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                                                                   EXHIBIT 10.06

                                INGRAM MICRO INC.

                           2003 EQUITY INCENTIVE PLAN

     SECTION 1. Purpose. The purposes of the Ingram Micro Inc. 2003 Equity
Incentive Plan are to promote the interests of Ingram Micro Inc. and its
shareowners by (i) attracting and retaining exceptional members of the Board,
executive personnel and other key employees of Ingram Micro and its Affiliates,
as defined below; (ii) motivating such employees and Board members by means of
performance-related incentives to achieve longer-range performance goals; and
(iii) enabling such employees and Board members to participate in the long-term
growth and financial success of Ingram Micro.

     SECTION 2. Definitions. As used in the Plan, the following terms shall have
the meanings set forth below:

     "AFFILIATE" means (i) any entity that is, directly or indirectly,
controlled by Ingram Micro and (ii) any other entity in which Ingram Micro has a
significant equity interest or which has a significant equity interest in Ingram
Micro, in either case as determined by the Committee.

     "AWARD" means any Option, Stock Appreciation Right, Restricted Stock Award,
Performance Award or Other Stock-Based Award.

     "AWARD AGREEMENT" means any written agreement, contract, or other
instrument or document evidencing any Award, which may, but need not, be
executed or acknowledged by a Participant.

     "BOARD" means the Board of Directors of Ingram Micro.

     "CAUSE" means any of: (i) any willful act or omission by a Participant
constituting dishonesty, fraud or other malfeasance, which in any such case is
demonstrably injurious to the financial condition or business reputation of
Ingram Micro or any of its Affiliates; (ii) a Participant's commission of a
felony or crime of moral turpitude under the laws of the United States or any
state thereof or any other jurisdiction in which Ingram Micro or any of its
Affiliates conducts business; and (iii) any willful violation by a Participant
of any of Ingram Micro's policies of which such Participant has been given prior
notice and which violation is demonstrably detrimental to the best interests of
Ingram Micro or any of its Affiliates.

     For purposes of this definition, no act or failure to act will be deemed
"willful" unless effected by a Participant not in good faith and without a
reasonable belief that such action or failure to act was in or not opposed to
the best interests of Ingram Micro and its Affiliates.

     "CODE" means the United States Internal Revenue Code of 1986, as amended
from time to time and the rules and regulations promulgated thereunder.

     "COMMITTEE" means a committee of the Board designated by the Board to
administer the Plan and composed of not less than the minimum number of persons
from time to time required by Rule 16b-3, each of whom, to the extent necessary
to comply with Rule 16b-3 and Section 162(m) of the Code, is a "Non-Employee
Director" within the meaning of Rule 16b-3 and an "Outside Director" as
determined under Section 162(m) of the Code. Until otherwise determined by the
Board, the Human Resources Committee or any successor or replacement thereof
designated by the Board shall be the Committee under the Plan.

     "DESIGNATED AWARD" has the meaning accorded such term in Section 11(c) of
the Plan.

     "DISABILITY" shall have the meaning determined from time to time by the
Committee.

     "EMPLOYEE" means an employee of Ingram Micro or any Affiliate and any
member of the Board.

     "EXCHANGE ACT" means the United States Securities Exchange Act of 1934, as
amended.

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     "EXECUTIVE OFFICER" means, at any time, an individual who is an executive
officer of Ingram Micro within the meaning of Exchange Act Rule 3b-7 or who is
an officer of Ingram Micro within the meaning of Exchange Act Rule 16a-1(f).

     "EXTENDED DATE" has the meaning accorded such term in Section 11(a) of the
Plan.

     "FAIR MARKET VALUE" means with respect to the Shares, as of any given date
or dates, the reported closing price of a share of such class of common stock on
such exchange or market as is the principal trading market for such class of
common stock as reported in the Wall Street Journal or such other publication
selected by the Committee. If such class of common stock is not traded on an
exchange or principal trading market on such date, the fair market value of a
Share shall be determined by the Committee in good faith taking into account as
appropriate recent sales of the Shares, recent valuations of the Shares, the
lack of liquidity of the Shares, the fact that the Shares may represent a
minority interest and such other factors as the Committee shall in its
discretion deem relevant or appropriate.

     "INCENTIVE STOCK OPTION" means a right to purchase Shares from Ingram Micro
that is granted under Section 6 of the Plan and that is intended to meet the
requirements of Section 422 of the Code or any successor provision thereto.

     "INGRAM MICRO" means Ingram Micro Inc., a Delaware corporation, together
with any successor thereto.

     "NON-QUALIFIED STOCK OPTION" means a right to purchase Shares from Ingram
Micro that is granted under Section 6 of the Plan and that is not intended to be
an Incentive Stock Option.

     "NOTICE/TERMINATION" has the meaning accorded such term in Section 11(a) of
the Plan.

     "OPTION" means an Incentive Stock Option or a Non-Qualified Stock Option.

     "OTHER STOCK-BASED AWARD" means any right granted under Section 10 of the
Plan.

     "PARTICIPANT" means any Employee selected by the Committee to receive an
Award under the Plan (and to the extent applicable, any heirs or legal
representatives thereof).

     "PERFORMANCE AWARD" means any right granted under Section 9 of the Plan.

     "PERSON" means any individual, corporation, limited liability company,
partnership, association, joint-stock company, trust, unincorporated
organization, government or political subdivision thereof or other entity.

     "PLAN" means this Ingram Micro Inc. 2003 Equity Incentive Plan.

     "PRIOR PLANS" mean the Ingram Micro Inc. 2000 Equity Incentive Plan, the
Ingram Micro Inc. 1998 Equity Incentive Plan, and the Ingram Micro Inc. 1996
Equity Incentive Plan.

     "RESTRICTED STOCK" means any Shares granted under Section 8 of the Plan.

     "RESTRICTED STOCK UNIT" means any unit granted under Section 8 of the Plan.

     "RETIREMENT" shall have the meaning determined from time to time by the
Committee and shall mean initially termination of employment other than by
reason of death, Disability or Cause if on the termination date the Participant
is at least 50 years of age and has at least 5 years of service with Ingram
Micro and its Affiliates.

     "RULE 16b-3" means Rule 16b-3 as promulgated and interpreted by the SEC
under the Exchange Act, or any successor rule or regulation thereto as in effect
from time to time.

     "SEC" means the United States Securities and Exchange Commission or any
successor thereto.

     "SHARES" means shares of Class A common stock, $.01 par value, of Ingram
Micro or such other securities as may be designated by the Committee from time
to time.

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     "STOCK APPRECIATION RIGHT" means any right granted under Section 7 of the
Plan.

