsibilities of his position, and such other duties and responsibilities on behalf of the Company and its Affiliates as reasonably may be designated from time to time by the Board of Directors of Skyline Champion Corporation (the “Board”).

 

(c)During the Term, the Executive shall devote his business time and his best efforts, business judgment, skill and knowledge exclusively to the advancement of the business and interests of the Company and its Affiliates.  The Executive should not engage in any other business activity or serve in any industry, trade, professional, governmental or academic position during the term of this Agreement that would restrict his ability to advance the business.  The Company is aware of Executive’s participation on the Board of Directors of Spectro Alloys and Botanic Innovations and his role as an investor and member in Growth for Good Holdings and Technical Outfitters LLC and consents to Executive’s continued participation in these entities.  Participation on the Board of Directors of any other entity is 

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subject to the consent of the Chief Executive Officer.

 

4.Compensation and Benefits.  As compensation for all services performed by the Executive during the Term and subject to the Executive’s performance of his duties and obligations to the Company and its Affiliates, pursuant to this Agreement or otherwise, the Company shall provide the Executive with the following compensation and benefits:

 

(a)Base Salary. During the Term, the Company shall pay the Executive a base salary at the rate of Three Hundred Ninety Thousand Dollars ($390,000) per annum, payable in accordance with the payroll practices of the Company and subject to increases from time to time by the Board in the Board’s sole discretion (such base salary, as from time to time increased, the “Base Salary”). Each fiscal year, the Board, in consultation with the CEO, shall conduct a review of the Executive’s compensation to determine appropriate increases as the Board determines to be reasonable. The review shall include consideration of the Executive’s individual performance and the level of compensation paid to the similar executives of peer companies.  Additionally, the Executive will be granted a one-time sign on bonus in the amount of One Hundred and Fifty Thousand Dollars ($150,000), payable on the first payroll following the Effective Date.  If the Executive chooses to terminate employment with the Company within 24 months, or is terminated by the Company For Cause, the Executive will be responsible to refund the sign on bonus in entirety if terminated for cause, or prorated based on months of service through termination date in the event of voluntary termination.   

 

(b)Annual Bonus.  For each fiscal year completed during the Term, commencing with the 2022 fiscal year, the Executive shall be eligible to participate in an annual bonus plan. Depending on your start date, the bonus may be prorated for the 2022 fiscal year, which starts April 4, 2021.  The Executive’s annual target bonus shall be seventy-five percent (75%) of the Base Salary (the “Target Bonus”), with a maximum annual bonus of one hundred fifty percent (150%) of the Base Salary, with the actual amount of his bonus, if any, to be determined by the Board, in consultation with the CEO, in accordance with the Executive’s performance against performance objectives the for Executive and for the Company set by the Board, in consultation with the CEO.  Other than provided for in Sections 5(a), 5(b), 5(d) and 5(e), the Executive, in order to be eligible to earn an annual bonus for any fiscal year occurring during the Term hereof, must be employed on the date payment of annual bonuses for that fiscal year is made to Company executives generally.

 

(c)Equity Incentive.  During the Term, the Executive shall be eligible to participate in the Company’s long-term incentive plan (“LTIP”) as defined and determined by the Board and approved during the 2018 Annual Shareholders Meeting or similar such plans as designed by Board.  The Executive’s annual target LTIP award shall be two hundred percent (200%) of the Base Salary (the “Target LTIP”), with the actual amount of his LTIP, if any, to be determined by the CEO and Board, in accordance with the Executive’s performance against performance objectives for Executive and for the Company set by the Board and as defined in the Company’s LTIP.  Other than as provided for in specific LTIP award agreements for each individual LTIP award, the Executive, in order to be eligible to earn an annual award for any fiscal year occurring during the Term hereof, must be employed on the date payment of such award is made to Company executives generally.  Within 30 days of Effective Date, Executive will be eligible to receive a 2021 LTIP award equal to 200% of then base salary.

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(d)Vacations. During the Term, the Executive shall be entitled to earn vacation at the rate of four (4) weeks per year, to be taken at such times and intervals as shall be determined by the Executive, subject to the reasonable business needs of the Company. Vacation shall otherwise be governed by the policies of the Company, as in effect from time to time.

 

(e)Other Benefits.  During the term hereof, the Executive shall be entitled to participate in any and all employee benefit plans from time to time in effect for employees of the Company generally, except to the extent otherwise agreed herein. Such participation shall be subject to the terms of the applicable plan documents and generally applicable Company policies.  Except as otherwise provided in any plan or agreement or as prohibited by law, the Company may alter, modify, add to or terminate its employee benefit plans at any time as it, in its sole judgment, determines to be appropriate, without recourse by the Executive.  Notwithstanding any employee benefit plan document relating to the purchase of a home from the Company, the Executive shall be entitled to obtain a discount on the purchase of home from the Company as of the Effective Date, in accordance with the discount generally available to Company employees.

 

(f)Business Expenses and In-Kind Benefits.  The Company shall pay or reimburse the Executive for all reasonable business expenses incurred or paid by the Executive in the performance of his duties and responsibilities hereunder, subject to any maximum annual limit and other restrictions on such expenses set by the Board and to such reasonable substantiation and documentation as may be specified by the Company from time to time. Any reimbursement of expenses or the provision of any in-kind benefits that would constitute nonqualified deferred compensation subject to Section 409A of the Internal Revenue Code of 1986, as amended (along with the rules and regulations thereunder, “Section 409A”), shall be subject to the following additional rules: (A) no reimbursement of any such expense or provision of any in-kind benefit, shall affect the Executive’s right to reimbursement of any other such expense, or the provision of any other in-kind benefit, in any other taxable year; (B) reimbursement of the expense shall be made, if at all, not later than seventy-five (75) days following the end of the fiscal year in which the expense was incurred; and (C) the right to receive reimbursements or in-kind benefits shall not be subject to liquidation or exchange for any other benefit.

 

5.Termination of Employment and Severance Benefits. The Executive’s employment hereunder shall terminate under the circumstances specified in this Section 5. The effective date of any such termination of employment is hereinafter referred to as the “Termination Date”.

 

(a)Death.  In the event of the Executive’s death during the Term, the Executive’s employment hereunder shall immediately and automatically terminate. In such event, the Executive’s estate shall be entitled to receive: (i) (A) any Base Salary earned but not paid during the final payroll period of the Executive’s employment through the date of termination, including pay for any vacation time earned but not used through the date of termination, and any Annual Bonus compensation awarded for the fiscal year immediately preceding the year in which termination of employment occurs, but unpaid on the Termination 

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Date, payable at the same time as bonuses are paid to Company executives generally, and payable in accordance with the Company’s regular payroll practices on the Company’s next regular pay date following the Termination Date (or earlier, if so required by applicable law) and (B) any business expenses incurred by the Executive but un-reimbursed on the date of termination, provided that such expenses and required substantiation and documentation are submitted within sixty (60) days of termination, that such expenses are reimbursable under Company policy, and that any such expenses subject to the last sentence of Section 4(f) shall be paid not later than the deadline specified therein (all of the foregoing, subject to the timing of payment rules therein, “Final Compensation”) and (ii) a prorated Annual Bonus for the fiscal year in which termination occurs, calculated in the same manner and paid at the same time as bonuses payable to Company executives generally; provided, however, that if paying such amount on the date on which bonuses are paid to Company executives generally would result in an additional tax on the Executive or his estate under Section 409A, then such bonus shall be payable no later than June 15 of the year of the Termination Date. The Company shall have no further obligation to the Executive hereunder.

 

	
 
	
(b)
	
Disability.

 

(i)The Company may terminate the Executive’s employment hereunder, upon notice to the Executive, in the event that the Executive becomes Disabled as defined in Section 409A during his employment hereunder. In the event of such termination, the Company shall have no further obligation to the Executive, other than for payment of (A) Final Compensation, and (B) a prorated Annual Bonus for the fiscal year in which termination occurs, calculated in the same manner and paid at the same time as bonuses payable to Company executives generally; provided, however, that if paying such amount on the date on which bonuses are paid to Company executives generally would result in an additional tax on the Executive or his estate under Section 409A, then such bonus shall be payable no later than June 15 of the year of the Termination Date.

