Document:

EX-10.1

Exhibit 10.1

RETIREMENT PLAN

FOR

OUTSIDE DIRECTORS

OF

AVNET, INC.

(Amended and Restated Effective Generally as of January 1, 2009)

1

CERTIFICATION

I, Raymond Sadowski, being the duly appointed Senior Vice President, Chief Financial Officer
and Assistant Secretary of Avnet, Inc., a New York corporation (the “Corporation”), do hereby
certify that attached hereto is a true and complete copy of the Retirement Plan for Outside
Directors of Avnet, Inc. (Amended and Restated Effective Generally as of January 1, 2009) which was
adopted at a duly called meeting of the Board of Directors of the Corporation on November 6, 2008.

Executed this        day of December, 2008.

	 
	     

Raymond Sadowski

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE I      HIST	 	ORY, PURPOSE, EFFECTIVE DATE 1

	 	ARTICLE II	 	DEFINITIONS
	 	 	1	 
	 	2.1	 	 	“Annual Retirement Benefit”
	 	 	1	 	 	 	 	 	 	 
	 	2.2	 	 	“Board”
	 	 	1	 	 	 	 	 	 	 
	 	2.3	 	 	“Code”
	 	 	1	 	 	 	 	 	 	 
	 	2.4	 	 	“Committee”
	 	 	1	 	 	 	 	 	 	 
	 	2.5	 	 	“Company”
	 	 	1	 	 	 	 	 	 	 
	 	2.6	 	 	““Employer”
	 	 	1	 	 	 	 	 	 	 
	 	2.7	 	 	“Final Section 409A Effective Date”
	 	 	2	 	 	 	 	 	 	 
	 	2.8	 	 	“Interim Section 409A Effective Date”
	 	 	2	 	 	 	 	 	 	 
	 	2.9	 	 	“Outside Director”
	 	 	2	 	 	 	 	 	 	 
	 	2.10	 	 	“Participant”
	 	 	2	 	 	 	 	 	 	 
	 	2.11	 	 	“Plan”
	 	 	2	 	 	 	 	 	 	 
	 	2.12	 	 	“Pre-409A Preserved Benefit”
	 	 	2	 	 	 	 	 	 	 
	 	2.13	 	 	“Retirement Date”
	 	 	2	 	 	 	 	 	 	 
	 	2.14	 	 	“Retirement Payment Date”
	 	 	2	 	 	 	 	 	 	 
	 	2.15	 	 	“Section 409A Covered Benefit”
	 	 	2	 	 	 	 	 	 	 
	 	2.16	 	 	“Section 409A Rules”
	 	 	2	 	 	 	 	 	 	 
	 	2.17	 	 	“Separation from Service”
	 	 	2	 	 	 	 	 	 	 
	 	2.18	 	 	“Spouse”
	 	 	3	 	 	 	 	 	 	 
	 	2.19	 	 	“Year of Service”
	 	 	3	 	 	 	 	 	 	 
	ARTICLE III	 	PARTICIPATION
	 	 	3	 	 	 	 	 	 	 
	ARTICLE IV	 	FUNDING
	 	 	3	 	 	 	 	 	 	 
	 	4.1	 	 	General Assets.
	 	 	3	 	 	 	 	 	 	 
	 	4.2	 	 	Status of Participants.
	 	 	3	 	 	 	 	 	 	 
	ARTICLE V	 	RETIREMENT DATE
	 	 	3	 	 	 	 	 	 	 
	ARTICLE VI	 	BENEFIT AMOUNT
	 	 	4	 	 	 	 	 	 	 
	 	6.1	 	 	Calculation and Payment of Benefits.
	 	 	4	 	 	 	 	 	 	 
	 	6.2	 	 	Death Benefit.
	 	 	4	 	 	 	 	 	 	 
	 	 	 	 	(a)Death Prior to Payment of Full Annual Retirement Benefit
	 	 	4	 	 	 	 	 	 	 
	 	 	 	 	(b)Death With No Surviving Spouse
	 	 	5	 	 	 	 	 	 	 
	 	6.3	 	 	Active Board Membership.
	 	 	5	 	 	 	 	 	 	 
	ARTICLE VII	 	SUSPENSION OF BENEFITS
	 	 	5	 	 	 	 	 	 	 
	 	7.1	 	 	Resumption of Board Membership.
	 	 	5	 	 	 	 	 	 	 
	 	7.2	 	 	Status as Employee.
	 	 	5	 	 	 	 	 	 	 
	 	7.3	 	 	Status as Consultant
	 	 	5	 	 	 	 	 	 	 
	 	7.4	 	 	Noncompete
	 	 	6	 	 	 	 	 	 	 
	ARTICLE VIIIMISCELLANEOUS	 	 	6	 	 	 	 	 	 	 
	 	8.1	 	 	Right to Amend or Terminate
	 	 	6	 	 	 	 	 	 	 
	 	8.2	 	 	Board Member Relationships
	 	 	6	 	 	 	 	 	 	 
	 	8.3	 	 	Nonalienation of Benefits
	 	 	6	 	 	 	 	 	 	 
	 	8.4	 	 	Payments to Incompetents
	 	 	6	 	 	 	 	 	 	 
	 	8.5	 	 	Required Information
	 	 	7	 	 	 	 	 	 	 
	 	8.6	 	 	Missing Persons
	 	 	7	 	 	 	 	 	 	 
	 	8.7	 	 	Gender and Number
	 	 	7	 	 	 	 	 	 	 
	 	8.8	 	 	Administration and Interpretation
	 	 	7	 	 	 	 	 	 	 
	 	8.9	 	 	Withholding
	 	 	7	 	 	 	 	 	 	 
	 	8.10	 	 	Governing Law
	 	 	8	 	 	 	 	 	 	 
	 	8.11	 	 	Severability
	 	 	8	 	 	 	 	 	 	 
	 	8.12	 	 	Successors to the Company
	 	 	8	 	 	 	 	 	 	 
	 	8.13	 	 	Headings
	 	 	8	 	 	 	 	 	 	 
	 	8.14	 	 	Indemnification for Section 409A Taxes and Penalties.
	 	 	8	 	 	 	 	 	 	 

