Document:

avt_Ex10_15

		

			Exhibit 10.15

		

		
			(a)
		

		
			 
		

		
			AVNET, INC.
		

		
			STANDARD TERMS AND CONDITIONS 
		

		
			FOR Restricted STOCK UNITS
		

		
			 
		

		
			These Standard Terms and Conditions for Restricted Stock Units (the “Standard Terms and Conditions”) apply to any restricted stock units granted under the Avnet, Inc. 2013 Stock Compensation and Incentive Plan (the “Plan”) that are identified as incentive or restricted stock units.
		

		
			 
		

			
	
			
				 1.
			

			
	
			
			TERMS OF STOCK UNITS

		
			Provided that the Participant has accepted these Standard Terms and Conditions on or before November 30, 2016, Avnet, Inc. (“Avnet”) has granted to the Participant named in the attached award letter restricted stock units (the “Incentive Stock Units”) covering the number of shares of its common stock (the “Stock”) set forth in the award letter, subject to the conditions set forth in these Standard Terms and Conditions, and the Plan.  For purposes of these Standard Terms and Conditions and the award letter, the “Company” refers to Avnet and its subsidiaries.
		

			
	
			
				 2.
			

			
	
			
			VESTING AND PERFORMANCE

		
			Subject to the provisions of these Standard Terms and Conditions, 25% of the Incentive Stock Units will vest on the first business day of January in each of 2017 through 2020.    Upon the vesting, one share of Stock shall be issuable for each Incentive Stock Unit that vests.  Thereafter, Avnet shall transfer such Stock to the Participant.  Such transfer shall occur during the Participant’s tax year in which vesting occurs, as soon as practicable after the satisfaction of all required tax withholding obligations, securities law registration and other requirements, and applicable stock exchange listing.  
		

		
			The Participant shall not acquire or have any rights as a shareholder of Avnet by virtue of these Standard Terms and Conditions (or the Award evidenced thereby) until the shares of Stock issuable pursuant to this Award are actually issued and delivered to the Participant in accordance with the terms of the Plan and these Standard Terms and Conditions.
		

			
	
			
				 3.
			

			
	
			
			TERMINATION OF EMPLOYMENT OR SERVICE

		
			Except as provided below with respect to death or Retirement (as such term is defined below), if the Participant ceases to be employed by, or ceases providing services to, the Company for any reason before the Incentive Stock Units have vested pursuant to Paragraph 2, the Participant shall immediately forfeit all of the Incentive Stock Units without consideration therefor. This Section 3 shall apply to a Participant who has not provided services to the Company for twelve consecutive months due to long-term disability leave.
		

		
			

		 

		

			 

		

		

			

		

 

		

			 

		

		

			
	
			
				 4.
			

			
	
			
			DEATH 

		
			If the Participant’s employment with the Company terminates by reason of the Participant’s death, the Incentive Stock Units shall become immediately and fully vested and payable, and one share of Stock shall be issued for each Incentive Stock Unit on a date determined by the Company, which date shall be no later than 90 days after the Participant’s death.
		

			
	
			
				 5.
			

			
	
			
			RETIREMENT

		
			If the Participant’s employment or service with the Company terminates by reason of Retirement on or after the one-year anniversary of the Grant Date and before the Award has become fully vested, the Incentive Stock Unit shall continue to vest in accordance with the schedule prescribed by Paragraph 2 (subject to acceleration in the event of death pursuant to Paragraph 4).  One share of Stock shall be delivered with respect to each vested Incentive Stock Unit at the time prescribed by Paragraph 2 or Paragraph 4, as applicable. For purposes hereof, a cessation of employment will be treated as a “Retirement” if (and only if) (a) the cessation of employment occurs after (I) the Participant has attained at least age 55 and been credited with at least five years of service with the Company and (II) the combination of the Participant’s age plus years of service is no less than 65; and (b) the Participant has signed a non-competition agreement in a form acceptable to the Company.  
		

			
	
			
				 6.
			

			
	
			
			TAXES

		
			The Participant acknowledges that Incentive Stock Units and shares of Stock provided under this Agreement are subject to income and employment tax withholding obligations and that, in some cases, withholding obligations will arise before shares are deliverable.  The Participant shall make arrangements satisfactory to the Company for satisfying such withholding obligations.  For Participants residing in the United States, Canada, Austria, Ireland, Germany, and the United Kingdom, Avnet will issue “net shares,” meaning that shares will be withheld to cover estimated withholding tax liability.  Participants residing in other countries are subject to the laws of the appropriate tax jurisdiction. No provision of the Plan, the award letter, or these Standard Terms and Conditions shall be construed to transfer to the Company or any of its affiliates any responsibility of the Participant to pay any income, employment, excise, or other taxes attributable to an Incentive Stock Unit.  
		

			
	
			
				 7.
			

			
	
			
			THE PLAN; DEFINED TERMS; ENTIRE AGREEMENT

		
			In addition to these Standard Terms and Conditions, the Incentive Stock Units shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference.  Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan, and the rules of construction set forth in the Plan shall also apply to these Standard Terms and Conditions.
		

		
			The award letter, these Standard Terms and Conditions, and the Plan constitute the entire understanding between the Participant and the Company regarding the Incentive Stock 

		 

		

			

		

 

		

			 

		

Units.  Any prior agreements, commitments, or negotiations concerning the Incentive Stock Units are superseded.
		

			
	
			
				 8.
			

			
	
			
			RESTRICTIONS ON RESALES

		
			The Company may impose such restrictions, conditions, and limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any shares of Stock issued pursuant to the Incentive Stock Units, including (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by the Participant and other holders of awards granted under the Plan, requiring that you acknowledge and accept these Standard Terms and Conditions, and (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers.
		

			
	
			
				 9.
			

			
	
			
			SECTION 409A

		
			These Standard Terms and Conditions shall be interpreted consistent with the intent to comply with, or be exempt from, the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), such that there are no adverse tax consequences, interest, or penalties as a result of any amount paid or payable as a result of the award of the Incentive Stock Units. Any ambiguity or inconsistency in the provisions of these Standard Terms and Conditions shall be resolved consistent with such intent.  
		

		
			If, as of the Participant’s “separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the Code, as determined by the Company, the Participant is a “specified employee” (as determined by the Company in accordance with its guidelines established pursuant to Treas. Reg. § 1.409A-1(i)), any amount payable to the Participant upon such separation from service shall be subject to the six (6) month delay required by Section 409A(a)(2)(B)(i) of the Code; provided however, that such six (6) month delay shall not be required with respect to any payment for which the payment event is not such separation from service or with respect to any payment that is not subject to Section 409A by reason of the “short-term deferral” rule described in Treas. Reg. § 1.409A-1(b)(4) or otherwise.
		