     "SUB-PLAN" means any sub-plan or sub-plans adopted by the Committee under
Section 14(q) of the Plan.

     "SUBSTITUTE AWARDS" means Awards granted in assumption of, or in
substitution for, outstanding awards previously granted by a company acquired by
Ingram Micro or with which Ingram Micro combines.

     "SUCCESSORS" has the meaning accorded such term in Section 11(a) of the
Plan.

     SECTION 3. Administration.

     (a)  Authority of Committee. The Plan shall be administered by the
Committee. Subject to the terms of the Plan, applicable law and contractual
restrictions affecting Ingram Micro, and in addition to other express powers and
authorizations conferred on the Committee by the Plan, the Committee shall have
full power and authority to: designate Participants; determine the type or types
of Awards to be granted to an eligible Employee; determine the number of Shares
to be covered by, or with respect to which payments, rights, or other matters
are to be calculated in connection with, Awards; determine the terms and
conditions of any Award and Award Agreement; determine whether, to what extent,
and under what circumstances Awards may be settled or exercised in cash, Shares,
other securities, other Awards or other property, or canceled, forfeited, or
suspended and the method or methods by which Awards may be settled, exercised,
canceled, forfeited, or suspended; determine whether, to what extent, and under
what circumstances cash, Shares, other securities, other Awards, other property,
and other amounts payable with respect to an Award shall be deferred either
automatically or at the election of the holder thereof or of the Committee;
interpret and administer the Plan and any instrument or agreement relating to,
or Award made under, the Plan; establish, amend, suspend, or waive such rules
and regulations and appoint such agents as it shall deem appropriate for the
proper administration of the Plan; make any other determination and take any
other action that the Committee deems necessary or desirable for the
administration of the Plan; and adopt and administer one or more Sub-Plans. The
Committee may, in its sole discretion, delegate to one or more Executive
Officers the power to make Awards under the plan provided that at the time of
such grant no recipient of such Awards shall be an Executive Officer. Without
limiting the foregoing, the Committee may impose such conditions with respect to
the exercise and/or settlement of any Awards, including without limitation, any
relating to the application of Federal or state securities laws or the laws,
rules or regulations of any jurisdiction outside the United States, as it may
deem necessary or advisable.

     (b)  Committee Discretion Binding. Unless otherwise expressly provided in
the Plan, all designations, determinations, interpretations, and other decisions
under or with respect to the Plan or any Award shall be within the sole
discretion of the Committee, may be made at any time and shall be final,
conclusive and binding upon all Persons, including Ingram Micro, any Affiliate,
any Participant, any holder or beneficiary of any Award, any shareholder and any
Employee.

     SECTION 4. Shares Available for Awards.

     (a)  Shares Available. Subject to adjustment as provided in Section 4(b)
and 4(c), the number of Shares with respect to which Awards may be granted under
the Plan and all Sub-Plans shall be 20,000,000, plus Shares authorized for
issuance and not issued under the Prior Plans. If, after the effective date of
the Plan, any Shares covered by an Award granted under the Plan or to which such
an Award relates, are forfeited, or if such an Award is settled for cash or
otherwise terminates or is canceled without the delivery of Shares, then the
Shares covered by such Award, or to which such Award relates, or the number of
Shares otherwise counted against the aggregate number of Shares with respect to
which Awards may be granted, to the extent of any such settlement, forfeiture,
termination or cancellation, shall, in the calendar year in which such
settlement, forfeiture, termination or cancellation occurs, again become Shares
with respect to which Awards may be granted unless any dividends have been paid
thereon prior to such settlement, forfeiture, termination or cancellation.
Notwithstanding the foregoing and subject to adjustment as provided in Section
4(b), (i) no Employee of Ingram Micro may receive Awards under the Plan in any
calendar year that relate to more than 2,000,000 Shares and (ii) no more than
8,000,000 Shares may be issued under the Plan in connection with Awards other
than Options or Stock Appreciation Rights; and (iii) no more than 1,000,000
Shares may be issued under the Plan in connection with Awards other than Options
or Stock Appreciation Rights that contain either (A) no restrictions, (B)
restrictions of less than one year relating to Performance Awards, or (C)
restrictions based solely on continuous employment or services of less than
three years (except, in any such cases where termination of employment occurs by
reason of death, Retirement, or Disability, or where the Shares are granted in
lieu of earned compensation).

     (b)  Adjustments. In the event that the Committee determines that any
dividend or other distribution (whether in the form of cash, Shares, other
securities or other property), recapitalization, stock split, reverse stock
split,

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reorganization, reclassification, merger, consolidation, split-up, spin-off,
combination, repurchase, or exchange of Shares or other securities of Ingram
Micro, issuance of warrants or other rights to purchase Shares or other
securities of Ingram Micro, or other similar corporate transaction or event
affects the Shares such that an adjustment is determined by the Committee to be
appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan, then the
Committee shall, in such manner as it may deem equitable, adjust any or all of
the number of Shares of Ingram Micro (or number and kind of other securities or
property) with respect to which Awards may thereafter be granted, the number of
Shares or other securities of Ingram Micro (or number and kind of other
securities or property) subject to outstanding Awards, and the grant or exercise
price with respect to any Award, or, if deemed appropriate, make provision for a
cash payment to the holder of an outstanding Award; provided, in each case, that
except to the extent deemed desirable by the Committee, no such adjustment of
Awards (i) of Incentive Stock Options shall be authorized to the extent that
such authority would cause the Plan to violate Section 422(b)(1) of the Code, as
from time to time amended, or (ii) with respect to any Award would be
inconsistent with the Plan's meeting the requirements of Section 162(m) of the
Code, as from time to time amended.

     (c)  Substitute Awards. Any Shares underlying Substitute Awards shall not,
except in the case of Shares with respect to which Substitute Awards are granted
to Employees who are officers or directors of Ingram Micro for purposes of
Section 16 of the Exchange Act or any successor section thereto, be counted
against the Shares available for Awards under the Plan.

     (d)  Sources of Shares Deliverable Under Awards. Any Shares delivered
pursuant to an Award may consist, in whole or in part, of authorized and
unissued Shares or of treasury Shares.

     SECTION 5. Eligibility. Any Employee, including any officer or
employee-director of Ingram Micro or any Affiliate, and any member of the Board,
shall be eligible to be designated a Participant.

     SECTION 6. Stock Options.