RETIREMENT PLAN FOR

OUTSIDE DIRECTORS OF AVNET, INC.

(Amended and Restated Effective Generally as of January 1, 2009)

ARTICLE I

HISTORY, PURPOSE, EFFECTIVE DATE

The Retirement Plan for Outside Directors of Avnet, Inc. (the “Original Plan”) was established
as of July 1, 1992 (the “First Effective Date”) to provide a competitive level of retirement income
for eligible Outside Directors (as defined below). The Original Plan was amended effective May 21,
1996 to freeze participation with respect to those individuals who became Outside Directors on or
after May 21, 2006. The Original Plan is hereby amended and restated, effective generally as of
January 1, 2009, to comply with changes made to the Code (as defined below) through the enactment
of Code Section 409A by the American Jobs Creation Act of 2004 and to incorporate other changes the
Company desires to make to the Plan. Upon adoption of this document, the Original Plan shall
henceforth be known as the Retirement Plan four Outside Directors of Avnet, Inc. (Amended and
Restated Effective Generally as of January 1, 2009) (the “Plan”).

ARTICLE II

DEFINITIONS

As used in this Plan, the following terms shall have the meanings set forth below:

2.1 “Annual Retirement Benefit” shall mean the amount calculated under Section 6.1.

2.2 “Board” shall mean the Board of Directors of the Company.

2.3 “Code” shall mean the Internal Revenue Code of 1986, as amended.

2.4 “Committee” shall mean the Committee appointed by the Board to administer the
Plan. As of the date hereof, the Committee is the Corporate Governance Committee of the Board.