			
	
			
				 10.
			

			
	
			
			NO ASSIGNMENT

		
			Incentive Stock Units granted under the Plan may not be sold, transferred, pledged, assigned, exchanged, encumbered, or otherwise alienated or hypothecated until the Incentive Stock Units have vested and the corresponding shares of Stock have been issued, except to the limited extent permitted by the Plan and approved by the Administrator in its sole discretion.
		

			
	
			
				 11.
			

			
	
			
			GENERAL

		
			If any provision of these Standard Terms and Conditions is declared to be illegal, invalid, or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid, and enforceable, or 

		 

		

			

		

 

		

			 

		

otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid, or unenforceable provision. 
		

		
			The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction, or effect.
		

		
			These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors, and assigns.
		

		
			The Participant acknowledges that a copy of the Plan, the Plan prospectus, and Avnet’s most recent annual report to its shareholders has been delivered or made available to the Participant.
		

		
			Nothing in the Plan, the award letter, these Standard Terms and Conditions, or any other instrument executed pursuant to the Plan shall confer upon the Participant any right to continue in the Company’s employ or service or limit in any way the Company’s right to terminate the Participant’s employment or service at any time and for any reason.  As this grant was made in the absolute discretion of management and the Administrator, receipt of this Award does not confer upon the Participant any right to future awards or participation in any equity compensation program.
		

		
			Neither this Award nor any shares of Stock issuable hereunder shall be included in compensation for purposes of determining the amount payable to or on behalf of the Participant under any pension, savings, retirement, life insurance, severance, or other employee or director benefits arrangement of the Company, unless otherwise determined by the plan sponsor.
		

		
			The Plan, the award letter, and these Standard Terms and Conditions shall be governed, construed, interpreted, and administered solely in accordance with the laws of the state of New York, without regard to principles of conflicts of law.
		

		
			All questions arising under the Plan, the award letter, and these Standard Terms and Conditions shall be decided by the Administrator in its total and absolute discretion.  It is expressly understood that the Administrator is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan, the award letter, and these Standard Terms and Conditions; all such determinations shall be binding upon the Participant.
		

		
			 
		

		
			
		

		
			

		 

		

			

		

 

		

			 

		

		

		
			(b)
		

		
			 
		

		
			AVNET, INC.
		

		
			STANDARD TERMS AND CONDITIONS FOR
NONQUALIFIED STOCK OPTIONS
		

		
			These Standard Terms and Conditions for Nonqualified Stock Options (the “Standard Terms and Conditions”) apply to any Options granted under the Avnet, Inc. 2013 Stock Compensation and Incentive Plan (the “Plan”) that are identified as nonqualified stock options and evidenced by a Term Sheet or an action of the Administrator that refers to these Standard Terms and Conditions.
		

			
	
			
				 1.
			

			
	
			
			TERMS OF OPTION

		
			Provided that the Participant has accepted these Standard Terms and Conditions on or before November 30, 2016,  Avnet, Inc. (“Avnet” or the “Company”) has granted to the Participant named in the attached Term Sheet a nonqualified stock option (the “Option”) to purchase up to the number of shares of Avnet's common stock (the “Stock”) set forth in the Term Sheet, at the purchase price per share and upon the other terms and subject to the conditions set forth in the Term Sheet, these Standard Terms and Conditions, and the Plan.  For purposes of these Standard Terms and Conditions and the Term Sheet, the “Company” refers to Avnet and its Subsidiaries.
		

			
	
			
				 2.
			

			
	
			
			NON-QUALIFIED STOCK OPTION

		
			The Option is not intended to be an incentive stock option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).
		

			
	
			
				 3.
			

			
	
			
			EXERCISE OF OPTION

		
			The Option shall not be exercisable as of the grant date set forth in the Term Sheet (the “Grant Date”).   After the Grant Date, the Option shall be exercisable only to the extent that it becomes vested in accordance with the vesting schedule set forth in the Term Sheet, subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan.  If the Participant’s employment with the Company terminates, the Option shall cease to be exercisable, except to the extent set forth in Section 4, below.  
		

		
			The vesting period and/or exercisability of an Option may be adjusted by the Administrator to reflect the decreased level of employment during any period in which the Participant is on an approved leave of absence or is employed on a less than full time basis, provided that the Administrator may take into consideration any accounting consequences to the Company.  
		

		
			To exercise the Option (or any part thereof), the Participant shall provide notice to Avnet, in a form approved by Avnet, specifying the number of whole shares of Stock Participant wishes to purchase, and shall pay the Exercise Price for such shares.
		

		
			The exercise price of the Option (the “Exercise Price”) is set forth in the Term Sheet.  The Exercise Price and/or any required tax withholding may be paid in cash or by 

		 

		

			

		

 

		

			 

		

certified or cashiers' check, by “cashless” exercise methods such as direct share withholding, or by such other method (including transfer of Stock previously owned by the Participant, or broker-assisted Regulation T simultaneous exercise and sale), as the Administrator permits in its sole discretion. Fractional shares may not be exercised.  
		

		
			Shares of Stock will be issued as soon as practical after exercise; provided, however, that Avnet shall not be obligated to deliver shares of Stock if (a) the Participant has not satisfied all applicable tax withholding obligations, (b) the Stock is not properly registered or subject to an applicable exemption therefrom, (c) the Stock is not listed on the stock exchanges on which Avnet's Stock is otherwise listed, or (d) Avnet determines that the exercisability of the Option or the delivery of shares hereunder would violate any federal or state securities or other applicable laws.  The Option may be rescinded if necessary to ensure compliance with federal, state or other applicable laws.  The Participant shall not acquire or have any rights as a shareholder of Avnet until shares of Stock issuable upon exercise of the Option are actually issued and delivered to the Participant in accordance herewith.
		

			
	
			
				 4.
			

			
	
			
			EXPIRATION OF OPTION

		
			Except as provided in this Section 4, the Option shall expire and cease to be exercisable as of the Expiration Date set forth in the Term Sheet.  
		

			
	
			
				 A.
			

			
	
			
			If  the Participant’s employment or service with the Company terminates for any reason other than death, disability, or Retirement (as defined below), the Option shall immediately expire and cease to be exercisable.  

			
	
			
				 B.
			

			
	
			
			If the Participant’s employment or service with the Company terminates by reason of Retirement (as defined below) on or after the one-year anniversary of the Grant Date and before the Award has become fully vested, the Option shall continue to vest as set forth in the Term Sheet and these Standard Terms and Conditions and, subject to the special rules that apply in the event of death (as set forth in Paragraph D, below), shall remain exercisable until the earlier of (i) the fifth anniversary of the termination event or (ii) the Expiration Date (unless such Option shall sooner be surrendered for termination or expire).  For purposes hereof, a cessation of employment will be treated as a “Retirement” if (and only if) (a) the cessation of employment occurs after (I) the Participant has attained at least age 55 and been credited with at least five years of service with the Company and (II) the combination of the Participant’s age plus years of service is no less than 65; and (b) the Participant has signed a non-competition agreement in a form acceptable to the Company.  