 

(ii)The Board may designate another employee to act in the Executive’s place during any period of the Executive’s disability.  Notwithstanding any such designation, the Executive shall continue to receive the Base Salary in accordance with Section 4(a) and benefits in accordance with Section 4(e), to the extent permitted by the then-current terms of the applicable benefit plans, until the Executive becomes eligible for long-term disability income benefits under the Company’s long-term disability income plan or until the termination of his employment, whichever shall first occur.  Notwithstanding anything in this Section 5(b)(ii) to the contrary, and for the avoidance of doubt, the combination of Base Salary and short-term disability income benefits (if any) during the period of Executive’s disability shall not exceed the amount of compensation and benefits that the Executive would have received during such period had the Executive been actively at work during such period.

 

(iii)While receiving long-term disability income payments under the Company’s long-term disability income plan, the Executive shall not be entitled to receive any Base Salary under Section 4(a) hereof, but shall continue to 

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participate in Company benefit plans in accordance with Section 4(e) and subject to the terms of such plans, until the termination of his employment.

 

(iv)If any question shall arise as to whether during any period the Executive is Disabled, the Executive may, and at the request of the Company shall, submit to a medical examination by a physician selected by the Company to whom the Executive or his duly appointed guardian, if any, has no reasonable objection so as to determine whether the Executive is Disabled and such determination shall for the purposes of this Agreement be conclusive of the issue. If such question shall arise and the Executive shall fail to submit to such medical examination, the Company’s determination of the issue shall be binding on the Executive.  

 

(c)By the Company for Cause.  The Company may terminate the Executive’s employment hereunder for Cause at any time upon notice to the Executive setting forth in reasonable detail the nature of such Cause. The following, as determined by the Board in its reasonable judgment, in consultation with the CEO, shall constitute Cause for termination:

 

(i)refusal or failure to perform (other than by reason of disability), or material negligence in the performance of the Executive’s duties and responsibilities to the Company or its Affiliates, which refusal or failure to perform or material negligence is not cured within 30 days after written notice from the Company or such Affiliates;

(ii)commission of, indictment for, conviction of or plea of guilty or nolo contendere to a felony or any crime involving moral turpitude, fraud, embezzlement or theft;

 

(iii)breach of fiduciary duties (including a violation of the Company’s or any of its Affiliate’s code of ethics) on the part of the Executive;

 

(iv)gross negligence or willful misconduct in the performance of employment, which negligence or misconduct is not cured within 30 days after written notice from the Company, and which willful act or misconduct could reasonably be expected to be injurious to the financial condition or business reputation of the Company or any of its Affiliates;

 

(v)the material breach by Executive of any provision of any agreement to which such Executive and the Company or any or its Affiliates are party which is not cured within the applicable period provided for in such agreement; or

 

(vi)breach by the Executive of the terms of Paragraph 9 herein (the “Restrictive Covenants”).

 

Upon the giving of notice of termination of the Executive’s employment hereunder for Cause, the Company shall have no further obligation to the Executive, other than for his Final Compensation.  

 

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(d)
	
By the Company Other than for Cause.

 

(i)The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon written notice to the Executive.

 

(ii)In the event of the Executive’s Separation from Service (as defined below) pursuant to this Section 5(d), in addition to Final Compensation, the Executive will be entitled to the following payments and benefits, provided that the Executive satisfies all conditions to such entitlement, including without limitation, continued compliance with the Restrictive Covenants and signing and returning to the Company a timely and effective Employee Release in accordance with subsection (iii) below:

 

(A)For the period of the twelve 12) months following the Termination Date (the “Termination Period”), the Company shall continue to pay the Executive the Base Salary at the rate in effect on the Termination Date, and, subject to any employee contribution applicable to the Executive on the Termination Date, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans at the same rate as is in effect for active employees of the Company (the “Company’s Contribution Amount”), provided that the Executive is entitled to continue such participation under applicable laws and plan terms. If Executive is not permitted to continue such participation, then Company shall pay to medical and dental insurance providers designated by Employee the Company’s Contribution Amount during the Termination Period.

 

(B)Executive shall be paid any annual bonus compensation awarded for the fiscal year immediately preceding the year in which termination of employment occurs, but unpaid on the Termination Date.  Such bonus shall be payable at the same time as bonuses are paid to Company executives generally; provided, however, that if paying such amount on the date on which bonuses are paid to Company executives generally would result in an additional tax on the Executive or his estate under Section 409A, then such bonus shall be payable no later than June 15 of the year of Termination Date.

 

(iii)Any obligation of the Company to the Executive hereunder, other than for his Final Compensation, is conditioned, however, on the Executive’s timely and effective execution of the form of release included with this Agreement as Exhibit A, by the deadline specified therein (any such release submitted by such deadline, the “Employee Release”) and delivering it to the Company not later than the deadline specified therein, which shall not be later than the sixtieth (60th) calendar day following the date of his Separation from Service.  Subject to Section 5(g) below, severance pay to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company, with the first payment, which shall be retroactive to the day immediately following the Termination Date, 

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being due and payable on the Company’s next regular payday for executives that follows the expiration of sixty (60) calendar days from the Termination Date. The Release of Claims required for separation benefits in accordance with this Section 5(d) or Section 5(e) creates legally binding obligations on the part of the Executive and the Company therefore advises the Executive to seek the advice of an attorney before signing it. 

 

	
 
	
(e)
	
By the Executive for Good Reason.

 

(i)The Executive may terminate his employment hereunder for Good Reason by providing notice to the Company specifying in reasonable detail the condition giving rise to the Good Reason no later than thirty (30) days following the occurrence of that condition; (B) by providing the Company a period of thirty (30) days to remedy the condition and so specifying in the notice and (C) by terminating his employment for Good Reason within thirty (30) days following the expiration of the period to remedy if the Company fails to remedy the condition.

 

(ii)For purposes of this Agreement, “Good Reason” shall mean the occurrence of any one or more of the following conditions without the Executive’s consent:  (A) a material adverse change in the Executive’s responsibilities, duties and/or authority; (B) a material diminution in the Base Salary, (C) a change in Executive’s principal work location which is more than fifty (50) miles from Executive’s principal work location as of the Effective Date, provided, that, for the avoidance of doubt, Executive’s business related travel to Company locations outside of the Executive’s principal work location as of the Effective Date shall not constitute, or provide the basis for, Good Reason; (D) a breach by the Company of any material provision of this Agreement; or (E) in the event of an asset sale of the Company, the failure of any successor to the Company to expressly assume the Company’s obligations under this Agreement.

 

(iii)In the event of a Separation from Service in accordance with this Section 5(e), and provided that no benefits are payable to the Executive under a separate severance agreement or an executive severance plan as a result of such termination or, if any such benefits are payable, that the Executive waives his rights thereto, then, in addition to Final Compensation, the Executive will be entitled to the severance benefits provided in Section 5(d)(ii) above; provided that the Executive satisfies all conditions to such entitlement, including without limitation the signing and return to the Company of a timely and effective Employee Release in accordance with Section 5(d)(iii) above.  

 

(f)By the Executive Other than for Good Reason.  The Executive may terminate his employment hereunder at any time upon thirty (30) days’ notice to the Company. In the event of the Executive’s termination of employment pursuant to this Section 5(f), the Company may elect to waive all or any part of the period of notice, and, if the Company so elects, the Company will pay the Executive his Base Salary for the portion of the notice period so waived.  The Company shall have no further obligation to the Executive, other than for his Final Compensation.

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(g)Timing of Payments; Definition of “Separation from Service.” If at the time of the Executive’s Separation from Service the Executive is a “specified employee,” as hereinafter defined, any and all amounts payable under this Section 5 in connection with such Separation from Service that constitute deferred compensation subject to Section 409A, as determined by the Company in its sole discretion, and that would (but for this sentence) be payable within six months following such Separation from Service, shall instead be paid on the date that follows the date of such Separation from Service by six (6) months. For purposes of this Agreement, “Separation from Service” (and correlative terms such as “Separate from Service”) shall mean a “separation from service” as defined in Treas. Regs. § 1.409A-1(h), and the term “specified employee” shall mean an individual determined by the Company to be a specified employee under Treas. Regs. § 1.409A-1(i).