2.5 “Company” shall mean Avnet, Inc., a New York corporation, and any person, firm or
corporation which may hereafter succeed to the interests thereof by merger, consolidation,
acquisition of all, or substantially all, of the assets of the Company or otherwise.

2.6 ““Employer” means the Company and any other entity that is, or would be,
aggregated and treated as a single employer with the Company under Code Sections 414(b) (controlled
group of corporations) or 414(c) (a group of trades or businesses, whether or not incorporated,
under common control); provided, however, that an ownership threshold of at least 50% shall be used
hereunder instead of the 80% minimum ownership threshold that would otherwise apply under such Code
sections.

2.7 “Final Section 409A Effective Date” shall mean the date when a rule or requirement
under the final regulations issued by the Secretary of the Treasury became effective under Code
Section 409A, and shall generally refer to January 1, 2009.

2.8 “Interim Section 409A Effective Date” shall mean the date when a particular
provision or rule promulgated under Code Section 409A became effective, and shall generally mean
January 1, 2005. The term “Interim Section 409A Period” means the period beginning on or after the
Interim Section 409A Effective Date and ending immediately before the Final Section 409A Effective
Date.

2.9 “Outside Director” shall mean an individual who during the period beginning on the
First Effective Date and ending on May 20, 1996: (a) was a member of the Board and (b) is not an
affiliate of the Company (except by reason of being a Board member) or an officer or employee of
the Company or any of its subsidiaries.

2.10 “Participant” shall mean an Outside Director eligible for participation in the
Plan under Article III.

2.11 “Plan” shall mean this Retirement Plan for Outside Directors of Avnet, Inc.
(Amended and Restated Effective Generally as of January 1, 2009), as it may be amended from time to
time.

2.12 “Pre-409A Preserved Benefit” shall mean that portion of a Participant’s Annual
Retirement Benefit that was earned under the Original Plan as of December 31, 2004, was not subject
to a substantial risk of forfeiture under the Section 409A Rules as of that date and was not
materially modified after October 3, 2004 under the Section 409A Rules.

2.13 “Retirement Date” shall mean the date specified in Article V.

2.14 “Retirement Payment Date” shall mean the date specified in Section 6.1.

2.15 “Section 409A Covered Benefit” shall mean that portion of a Participant’s Annual
Retirement Benefit that equals the Participant’s Annual Retirement Benefit minus the Pre-409A
Preserved Benefit.

2.16 “Section 409A Rules” shall mean the provisions of Code Section 409A and any
interpretive or regulatory guidance of general application issued thereunder by the Secretary of
the Treasury, the Commissioner of the Internal Revenue Service or their delegates.

2.17 “Separation from Service” shall mean that a Participant has ceased performing
services for the Employers both as a Board member and an independent contractor in a manner, and to
the extent, consistent with the Section 409A Rules. If a Participant is also, or subsequently
becomes, an employee of an Employer, his or her service as an Employee shall be excluded for
purposes of determining whether the Participant has incurred a Separation From Service under this
Plan to the extent provided under the Section 409A Rules.

2.18 “Spouse” shall mean the person to whom the Participant was legally married for at
least the twelve (12) month period immediately preceding the earlier of either (i) the
Participant’s Retirement Payment Date; or (ii) the Participant’s death.

2.19 “Year of Service” shall mean, unless otherwise indicated herein, a period of
service as an Outside Director for twelve (12) consecutive months including, for those who are
Outside Directors on the First Effective Date hereof, all such service prior to the First Effective
Date.

ARTICLE III

PARTICIPATION

Each Outside Director shall become a Participant in the Plan immediately upon becoming an
Outside Director; provided, however, that no person who becomes an Outside Director on or after May
21, 1996 shall be eligible for participation in the Plan. [Reflects changes made by the First
Amendment effective May 21, 1996.]

ARTICLE IV

FUNDING

4.1 General Assets. All amounts payable to Participants or their Spouses hereunder
shall be paid in cash from the general assets of the Company, and no special or separate fund shall
be established and no segregation of assets shall be made to assure payment of such amounts.