			
	
			
				 C.
			

			
	
			
			If the Participant’s employment with or service to the Company terminates or ceases by reason of disability (as determined by the Administrator in its sole discretion), the Option shall remain exercisable only to the extent vested as of such cessation of employment or service and shall cease to be exercisable upon the earlier of (i) three months after the date of the termination event or (ii) the Expiration Date (unless such Option shall sooner be surrendered for termination 

		 

		

			

		

 

		

			 

		

	or expire).  Unless the provisions of Section 4.B apply, the provisions of this Section 4.C shall apply to a Participant who has not provided services to the Company for twelve consecutive months due to long-term disability leave.

			
	
			
				 D.
			

			
	
			
			If the Participant’s employment or service with the Company terminates by reason of death or the Participant dies within five years after Retirement from the Company (as defined above), the Option shall be exercisable only to the extent vested as of the date of death and shall cease to be exercisable upon the earliest of (i) the first anniversary of the Participant’s death, (ii) the Expiration Date, or (iii) the fifth anniversary of the Participant’s termination date, as set forth in Paragraph B, above.    

		
			 
		

			
	
			
				 5.
			

			
	
			
			RESTRICTIONS ON RESALES OF OPTION SHARES

		
			The Company may impose such restrictions, conditions, and limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any shares of Stock issued as a result of the exercise of the Option, including (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by the Participant and other optionholders, (c) requiring that you acknowledge and accept these Standard Terms and Conditions and the Term Sheet, and (d) restrictions as to the use of a specified brokerage firm for such resales or other transfers.
		

			
	
			
				 6.
			

			
	
			
			TAXES

		
			The Participant acknowledges that the delivery of shares of Stock following exercise of the Option will generally give rise to a withholding tax obligation, and that the issuance of shares of Stock hereunder is conditioned on timely satisfying such withholding obligation.  The Participant shall make arrangements satisfactory to the Company for satisfying such withholding obligations.  The Administrator, in its sole discretion, may allow the Participant to satisfy all or part of such tax obligation through withholding of shares of Stock otherwise issuable to the Participant; the Participant transferring to Avnet nonrestricted shares of Stock previously owned by the Participant; and/or allowing the Participant to engage in a broker-assisted Regulation T simultaneous exercise and sale.  No provision of the Plan, the Term Sheet, or these Standard Terms and Conditions shall be construed to transfer to the Company or any of its affiliates any responsibility of the Participant to pay any income, employment, excise, or other taxes attributable to the grant or exercise of the Option or the disposition of the underlying shares.
		

			
	
			
				 7.
			

			
	
			
			NON-TRANSFERABILITY OF OPTION

		
			Except to the extent permitted by Section 4.D and this Section 7, the Option shall be exercisable during the Participant's lifetime only by the Participant.  The Option may not be sold, transferred, pledged, assigned, exchanged, encumbered, or otherwise alienated or hypothecated, except (i) by testamentary disposition by the Participant or the laws of 

		 

		

			

		

 

		

			 

		

descent and distribution, or (ii) to the extent otherwise permitted by the Plan, if (and only if) approved by the Administrator in its sole discretion.
		

			
	
			
				 8.
			

			
	
			
			THE PLAN; DEFINED TERMS; ENTIRE AGREEMENT

		
			In addition to these Standard Terms and Conditions, the Option shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference.  Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan, and the rules of construction set forth in the Plan shall also apply to these Standard Terms and Conditions.
		

		
			The Term Sheet, these Standard Terms and Conditions, and the Plan constitute the entire understanding between the Participant and the Company regarding the Option.  Any prior agreements, commitments, or negotiations concerning the Option are superseded.
		

			
	
			
				 9.
			

			
	
			
			LIMITATION OF INTEREST IN SHARES SUBJECT TO OPTION

		
			Neither the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant shall have any right, title, interest, or privilege in or to any shares of Stock allocated or reserved for the purpose of the Plan or subject to the Term Sheet or these Standard Terms and Conditions, except as to such shares of Stock, if any, that have been issued to such person upon exercise of the Option or any part of it.  Nothing in the Plan, the Term Sheet, these Standard Terms and Conditions, or any other instrument executed pursuant to the Plan shall confer upon the Participant any right to continue in the Company's employ or service or limit in any way the Company's right to terminate the Participant's employment or service at any time and for any reason.  As this grant was made in the absolute discretion of management and the Administrator, receipt of these Options does not confer upon the Participant any right to future awards or participation in any equity compensation program.
		

		
			Neither the Award of this Option nor any shares of Stock issuable pursuant thereto shall be included in compensation for purposes of determining the amount payable to or on behalf of the Participant under any pension, savings, retirement, life insurance, or other employee or director benefits arrangement of the Company, unless otherwise determined by the plan sponsor.
		

			
	
			
				 10.
			

			
	
			
			GENERAL

		
			If any provision of these Standard Terms and Conditions is declared to be illegal, invalid, or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid, and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid, or unenforceable provision.
		

		
			The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction, or effect.
		

		
			

		 

		

			

		

 

		

			 

		

		

		
			These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors, and assigns.
		

		
			The Participant acknowledges that a copy of the Plan, the Plan prospectus, and Avnet's most recent annual report to its shareholders has been delivered to the Participant.  
		

		
			The Plan, the Term Sheet, and these Standard Terms and Conditions shall be governed, construed, interpreted, and administered solely in accordance with the laws of the state of New York, without regard to principles of conflicts of law.
		

		
			All questions arising under the Plan, the Term Sheet, and these Standard Terms and Conditions shall be decided by the Administrator in its total and absolute discretion.  It is expressly understood that the Administrator is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan, the Term Sheet, and these Standard Terms and Conditions; all such determinations shall be binding upon the Participant.
		

		
			 
		

		
			

		 

		

			

		

 

		

			 

		

		

			 

		

		

		
			(c)
		

		
			
		

		
			AVNET, INC.
		

		
			 
		

		
			TERMS AND CONDITIONS FOR
		

		
			NONQUALIFIED STOCK OPTIONS
GRANTED UNDER THE SHAREHOLDER VALUE INCENTIVE PLAN
		

		
			These Terms and Conditions apply to non-qualified performance-based stock options (the “Options”) granted under the Shareholder Value Incentive Plan (“SVIP”).  The SVIP is a one-time program related to Avnet’s transformation project.  The Options are granted under the Avnet, Inc. 2013 Stock Compensation and Incentive Plan (the “Option Plan”). 
		