 

6.Effect of Termination.  The provisions of this Section 6 shall apply to any termination of the Executive’s employment hereunder.

 

(a)Other than as described in Sections 5(d) and 5(e), above, payment by the Company of any Base Salary and contributions to the cost of the Executive’s continued participation in the Company’s group health and dental plans that may be due the Executive shall constitute the entire obligation of the Company to the Executive.  Other than as described in Section 5(d)(ii), above, medical, dental and other benefits shall terminate pursuant to the terms of the applicable benefit plans based on the date of the Executive’s Separation from Service without regard to any continuation of Base Salary or other payment to the Executive following such Separation from Service, except for any right of the Executive to continue participation pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) or other applicable law.

(b)Provisions of this Agreement shall survive any Separation from Service if so provided herein or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation the obligations of the Executive under Section 7 hereof and the Restrictive Covenants.  The obligation of the Company to make payments to or on behalf of the Executive under Section 5(d), 5(e) hereof is expressly conditioned upon the Executive’s continued full performance of his obligations under the Restrictive Covenants. The Executive recognizes that, except as expressly provided in Section 5(d) or 5(e), no compensation is earned after the Termination Date.  The Executive’s right to receive and retain the payments provided under Section 5(d) or 5(e) hereof (other than for his Final Compensation) are expressly conditioned on his continued compliance with his obligations under the Restrictive Covenants and Section 7 hereof.

 

7.Non-Disparagement.  The Executive shall not make or induce other persons or entities to make any negative statements about the Company, its Affiliates, employees, past or current partners and shareholders, past or present officers, directors, managers, products, services, businesses or reputation.  Notwithstanding the foregoing, truthful statements made in the course of sworn testimony in administrative, judicial or arbitral proceedings (including, without limitation, depositions taken in connection with such proceedings) shall not be subject to this Section 7.

 

8.Withholding.  All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law.

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9.Covenants Regarding Competition, Solicitation and Confidentiality.  Except as set forth in Section 3(c) above, the Executive agrees that some restrictions on his activities during and after his employment are necessary to protect the goodwill, Confidential Information and other legitimate interests of the Company and its Affiliates.

 

(a)Non-compete.  During employment and for eighteen (18) months after termination of the Executive’s employment for whatever reason (the “Restricted Period”), the Executive shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with the Company or any of its Affiliates within any geographic area in which the Company or any of its Affiliates do business or undertake any planning for any business competitive with the Company or any of its Affiliates in the United States or Canada. Specifically, but without limiting the foregoing, the Executive agrees not to engage in any manner in any activity that is directly or indirectly competitive or potentially competitive with the business of the Company or any of its Affiliates as conducted or under consideration at any time during the Executive’s employment by the Company or any of its Affiliates, and further agrees not to work or provide services, in any capacity, whether as an employee, independent contractor or otherwise, whether with or without compensation, to any Person who is engaged in any business that is competitive with the business of the Company or any of its Affiliates for which the Executive has provided services, as conducted or in planning during his employment. For the purposes of this Agreement, the business of the Company and its Affiliates shall be defined to include all Products and the Executive’s undertaking shall encompass all items, products and services that may be used in substitution for Products. The foregoing, however, shall not prevent the Executive’s passive ownership of two percent (2%) or less of the equity securities of any publicly traded company.

 

The Executive agrees that, during employment, he will limit his outside activity, whether or not competitive with the business of the Company or any of its Affiliates, so that it does not and, could not reasonably be expected to, give rise to a conflict of interest or otherwise unreasonably interfere with his duties and obligations to the Company or any of its Affiliates.

 

(b)Non-Solicit.  The Executive agrees that, during the Restricted Period, the Executive will not directly or indirectly (i) solicit or encourage any customer of the Company or any of its Affiliates to terminate or diminish its relationship with them; or (ii) seek to persuade any such customer or prospective customer of the Company or any of its Affiliates to conduct with anyone else any business or activity which such customer or prospective customer conducts or could conduct with the Company or any of its Affiliates; provided that these restrictions shall apply only with respect to those Persons who are or have been a customer of the Company or any of its Affiliates at any time within the immediately preceding two year period or whose business has been solicited on behalf of the Company or any of its Affiliates by any of their officers, employees or agents within said two year period, other than by form letter, blanket mailing or published advertisement.

 

The Executive agrees that during the Restricted Period, the Executive will not, and will not assist any other Person to, (Y) hire or solicit for hiring any employee of the 

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Company or any of its Affiliates or seek to persuade any employee of the Company or any of its Affiliates to discontinue employment or (Z) solicit or encourage any independent contractor providing services to the Company or any of its Affiliates to terminate or diminish its relationship with them. For the purposes of this Agreement, an “employee” of the Company or any of its Affiliates is any person who was such at any time within the preceding twelve (12) months.

(c)Until forty-five (45) days after the conclusion of the Restricted Period, the Executive shall give notice to the Company of each new business activity he plans to undertake, at least ten (10) days prior to beginning any such activity. Such notice shall state the name and address of the Person for whom such activity is undertaken and the nature of the Executive’s business relationship(s) and position(s) with such Person. The Executive shall provide the Company with such other pertinent information concerning such business activity as the Company may reasonably request in order to determine the Executive’s continued compliance with his obligations under this Agreement.

(d)Confidentiality and Related Matters.  The Executive acknowledges that the Company and its Affiliates continually develop Confidential Information (as defined herein); that the Executive may have developed or had access to Confidential Information through his employment and other associations with the Company and its Affiliates. The Executive agrees that he shall not disclose to any Person or use any Confidential Information, other than as required for the proper performance of the services or as required by applicable law after notice to the Company and a reasonable opportunity for it to seek protection of the Confidential Information prior to disclosure. For avoidance of doubt, “reasonable opportunity” shall be determined under the circumstances, provided that the Executive shall make every effort to provide notice as expeditiously as is reasonably possible to the Company. The Executive understands and agrees that this restriction is in addition to any restrictions to which he is bound as a result of his prior employment and that this restriction, as well as any earlier agreed restrictions, shall continue to apply both during employment and thereafter, regardless of the reason for its termination.

All documents, records, disks and other media of every kind and description containing Confidential Information, and all copies, (the “Documents”), whether or not prepared by the Executive, shall be the sole and exclusive property of the Company. The Executive shall return to the Company no later than the date on which his employment terminates, and at such earlier time or times as the Company may specify, all Documents as well as all other property of the Company and its Affiliates, then in the Executive’s possession or control.

 

(e)Assignment of Rights to Intellectual Property.  The Executive shall promptly and fully disclose to the Company all Intellectual Property (as defined herein). The Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) the Executive’s full right, title and interest in and to all Intellectual Property. The Executive agrees to execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by the Company to assign the Intellectual Property to the Company and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. All 

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copyrightable works that the Executive creates in the performance of his services hereunder shall be considered “work made for hire” and shall, upon creation, be owned exclusively by the Company.

(f)Enforcement of Covenants.  The Executive acknowledges that he has carefully read and considered all the terms and conditions of the Agreement, including the restraints imposed upon him pursuant to this Agreement. The Executive agrees without reservation that each of the restraints contained herein is necessary for the reasonable and proper protection of the goodwill, Confidential Information and other legitimate interests of the Company and its Affiliates; that each and every one of those restraints is reasonable in respect to subject matter, length of time and geographic area; and that these restraints, individually or in the aggregate, will not prevent him from obtaining other suitable employment during the period in which the Executive is bound by these restraints. The Executive further agrees that he will never assert, or permit to be asserted on his behalf, in any forum, any position contrary to the foregoing. The Executive further acknowledges that, were he to breach any of the covenants contained in this Agreement, the damage to the Company would be irreparable. The Executive therefore agrees that the Company, in addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by the Executive of any of said covenants, without having to post bond. So that the Company and its Affiliates may enjoy the full protection of these bargained-for restrictions, the parties agree that the period of restriction in any of the covenants in this Agreement shall be tolled, and shall not run, during any period the Executive is in breach thereof. The parties further agree that, in the event that any provision of this Agreement shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law.