     (a)  Grant. Subject to the provisions of the Plan and contractual
restrictions affecting Ingram Micro, the Committee shall have sole and complete
authority to determine the Employees to whom Options shall be granted, the
number of Shares to be covered by each Option, the option price therefore and
the conditions and limitations applicable to the exercise of the Option. The
Committee shall have the authority to grant Incentive Stock Options, or to grant
Non-Qualified Stock Options, or to grant both types of options. In the case of
Incentive Stock Options, the terms and conditions of such grants shall be
subject to and comply with such rules as may be prescribed by Section 422 of the
Code, as from time to time amended, and any regulations implementing such
statute.

     (b)  Exercise Price. The Committee in its sole discretion shall establish
the exercise price at the time each Option is granted; provided, however, that
except in connection with (i) Substitute Awards and (ii) adjustment of
outstanding Options pursuant to Section 4(b), the per share exercise price of an
Option shall not be less than the Fair Market Value of a Share on the date of
grant.

     (c)  Exercise. Each Option shall be exercisable at such times and subject
to such terms and conditions as the Committee may, in its sole discretion,
specify in the applicable Award Agreement or thereafter.

     (d)  Payment. No Shares shall be delivered pursuant to any exercise of an
Option until payment in full of the option price therefore is received by Ingram
Micro. Such payment may be made: in cash; in Shares already owned for at least
six months by a Participant (the value of such Shares shall be their Fair Market
Value on the date of exercise); by a combination of cash and such Shares; if
approved by the Committee, in accordance with a cashless exercise program under
which either, if so instructed by a Participant, Shares may be issued directly
to such Participant's broker or dealer upon receipt of the purchase price in
cash from the broker or dealer, or Shares may be issued by Ingram Micro to such
Participant's broker or dealer in consideration of such broker's or dealer's
irrevocable commitment to pay to Ingram Micro that portion of the proceeds from
the sale of such Shares that is equal to the exercise price of the Option(s)
relating to such Shares; or in such other manner as permitted by the Committee
at the time of grant or thereafter.

     SECTION 7. Stock Appreciation Rights.

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     (a)  Grant. Subject to the provisions of the Plan and contractual
restrictions affecting Ingram Micro, the Committee shall have sole and complete
authority to determine the Employees to whom Stock Appreciation Rights shall be
granted, the number of Shares to be covered by each Stock Appreciation Right
Award, the grant price thereof and the conditions and limitations applicable to
the exercise thereof; provided, however, that except in connection with (i)
Substitute Awards and (ii) adjustment of outstanding Stock Appreciation Rights
pursuant to Section 4(b), the per share grant price of a Stock Appreciation
Right shall not be less than the Fair Market Value of a Share on the date of
grant. Stock Appreciation Rights may be granted in tandem with another Award, in
addition to another Award, or freestanding and unrelated to another Award. Stock
Appreciation Rights granted in tandem with or in addition to an Award may be
granted either at the same time as the Award or at a later time. Stock
Appreciation Rights shall have a grant price as determined by the Committee on
the date of grant.

     (b)  Exercise and Payment. A Stock Appreciation Right shall entitle a
Participant to receive an amount equal to the excess of the Fair Market Value of
a Share on the date of exercise of the Stock Appreciation Right over the grant
price thereof. The Committee shall determine whether a Stock Appreciation Right
shall be settled in cash, Shares or a combination of cash and Shares.

     (c)  Other Terms and Conditions. Subject to the terms of the Plan and any
applicable Award Agreement, the Committee shall determine, at or after the grant
of a Stock Appreciation Right, the term, methods of exercise, methods and form
of settlement, and any other terms and conditions of any Stock Appreciation
Right. Any such determination by the Committee may be changed by the Committee
from time to time and may govern the exercise of Stock Appreciation Rights
granted or exercised prior to such determination as well as Stock Appreciation
Rights granted or exercised thereafter. The Committee may impose such conditions
or restrictions on the exercise of any Stock Appreciation Right as it shall deem
appropriate.

     SECTION 8. Restricted Stock and Restricted Stock Units.

     (a)  Grant. Subject to the provisions of the Plan and contractual
provisions affecting Ingram Micro, the Committee shall have sole and complete
authority to determine the Employees to whom Shares of Restricted Stock and
Restricted Stock Units shall be granted, the number of Shares of Restricted
Stock and/or the number of Restricted Stock Units to be granted to each
Participant, the duration of the period during which, and the conditions under
which, the Restricted Stock and Restricted Stock Units may be forfeited to
Ingram Micro, and the other terms and conditions of such Awards.

     (b)  Payment. Each Restricted Stock Unit shall have a value equal to the
Fair Market Value of a Share. Restricted Stock Units shall be paid in cash,
Shares, other securities, or other property, as determined in the sole
discretion of the Committee, upon the lapse of the restrictions applicable
thereto, or otherwise in accordance with the applicable Award Agreement.

     (c)  Dividends and Distributions. Dividends and other distributions paid on
or in respect of any Shares of Restricted Stock may be paid directly to a
Participant, or may be reinvested in additional Shares of Restricted Stock or in
additional Restricted Stock Units, as determined by the Committee in its sole
discretion.

     SECTION 9. Performance Awards.

     (a)  Grant. Subject to the provisions of the Plan and contractual
provisions affecting Ingram Micro, the Committee shall have sole and complete
authority to determine the Employees who shall receive a "Performance Award",
which shall consist of a right which is denominated in cash or Shares, valued,
as determined by the Committee, in accordance with the achievement of such
performance goals during such performance periods as the Committee shall
establish, and payable at such time and in such form as the Committee shall
determine.

     (b)  Terms and Conditions. Subject to the terms of the Plan, any
contractual provisions affecting Ingram Micro and any applicable Award
Agreement, the Committee shall determine the performance goals to be achieved
during any performance period, the length of any performance period, the amount
of any Performance Award and the amount and kind of any payment or transfer to
be made pursuant to any Performance Award.

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     (c)  Payment of Performance Awards. Performance Awards may be paid in a
lump sum or in installments following the close of the performance period or, in
accordance with procedures established by the Committee, on a deferred basis.

     SECTION 10. Other Stock-based Awards. The Committee shall have authority to
grant to eligible Employees an "Other Stock-Based Award", which shall consist of
any right which is not an Award described in Sections 6 through 9 above and
which is an Award of Shares or an Award denominated or payable in, valued in
whole or in part by reference to, or otherwise based on or related to, Shares
(including, without limitation, securities convertible into Shares), as deemed
by the Committee to be consistent with the purposes of the Plan; provided that
any such rights must comply with applicable law, and to the extent deemed
desirable by the Committee, with Rule 16b-3 and the requirements of Section
162(m) of the Code. Subject to the terms of the Plan, any contractual provisions
affecting Ingram Micro and any applicable Award Agreement, the Committee shall
determine the terms and conditions of any such Other Stock-Based Award.