		
			 
		

			
	
			
				 1.
			

			
	
			
			TERMS OF OPTIONS

		
			Provided that the Participant has accepted these Terms and Conditions on or before March 31, 2017, Avnet, Inc. (“Avnet” or the “Company”) has granted to the Participant named in the attached Term Sheet the Options,  each of which gives the Participant a right to purchase one share of Avnet Stock at the price set forth in the Term Sheet (the “Exercise Price”), subject to the conditions set forth in the Term Sheet, these Terms and Conditions, and the Option Plan.  For purposes of these Terms and Conditions and the Term Sheet, the “Company” refers to Avnet and its subsidiaries.    
		

		
			The Options are not intended to be incentive stock options under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”).
		

			
	
			
				 2.
			

			
	
			
			VESTING

		
			The Options shall not be exercisable as of the grant date set forth in the Term Sheet (the “Grant Date”).  After the Grant Date, the Options shall be exercisable only to the extent vested (and not expired).  The number of Options that are vested on any date shall be (a) the number of Options specified on the Term Sheet times (b) the Participant’s Time-Based Percentage times (c) the Participant’s Performance Percentage (each described below).
		

		
			Time-Based Percentage.  The Participant’s Time-Based Percentage on any date shall be as follows:
		

			
					
						Time-Based Percentage

					
					
						Time-Based Percentage

				
	
					
						Before December 31, 2018

					
					
						0%

				
	
					
						On December 31, 2018

					
					
						60%

				
	
					
						As of the end of Fiscal Year 2019

					
					
						100%

				

		
			 
		

		
			Performance Percentage.  The Participant’s Performance Percentage shall be a percentage between 0% and 150% of the target number of Options awarded, determined solely by the Option Plan’s Administrator, based on the formula set forth in Exhibit A.  The Administrator retains discretion to adjust the Participant’s Performance Percentage lower than the formula amount.  The Administrator’s determination of the Participant’s Performance Percentage (including any adjustment thereto) shall be final and binding on the Participant.
		

			
	
			
				 3.
			

			
	
			
			EXERCISE OF OPTION

		
			To exercise an Option, the Participant shall provide notice to Avnet, in a form approved by Avnet, specifying the number of Options the Participant wishes to exercise (i.e., the number of whole shares of Stock the Participant wishes to purchase), and shall pay the Exercise Price for 

		 

		

			 

		

 

		

			 

		

		

			 

		

such shares.  The Exercise Price and/or any required tax withholding may be paid in cash or by certified cashier’s check, by “cashless” exercise methods such as direct share withholding, or by such other method (including transfer of Stock previously owned by the Participant, or broker-assisted Regulation T simultaneous exercise and sale) as the Option Plan’s Administrator permits in its sole discretion.  Fractional shares may not be exercised.
		

		
			Shares of Stock will be issued as soon as practical after exercise; provided, however, that Avnet shall not be obligated to deliver shares of Stock if (a) the Participant has not satisfied all applicable tax withholding obligations, (b) the Stock is not properly registered or subject to an applicable exemption therefrom, (c) the Stock is not listed on the stock exchange(s) on which Avnet’s Stock is otherwise listed, or (d) Avnet determines that the exercisability of the Options or the delivery of shares hereunder would violate any federal or state securities or other applicable laws.  The Options may be rescinded if necessary to ensure compliance with federal, state, or other applicable laws.  The Participant shall not acquire or have any rights as a shareholder of Avnet until shares of Stock issuable upon exercise of the Options are actually issued and delivered to the Participant in accordance herewith.
		

			
	
			
				 4.
			

			
	
			
			EXPIRATION OF OPTIONS

		
			The Options shall expire and cease to be exercisable as of the earlier of January 2, 2027 (the “Expiration Date”) or the date set forth below.  Options that are not vested upon the Participant’s termination of employment with the Company shall be forfeited.
		

			
	
			
				 A.
			

			
	
			
			If  the Participant’s employment with the Company terminates for any reason, the Options shall immediately expire and cease to be exercisable, except as otherwise provided in Paragraphs B (Retirement), C (disability), and D (death), below.  

			
	
			
				 B.
			

			
	
			
			If the Participant’s employment with the Company terminates by reason of Retirement (as defined below), the vested Options (if any) shall remain exercisable only until the earlier of (i) the fifth anniversary of the termination event, subject to Paragraph D, below, in the case of death, or (ii) the Expiration Date (unless such Options shall sooner be surrendered for termination or expire).  For purposes hereof, a cessation of employment will be treated as a “Retirement” if (and only if) (a) the cessation of employment occurs after (I) the Participant has attained at least age 55 and been credited with at least five years of service with the Company and (II) the combination of the Participant’s age plus years of service is no less than 65; and (b) the Participant has signed a non-competition agreement in a form acceptable to the Company.  

			
	
			
				 C.
			

			
	
			
			If the Participant’s employment with the Company terminates or ceases by reason of disability (as determined by the Administrator in its sole discretion), the vested Options (if any) shall remain exercisable only until the earlier of (i) three months after the date of the termination event or (ii) the Expiration Date (unless such Options shall sooner be surrendered for termination or expire).  Unless the provisions of Section 4.B apply, the provisions of this Section 4.C shall apply to a Participant who has not provided services to the Company for twelve consecutive months due to long-term disability leave.

			
	
			
				 D.
			

			
	
			
			If the Participant’s employment with the Company terminates by reason of death or the Participant dies within five years after Retirement from the Company (as described above), the vested Options (if any) shall remain exercisable only until the earliest of (i) the first anniversary of the Participant’s death, (ii) the Expiration Date, or (iii) the fifth 

		 

		

			 

		

 

		

			 

		

		

			 

		

	anniversary of the Participant’s termination date, as set forth in Paragraph B, above.    

			
	
			
				 5.
			

			
	
			
			RESTRICTIONS ON RESALES OF OPTION SHARES

		
			The Company may impose such restrictions, conditions, and limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any shares of Stock issued as a result of the exercise of the Options, including (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by the Participant and other optionholders,  (c) requiring that the Participant acknowledge and accept these Terms and Conditions and the Term Sheet, and (d) restrictions as to the use of a specified brokerage firm for such resales or other transfers.
		

			
	
			
				 6.
			