4.2 Status of Participants. Nothing contained in the Plan, and no action taken
pursuant to its provisions, shall create or be construed to create a trust of any kind, nor a
fiduciary relationship between the Company, the Board or the Committee and any Participant or any
other person. To the extent that any person acquires a right to receive any amount from the
Company under the Plan, such right shall (prior to the issuance of a judgment by a court of
competent jurisdiction) be no greater than the right of an unsecured creditor of the Company.

ARTICLE V

RETIREMENT DATE

The Retirement Date of each Participant shall be the date the Participant’s membership on the
Board terminates for any reason. An Outside Director who is a member of the Board on the First
Effective Date shall automatically be retired from membership on the Board on the date of the
Company’s annual shareholders’ meeting which coincides with or next follows the date on which such
director attains age 75. An Outside Director who is not a member of the Board on
the First Effective Date shall automatically be retired from membership on the Board on the date of
the Company’s annual shareholders’ meeting which coincides with or next follows the date on which
such director attains age 72. [Reflects changes made by the First Amendment effective May 21,
1996.]

ARTICLE VI

BENEFIT AMOUNT

6.1 Calculation and Payment of Benefits. The Annual Retirement Benefit of a
Participant who retires on his Retirement Date shall be equal to the basic annual retainer fee
(inclusive of all Board committee fees, but exclusive of all Board meeting fees) which is payable
to the Participant as an Outside Director (on an annualized basis) in the month of the
Participant’s Retirement Date. A Participant’s Annual Retirement Benefit shall be payable
commencing on his Retirement Payment Date, in equal monthly installments, for the following period:

	 	 	 	 	 
	Column A	 	Column B
	Number of Years of Service During	 	Number of Years of Annual Retirement
	Which a Participant was an Outside	 	Benefit Payments
	Director	 	 	 	 
	Less than 6
	 	 	0	 
	6
	 	 	2	 
	7
	 	 	4	 
	8
	 	 	6	 
	9
	 	 	8	 
	10 or More
	 	 	10	 

A Participant’s “Retirement Payment Date” shall mean the first day of the month coincident with or
next succeeding the latter of the date that such Participant attains age 65 or his Retirement Date.
For purposes of this Section 6.1, a Participant shall be credited with a Year of Service if he
serves as an Outside Director from one annual meeting of shareholders to the next such meeting and
such period is at least eleven (11) months in length.

6.2 Death Benefit.

(a) Death Prior to Payment of Full Annual Retirement Benefit. If a Participant dies
prior to the receipt of any or all of his or her Annual Retirement Benefit, then the Participant’s
Spouse (if any) shall be paid the Annual Retirement Benefit payments that such Participant would
have been entitled to receive if such Participant had not died, but the payments to such Spouse
shall be reduced by 50%. If death occurs prior to a Participant’s Retirement Payment Date, then
payments shall commence to the Spouse on the first day of the month coincident with or next
following the date on what would have been the Participant’s Retirement Payment Date (had the
Participant not died), and end with the final payment that the Participant would have received
under the Plan in accordance with Column B of Section 6.1. If death occurs after a Participant’s
Retirement Payment Date, then payments shall continue to the Spouse at the reduced rate for the
duration of the period applicable to the Participant under Column B of Section 6.1. In either
event, however, if the Spouse dies prior to the last day of the payment period applicable to the
Participant under Column B of Section 6.1, then any remaining amounts corresponding to the
Participant’s Annual Retirement Benefit shall be forfeited.

(b) Death With No Surviving Spouse. If a Participant dies and is not survived by a
Spouse, then any unpaid Annual Retirement Benefit shall be forfeited.

6.3 Active Board Membership. A Participant shall not be eligible to begin receiving
his or her Annual Retirement Benefit payment under the Plan while he or she is an active member of
the Board.