 

10.Indemnification.  The Company and the Executive shall, simultaneous with the execution of this Agreement, enter into a directors and officers indemnification agreement substantially in the form attached hereto as Exhibit B, which shall provide coverage to the Executive effective as of the Effective Date.

 

11.Assignment.  Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other.  This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, their respective successors, executors, administrators, heirs and permitted assigns. 

 

12.Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

 

13.Waiver.  No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the performance 

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of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

14.Notices.  Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be effective when delivered in person, consigned to a reputable national courier service or deposited in the United States mail, postage prepaid, registered or certified, and addressed to the Executive at his last known address on the books of the Company or, in the case of the Company, at its principal place of business, attention of the CEO, or to such other address as either party may specify by notice to the other actually received.

 

15.Entire Agreement.  This Agreement constitutes the entire agreement between the parties and supersedes all prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s employment.

 

16.Amendment.  This Agreement may be amended or modified only by a written instrument signed by the Executive and by an expressly authorized representative of the Company.

 

17.Headings. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement.

 

18.Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument.

 

19.Governing Law.  This is a Michigan contract and shall be construed and enforced under and be governed in all respects by the laws of the State of Michigan without regard to the conflict of laws principles thereof.

 

20.Definitions. The following terms shall have the following meanings for purposes of this Agreement. 

 

(a)“Affiliate” means, with respect to any specified Person at any time, any other Person that directly or indirectly controls, or is controlled by, or is under common control with, such specified Person at such time.

 

(b)“Confidential Information” means any and all information of the Company and its Affiliates that is not generally known by those with whom the Company or any of its Affiliates competes or does business, or with whom the Company or any of its Affiliates plans to compete or do business and any and all information, publicly known in whole or in part or not, which, if disclosed by the Company or any of its Affiliates would assist in competition against them. Confidential Information includes without limitation such information relating to (i) the development, research, testing, manufacturing, marketing and 

12

 

Exhibit 10.11

financial activities of the Company and its Affiliates, (ii) the Products, (iii) the costs, sources of supply, financial performance and strategic plans of the Company and its Affiliates, (iv) the identity and special needs of the customers of the Company and its Affiliates and (v) the people and organizations with whom the Company and its Affiliates have business relationships and the nature and substance of those relationships. Confidential Information also includes any information that the Company or any of its Affiliates has received, or may receive hereafter, belonging to customers or others with any understanding, express or implied, that the information would not be disclosed.

(c)“Intellectual Property” means inventions, discoveries, developments, methods, processes, compositions, works, concepts and ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether alone or with others, whether or not during normal business hours or on or off the Company premises) during the Executive’s employment that relate to either the Products or any prospective activity of the Company or any of its Affiliates or that make use of Confidential Information or any of the equipment or facilities of the Company or any of its Affiliates.

(d)“Person” means any natural person, corporation, limited liability company, partnership, trust, joint stock company, business trust, unincorporated association, joint venture, governmental authority or other legal entity of any nature whatsoever.

(e)“Products” mean all products planned, researched, developed, tested, manufactured, sold, licensed, leased or otherwise distributed or put into use by the Company or any of its Affiliates, together with all services provided or planned by the Company or any of its Affiliates, during the Executive’s employment.

 

 

IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement as of the date first written above.

 

 

	
 
	
SKYLINE CHAMPION CORPORATION
	
TIMOTHY LARSON
	
 

 

 

 

	
 
	
__________________________________
	
______________________________
	
 

     Mark J. Yost

     President and CEO

13

 

Exhibit 10.11

 

EXHIBIT A

 

FORM OF RELEASE

14

 

Exhibit 10.11

 

 

EXHIBIT B

 

INDEMNIFICATION AGREEMENT

 

 

 

 

15EX-4.1

 Exhibit 4.1 

FORM OF OFFICERS’ CERTIFICATE 

The undersigned, Thomas Liguori and Michael R. McCoy, do hereby certify on behalf of AVNET, INC., a New York corporation (the
“Company”), that they are the duly appointed Chief Financial Officer and Senior Vice President, General Counsel and Chief Legal Officer, respectively, of the Company. Each of the undersigned also hereby certifies on behalf of the
Company, pursuant to the Indenture, dated as of June 22, 2010 (the “Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee (the “Trustee”), that: 

RECITAL 
 Pursuant to the
authorizations granted by resolutions duly adopted by the Board of Directors on March 10, 2021, a series of Securities (as defined in the Indenture) to be issued under the Indenture has been established (the “Notes”). 

TERMS 
 The Notes shall
have the terms set forth in this certificate (this “Certificate”) (defined terms used herein and not otherwise defined herein have the meanings ascribed to such terms in the Indenture): 

(1) The title of the Securities of the series (which shall distinguish the Securities of the series from Securities of any other
series): The Notes shall constitute a series of Securities having the title “3.000% Notes due 2031.” 
 (2) Any limit
upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under the Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Securities of the series pursuant to Sections 2.05, 2.06, 2.07, 3.05, 10.06 and except for Securities which, pursuant to Section 2.04, are deemed never to have been authenticated and delivered under the
Indenture): The aggregate principal amount of Notes that may be authenticated and delivered under the Indenture is unlimited. On the date hereof, the Company has delivered to the Trustee $300,000,000 in aggregate principal amount of Notes,
together with a Company Order for the authentication and delivery of such Notes. 
 (3) The Person to whom any interest on a Security
of the series shall be payable, if other than the person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest: Not applicable. 

(4) The date or dates on which the principal of the Securities of the series shall be payable: The entire principal of the Notes
shall be due and payable on May 15, 2031 (the “Stated Maturity”), unless earlier redeemed by the Company as provided in Section 7 below or repurchased by the Company as provided in Section 19A below. 

  
 1 

 (5) The rate or rates at which the Securities of the series shall bear interest, if
any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable, and the Regular Record Date for any interest payable on any Interest Payment Date: The Notes shall bear
interest from May 6, 2021 at the annual rate of 3.000%. Interest shall be payable semi-annually on May 15 and November 15 (“Interest Payment Dates”) of each year, beginning on November 15, 2021, to the Person in
whose name the Notes are registered in the Security Register at the close of business on May 1 and November 1, as the case may be, next preceding the relevant Interest Payment Date (each a “Regular Record Date”), whether
or not such Regular Record Date shall be a Business Day. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 

Payments of interest on the Notes shall include interest accrued to but excluding the respective Interest Payment Date, Redemption Date (as
defined herein) or Repurchase Date (as defined herein), as the case may be. 
 In any case where any Interest Payment Date, Redemption Date,
or Stated Maturity of any Note shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of the Indenture or of the Notes) payment of interest or principal (and premium, if any) need not be made at such Place of
Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest shall
accrue for the period from and after such Interest Payment Date, Redemption Date, or Stated Maturity, as the case may be. 
 (6) The
place or places where the principal of and any premium and interest on the Securities of the series shall be payable: The Place of Payment shall be, the registration of transfer and exchange for the payment of principal of, and premium, if
any, and interest on, the Notes shall be payable, and the exchange of and the transfer of the Notes shall be registrable, at the offices of the Trustee or at any other office or agency maintained by the Company for that purpose subject to the
limitations of the Indenture, and at the office or agency of the Trustee in Minneapolis, Minnesota, to be such office or agency of the Company for the aforesaid purposes. 

(7) The period or periods within which, the price or prices at which, and the other terms and conditions upon which the Securities of the
series may be redeemed, in whole or in part, at the option of the Company: 
 (A) The Company may redeem the Notes, in whole or in
part, at its option, at any time and from time to time prior to the Stated Maturity on at least 10 days’, but no more than 60 days’, prior notice mailed to the registered address of each Holder of the Notes. Prior to the Par Call Date (as
defined below), the redemption price shall be equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments (as defined below), that would be due
if the Notes matured on the Par Call Date (as defined below) discounted, on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate
equal to the sum of the Treasury Rate (as defined below) plus 25 basis points, plus, in each case, accrued and unpaid interest, if any, on the Notes to the Redemption Date. 

  
 2 

 At any time on or after the Par Call Date, the Company may redeem all or any part of the
Notes at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest, if any, thereon. 