     SECTION 11. Termination or Suspension of Employment or Service.

     The following provisions shall apply in the event of a Participant's
termination of employment or service unless the Committee shall have provided
otherwise, either at the time of the grant of the Award or thereafter.

     (a)  Non-Qualified Stock Options and Stock Appreciation Rights.

          (i)  Termination of Employment or Service.

               (A)  Except as the Committee may at any time otherwise provide or
          as required to comply with applicable law, if a Participant's
          employment or service with Ingram Micro or its Affiliates is
          terminated for any reason other than death, Disability, Retirement, or
          Cause, such a Participant's right to exercise any Non-Qualified Stock
          Option or Stock Appreciation Right shall terminate, and such Option or
          Stock Appreciation Right shall expire, on the earlier of (x) the 90th
          day (or, if later, on the 15th day following the end of any Ingram
          Micro-imposed restrictions in effect during such 90 day period on such
          Participant's ability to engage in transactions involving Shares (such
          15th day, the "EXTENDED DATE")) following such termination of
          employment or service or (y) the date such Option or Stock
          Appreciation Right would have expired had it not been for the
          termination of employment or services. A Participant shall have the
          right to exercise such Option or Stock Appreciation Right prior to
          such expiration to the extent it was exercisable at the date of such
          termination of employment or service and shall not have been
          exercised. Any time spent by a Participant in the status of "leave
          without pay" shall extend the period otherwise required for purposes
          of determining the extent to which any such Award or portion thereof
          has vested or otherwise become exercisable or nonforfeitable.

               (B)  Notwithstanding any of the provisions of Section
          11(a)(i)(A), in respect of a Participant employed outside the United
          States, such Participant's right to exercise any Non-Qualified Stock
          Option and Stock Appreciation Rights shall terminate, and such Option
          or Stock Appreciation Right shall expire and lapse, on the earlier of
          (x) the 90th day (or, if later, the Extended Date) following the first
          to occur of (1) the time such Participant's employer gives notice to a
          Participant of termination of Participant's employment, or (2) such
          Participant gives notice to such Participant's employer to terminate
          Participant's employment, or (3) if no such notice is given, on the
          date Participant's employment is terminated (whichever the first to
          occur of (1), (2) or (3) collectively, "NOTICE/TERMINATION") or (y)
          the date such Option or Stock Appreciation Right would have expired
          had it not been for the Notice/Termination. A Participant shall have
          the right to exercise such Option or Stock Appreciation Right prior to
          such expiration to the extent it was exercisable at the date of
          Notice/Termination and shall not have been exercised. Any such
          Participant shall not be entitled and, by applying for or accepting
          the grant of any Non-Qualified Stock Option or Stock Appreciation
          Right, shall be deemed irrevocably to have waived any entitlement, by
          way of compensation for loss of office or damages for breach of
          contract or otherwise howsoever, to any sum or other benefit to
          compensate for the loss of any rights under the Plan.

               (C)  If a Participant's employment with Ingram Micro or its
          Affiliates is terminated for Cause, all Non-Qualified Stock Options
          and Stock Appreciation Rights held by such Participant shall expire
          and terminate on the date of such termination.

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          (ii) Death. Except as the Committee may at any time otherwise provide
     or as required to comply with applicable law, if a Participant's employment
     or service with Ingram Micro or its Affiliates is terminated by reason of
     death all then non-exercisable Non-Qualified Stock Options and Stock
     Appreciation Rights held by such Participant shall be immediately
     exercisable and the Participant's executors, administrators, successors,
     heirs, distributees, devisees or legatees, as appropriate, (collectively,
     "SUCCESSORS") shall have the right to exercise any Non-Qualified Stock
     Option or Stock Appreciation Right during the one year period following
     such termination of employment or service, but in no event shall such
     Option or Stock Appreciation Right be exercisable later than the date the
     Option or Stock Appreciation Right would have expired had it not been for
     the termination of such employment or service.

          (iii) Disability. Except as the Committee may at any time otherwise
     provide or as required to comply with applicable law, if a Participant's
     employment or service with Ingram Micro or its Affiliates is terminated by
     reason of Disability, all then non-exercisable Non-Qualified Stock Options
     and Stock Appreciation Rights held by such Participant shall continue to
     vest pursuant to the vesting schedule in effect on the date of Disability
     and such Participant shall have the right to exercise such Non-Qualified
     Stock Option or Stock Appreciation Right through the one year period
     following the last vesting date, but in no event shall such Option or Stock
     Appreciation Right be exercisable later than the date the Option or Stock
     Appreciation Right would have expired had it not been for the termination
     of such employment or service. If a Participant dies while under a
     Disability, such Participant's rights with respect to such Option or Stock
     Appreciation Right shall be determined under Clause (ii) above.

          (iv) Retirement. Except as the Committee may at any time otherwise
     provide or as required to comply with applicable law, if a Participant's
     employment or service with Ingram Micro or its Affiliates is terminated by
     reason of Retirement, a Participant shall have the right to exercise any
     Non-Qualified Stock Option or Stock Appreciation Right exercisable on the
     Retirement date during the five year period following such termination of
     employment or service, but in no event shall such option be exercisable
     later than the date the Option or Stock Appreciation Right would have
     expired had it not been for the termination of such employment or service.

          (v)  Acceleration or Extension of Exercisability. Notwithstanding the
     foregoing, the Committee may, in its discretion, provide at any time that
     an Option or Stock Appreciation Right granted to a Participant may vest at
     a date earlier than that set forth above, that an Option or Stock
     Appreciation Right granted to a Participant may terminate at a date later
     than that set forth above, provided such date shall not be beyond the date
     the Option or Stock Appreciation Right would have expired had it not been
     for the termination of a Participant's employment or service, and that an
     Option or Stock Appreciation Right may become immediately exercisable when
     it finds that such acceleration would be in the best interests of Ingram
     Micro.

     (b)  Incentive Stock Options and Related Stock Appreciation Rights.

          (i)  Termination of Employment or Service.

               (A)  Except as the Committee may at any time otherwise provide or
          as required to comply with applicable law, if a Participant's
          employment or service with Ingram Micro or its Affiliates is
          terminated for any reason other than death, Disability, Retirement, or
          Cause, such Participant's right to exercise any Incentive Stock Option
          or related Stock Appreciation Right shall terminate, and such Option
          or related Stock Appreciation Right shall expire, on the earlier of
          (x) the ninetieth day (or, if later, on the Extended Date, in which
          case such Option shall be deemed a Non-Qualified Stock Option)
          following such termination of employment or service or (y) the date
          such Option or related Stock Appreciation Right would have expired had
          it not been for the termination of employment or services. A
          Participant shall have the right to exercise such Option or related
          Stock Appreciation Right prior to such expiration to the extent it was
          exercisable at the date of such termination of employment or service
          and shall not have been exercised.