6.4 Employee Status. A Participant shall not be eligible to begin receiving his or
her Annual Retirement Benefit payment under the Plan while he or she is an employee of an Employer.

ARTICLE VII

SUSPENSION OF BENEFITS

7.1 Resumption of Board Membership. If a Participant whose prior service on the Board
was terminated for any reason returns to membership on the Board, any benefits payable to the
Participant with respect to the Participant’s Pre-409A Preserved Benefit only under the Plan shall
cease for so long as such Participant continues to be a member of the Board. Upon subsequent
retirement from membership on the Board, the Participant’s Annual Retirement Benefit under the Plan
shall be redetermined pursuant to Article VI above, but shall then be offset by the amount of
benefit payments made to the Participant while he or she was a Board member attributable to the
Participant’s Section 409A Covered Benefit (determined on a annualized basis). However, the total
amount of payments to be made to such Participant shall not exceed ten (10) years in the aggregate
(measured from the original payment date); and any benefit previously paid to the Participant under
the Plan shall not be affected and shall not be recalculated.

7.2 Status as Employee. If a Participant whose prior service on the Board was
terminated for any reason becomes an employee of an Employer, any payment with respect to the
Participant’s Pre-409A Preserved Benefit payable to such Participant under the Plan shall cease for
so long as such Participant remains an employee thereof. Upon subsequent termination of
employment, payment of the Participant’s Annual Retirement Benefit under the Plan shall be resumed
in the same monthly amount and for the same period of time as in effect prior to such period of
employment.

7.3 Status as Consultant. If a Participant whose prior service on the Board was
terminated for any reason is engaged by an Employer to render services as a consultant or in a
consulting capacity, and not as an employee or a member of the Board of Directors, benefit payments
hereunder with respect to the Participant’s Pre-409A Preserved Benefit shall not be terminated or
otherwise affected by the rendering of such services; provided, however, that: (A) a Participant
must incur a Separation from Service to receive a distribution of benefits attributable to the
Participant’s Section 409A Covered Benefit; and (B) if only the Participant’s Pre-409A Preserved
Benefit is initially payable under this Section 7.3, when the Participant subsequently incurs a
Separation from Service, his or her Annual Retirement Benefit will be redetermined to reflect the
Participant’s Section 409A Covered Benefit and payments shall be made over the remainder of the
number of payment years applicable to the Participant.

7.4 Noncompete. Notwithstanding anything contained in this Plan to the contrary, a
Participant will forfeit all rights to benefits under this Plan if the Participant:

(i) engages in a business either directly or indirectly, which competes with any
business now or hereafter conducted by the Company, or

(ii) interferes in any way, directly or indirectly, whether for such Participant’s own
account or for the account of any other person, firm, corporation or other business
organization, with the Company’s relationship with, or endeavors to entice away from the
Company, any person, firm, corporation or other entity that is an employee, consultant,
distributor, contractor, supplier, source of material, and/or product, or customer of, or in
the habit of dealing with, the Company.

For purposes of this Section 7.4, the Participant shall be deemed directly or indirectly
engaged in a business or activity if the Participant participates in such business or activity as a
proprietor, partner, joint venturer, stockholder, director, officer, manager, employee, consultant,
advisor or agent, or if he controls such business or entity. Notwithstanding the above, the
Participant shall not be deemed a stockholder merely by reason of holding less than five percent
(5%) of the outstanding equity of any publicly owned corporation.

ARTICLE VIII

MISCELLANEOUS

8.1 Right to Amend or Terminate. The Board reserves the right at any time and from
time to time to modify, suspend, amend or terminate the Plan in whole or in part. Notwithstanding
the foregoing, no alteration may be made to this Plan under the preceding sentence if such
alteration reduces, or delays the payment of, a Participant’s Annual Retirement Benefit, without
such Participant’s prior written consent.