For purposes hereof, the redemption price calculated in accordance with the prior two sentences shall be the “Redemption Price”. The
principal amount of a Note remaining Outstanding after redemption in part must be $2,000 or an integral multiple of $1,000 in excess thereof. 

For purposes of this Section 7, the following definitions shall be applicable: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as having an
actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes mature on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Notes. 
 “Comparable
Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or
(2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 
 “Par Call Date” means
February 15, 2031. 
 “Reference Treasury Dealer” means BofA Securities, Inc., J.P. Morgan Securities LLC and Wells Fargo Securities,
LLC (or their respective affiliates that are primary U.S. Government securities dealers in New York City (each, a “Primary Treasury Dealer”)) and their respective successors and one other Primary Treasury Dealer as may be selected
from time to time by the Company. If any of the foregoing ceases to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date prior to the Par Call
Date, the average, as determined by the Company, of the bid and ask prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30
p.m. (New York City time) on the third business day preceding such Redemption Date. 

  
 3 

 “Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the
remaining scheduled payments of principal of and interest on the Note that would be due after the related Redemption Date therefor if such Note matured on the Par Call Date. If that Redemption Date is not an Interest Payment Date with respect to the
Note, the amount of the next succeeding scheduled interest payment on the Note shall be reduced by the amount of interest accrued on the Note to the Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or
interpolation (on a day count basis) of the interpolated Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption
Date. 
 In the event that the Company chooses to redeem less than all of the Notes, selection of the Notes for redemption shall be made by
the Trustee on a pro rata basis, by lot or by such method as the Trustee deems fair and appropriate, and in accordance with any applicable procedures of the Depositary. The notice of redemption that relates to any Note that is redeemed in part only
shall state the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof shall be issued in the name of the Holder thereof upon cancellation of the original Note. On and after the
Redemption Date, interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Company has deposited with the Paying Agent funds in satisfaction of the Redemption Price. 

(B) Notice of redemption to Holders of Notes shall be given in the manner provided in Section 3.02 of the Indenture. 

(C) Notice of redemption having been given as provided in the Indenture, the Notes so to be redeemed shall, on the Redemption Date, become due
and payable at the Redemption Price therein specified, and from and after such date (unless the Company defaults in the payment of the Redemption Price and accrued interest) such Notes shall cease to accrue interest. Upon surrender of any such Note
for redemption in accordance with such notice, such Notes shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date. 

The notice of redemption that relates to any Note that is redeemed in part only shall state the portion of the principal amount thereof to be
redeemed. A new Note in principal amount equal to the unredeemed portion thereof shall be issued in the name of the Holder thereof upon cancellation of the original Note. 

  
 4 

 (D) Prior to 11:00 a.m. (New York City time) on the Redemption Date specified in the notice
of redemption given as provided in Section 3.02 of the Indenture, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in
Section 6.03 of the Indenture) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) any accrued interest on, all of the Notes that are to be redeemed on that date.

 (8) The obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous
provision or at the option of a Holder thereof and the period or periods within which, the price or prices at which, and the terms and conditions upon which Securities of the series shall be redeemed or purchase, in whole or in part, pursuant to
such obligation: The Notes shall not have the benefit of any sinking fund. 
 (9) If other than denominations of
$1,000 and integral multiples thereof, the denomination in which the Securities of the series shall be issuable: The Notes shall be issued in registered form only in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 (10) The currency, currencies, or currency units in which payment of the principal of and any premium and interest on any Securities
of the series shall be payable if other than the currency of the United States of America and the manner of determining the equivalent thereof in the currency of the United States of America for purposes of the definition of “Outstanding”
in Section 1.01 of the Indenture: Not applicable. 
 (11) If the amount of payments of
principal of or any premium or interest on the Securities of the series may be determined with reference to an index, based upon a formula, or in some other manner, the manner in which such amounts shall be determined: Except as set forth in
the Indenture and this Certificate, the amount of payments of principal of or any premium or interest on the Notes shall not be determined with reference to an index, based upon a formula or in some other manner. 

(12) If the principal of or any premium or interest on the Securities of the series is to be payable, at the election of the Company or a
Holder thereof, in one or more currencies or currency units other than that or those in which the Securities of the series are stated to be payable, the currency, currencies, or currency units in which payment of the principal of and any premium and
interest on the Securities of the series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made: Not applicable. 

(13) If other than the Trustee, the identity of each Security Registrar and/or Paying Agent: The Paying Agent and Security
Registrar initially shall be the Trustee. 
 (14) If other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 8.01(b): Not applicable. 

  
 5 

 (15) If applicable, that the Securities of the series shall be subject to either or
both of Defeasance or Covenant Defeasance as provided in Article V of the Indenture, provided that no Securities of the series that are convertible into Common Stock pursuant to Section 2.01(b)(xvi) or convertible
into or exchangeable for any other Securities pursuant to Section 2.01(b)(xvii) shall be subject to Defeasance pursuant to Section 5.02: The defeasance and discharge
provisions under Article V of the Indenture shall be applicable to the Notes. 
 (16) If and as applicable, that the Securities of the
series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the Depositary or Depositaries of such Global Security or Global Securities and any circumstances other than those set forth in
Section 2.05 in which any such Global Security may be transferred to, and registered and exchanged for Securities of the series registered in the name of, a Person other than the Depositary for such Global Security
or a nominee thereof and in which any such transfer may be registered: The Notes shall be evidenced by one or more Global Notes deposited with the Trustee as custodian for The Depository Trust Company (“DTC”), and shall
initially be registered in the name of Cede & Co., as nominee of DTC. 
 So long as Cede & Co., as nominee of DTC, is the
registered owner of the Global Notes, Cede & Co. for all purposes shall be considered the sole holder of the Global Notes. Except as provided below, owners of beneficial interests in the Global Notes shall not be (A) entitled to have
certificates registered in their names and (B) considered Holders of the Global Notes. 
 The Company shall issue the Notes in
definitive certificated form if DTC notifies the Company that it is unwilling or unable to continue as depositary or DTC ceases to be a clearing agency registered under the Exchange Act and a successor depositary is not appointed by the Company
within 90 days. In addition, beneficial interests in a Global Note may be exchanged for definitive certificated Notes upon request by or on behalf of DTC and in accordance with DTC’s customary procedures. The Company may determine at any time
and in its sole discretion that the Notes shall no longer be represented by Global Notes, in which case the Company shall issue certificates in definitive form in exchange for the Global Notes. 

(17) The terms and conditions, if any, pursuant to which the Securities of the series are convertible into Common Stock: Not
applicable. 
 (18) The terms and conditions, if any, pursuant to which the Securities of the series are convertible into or
exchangeable for any other securities, including (without limitation) securities of Persons other than the Company: Not applicable. 

(19) Any other terms of, or provisions, covenants, rights or other matters applicable to, the Securities of the series (which terms,
provisions, covenants, rights or other matters shall not be inconsistent with the provisions of the Indenture, except as permitted by Section 10.01(e) of the Indenture): 

  
 6 

 (A) Change of Control. If a Change of Control Triggering Event (as defined
below) occurs, unless the Company has exercised its right to redeem the Notes in accordance with Section 7 hereof, each Holder shall have the right to require the Company to repurchase all or any part of each Holder’s Notes pursuant to the
offer (the “Change of Control Offer”) on the terms set forth in the Notes and herein. In the Change of Control Offer, the Company shall offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased plus
accrued and unpaid interest, if any (the “Change of Control Payment”), on the Notes repurchased, to the repurchase date (the “Repurchase Date”) (subject to the right of Holders of record on the relevant Regular
Record Date to receive interest due on the Interest Payment Date). The principal amount of a Note remaining Outstanding after a repurchase in part must be $2,000 or an integral multiple of $1,000 in excess thereof. 

Within 30 days following the date upon which the Change of Control Triggering Event has occurred or, at the Company’s option, prior to
any Change of Control, but after the public announcement of the transaction that may or shall constitute a Change of Control, except to the extent that the Company has exercised its right to redeem the Notes in accordance with Section 7 above,
the Company shall cause a notice to be mailed to each Holder with a copy to the Trustee describing the transaction or transactions that may or shall constitute a Change of Control Triggering Event and offering to repurchase the Notes on the date
specified in the notice, which date shall be no earlier than 30 days, but no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”). The notice shall, if mailed prior to the date of
consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. 