               (B)  Notwithstanding any of the provisions of Section
          11(b)(i)(A), in respect of a Participant employed outside the United
          States, such Participant's right to exercise any Incentive Stock
          Option and related Stock Appreciation Rights shall terminate and such
          Option and related Stock Appreciation Right shall expire and lapse, on
          the earlier of (x) the ninetieth day (or, if later, on the Extended
          Date, in which case such Option will be deemed a Non-Qualified Stock
          Option) following Notice/Termination or (y) the date such Option and
          related Stock Appreciation Right would have expired had it not been
          for the Notice/Termination. A

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          Participant shall have the right to exercise such Option and related
          Stock Appreciation Right prior to such expiration to the extent it was
          exercisable at the date of Notice/Termination and shall not have been
          exercised. Any such Participant shall not be entitled, and by applying
          for or accepting the grant of any Incentive Stock Option, whether or
          not in conjunction with a Stock Appreciation Right, shall be deemed
          irrevocably to have waived any entitlement, by way of compensation for
          loss of office or damages for breach of contract or otherwise
          howsoever to any sum or other benefit to compensate for the loss of
          any rights under the Plan.

               (C)  If a Participant's employment with Ingram Micro or its
          Affiliates is terminated for Cause, all Incentive Stock Options and
          Related Stock Appreciation Rights held by such Participant shall
          expire and terminate on the date of such termination.

          (ii) Death, Disability or Retirement. Except as the Committee may at
     any time otherwise provide or as required to comply with applicable law, if
     a Participant's employment or service with Ingram Micro or its Affiliates
     is terminated by reason of death, Disability or Retirement, such
     Participant or his Successors (if employment or service is terminated by
     death) shall have the right to exercise any exercisable Incentive Stock
     Option or related Stock Appreciation Right during the 90 day period
     following such termination of employment or service, but in no event shall
     such option or right be exercisable later than the date the Incentive Stock
     Option or related Stock Appreciation Right would have expired had it not
     been for the termination of such employment or services. To the extent such
     Incentive Stock Option or related Stock Appreciation Right is not exercised
     prior to the termination of such 90 day period, the unexercised balance of
     such Option automatically will be deemed a Non-Qualified Stock Option, and
     such Option and related Stock Appreciation Right will vest and be
     exercisable as provided in Section 11(a)(ii), (iii) or (iv) hereof, as the
     case may be, but in no event shall such Option or related Stock
     Appreciation Right be exercisable later than the date the Option or related
     Stock Appreciation Right would have expired had it not been for the
     termination of such employment or service, provided that in the event that
     a Participant dies in such 90-day period the Option will continue to be an
     Incentive Stock Option to the extent provided by Section 421 or Section 422
     of the Code, or any successor provision, and any regulations promulgated
     thereunder.

          (iii) Acceleration or Extension of Exercisability. Notwithstanding the
     foregoing, the Committee may, in its discretion, provide at any time that
     an Option and related Stock Appreciation Right granted to a Participant may
     vest at a date earlier than that set forth above, that an Option and
     related Stock Appreciation Right granted to a Participant may terminate at
     a date later than that set forth above, provided such date shall not be
     beyond the date the Option and related Stock Appreciation Right would have
     expired had it not been for the termination of such Participant's
     employment or service, and that an Option and related Stock Appreciation
     Right may become immediately exercisable when it finds that such
     acceleration would be in the best interests of Ingram Micro.

     (c)  Restricted Stock, Restricted Stock Units, Performance Awards, Other
Stock-Based Awards.

          (i)  Termination of Employment or Service.

               (A)  Except as the Committee may at any time otherwise provide or
          as required to comply with applicable law, if a Participant's
          employment or service with Ingram Micro or its Affiliates is
          terminated for any reason other than death, Disability, or Retirement,
          all shares of Restricted Stock still subject to restriction shall be
          forfeited by such Participant and reacquired by Ingram Micro at the
          price (if any) paid by such Participant for such Restricted Stock and
          such Participant's rights to Restricted Stock Units, Performance
          Awards and Other Stock-Based Awards (collectively, "Designated
          Awards") shall terminate and such Designated Awards shall expire. In
          cases of special circumstances, the Committee may, in its sole
          discretion, when it finds that a waiver would be in the best interests
          of Ingram Micro, waive in whole or in part any or all remaining
          restrictions with respect to such Participant's shares of Restricted
          Stock or cause any Designated Awards to be fully or partially vested.
          Any time spent by a Participant in the status of "leave without pay"
          shall extend the period otherwise required for purposes of determining
          the extent to which any such Award or portion thereof has vested or
          otherwise become exercisable or nonforfeitable.

               (B)  Notwithstanding anything in Section 11(c)(i)(A), in respect
          of a Participant employed outside the United States, except to the
          extent (if any) provided in the Plan in the case of termination of
          such

                                      -8-
<PAGE>

          Participant's employment by reason of death, Disability, or
          Retirement, any rights of such Participant relating to Restricted
          Stock and any Designated Awards shall lapse and no longer be capable
          of exercise at the date of Notice/Termination. Any such Participant
          shall not be entitled and, by applying for or accepting any such Award
          or accepting the same he shall be deemed irrevocably to have waived
          any entitlement, by way of compensation for loss of office or damages
          for breach of contract or otherwise howsoever, to any sum or other
          benefit to compensate for the loss of any rights under the Plan.

          (ii) Death. Except as the Committee may at any time otherwise provide
     or as required to comply with applicable law, if a Participant's employment
     or service with Ingram Micro or its Affiliates is terminated by reason of
     death all shares of Restricted Stock and all Designated Awards held by such
     Participant shall be immediately vested and any applicable restrictions
     thereon shall immediately be terminated.

          (iii) Disability. Except as the Committee may at any time otherwise
     provide or as required to comply with applicable law, if a Participant's
     employment or service with Ingram Micro or its Affiliates is terminated by
     reason of Disability, all shares of Restricted Stock and all Designated
     Awards held by such Participant shall continue to vest pursuant to the
     vesting schedule in effect on the date of Disability. Such Participant
     shall have the right to exercise any such Designated Award through the one
     year period following the last vesting date, but in no event shall such
     Designated Award be exercisable later than the date the Designated Award
     would have expired had it not been for the termination of such employment
     or service. If a Participant dies while under a Disability, such
     Participant's rights with respect to such Designated Award shall be
     determined under Clause (ii) above.