			
	
			
			TAXES

		
			The Participant acknowledges that the delivery of shares of Stock following exercise of Options will generally give rise to a withholding tax obligation, and that the issuance of shares of Stock hereunder is conditioned on timely satisfying such withholding obligation.  The Participant shall make arrangements satisfactory to the Company for satisfying such withholding obligations.  The Administrator, in its sole discretion, may allow the Participant to satisfy all or part of such tax obligation through withholding of shares of Stock otherwise issuable to the Participant; the Participant transferring to Avnet nonrestricted shares of Stock previously owned by the Participant; and/or allowing the Participant to engage in a broker-assisted Regulation T simultaneous exercise and sale.  No provision of the Option Plan, the Term Sheet, or these Terms and Conditions shall be construed to transfer to the Company or any of its affiliates any responsibility of the Participant to pay any income, employment, excise, or other taxes attributable to the grant or exercise of the Options or the disposition of the underlying shares.
		

			
	
			
				 7.
			

			
	
			
			Compensation recoupment Policy

		
			The Options and Shares delivered upon exercise of the Options (or, if greater, the value recognized upon exercise) shall be subject to the terms and conditions of the Company’s compensation recoupment or clawback policy, as in effect and amended from time to time, including disgorgement or repayment to the extent required by such policy.  
		

			
	
			
				 8.
			

			
	
			
			NON-TRANSFERABILITY

		
			Except to the extent permitted by Section 4.D (death), the Options shall be exercisable only during the Participant’s lifetime and only by the Participant.  Options granted under the Option Plan may not be sold, transferred, pledged, assigned, exchanged, encumbered, or otherwise alienated or hypothecated, except to the limited extent permitted by the Option Plan and approved by the Administrator in its sole discretion.
		

			
	
			
				 9.
			

			
	
			
			LIMITATION OF INTEREST IN SHARES SUBJECT TO OPTION

		
			Neither the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant shall have any right, title, interest, or privilege in or to any shares of Stock allocated or reserved for the purpose of the Option Plan or subject to the Term Sheet or these Terms and Conditions, except as to such shares of Stock, if any, that have been issued to such person upon exercise of the Options.  Nothing in the SVIP, the Option Plan, the Term Sheet, these Terms and Conditions, or any other instrument related to the SVIP or the Option Plan shall confer upon the Participant any right to continue in the Company's employ or limit in any way the Company's right to terminate the Participant's employment at any time and for any reason.  As the SVIP is a one-time program and this grant was made in the absolute discretion of management and the Administrator, receipt of these Options does not confer upon the Participant any right to future awards or participation in any equity compensation program.
		

		
			

		 

		

			 

		

 

		

			 

		

		

			 

		

		

		
			Neither the Award of the Options nor any shares of Stock issuable pursuant thereto shall be included in compensation for purposes of determining the amount payable to or on behalf of the Participant under any pension, savings, retirement, life insurance, or other employee or director benefits arrangement of the Company, unless otherwise determined by the plan sponsor.
		

			
	
			
				 10.
			

			
	
			
			GENERAL

		
			If any provision of these Terms and Conditions is declared to be illegal, invalid, or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid, and enforceable, or otherwise deleted, and the remainder of these Terms and Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid, or unenforceable provision.
		

		
			The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of these Terms and Conditions, nor shall they affect its meaning, construction, or effect.
		

		
			These Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors, and assigns.
		

		
			The Participant acknowledges that a copy of the Option Plan, the Option Plan prospectus, and Avnet’s most recent annual report to its shareholders has been delivered to the Participant.
		

		
			The Option Plan, the Term Sheet, and these Terms and Conditions shall be governed, construed, interpreted, and administered solely in accordance with the laws of the state of New York, without regard to principles of conflicts of law.
		

		
			All questions arising under the Option Plan, the Term Sheet, and these Terms and Conditions shall be decided by the Administrator in its total and absolute discretion.  It is expressly understood that the Administrator is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Option Plan, the Term Sheet, and these Terms and Conditions; all such determinations shall be binding upon the Participant.
		

			
	
			
				 11.
			

			
	
			
			THE OPTION PLAN; DEFINED TERMS; ENTIRE AGREEMENT

		
			In addition to these Terms and Conditions, the Options shall be subject to the terms of the Option Plan, which are incorporated into these Terms and Conditions by this reference.  Capitalized terms not otherwise defined herein shall have the meaning set forth in the Option Plan, and the rules of construction set forth in the Option Plan shall also apply to these Terms and Conditions.
		

		
			The Term Sheet, these Terms and Conditions, and the Option Plan constitute the entire understanding between the Participant and the Company regarding the Options.  Any prior agreements, commitments, or negotiations concerning the Options are superseded.
		

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

		

			 

		

		

		
			(d)
		

		
			 
		

		
			AVNET, INC.
		

		
			2013 STOCK COMPENSATION AND INCENTIVE PLAN
		

		
			STANDARD TERMS AND CONDITIONS FOR
		

		
			PERFORMANCE SHARE UNITS
		

		
			FISCAL 2017 - FISCAL 2019 PERFORMANCE PERIOD
		

		
			 
		

		
			These Standard Terms and Conditions for Performance Share Units (the “Standard Terms and Conditions”) apply to any Performance Share Units (“PSUs”) granted under the Avnet, Inc. 2013 Stock Compensation and Incentive Plan (the “Plan”) for the Fiscal 2017 through Fiscal 2019 Performance Period (as defined below) that are identified as performance share units (or performance stock units or PSUs) and evidenced by a Term Sheet or an action of the Administrator that refers to these Standard Terms and Conditions. 
		

		
			 
		

		
			1.TERMS OF PSUs
		

		
			Provided that the Participant has accepted these Standard Terms and Conditions on or before November 30, 2016, Avnet, Inc. (“Avnet”) has granted to the Participant named in the attached Term Sheet (the “Term Sheet”) PSUs, subject to the conditions set forth in the Term Sheet, these Standard Terms and Conditions, and the Plan.  For purposes of these Standard Terms and Conditions and the Term Sheet, the “Company” refers to Avnet and its subsidiaries.
		

			
	
			
				 2.
			

			
	
			
			VESTING AND PERFORMANCE

		
			The number of PSUs that become vested shall be determined based upon performance over a 3-year performance cycle, beginning as of July 3, 2016, and ending on June 29, 2019 (the “Performance Period”).  Except as set forth elsewhere in these Standard Terms and Conditions, the vesting of the PSUs is subject to (a) the Participant remaining continuously employed by, or in the service of, the Company from the Grant Date through the last day of the 3-year Performance Period (as described in Section 3, below), and (b) Avnet achieving the annual relative economic profit performance (“Annual Relative EP”) and return on capital employed (“ROCE”) goals set forth below, as modified by relative total shareholder return performance (“Relative TSR”).  For purposes hereof:
		

			
	
			
				 ·
			

			
	
			
			“Annual Relative EP” means, with respect to each fiscal year in the Performance Period, Avnet’s economic profit per dollar of average capital for such fiscal year as compared to the economic profit per dollar of average capital of the companies in the S&P SuperComposite Technology Distributors Index--Sub-Industry Index, excluding Avnet (see Exhibit A) (the “Distributors Index”).  