On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 

(ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions thereof properly
tendered pursuant to the applicable Change of Control Offer; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes properly
accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 

The Company shall comply with the requirements of Rule 14e–1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict
with this Section 19(A), the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 19(A) by virtue of such conflicts; 

  
 7 

 The Company shall not be required to make a Change of Control Offer upon a Change of Control
Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company, and such third party purchases all Notes properly tendered and not withdrawn under
its offer. In the event that such third party terminates or defaults on its offer, the Company shall be required to make a Change of Control Offer treating the date of such termination or default as though it were the date of the Change of Control
Triggering Event. 
 For purposes of this Section 19(A), the following definitions shall be applicable: 

“Below Investment Grade Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below
an Investment Grade Rating by each of the Rating Agencies on any day during the period (the “Trigger Period”) commencing on the date 60 days prior to the first public announcement by the Company of any Change of Control or pending
Change of Control and ending 60 days following the consummation of such Change of Control (which Trigger Period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the
Rating Agencies). 
 “Change of Control” means the occurrence of any of the following: 

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the
Company or one of its Subsidiaries; 
 (2) the adoption of a plan relating to the liquidation or dissolution of the Company; 

(3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any
“person” (as defined above), becomes the “beneficial owner” (as defined in Rule 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of
more than 50% of the then Outstanding number of shares of the Company’s Voting Stock measured by voting power rather than number of shares; 

(4) the Company consolidates with, or merges with or into any Person, or any Person consolidates with, or merges with or into, the Company, in
any such event pursuant to a transaction in which any of the Company’s Outstanding Voting Stock or the Outstanding Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such
transaction where the shares of the Voting Stock of the Company Outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock (measured by voting power rather than number of
shares) of the surviving Person immediately after giving effect to such transaction; or 

  
 8 

 (5) the first day on which a majority of the members of the Company’s Board of
Directors are not Continuing Directors. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a
Below Investment Grade Rating Event. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors
of the Company who (1) was a member of such Board of Directors on the date of this Certificate; or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors
who were members of such board of directors at the time of such nomination, election or appointment (either by specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director,
without objection to such nomination). 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by
Moody’s and BBB- (or the equivalent) by S&P, and the equivalent rating from any replacement Rating Agency or Rating Agencies. 

“Moody’s” means Moody’s Investors Service, Inc. and any of its successors. 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if either Moody’s or S&P ceases to rate the Notes or
fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act, selected
by the Company (as certified by a Board Resolution) as a replacement rating agency for Moody’s or S&P, or both of them, as the case may be. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and any of its successors. 

(B) Restriction on Secured Debt. The Company covenants, for the benefit of the Holders, that if the Company or any Restricted
Subsidiary (as defined below) after the date hereof incurs or guarantees any loans, notes, bonds, debentures or other similar evidences of indebtedness for money borrowed (“Certain Debt”) secured by a mortgage, pledge or lien
(“Mortgage”) on any Principal Property (as defined below) of the Company or any Restricted Subsidiary, or on any share of capital stock or Certain Debt of any Restricted Subsidiary, the Company shall secure or cause such Restricted
Subsidiary to secure the Notes equally and ratably with (or, at the Company’s option, before) such secured Certain Debt, unless the aggregate principal amount of all such secured Certain Debt plus the amount of all Attributable Debt (as defined
below) which is not excluded as described under Section 19(C) below would not exceed 10% of Consolidated Net Assets (as defined below). 

  
 9 

 This restriction shall not apply to, and there shall be excluded from secured Certain Debt
in any computation of the above restriction, Certain Debt secured by: 
  

	 	(a)	 Mortgages on property (including any shares of capital stock or Certain Debt) of any Person existing at the
time such Person becomes a Restricted Subsidiary; 

  

	 	(b)	 Mortgages in favor of the Company or a Restricted Subsidiary; 

 

	 	(c)	 Mortgages in favor of governmental bodies to secure progress, advance or other payments; 

 

	 	(d)	 Mortgages on property, shares of capital stock or Certain Debt existing at the time of acquisition thereof
(including acquisition through merger or consolidation) and purchase money and construction or improvement Mortgages which are entered into within 180 days after the acquisition of such property, shares or Certain Debt or, in the case of real
property, within 180 days after the later of (A) the completion of construction on, substantial repair to, alteration or development of, or substantial improvement to, such property and (B) the commencement of commercial operations on such
property; 

  

	 	(e)	 mechanics’ and similar liens arising in the ordinary course of business in respect of obligations not due
or being contested in good faith; 

  

	 	(f)	 Mortgages arising from deposits with, or the giving of any form of security to, any governmental agency
required as a condition to the transaction of business or to the exercise of any privilege, franchise or license; 

  

	 	(g)	 Mortgages for taxes, assessments or government charges or levies which are not then due or, if delinquent, are
being contested in good faith; 

  

	 	(h)	 Mortgages (including judgment liens) arising from legal proceedings being contested in good faith;

  

	 	(i)	 Mortgages existing at the date hereof; and 

 

	 	(j)	 any extension, renewal or refunding of any Mortgage referred to in the clauses (a) through (i) above.

  
 10 

 (C) Restriction on Sale and Leaseback Transactions. The Company covenants, for
the benefit of the Holders, that the Company shall not itself, and shall not permit any Restricted Subsidiary to, enter into any sale and leaseback transaction involving any Principal Property, unless after giving effect thereto the aggregate amount
of all Attributable Debt with respect to all such transactions plus the aggregate principal amount of all secured Certain Debt which is not excluded as described under Section 19(B) above would not exceed 10% of Consolidated Net Assets. 

This restriction shall not apply to, and there shall be excluded from Attributable Debt in any computation of the above restriction, any sale
and leaseback transaction if: 
 (i) the lease is for a period, including renewal rights, of not in excess of three years; 

(ii) the sale or transfer of the Principal Property is made within 180 days after its acquisition or within 180 days after the later of
(1) the completion of construction on, substantial repair to, alteration or development of, or substantial improvement to, such property and (2) the commencement of commercial operations thereon; 

(iii) the transaction is between the Company and a Restricted Subsidiary, or between Restricted Subsidiaries; 

(iv) the Company or a Restricted Subsidiary would be entitled to incur a Mortgage on such Principal Property pursuant to clauses
(a) through (j) of Section 19(B) above; or 
 (v) the Company or a Restricted Subsidiary, within 180 days after the sale or
transfer is completed, applies to the retirement of Funded Debt (as defined below) of the Company ranking on a parity with or senior to the Notes or Funded Debt of a Restricted Subsidiary, or to the purchase of other property which shall constitute
a Principal Property having a fair market value at least equal to the fair market value of the Principal Property leased, an amount equal to the greater of the net proceeds of the sale of the Principal Property or the fair market value (as
determined by the Board of Directors) of the Principal Property leased at the time of entering into such arrangement (as determined by the Board of Directors). 

(D) Events of Default: Upon any acceleration of the Notes (by declaration or otherwise), the principal of and premium, if any,
and accrued and unpaid interest on the Notes shall become immediately due and payable. 
 (E) No Subordination: Article
Thirteen of the Indenture shall not be applicable to the Notes. 
 (F) Form of Note. The form of the Note attached hereto as
Exhibit A is hereby approved. 
 (G) The foregoing form and terms of the Notes have been established in conformity with the provisions of the
Indenture. 

  
 11 

 (H) Each of the undersigned has read the Indenture, including the applicable conditions
precedent set forth therein, and has examined the resolutions referred to in the Recital of this Certificate, this Certificate and the Notes and, in the opinion of the undersigned, has made such examination or investigation as is necessary to enable
the undersigned to express an informed opinion as to whether or not all conditions precedent provided in the Indenture relating to the establishment, authentication and delivery of the Notes have been complied with. In the opinion of the undersigned
and on the basis of the foregoing, all such conditions precedent have been complied with. 
 (I) Definitions: 

“Attributable Debt” shall mean, as to any particular lease, the greater of: (A) the fair market value of the property
subject to the lease (as determined by the Board of Directors); or (B) the total net amount of rent required to be paid during the remaining term of the lease, discounted by the weighted average effective interest cost per annum of the
Outstanding debt securities of all series, compounded semi-annually. 
 “Consolidated Net Assets” shall mean total assets
after deducting all current liabilities as set forth in the most recent balance sheet of the Company and its consolidated Subsidiaries and computed in accordance with GAAP. 