8.2 Board Member Relationships. Nothing contained herein shall be deemed to give any
Board member the right to be continued as a member of the Board, to modify or affect the terms of
Board membership or to interfere with the right of shareholders of the Company to elect members of
the Board.

8.3 Nonalienation of Benefits. No amount payable under the Plan shall be subject in
any manner to anticipation, alienation, sale, transfer, assignment, garnishment, pledge or
encumbrance. Any attempt to anticipate, alienate, sell, transfer, assign, attach, pledge or
encumber the same shall be void, and no amount payable under the Plan shall be in any manner liable
or subject to the debts, contracts, liabilities, engagements or torts of any Participant, Spouse or
relative of a Participant.

8.4 Payments to Incompetents. If a Participant or Spouse entitled to receive any
benefit hereunder is deemed by the Committee, or is adjudged, to be legally incapable of giving
valid receipt and discharge for such benefit, such benefit shall be paid to such person(s) as the
Committee may designate or to a duly appointed guardian. Any such payment shall be in complete
discharge of the liability of the Company and the Plan to the Participant or the Spouse.

8.5 Required Information. Each Participant shall file with the Committee such
pertinent information concerning the Participant and the Participant’s Spouse as the Committee may
reasonably specify, and no Participant or Spouse shall have any rights or be entitled to any
benefits under the Plan unless such information is filed by or on such person’s behalf. Whenever
practicable a Participant shall give written notice to the Committee of the Participant’s decision
to voluntarily terminate membership on the Board at least thirty (30) days prior to such
termination date.

8.6 Missing Persons. If the Committee cannot ascertain the location of any
Participant or Spouse to whom a payment is due under the Plan, and if, after five (5) years from
the date such payment is due, a notice of such payment is mailed to the last known address of such
Participant or Spouse, as shown on the records of the Committee, and within three (3) months after
such mailing such Participant or Spouse has not made written claim therefor, the Committee, if it
so elects, may direct that such payment and all remaining payments otherwise due to such
Participant or Spouse be permanently canceled (in full discharge of the liability of the Company
and the Plan hereunder).

8.7 Gender and Number. Wherever used herein, the masculine gender shall include the
feminine gender and the singular shall include the plural, unless the context indicates otherwise.

8.8 Administration and Interpretation. The Committee shall have full discretion and
authority to construe and interpret the terms and provisions of this Plan, which interpretation or
construction shall be final, binding and conclusive on all persons (unless such determination or
interpretation is clearly erroneous). Without limiting the generality of the foregoing, the
Committee shall have the authority to: (a) construe and interpret the terms and provisions of this
Plan and to remedy any ambiguities, omissions or inconsistencies contained therein; (b) compute and
certify to the amount and kind of benefits payable to Participants and their Beneficiaries; (c)
maintain all records that may be necessary for the administration of the Plan; (d) promulgate,
administer and enforce such rules for the regulation of the Plan and procedures for the
administration of the Plan as are not inconsistent with the terms hereof; and (e) appoint a plan
administrator or any other agent, and to delegate to them such powers and duties in connection with
the administration of the Plan as the Committee may from time to time prescribe.

No member of the Committee shall be personally liable by reason of any contract or other
instrument executed by such member or on his or her behalf in his or her capacity as a member of
the Committee nor for any mistake of judgment made in good faith, and the Company shall indemnify
and hold harmless each member of the Committee, and each employee, officer, or director of the
Company or any of its subsidiaries to whom any duty or power relating to the administration or
interpretation of the Plan may be delegated, against any cost or expense (including counsel fees)
or liability (including any sum paid in settlement of a claim with the approval of the Board of
Directors) arising out of any act or omission to act in connection with the Plan unless arising out
of such person’s own fraud or bad faith.

8.9 Withholding. The Company may withhold from any benefits payable under the Plan
all federal, state, local or other taxes as shall be required pursuant to any law or governmental
regulation or ruling.