			
	
			
				 ·
			

			
	
			
			“Economic profit” for a business means adjusted operating income (as used in the Company’s securities filings) after tax (assuming an effective tax rate of 35%), less a capital charge of 10% on the amount of capital invested in the business.  

			
	
			
				 ·
			

			
	
			
			“ROCE” means Avnet’s tax effected adjusted operating income divided by the monthly average balances of interest-bearing debt and equity (including the impact of adjustments to operating income discussed above) less cash and cash equivalents.  

			
	
			
				 ·
			

			
	
			
			“Relative TSR” means the percentile rank (from 0%ile for the lowest to 100%ile for the highest) of Avnet’s Total Shareholder Return compared to the individual total shareholder return of each company in the S&P MidCap 400 Information Technology Index, including Avnet, over the 3-year Performance Period (the “Technology Index”).

		
			

		 

		

			 

		

 

		

			 

		

		

			 

		

		

			
	
			
				 ·
			

			
	
			
			“Total Shareholder Return” means, for each company in the Technology Index, the percentage calculated using the following formula:

		
			Average stock price at end of period – average stock price at start of period + dividends
		

		
			Average stock price at start of period
		

		
			A company’s average stock price at the start of the relevant period shall equal its 30-trading day average immediately before and including the start day, and a company’s average stock price at the end of the relevant period shall equal its 30-trading day average immediately before and including the end day of the applicable period. 
		

		
			Performance Goals.  The number of PSUs that become vested under this award (subject to satisfying the service conditions) shall equal the sum of (i) the Annual Relative EP portion, plus (ii) the ROCE portion, each multiplied by (iii) the TSR Modifier.
		

		
			(i)Annual Relative EP Portion.  The Annual Relative EP portion equals one-third of the annual Earned EP Percentage (described below) for each fiscal year, multiplied by the Target Number of Shares set forth in the Term Sheet, multiplied by 50%.  The calculation includes the following elements (before adjustment for Relative TSR):
		

			
	
			
				 ·
			

			
	
			
			The annual Earned EP Percentage for each year shall be a percentage ranging from 0% to 200%, according to the following matrix:

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Annual Relative EP 

					
					
						-10%

					
					
						-5%

					
					
						0%

					
					
						+5%

					
					
						+10%

				
	
					
						Annual Earned EP Percentage 

					
					
						0%

					
					
						50%

					
					
						100%

					
					
						150%

					
					
						200%

				

		
			 
		

			
	
			
				 ·
			

			
	
			
			If Avnet’s Annual Relative EP for a year is between two achievement levels set forth in the table above, the annual Earned EP Percentage for the fiscal year shall be determined by linear interpolation.

			
	
			
				 ·
			

			
	
			
			The Participant’s total Earned EP Percentage will be one-third of the annual Earned EP Percentages for each fiscal year, as follows:

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Total Earned EP Percentage

					
					
						Fiscal 2017 Earned EP Percentage x 1/3 +

				
	
					
						 

					
					
						Fiscal 2018 Earned EP Percentage x 1/3 +

				
	
					
						 

					
					
						Fiscal 2019 Earned EP Percentage x 1/3

				

			
	
			
				 ·
			

			
	
			
			The Participant’s Annual Relative EP portion equals the Participant’s total Earned EP Percentage times the Target Number of Shares times 50%.

		
			(ii)ROCE.  The ROCE portion (before adjustment for Relative TSR) equals the Earned ROCE Percentage (described below) for the three-year Performance Period, multiplied by the Target Number of Shares set forth in the Term Sheet, multiplied by 50%.  The Earned ROCE Percentage shall be a percentage ranging from 0% to 200%, according to the following matrix:
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ROCE Achievement 

					
					
						<10.65%

					
					
						10.65%

					
					
						11.33%

					
					
						11.67%

					
					
						12.00%

				
	
					
						Earned ROCE Percentage

					
					
						0%

					
					
						40%

					
					
						100%

					
					
						150%

					
					
						200%

				

		
			 
		

		
			

		 

		

			 

		

 

		

			 

		

		

			 

		

		

		
			If Avnet’s actual ROCE achievement to financial plan is between two achievement levels set forth in the table above, the Earned ROCE Percentage shall be determined by linear interpolation.  
		

		
			 
		

		
			(iii) TSR Modifier.  Each of the total Earned EP Percentage and the Earned ROCE Percentage shall be modified by the TSR Modifier (described below) for the three-year Performance Period.  The TSR Modifier shall be a factor, ranging from 0.8 to 1.2, according to the following matrix:
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Relative TSR 
(Percentile Rank)

					
					
						≤30%ile

					
					
						50%ile

					
					
						≥75%ile

				
	
					
						TSR Modifier 

					
					
						0.8

					
					
						1.0

					
					
						1.2

				

		
			 
		

		
			If Avnet’s TSR Modifier percentile rank is between two achievement levels set forth in the table above, the TSR Modifier shall be determined by linear interpolation.  
		

		
			(iv)Administrator’s Determination.  The Administrator shall determine the total Earned EP Percentage, Earned ROCE Percentage, TSR Modifier, and number of PSUs that become vested in its sole discretion; provided that if the Participant is a “covered employee” under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), the level of achievement shall be determined in a manner that satisfies the requirements under Section 162(m) of the Code for performance-based compensation and shall be evidenced by written certification of the Compensation Committee of Avnet’s Board of Directors.  
		

		
			Except as expressly provided otherwise in Sections 4 and 5 herein below, any PSUs that do not vest in accordance with the foregoing shall be forfeited without consideration.
		

		
			Payout.  Following the vesting of all or a portion of the PSUs, one share of Avnet common stock (“Stock”) shall be issuable for each PSU that vests (the “PSU Shares”).  Thereafter, Avnet shall transfer such PSU Shares to the Participant.  Such transfer shall occur as soon as practicable after the end of the 3-year Performance Period and satisfaction of all required tax withholding obligations, securities law registration, and other requirements, and applicable stock exchange listing, and in any event no later than December 31st of the calendar year in which the 3-year Performance Period ends.  
		

		
			No fractional shares shall be issued with respect to vesting of PSUs.  
		

		
			The Participant shall not acquire or have any rights as a shareholder of Avnet by virtue of these Standard Terms and Conditions (or the Award evidenced thereby) until the PSU Shares issuable pursuant to this Award are actually issued and delivered to the Participant in accordance with the terms of the Plan and these Standard Terms and Conditions.
		

			
	
			
				 3.
			