          (iv) Retirement. Except as the Committee may at any time otherwise
     provide or as required to comply with applicable law, if a Participant's
     employment or service with Ingram Micro or its Affiliates is terminated by
     reason of Retirement, all shares of Restricted Stock still subject to
     restriction shall be forfeited by such Participant and reacquired by Ingram
     Micro at the price, if any, paid by such Participant for such Restricted
     Stock, and such Participant shall have the right to exercise any Designated
     Awards exercisable on the Retirement date during the five year period
     following such termination of employment or service, but in no event shall
     such Designated Award be exercisable later than the date the Designated
     Award would have expired had it not been for the termination of such
     employment or service.

     (d)  Except as the Committee may otherwise determine, for purposes hereof
any termination of a Participant's employment or service for any reason shall
occur on the date such Participant ceases to perform services for Ingram Micro
or any Affiliate without regard to whether such Participant continues thereafter
to receive any compensatory payments therefrom or is paid salary thereby in lieu
of notice of termination or, with respect to a member of the Board who is not
also an employee of Ingram Micro or any Affiliate, the date such Participant is
no longer a member of the Board.

     SECTION 12. Merger. In the event of a merger of Ingram Micro with or into
another corporation, each outstanding Award may be assumed or an equivalent
award may be substituted by such successor corporation or a parent or subsidiary
of such successor corporation. If, in such event, an Award is not assumed or
substituted, the Award shall terminate as of the date of the closing of the
merger. For the purposes of this paragraph, the Award shall be considered
assumed if, following the merger, the Award confers the right to purchase or
receive, for each Share subject to the Award immediately prior to the merger,
the consideration (whether stock, cash, or other securities or property)
received in the merger by holders of Shares for each Share held on the effective
date of the transaction (and if the holders are offered a choice of
consideration, the type of consideration chosen by the holders of a majority of
the outstanding Shares). If such consideration received in the merger is not
solely common stock of the successor corporation or its parent, the Committee
may, with the consent of the successor corporation, provide for the
consideration to be received upon the exercise of the Award, for each Share
subject to the Award, to be solely common stock of the successor corporation or
its parent equal in fair market value to the per share consideration received by
holders of Shares in the merger.

     SECTION 13.  Amendment and Termination.

    (a) Amendments to the Plan. The Board may terminate or discontinue the Plan
at any time and the Board or the Committee may amend or alter the Plan or any
portion thereof at any time; provided that no such amendment, alteration,
discontinuation or termination shall be made without shareholder approval if
such approval is necessary

                                      -9-
<PAGE>

to comply with any tax or regulatory requirement or to comply with the listing
or other requirements of any relevant exchange, including for these purposes any
approval requirement which is a prerequisite for exemptive relief from Section
16(b) of the Exchange Act or Section 162(m) of the Code, for which or with which
the Board or the Committee deems it necessary or desirable to qualify or comply;
provided, however, that any amendment to the Plan shall be submitted to Ingram
Micro's shareowners for approval not later than the earliest annual meeting for
which the record date is after the date of such Board action if such amendment
would:

          (i)   materially increase the number of Shares reserved for issuance
     and delivery under Section 4(a) of the Plan;

          (ii)  increase the per-person annual limits under Section 4(a) of the
     Plan;

          (iii) increase the number of Shares that may be issued and delivered
     under the Plan in connection with awards other than Options and Stock
     Appreciation Rights under Section 4(a) of the Plan;

          (iv)  except to the extent provided in Section 4(b), increase the
     number of Shares which may be issued in connection with Awards described in
     Section 4(a)(iii) of the Plan;

          (v)   permit unrestricted Shares to be granted other than in lieu of
     such payments under the Plan or other incentive plans and programs of
     Ingram Micro and its Affiliates;

          (vi)  amend or replace previously granted Options in a transaction
     that constitutes a "repricing," as such term is used in Instruction 3 to
     Item 402(b)(2)(iv) of Regulation S-K, as promulgated by the Securities and
     Exchange Commission; or

          (vii) amend any of the terms and conditions of this Section 13(a).

     (b)  Amendments to Awards. Subject to the terms of the Plan and applicable
law, the Committee may waive any conditions or rights under, amend any terms of,
or alter, suspend, discontinue, cancel or terminate, any Award theretofore
granted, prospectively or retroactively; provided that any such waiver,
amendment, alteration, suspension, discontinuance, cancellation or termination
that would adversely affect the rights of any Participant or any holder or
beneficiary of any Award theretofore granted shall not to that extent be
effective without the consent of the affected Participant, holder or
beneficiary. Notwithstanding the foregoing, the Committee may not waive, shorten
or terminate any restriction period imposed on Awards other than Options or
Stock Appreciation Rights except (i) in the event of death, Retirement or
Disability of the Participant, holder or beneficiary of such Award or (ii) upon
a change of control of Ingram Micro, as determined by the Committee.

     (c)  Cancellation. Any provision of this Plan or any Award Agreement to the
contrary notwithstanding, the Committee may cause any Award granted hereunder to
be canceled in consideration of a cash payment or alternative Award made to the
holder of such canceled Award equal in value to the Fair Market Value of such
canceled Award.

     SECTION 14. General Provisions.

     (a)  Dividend Equivalents. In the sole and complete discretion of the
Committee, an Award, whether made as an Other Stock-Based Award under Section 10
or as an Award granted pursuant to Sections 6 through 9 hereof, may provide a
Participant with dividends or dividend equivalents, payable in cash, Shares,
other securities or other property on a current or deferred basis.

     (b)  Nontransferability.

          (i)  Except as provided in subsection (ii) below, no Award shall be
     assigned, alienated, pledged, attached, sold or otherwise transferred or
     encumbered by a Participant, except by will or the laws of descent and
     distribution.

          (ii) Notwithstanding subsection (i) above, the Committee may determine
     that an Award may be transferred by a Participant to one or more members of
     a Participant's immediate family, to a partnership of which the only
     partners are members of a Participant's immediate family, or to a trust
     established by a Participant for the benefit of one or more members of a
     Participant's immediate family. For this purpose, immediate family means a
     Participant's spouse, parents, children, grandchildren and the spouses of
     such parents, children and grandchildren. A transferee described in this
     subsection (ii) may not further transfer an Award. A trust described in
     this subsection (ii) may not be amended to benefit any Person other than a
     member of a Participant's immediate family. An Award transferred pursuant
     to this subsection shall remain subject to the provisions of the Plan,
     including, but not limited to, the provisions of Section 11 relating to the
     effect on the

                                      -10-
<PAGE>

     Award of the death, Retirement or termination of employment of a
     Participant, and shall be subject to such other rules as the Committee
     shall determine.