“Funded Debt” shall mean all indebtedness for money borrowed having a maturity of more than twelve months from the date as of
which the determination is made, or having a maturity of twelve months or less but by its terms being renewable or extendible beyond twelve months from such date at the option of the borrower; and rental obligations payable more than twelve months
from such date under leases which are capitalized in accordance with GAAP (such rental obligations to be included as Funded Debt at the amount so capitalized and to be included as an asset for the purposes of the definition of Consolidated Net
Assets). 
 “GAAP” means generally accepted accounting principles in the United States of America (including, if
applicable, International Financial Reporting Standards) as in effect from time to time. 
 “Global Notes” shall mean Notes
that are substantially in the form of the Note attached hereto as Exhibit A, and that are registered in the Security Register in the name of DTC or a nominee thereof. 

“Person” shall mean any individual, corporation, partnership, joint venture, association, joint stock company, trust,
unincorporated organization or government or any agency or political subdivision thereof. 

  
 12 

 “Principal Property” shall mean any plant, facility or warehouse owned on
the date hereof or thereafter acquired by the Company or any Restricted Subsidiary of the Company which is located within the United States and the gross book value (including related land and improvements thereon and all machinery and equipment
included therein without deduction of any depreciation reserves) of which on the date of determination exceeds 2% of Consolidated Net Assets, other than: (A) any such manufacturing or processing plant or warehouse or any portion thereof
(together with the land on which it is erected and fixtures comprising a part thereof) which is financed by industrial development bonds which are tax exempt pursuant to Section 103 of the Internal Revenue Code (or which receive similar tax
treatment under any subsequent amendments thereto or any successor laws thereof or under any other similar statute of the United States); (B) any property which, in the opinion the Board of Directors, is not of material importance to the total
business conducted by the Company and its consolidated Subsidiaries as an entirety; or (C) any portion of a particular property which is similarly found not to be of material importance to the use or operation of such property. 

“Redemption Date” means the date specified by the Company in a notice of redemption on which the Notes may be redeemed in
accordance with the terms of the Notes and the Indenture. 
 “Restricted Subsidiary” means a Subsidiary of the Company
(A) substantially all the property of which is located, or substantially all the business of which is carried on, within the United States, and (B) which owns a Principal Property. 

“Subsidiary” means any corporation or other Person more than 50% of the Outstanding Voting Stock (measured by voting power
rather than number of shares) of which at the date of determination is owned, directly or indirectly, by the Company and/or by one or more other Subsidiaries. 

“Voting Stock” means capital stock (or equivalent equity interests) of a Person of the class or classes having general voting
power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees of such Person (irrespective of whether or not at the time capital stock (or equivalent equity interests) of any other class or classes
has or might have voting power upon the occurrence of any contingency). 
 (20) Governing Law. This Officers’ Certificate shall be
governed by, and construed in accordance with, the laws of the State of New York, without regard to conflicts of law principles thereof. 

(21) Electronic Signatures. This Officers’ Certificate shall be valid, binding, and enforceable against the Company when executed and
delivered by an authorized individual on behalf of the Company by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal
Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code
(collectively, “Signature Law”), in each case to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic 

  
 13 

 
signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. The Company and the Trustee shall be entitled to
conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the
validity or authenticity thereof. This Officers’ Certificate may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For the
avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings. 

[Signature page follows] 

  
 14 

 IN WITNESS WHEREOF, the undersigned have hereunto executed this Certificate as of the 6th
day of May, 2021. 
  

			
	AVNET, INC.,
	
	a New York corporation
		
	By:	 	          

	Name: Thomas Liguori
	Title: Chief Financial Officer
		
	By:	 	          

	Name: Michael R. McCoy
	Title: Senior Vice President, General Counsel and Chief Legal Officer

 [Signature Page to Officers’ Certificate Pursuant to the Indenture] 

 Exhibit A 

Form of Note 

 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF THE DEPOSITARY TRUST COMPANY (“DTC”) OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR NOTES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN DTC OR A NOMINEE THEREOF, AND NO SUCH
TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY NOTE AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS NOTE WILL BE A GLOBAL NOTE SUBJECT TO THE
FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 AVNET, INC. 

3.000% Notes due 2031 
  

			
	No.	  	
	 $
	  	CUSIP No.            

 AVNET, INC., a corporation duly organized and existing under the laws of the State of New York (hereinafter
called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to            , or its
registered assigns, the principal sum of $             on May 15, 2031, and to pay interest thereon from May 6, 2021 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, on May 15 and November 15 in each year, commencing on November 15, 2021, at the rate of 3.000% per annum, until the principal hereof is paid or made available for payment. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered in the Security Register at the
close of business on the Regular Record Date for such interest, which shall be the May 1 or November 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered in the Security Register at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders not less than 10 calendar days prior to such Special Record Date, or be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS SET FORTH ON THE REVERSE HEREOF. SUCH PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS THOUGH FULLY SET FORTH IN THIS PLACE. 

 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication herein has been signed manually by the Trustee under the Indenture referred to on the reverse side hereof. 
 [Signature
page follows] 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed in accordance
with the Indenture. 
  

			
	AVNET, INC.
		
	By:	 	              

		 	Name:
		 	Title:

 I,
                ,                         of
Avnet, Inc., do hereby certify that                is the duly elected, qualified and acting of Avnet, Inc. and that the signature of
                set forth above is his genuine signature. 
  

	
	

 
	
	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	          

		 	Authorized Signatory

 Dated: ____________________ 

 (Reverse of Note) 

This Note is one of a duly authorized issue of 3.000% Notes due 2031 of the Company (herein called the “Notes”), and is to be issued
under an indenture, dated as of June 22, 2010 (as amended and supplemented, the “Base Indenture”), between the Company and Wells Fargo Bank, National Association, as trustee (herein called the “Trustee”, which term includes any
successor trustee under the Base Indenture), and an Officers’ Certificate, dated as of May 6, 2021, setting forth the terms of the Notes (together with the Base Indenture, the “Indenture”), to which Indenture reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is
one of the series designated on the face hereof. 
 1. Interest. The Notes shall bear interest from May 6, 2021 at the annual
rate of 3.000%. 
 Except as otherwise provided below or in the Indenture, interest on any Note which shall be payable, and shall be
punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name the Note is registered in the Security Register at the close of business on the Regular Record Date for such interest. Interest on the Notes
shall be computed on the basis of a 360-day year of twelve 30-day months. 

2. Method of Payment. So long as the Notes are in the form of registered Global Notes, the Company shall wire, through the facilities of
the Trustee, payments of principal of, and premium, if any, and interest on or the Redemption Price of the Notes, to the registered owner of the Global Notes. The registered owner of the Global Notes initially will be Cede & Co., the
nominee of DTC. The Company shall pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public and private debts. 

3. Indenture. The Notes are the Company’s senior unsecured obligations, and the aggregate principal amount of Notes that may be
authenticated and delivered under the Indenture is unlimited. The terms, conditions and provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended, and
those set forth in the Notes. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control. 