			
	
			
			TERMINATION OF EMPLOYMENT OR SERVICE

		
			Except as provided below with respect to death, disability, or Retirement (as defined below), if the Participant ceases to be employed by or in the service of the Company for any reason before the end of the 3-year Performance Period, the Participant shall immediately forfeit all of the PSUs without consideration.
		

		
			

		 

		

			 

		

 

		

			 

		

		

			 

		

		

			
	
			
				 4.
			

			
	
			
			DEATH OR DISABILITY OF PARTICIPANT

		
			If the Participant’s employment with or service to the Company terminates or ceases by reason of the Participant’s death or disability (as determined by the Administrator in its sole discretion), the Participant shall vest in a pro-rata share of the PSUs equal to the number of PSUs that would have become vested had the Participant remained continuously employed by, or provided services to, the Company through the end of the 3-year Performance Period (based on Avnet’s performance through the end of the 3-year Performance Period), multiplied by a fraction, the numerator of which is the number of full calendar quarters in the Performance Period that have been completed as of the date of death or disability, and the denominator of which is 12.  If a Participant on long-term disability leave does not provide services to the Company for 12 consecutive months, the pro-ration described in this Section 4 shall apply (as if such Participant terminated employment on the first anniversary of such long-term disability leave); provided that if the Participant qualifies for Retirement (as described in Section 5, below) before the end of such 12 consecutive month period, vesting shall be determined in accordance with Section 5, below. The number of PSU Shares payable (before application of the pro-ration rule set forth in this Section 4) and the timing of the transfer of such PSU Shares shall be determined in accordance with Section 2, above (without regard to the service requirement set forth therein).  All non-vested PSUs shall be forfeited.  
		

			
	
			
				 5.
			

			
	
			
			RETIREMENT

		
			If the Participant’s employment or service with the Company terminates by reason of Retirement (as defined herein) on or after the one-year anniversary of the Grant Date and before the Award has become fully vested, the Participant shall vest in the PSUs equal to the number of PSUs that would have become vested had the Participant remained continuously employed by the Company through the end of the 3-year Performance Period (based on Avnet’s relative performance through the end of the 3-year Performance Period).  For purposes hereof, a cessation of employment will be treated as a “Retirement” if (and only if) (a) the cessation of employment occurs after (I) the Participant has attained at least age 55 and been credited with at least five years of service with the Company and (II) the combination of the Participant’s age plus years of service is no less than 65; and (b) the Participant has signed a non-competition agreement in a form acceptable to the Company.  The number of PSU Shares payable and the timing of the transfer of such PSU Shares shall be determined in accordance with Section 2, above (without regard to the service requirement set forth therein).  All non-vested PSUs shall be forfeited. 
		

		
			 
		

			
	
			
				 6.
			

			
	
			
			TAXES

		
			The Participant acknowledges that the delivery of PSU Shares will generally give rise to a withholding tax obligation, and that the issuance of shares of Stock hereunder is conditioned on timely satisfying such withholding obligation.  The Participant shall make arrangements satisfactory to the Company for satisfying such withholding obligations.  For Participants residing in the United States, Canada, Austria, Ireland, Germany, and the United Kingdom, Avnet will issue “net shares,” meaning that shares will be withheld to cover the estimated withholding tax liability. Participants residing in other countries are subject to the laws of the appropriate tax jurisdiction. 
		

		
			These Standard Terms and Conditions shall be interpreted consistently with the intent to comply with, or be exempt from, the requirements of Section 409A of the Code, such that there are no adverse tax consequences, interest, or penalties as a result of any amount paid or payable as a result of the award of the PSUs. Any ambiguity or inconsistency in the provisions of these Standard Terms and Conditions shall be resolved consistent with such intent.  
		

		
			No provision of the Plan, the Term Sheet, or these Standard Terms and Conditions shall be construed to transfer to the Company or any of its affiliates any responsibility of the Participant to pay any income, employment, excise, or other taxes attributable to a PSU.  
		

		
			

		 

		

			 

		

 

		

			 

		

		

			 

		

		

			
	
			
				 7.
			

			
	
			
			THE PLAN; DEFINED TERMS; ENTIRE AGREEMENT

		
			In addition to these Standard Terms and Conditions, the PSUs shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference.  Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan, and the rules of construction set forth in the Plan shall also apply to these Standard Terms and Conditions.
		

		
			The Term Sheet, these Standard Terms and Conditions, and the Plan constitute the entire understanding between the Participant and the Company regarding the PSUs.  Any prior agreements, commitments, or negotiations concerning the PSUs are superseded.
		

			
	
			
				 8.
			

			
	
			
			RESTRICTIONS ON RESALES

		
			The Company may impose such restrictions, conditions, and limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any shares of Stock issued pursuant to the PSUs, including (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by the Participant and other holders of awards granted under the Plan, (c) requiring that the Participant acknowledge and accept these Standard Terms and Conditions and the Term Sheet, and (d) restrictions as to the use of a specified brokerage firm for such resales or other transfers.
		

			
	
			
				 9.
			

			
	
			
			NO ASSIGNMENT

		
			PSUs granted under the Plan may not be sold, transferred, pledged, assigned, exchanged, encumbered, or otherwise alienated or hypothecated until after the PSUs have vested and the corresponding shares of Stock have been issued, except to the limited extent, if at all, permitted by the Plan and approved by the Administrator in its sole discretion.
		

			
	
			
				 10.
			

			
	
			
			GENERAL

		
			If any provision of these Standard Terms and Conditions is declared to be illegal, invalid, or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid, and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid, or unenforceable provision.
		

		
			The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction, or effect.
		

		
			These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors, and assigns.
		

		
			The Participant acknowledges that a copy of the Plan, the Plan prospectus, and Avnet’s most recent annual report to its shareholders has been delivered to the Participant.
		

		
			Nothing in the Plan, the Term Sheet, these Standard Terms and Conditions, or any other instrument executed pursuant to the Plan shall confer upon the Participant any right to continue in the Company’s employ or service or limit in any way the Company’s right to terminate the Participant’s employment or service at any time and for any reason.  As this grant was made in the absolute discretion of management and the Administrator, receipt of this Award does not confer upon the Participant any right to future awards or participation in any equity compensation program.
		

		
			

		 

		

			 

		

 

		

			 

		

		

			 

		

		

		
			Neither this Award nor any shares of Stock issuable hereunder shall be included in compensation for purposes of determining the amount payable to or on behalf of the Participant under any pension, savings, retirement, life insurance, severance, or other employee or director benefits arrangement of the Company, unless otherwise determined by the plan sponsor.
		

		
			The Plan, the Term Sheet, and these Standard Terms and Conditions shall be governed, construed, interpreted, and administered solely in accordance with the laws of the state of New York, without regard to principles of conflicts of law.
		