     (c)  No Rights to Awards. No Employee, Participant or other Person shall
have any claim to be granted any Award, and there is no obligation for
uniformity of treatment of Employees, Participants, or holders or beneficiaries
of Awards. The terms and conditions of Awards need not be the same with respect
to each recipient.

     (d)  Share Certificates. All certificates for Shares or other securities of
Ingram Micro or any Affiliate delivered under the Plan pursuant to any Award or
the exercise thereof shall be subject to such stop transfer orders and other
restrictions as the Committee may deem advisable under the Plan or the rules,
regulations and other requirements of the SEC or any stock exchange upon which
such Shares or other securities are then listed and any applicable Federal,
state or foreign laws or rules or regulations, and the Committee may cause a
legend or legends to be put on any such certificates to make appropriate
reference to such restrictions.

     (e)  Withholding. A Participant may be required to pay to Ingram Micro or
any Affiliate, and Ingram Micro or any Affiliate shall have the right and is
hereby authorized to withhold from any Award, from any payment due or transfer
made under any Award or under the Plan or from any compensation or other amount
owing to a Participant the amount (in cash, Shares, other securities, other
Awards or other property) of any applicable withholding taxes in respect of an
Award, its exercise, or any payment or transfer under an Award or under the Plan
and to take such other action as may be necessary in the opinion of Ingram Micro
or such Affiliate to satisfy all obligations for the payment of such taxes. The
Committee may provide for additional cash payments to holders of Awards to
defray or offset any tax arising from any such grant, lapse, vesting, or
exercise of any Award.

     (f)  Award Agreements. Each Award hereunder shall be evidenced by an Award
Agreement which shall be delivered to a Participant and shall specify the terms
and conditions of the Award and any rules applicable thereto.

     (g)  No Limit on Other Compensation Arrangements. Nothing contained in the
Plan shall prevent Ingram Micro or any Affiliate from adopting or continuing in
effect other compensation arrangements, which may, but need not, provide for the
grant of options, restricted stock, Shares and other types of Awards provided
for hereunder (subject to shareholder approval if such approval is required),
and such arrangements may be either generally applicable or applicable only in
specific cases.

     (h)  No Right to Employment. The grant of an Award shall not be construed
as giving a Participant the right to be retained in the employ or service of
Ingram Micro or any Affiliate. Further, Ingram Micro or an Affiliate may at any
time dismiss a Participant from employment or service, free from any liability
or any claim under the Plan, unless otherwise expressly provided in the Plan or
in any Award Agreement.

     (i)  Rights as a Shareowner. Subject to the provisions of the applicable
Award, no Participant or holder or beneficiary of any Award shall have any
rights as a shareowner with respect to any Shares to be issued under the Plan
until he or she has become the registered holder of such Shares. Notwithstanding
the foregoing, in connection with each grant of Restricted Stock hereunder, the
applicable Award shall specify if and to what extent a Participant shall not be
entitled to the rights of a shareowner in respect of such Restricted Stock.

     (j)  Governing Law. The validity, construction, and effect of the Plan and
any rules and regulations relating to the Plan and any Award Agreement shall be
determined in accordance with the laws of the State of Delaware.

     (k)  Severability. If any provision of the Plan or any Award is or becomes
or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as
to any Person or Award, or would disqualify the Plan or any Award under any law
deemed applicable by the Committee, such provision shall be construed or deemed
amended to conform to the applicable laws, or if it cannot be construed or
deemed amended without, in the determination of the Committee, materially
altering the intent of the Plan or the Award, such provision shall be stricken
as to such jurisdiction, Person or Award and the remainder of the Plan and any
such Award shall remain in full force and effect.

     (l)  Other Laws. The Committee may refuse to issue or transfer any Shares
or other consideration under an Award if, acting in its sole discretion, it
determines that the issuance or transfer of such Shares or such other
consideration might violate any applicable law or regulation, whether domestic
or foreign, or entitle Ingram Micro to recover any amounts under Section 16(b)
of the Exchange Act, and any payment tendered to Ingram Micro by a

                                      -11-
<PAGE>

Participant in connection therewith shall be promptly refunded to the relevant
Participant, holder or beneficiary. Without limiting the generality of the
foregoing, no Award granted hereunder shall be construed as an offer to sell
securities of Ingram Micro, and no such offer shall be outstanding, unless and
until the Committee in its sole discretion has determined that any such offer,
if made, would be in compliance with all applicable requirements of the Federal
securities laws and any other laws, whether domestic or foreign, to which such
offer, if made, would be subject.

     (m)  No Trust or Fund Created. Neither the Plan nor any Award shall create
or be construed to create a trust or separate fund of any kind or a fiduciary
relationship between Ingram Micro or any Affiliate and a Participant or any
other Person. To the extent that any Person acquires a right to receive payments
from Ingram Micro or any Affiliate pursuant to an Award, such right shall be no
greater than the right of any unsecured general creditor of Ingram Micro or any
Affiliate.

     (n)  No Fractional Shares. No fractional Shares shall be issued or
delivered pursuant to the Plan or any Award, and the Committee shall determine
whether cash or other securities or other property shall be paid or transferred
in lieu of any fractional Shares or whether such fractional Shares or any rights
thereto shall be canceled, terminated, or otherwise eliminated.

     (o)  Transfer Restrictions. Shares acquired hereunder may not be sold,
assigned, transferred, pledged or otherwise disposed of, except as provided in
the Plan or the applicable Award Agreement.

     (p)  Headings. Headings are given to the Sections and subsections of the
Plan solely as a convenience to facilitate reference. Such headings shall not be
deemed in any way material or relevant to the construction or interpretation of
the Plan or any provision thereof.

     (q)  Sub-Plans. Subject to the terms hereof, the Committee may from time to
time adopt one or more Sub-Plans and grant Awards thereunder as it shall deem
necessary or appropriate in its sole discretion in order that Awards may comply
with the laws, rules or regulations of any jurisdiction; provided, however, that
neither the terms of any Sub-Plan nor Awards thereunder shall be inconsistent
with the Plan.

     SECTION 15. Term of the Plan.

     (a)  Effective Date. The Plan shall be effective as of May 7, 2003, subject
to approval by the shareowners of Ingram Micro. Awards may be granted hereunder
prior to such shareowner approval subject in all cases, however, to such
approval.

     (b)  Expiration Date. No Award shall be granted under the Plan after May 6,
2013. Unless otherwise expressly provided in the Plan or in an applicable Award
Agreement, any Award granted hereunder may, and the authority of the Board or
the Committee to amend, alter, adjust, suspend, discontinue, or terminate any
such Award or to waive any conditions or rights under any such Award shall,
continue after the authority for grant of new Awards hereunder has been
exhausted.