8.10 Governing Law. The provisions of the Plan shall be governed by and construed in
accordance with the internal laws of the State of New York, and without regard to its conflict of
laws provisions. Notwithstanding the foregoing, the Plan shall be governed and construed in a
manner consistent with the Section 409A Rules which shall take precedent over any laws of the State
of New York which are inconsistent with the Section 409A Rules.

8.11 Severability. If any provision of this Plan or application thereof to any
Participant or Spouse is held invalid or unenforceable, the remainder of the Plan will not be
affected thereby and to that extent the provisions of this Plan are intended to be and are deemed
to be severable.

8.12 Successors to the Company. The terms and provisions of this Plan shall be
binding upon the assigns, successors and legal representatives of the Company (whether by merger,
consolidation, reorganization, acquisition of all, or substantially all, of the Company’s assets or
otherwise). The Company hereby agrees that it shall not merge or consolidate with any other entity
or corporation in a transaction after which the Company is not the surviving entity, nor shall it
sell all or substantially all of its assets to another person, corporation, association,
partnership or other entity, unless that other person, corporation, association, partnership or
other entity expressly assumes the duties and obligations of the Company as set forth in this Plan.

8.13 Headings. The headings of the Articles, Sections and the subsections of this
Plan are inserted for convenience of reference only and shall not constitute a part hereof.

8.14 Indemnification for Section 409A Taxes and Penalties. If any payment or
distribution by, or on behalf of, the Company to or for the benefit of a Participant (or Spouse) is
subject to, or the Participant (or Spouse) is notified by the Internal Revenue Service that he or
she is or will be subject to, a penalty taxes imposed by Section 409A of the Code or if any
interest or penalties are incurred by the Participant (or Spouse) with respect to such penalty
taxes (such penalty taxes together with any such interest and penalties, are hereinafter
collectively referred to as the “Section 409A Tax”), then the Participant (or Spouse) shall be
entitled to receive an additional payment (a “Section 409A Gross-Up Payment”) in an amount such
that after payment by Participant (or Spouse) of all Section 409A Tax and all income taxes (and any
interest and penalties imposed with respect thereto) imposed upon the Section 409A Gross-Up
Payment, the Participant (or Spouse) retains an amount of the 409A Gross-Up Payment equal to the
Section 409A Tax imposed upon the Payment; provided, however, that the Company shall only be
responsible to make a Section 409A Gross-Up Payment with respect to the Section 409A Tax if the
Section 409A Tax relates to or results from (i) the Company’s failure to operate a “nonqualified
deferred compensation plan” (as such term is defined in the Section 409A Rules) (a “NQDC”) in
compliance with the Section 409A Rules on and after January 1, 2005; or (ii) the lack of compliance
of any Company NQDC document or documentation with the Section 409A Rules; or (iii) the payment or
distribution by the Company (or by any Company NQDC) of any NQDC amount if such payment or
distribution is not in compliance with the Section 409A Rules. For the avoidance of doubt, the
Company shall not be responsible to make any Section 409A Gross-Up Payment if, (1) after a timely
notice or request by the Company to the Participant (or Spouse), the Participant (or Spouse)
refuses or fails to make a timely election to alter the timing of payment or distribution or (2)
the Participant, in his or her capacity as a Director, causes the Company to take any action, or
causes the Company to fail to take any action, which causes the Participant (or Spouse) to be
subject to a Section 409A Tax.

Determinations required to be made on the amount of the Section 409A Gross-Up Payment and the
assumptions to be utilized in arriving at such determination, shall be made by a certified public
accounting firm selected by the Company (the “Accounting Firm”) which shall provide detailed
supporting calculations both to the Company and the Participant (or Spouse) within thirty (30)
business days of the receipt of notice from the Participant (or Spouse) that he or she is subject
to a Section 409A Tax, or such earlier time as is reasonably requested by the Company. All fees
and expenses of the Accounting Firm shall be borne solely by the Company. Any Section 409A
Gross-Up Payment, as determined pursuant to this Section, shall be paid by the Company to the
Participant (or Spouse) within thirty (30) days of the receipt of the Accounting Firm’s
determination, but in no event later than the last day of the year following the year in which the
Participant (or Spouse) remits the related taxes. Any determination by the Accounting Firm shall
be binding upon the Company and the Participant (or Spouse).