		
			All questions arising under the Plan, the Term Sheet, and these Standard Terms and Conditions shall be decided by the Administrator in its total and absolute discretion.  It is expressly understood that the Administrator is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan, the Term Sheet, and these Standard Terms and Conditions; all such determinations shall be binding upon the Participant.avt_Ex10_2

		

			Exhibit 10.2

		

		

			 

		

		
			[Date]
		

		
			[Name] 

		

		
			Dear [__________]:
		

		
			We are pleased that you have agreed to serve as [__________] of Avnet, Inc. (the “Company”).    This letter agreement (this “Letter Agreement”) sets forth the terms and conditions of your employment as an officer (“Officer”) of the Company.
		

		
			1.Position and Term.  On and after the date hereof,  you shall serve as [__________] of the Company.  Except with respect to the restrictive covenants set forth in Annex A attached hereto, this Letter Agreement may be cancelled by either party upon written notice at any time.  The period for which you will serve as [__________] of the Company is referred to herein as the “Term.”  
		

		
			2.Base Salary.  During the Term, you will be paid a base salary of at least [$______] per annum.  The base salary will be paid in accordance with the Company’s standard payroll procedures.
		

		
			3.Bonus.  The target amount for your annual cash incentive shall be no less than [____%] of your base salary.  Any bonus will be determined based upon the achievement of specific financial and strategic targets in the sole discretion of the Compensation Committee of the Board.
		

		
			4.Equity Grants.  In fiscal year 20[__], you will be granted an equity award with a value of [$______], as determined by the Compensation Committee.    The form of the award (e.g., a mix of performance share units, stock options and restricted stock units) will be determined by the Compensation Committee in its sole discretion. The award will be subject to the terms of the Company’s equity incentive plan and standard grant agreements and vesting schedule.
		

		
			5.Employee Benefits.  You will be eligible to participate in the Company’s employee benefit plans on the same basis as other senior executives, in accordance with the terms of such plans as they may be amended from time-to-time.    
		

		
			6.Severance.  If the Company terminates your employment without Cause, you will receive a lump sum payment equal to your base annual salary and your target bonus for the year in which the termination occurs.  For purposes hereof, “Cause” includes, but is not limited to, your gross misconduct, breach of any material term of this Letter Agreement, willful breach, habitual neglect or wanton disregard of your duties, or conviction of any criminal act.
		

		
			7.Restrictive Covenants.   You agree to the restrictive covenants set forth in Annex A, which is attached hereto and incorporated herein by reference.  
		

		
			 
		

		
			

		 

		

			1

		

 

		

		
			8.Tax Withholding.  All amounts payable to you by the Company are subject to all applicable tax withholdings.  In addition, you acknowledge that this Letter Agreement  shall be interpreted consistent with the intent to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, such that there are no adverse tax consequences, interest, or penalties as a result of any amount paid or payable pursuant to this Letter Agreement.  
		

		
			9.Recoupment.    Any incentive or bonus payment made to you shall be subject to the terms and conditions of the Company’s recoupment or clawback policy, as in effect and amended from time to time, including disgorgement or repayment to the extent required by such policy.
		

		
			10.Entire Agreement/Governing Law.  This Letter Agreement supersedes and replaces any prior agreements, representations or understandings (whether written, oral, implied or otherwise) between you and the Company and constitutes the complete agreement between you and the Company regarding your position as General Counsel.   This Letter Agreement shall be construed, interpreted and governed by the law of the State of Arizona, without giving effect to principles regarding conflict of laws. 
		

		
			11.Counterparts.  This Letter Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.
		

		
			12.Headings.  Headings in this Letter Agreement are for reference only and shall not be deemed to have any substantive effect.
		

		
			[Remainder of page intentionally left blank; signature page follows.]
		

		
			
		

		
			

		 

		

			2

		

 

		

		
			We are very excited to have you in a leadership role during this exciting time for the Company.  Please confirm your agreement to the terms specified in this Letter Agreement by signing below.
		

		
			Sincerely,
		

		
			 
		

		
			 
		

		
			 
		

		
			By:  _______________________
		

		
			 
		

		
			 
		

		
			AGREED AND ACKNOWLEDGED:
		

		
			_______________________

		

		
			 
		

		
			
		

		
			

		 

		

			3

		

 

		

		
			Annex A
		

		
			Restrictive Covenants
		

		
			 
		

		
			The Officer acknowledges and recognizes (i) his possession of Confidential Information (as defined in Section (b), below), (ii) the highly competitive nature of the business of the Company and its affiliates and subsidiaries, which is worldwide in scope, and (iii) that reasonable restrictions on the Officer’s future business endeavors and the Officer’s ability to disclose Confidential Information are necessary to protect valuable client and customer relationships of the Company.  Accordingly, in consideration of the premises contained herein, the Officer agrees to the restrictions set forth in this Annex A.
		

		
			 
		

			
	
			
				 a.
			Non-Competition.  The Officer agrees that during the Term and for one (1) year thereafter, he shall not, either individually or as an officer, director, stockholder, member, partner, agent, employee, consultant, principal, or committee-member of another business firm or sole proprietorship, (i) engage in, or be connected in any manner with, any business operating anywhere in the world that is in direct or indirect competition with any active business of the Company or any of its affiliates or subsidiaries, or any planned business of the Company or any of its affiliates or subsidiaries of which the Officer is aware (each a “Competitive Business”); (ii) be employed by an entity or person that controls a Competitive Business; or (iii) directly or indirectly solicit any customer or client of the Company or any of its affiliates or subsidiaries; provided, however, that the restrictions set forth in this Section (a) shall not prohibit the Officer from being a passive shareholder of a public company if the Officer owns less than one percent (1%) of such company.

			
	
			
				 b.
			Confidential Information.  The Officer agrees that he shall not, at any time during the Term or thereafter, disclose to another, or use for any purpose other than performing his duties and responsibilities under this Letter Agreement, any Confidential Information.  For purposes of this Letter Agreement, Confidential Information includes all trade secrets and confidential information of the Company and its affiliates and subsidiaries including, but not limited to, the Company’s unique business methods, processes, operating techniques and “know-how” (all of which have been developed by the Company or its affiliates and subsidiaries through substantial effort and investment), profit and loss results, market and supplier strategies, customer identity and needs, information pertaining to employee effectiveness and compensation, inventory strategy, product costs, gross margins, and other information relating to the affairs of the Company and its affiliates and subsidiaries that the Officer shall have acquired during his employment with the Company.

			
	
			
				 c.
			Non-Solicitation of Employees.  The Officer agrees that he shall not, at any time while employed by the Company and for three  (3) years thereafter, directly or indirectly solicit or induce any of the employees of the Company or any of its affiliates or subsidiaries to terminate employment with their employer.

		
			 
		

		 

		

			4

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