                                      -12-<PAGE>

                                                                   EXHIBIT 10.41

                                                                  EXECUTION COPY

                                 AMENDMENT NO. 1
                                       TO
                 AMENDED AND RESTATED RECEIVABLES SALE AGREEMENT

                          Dated as of October 24, 2003

                  THIS AMENDMENT NO. 1 TO AMENDED AND RESTATED RECEIVABLES SALE
AGREEMENT (this "Amendment") is entered into as of October 24, 2003 by and
between INGRAM FUNDING, INC., a Delaware corporation (the "Company") and INGRAM
MICRO INC., a Delaware corporation ("Ingram Micro"). Capitalized terms used in
this Amendment which are not otherwise defined herein shall have the meanings
given such terms in the Amended and Restated Receivables Sale Agreement referred
to below or the "Pooling Agreement" defined therein.

                                    RECITALS:

                  WHEREAS, the Company and Ingram Micro, in its capacities as
seller and servicer, are parties to an Amended and Restated Receivables Sale
Agreement dated as of March 8, 2000 (as amended, restated, supplemented or
otherwise modified from time to time, the "Receivables Sale Agreement"); and

                  WHEREAS, the Company and Ingram Micro have agreed to amend the
Receivables Sale Agreement on the terms and conditions set forth herein and in
the Receivables Sale Agreement;

                  NOW, THEREFORE, in consideration of the premises set forth
above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Company and Ingram Micro hereby agree as follows.

                  1.       Amendment to Receivables Sale Agreement. Effective as
of the date hereof and subject to the satisfaction of the conditions precedent
set forth in Section 2 below, the Receivables Sale Agreement is amended to
replace Schedule 3 thereto with Schedule 3 attached hereto.

                  2.       Conditions of Effectiveness of this Amendment. This
Amendment shall become effective as of the date hereof (the "Effective Date")
when, and only when, the Agent shall have received each of the following:

                                    (a)      counterparts of this Amendment duly
                  executed by the Company, Ingram Micro and the Agent;

                                    (b)      evidence satisfactory to the Agent
                  that the Rating Agency Condition is satisfied; and

<PAGE>

                                    (c)      such other documents, instruments
                  and agreements as the Agent may reasonably request.

                  3.       Representations and Warranties.

                           3.1      Upon the effectiveness of this Amendment,
         the Company and Ingram Micro each (a) hereby reaffirms in all material
         respects all covenants, representations and warranties made by it in
         the Receivables Sale Agreement and each other Transaction Document to
         the extent the same are not amended hereby and except to the extent the
         same expressly relates solely to an earlier date, (b) agrees that all
         such covenants, representations and warranties shall be deemed to have
         been re-made as of the Effective Date of this Amendment and (c)
         represents and warrants that, as of the Effective Date of this
         Amendment and after giving effect hereto, no Early Amortization Event,
         Servicer Default, or event which with the giving of notice or passage
         of time, or both, would constitute an Early Amortization Event or
         Servicer Default has occurred and is continuing.

                           3.2      The Company and Ingram Micro hereby
         represent and warrant that this Amendment and the Receivables Sale
         Agreement, as amended hereby, constitute legal, valid and binding
         obligations of such Person (to the extent a party thereto) and are
         enforceable against such Person in accordance with their respective
         terms.

                  4.       Reference to and Effect on Transaction Documents.

                           4.1      Upon the effectiveness of this Amendment,
         each reference to the Receivables Sale Agreement in any of the
         Transaction Documents shall mean and be a reference to the Receivables
         Sale Agreement as amended hereby.

                           4.2      Except as specifically set forth above, the
         Receivables Sale Agreement, and all other documents, instruments and
         agreements executed and/or delivered in connection therewith, shall
         remain in full force and effect, and are hereby ratified and confirmed.

                           4.3      The execution, delivery and effectiveness of
         this Amendment shall not, except as expressly provided herein, operate
         as a waiver of any right, power or remedy of the Company or the Agent,
         nor constitute a waiver of any provision of any of the Transaction
         Documents, or any other documents, instruments and agreements executed
         and/or delivered in connection therewith.

                  5.       Headings. Section headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose.

                  6.       Counterparts. This Amendment may be executed by one
or more of the parties to this Amendment on any number of separate counterparts
and all of said counterparts taken together shall be deemed to constitute one
and the same instrument. Delivery of an executed counterpart of a signature page
to this Amendment by telecopier shall be effective as delivery of a manually
executed counterpart of this Amendment.

                                       2
<PAGE>

                  7.       Entire Agreement. This Amendment, taken together with
the Receivables Sale Agreement and all of the other Transaction Documents,
embodies the entire agreement and understanding of the parties hereto and
supersedes all prior agreements and understandings, written and oral, relating
to the subject matter hereof.

                  8.       Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING
SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW BUT OTHERWISE WITHOUT GIVING
EFFECT TO PRINCIPLES OF CONFLICTS OF LAW).

                                       3
<PAGE>

                  IN WITNESS WHEREOF, this Amendment No. 1 has been duly
executed as of the day and year first above written.

                                INGRAM FUNDING INC.

                                By: /s/ James F. Ricketts
                                   --------------------------------------------
                                Name: James F. Ricketts
                                Title: Treasurer

                                INGRAM MICRO INC.

                                By:/s/ James F. Ricketts
                                    --------------------------------------------
                                Name: James F. Ricketts
                                Title: Corporate Vice President & Treasurer

                                 Signature Page
                                       to
                                 Amendment No.1
                                       to
                 Amended and Restated Receivables Sale Agreement

<PAGE>

Acknowledged and agreed to:

GENERAL ELECTRIC CAPITAL
CORPORATION, as Agent

By: /s/ Howard Bailey
    ------------------------------
Name: Howard Bailey
Title: Duly Authorized Signatory

JPMORGAN CHASE BANK, not in its individual
capacity but solely as Trustee

By: /s/ Joseph M. Costantino
    ------------------------------
Name: Joseph M. Costantino
Title: Trust Officer

THE PRUDENTIAL INSURANCE COMPANY
OF AMERICA, as Class A Certificateholder

By:  Prudential Investment Management, Inc., as
Investment Advisor

By: /s/ Michael J. Bozzo
    ------------------------------
Name: Michael J. Bozzo
Title: Vice President

AMBAC ASSURANCE CORPORATION, as Insurer

By: /s/ Nicholas G. Goumas
   -------------------------------
Name: Nicholas G. Goumas
Title: Managing Director

                                 Signature Page
                                       to
                                 Amendment No.1
                                       to
                 Amended and Restated Receivables Sale Agreement

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