4. Redemption at the Option of the Company. The Company may redeem the Notes, in whole or in part, at its option, at any time and from time to time
prior to the Stated Maturity on at least 10 days’, but not more than 60 days’, prior notice mailed to the registered address of each Holder. Prior to the Par Call Date, the redemption price shall be equal to the greater of (A) 100% of the
principal amount of the Notes to be redeemed and (B) the sum of the present values of the Remaining Scheduled Payments, that would be due if the Notes matured on the Par Call Date discounted, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the Treasury Rate plus 25 basis points, plus, in each case, accrued and unpaid interest, if any, on the Notes to the Redemption Date. At
any time on or after the Par Call Date, the Company may redeem all or any part of the Notes at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon. The principal amount of a
Note remaining Outstanding after redemption in part must be $2,000 or an integral multiple of $1,000 

  
 1 

 
in excess thereof. Any Note that is to be redeemed only in part shall be surrendered at a Place of Payment therefor, and the Company shall execute, and the Trustee shall authenticate and deliver
to the Holder of such Note without service charge, a new Note of any authorized denomination, as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note so surrendered
upon cancellation of the original Note. 
 Notice of redemption of the Notes to be redeemed at the election of the Company shall be given by
the Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company and shall be irrevocable. Notice of redemption shall be given by mail, first class postage prepaid, not less than 10 or more than 60 calendar
days prior to the Redemption Date, to each Holder of Notes to be redeemed, at such Holder’s address appearing in the Security Register. Once notice of redemption has been given in accordance with the Indenture, the Notes so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company defaults in the payment of the Redemption Price and accrued interest) such Notes will cease to accrue
interest. 
 5.                Offer to Repurchase on a
Change of Control Triggering Event: If a Change of Control Triggering Event occurs, unless the Company has exercised its right to redeem the Notes in accordance with Paragraph 4 hereof, each Holder shall have the right to require the Company to
repurchase all or any part of such Holder’s Notes pursuant to the Change of Control Offer on the terms set forth herein, and in the Indenture. In the Change of Control Offer, the Company shall offer payment in cash equal to 101% of the
aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, on the Notes repurchased, to the repurchase date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the
Interest Payment Date). The principal amount of a Note remaining Outstanding after a repurchase in part must be $2,000 or an integral multiple of $1,000 in excess thereof. 

Within 30 days following the date upon which the Change of Control Triggering Event has occurred or, at the Company’s option, prior to
any Change of Control, but after the public announcement of the transaction that may or shall constitute a Change of Control, except to the extent that the Company has exercised its right to redeem the Notes in accordance with Paragraph 4 hereof,
the Company shall cause a notice to be mailed to each Holder with a copy to the Trustee describing the transaction or transactions that may or shall constitute a Change of Control Triggering Event and offering to repurchase the Notes on the date
specified in the notice, which date shall be no earlier than 30 days, but no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”). The notice shall, if mailed prior to the date of consummation of
the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. 

On the Change of Control Payment Date, the Company shall, to the extent lawful: 

 

	 	•	 	 accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

  
 2 

	 	•	 	 deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or
portions of Notes properly tendered pursuant to the applicable Change of Control Offer; and 

  

	 	•	 	 deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’
Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

 6.
Defeasance. The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness evidenced by this Note or (b) certain restrictive covenants and Events of Default with respect to this Note, in each case upon
compliance with certain conditions set forth in the Indenture. 
 7. Persons Deemed Owners. Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note shall be overdue, and neither
the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 
 8. Amendment;
Waiver. The Indenture permits the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders under the Indenture and this Note at any time by the Company and the Trustee with the consent of
the Holders of not less than a majority in principal amount of the Outstanding Notes affected by the modification or amendment, except for certain amendments and modifications requiring the consent of the Holders of all Outstanding Notes affected
thereby and for certain other amendments and modifications that may be made without the consent of the Holders. The Company may also omit in any particular instance to comply with the provisions of the Indenture, with respect to the Notes, if the
Holders of a majority in principal amount of the Outstanding Notes shall, by Act of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision, or condition, but no such waiver shall extend to
or affect such term, provision, or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such term, provision, or condition
shall remain in full force and effect. 
 The Holders of a majority in principal amount of the Outstanding Notes may on behalf of the
Holders of all the Notes waive any past default under the Indenture with respect to such Notes and its consequences, except a default (i) in the payment of the principal of or any premium or interest on any Note or (ii) in respect of a
covenant or provision under the Indenture which cannot be modified or amended without the consent of the Holder of each Outstanding Note affected. Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured, for every purpose of the Indenture, but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

9. Defaults and Remedies. If an Event of Default (other than an Event of Default specified in Sections 8.01(a)(v) and 8.01(a)(vi) of the
Indenture) occurs and shall be continuing, then in every case either the Trustee or the Holders of at least 25% in principal amount of the Notes then Outstanding may declare the principal amount and the accrued and unpaid interest thereon, if any,
of the Notes to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount and the accrued and unpaid interest thereon, if any, will become
immediately due and payable. If an Event of Default specified in Sections 8.01(a)(v) and 8.01(a)(vi) of the Indenture occurs and shall be continuing, then the principal of, and premium, if any, and accrued and unpaid interest, if any, on, the Notes
shall become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

  
 3 

 No Holder of any Note shall have any right to institute any proceeding, judicial or
otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy under the Indenture, unless (a) such Holder has previously given written notice to the Trustee of a continuing Event of Default
with respect to the Notes, (b) the Holders of not less than 25% in principal amount of the Outstanding Notes shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee
under the Indenture, (c) such Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against the costs, expenses, and liabilities to be incurred in compliance with such request, (d) the Trustee for 60 calendar
days after its receipt of such notice, request, and offer of indemnity has failed to institute any such proceeding, and (e) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Notes, it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of,
or by availing of, any provision of the Indenture to affect, disturb, or prejudice the rights of any other of such Holders (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or
forbearances are unduly prejudicial to such Holders), or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner provided in the Indenture and for the
equal and ratable benefit of all of such Holders. 
 No reference herein to the Indenture and no provisions of this Note or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed. 

10. Transfers and Exchanges of the Notes. As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any Place of Payment for the Notes, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes and of like tenor, of authorized denominations
and for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 
 The Notes will be issued in
registered form only in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

  
 4 

 11. Trustee Dealings with the Company. The Trustee, any Authenticating Agent, any
Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to certain provisions of the Indenture, may otherwise deal with the Company with
the same rights it would have if it were not the Trustee, Authenticating Agent, Paying Agent, Security Registrar, or such other agent. 
 12.
No Recourse Against Others. A director, officer or employee or stockholder, as such of the Company, shall not have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or
by reason of such obligations or their creation. By accepting a Note, each Holder waives and releases all such liability. The waiver and release shall be part of the consideration for the issue of the Notes. 

13. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
CONFLICTS OF LAW PRINCIPLES THEREOF. 
 14. Copy of Indenture. The Company shall furnish to any Holder upon written request and
without charge a copy of the Indenture which has in it the text of this Note. Requests may be made to: 
 AVNET, INC. 

2211 South 47th Street 
 Phoenix,
Arizona 85034 
 Attn: Corporate Secretary 

15. Definitions. All terms used in this Note that are defined in the Indenture shall have the respective meanings assigned to them in
the Indenture. 

  
 5 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (We) assign and transfer this Note to 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name,
address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                                         
             to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

 
  

Date:                      

 

					
		 	Your Signature:	  	  

		 		  	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee* 
  

 
  

	*	 NOTICE: The Signature must be guaranteed by an institution which is a member of one of the following recognized
signature Guarantee Programs: (i) Securities Transfer Agents Medallion Program (STAMP); (ii) New York Stock Exchange Inc. Medallion Signature Program (MSP); (iii) Stock Exchanges Medallion Program (SEMP); or (iv) in such other guarantee
program acceptable to the Trustee. 

 Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM
(=tenants in common), TEN ENT (=tenants by the entirety), JT TEN (=joint tenants with right of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 19(A) of the Officers’ Certificate, check the box below: 

☐ Section 19(A) 
 If you want to elect to have only
part of the Note purchased by the Company pursuant to Section 19(A) of the Officers’ Certificate, state the amount you elect to have purchased: 
 $
                     
  

							
	Date:                         	 		 	Your Signature:	 	  

		 		 		 	(Sign exactly as your name appears on the face of this Note)
		 		 	Tax Identification No:	 	          

  

	
	Signature Guarantee*:
	
	          

	(*Participant in a Recognized Signature Guarantee Medallion Program)

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of an interest in this Global Note for an interest in another Global Security or for a certificated Security, or
exchanges of an interest in another Global Security or certificated Security for an interest in this Global Note, have been made: 
  

									
	 Date of

Exchange
	  	 Amount of

Decrease in
 Principal Amount

of this Global

Note
	  	 Amount of Increase

in Principal Amount
 of this
Global
 Note
	  	 Principal
Amount of
this Global
Note Following
Such Decrease
(or

Increase)
	  	 Signature of
Authorized
Officer or
Trustee or
Security

Custodian

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