2EX-10.2

Exhibit 10.2

AVNET, INC. DEFERRED

COMPENSATION PLAN FOR OUTSIDE DIRECTORS

(Amended and Restated Effective Generally as of January 1, 2009)

CERTIFICATION

I, Raymond Sadowski, being the duly appointed Senior Vice President, Chief Financial Officer
and Assistant Secretary of Avnet, Inc., a New York corporation (the “Corporation”), do hereby
certify that attached hereto is a true and complete copy of the Avnet, Inc. Deferred Compensation
Plan for Outside Directors (Amended and Restated Effective Generally as of January 1, 2009) which
was adopted at a duly called meeting of the Board of Directors of the Corporation on November 6,
2008.

Executed this        day of December, 2008.

	 
	     

Raymond Sadowski

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	1.   Purpose	 	, History and Effective Date 1

	 	 	2.	 	 	Definitions
	 	 	1	 
	 	3.	 	 	Deferral Elections
	 	 	3	 	 	 	 	 	 	 
	 	4.	 	 	Accounts
	 	 	5	 	 	 	 	 	 	 
	 	5.	 	 	Conversion to PSUs
	 	 	5	 	 	 	 	 	 	 
	 	6.	 	 	Crediting of Earnings
	 	 	5	 	 	 	 	 	 	 
	 	7.	 	 	Adjustment of PSUs
	 	 	6	 	 	 	 	 	 	 
	 	8.	 	 	Payment of Account Balances
	 	 	6	 	 	 	 	 	 	 
	 	9.	 	 	Designation and Change of Beneficiary
	 	 	12	 	 	 	 	 	 	 
	 	10.	 	 	Payments to Persons Other Than Participants
	 	 	12	 	 	 	 	 	 	 
	 	11.	 	 	Rights of Participants
	 	 	12	 	 	 	 	 	 	 
	 	12.	 	 	Administration
	 	 	13	 	 	 	 	 	 	 
	 	13.	 	 	Amendment or Termination
	 	 	13	 	 	 	 	 	 	 
	 	14.	 	 	Successor Corporation
	 	 	14	 	 	 	 	 	 	 
	 	15.	 	 	Construction
	 	 	14	 	 	 	 	 	 	 
	 	16.	 	 	Indemnification for Section 409A Taxes and Penalties
	 	 	14	 	 	 	 	 	 	 
	 	17.	 	 	Governing Law
	 	 	15	 	 	 	 	 	 	 

AVNET, INC. DEFERRED

COMPENSATION PLAN FOR OUTSIDE DIRECTORS

(Amended and Restated Effective Generally as of January 1, 2009)

	1.	 	Purpose, History and Effective Date

The purpose of this Plan is to provide Eligible Directors of Avnet, Inc., a New York
corporation (the “Corporation”), with an opportunity to defer payment of certain portions of their
Compensation (as defined herein), at their election, in accordance with the provisions hereof, as
may be amended from time to time. This version of the Plan document amends and restates a prior
version of the Plan document known as the Avnet, Inc. Deferred Compensation Plan for Outside
Directors, Amended and Restated as of January 1, 2004 (the Prior Plan). The current version of the
Plan is intended to comply with final regulations issued under Code section 409A effective as of
January 1, 2009 (the “Final 409A Effective Date”).

The Plan is not (and the Prior Plan was not) extended to any Employee (as defined herein). If
an Employee becomes an Eligible Director, then only benefits attributable to his or her service as
an Eligible Director shall be covered by the Plan. No benefits attributable to an individual’s
service as an Employee shall be provided under the Plan. Accordingly, no Participant (as defined
herein) will be a Specified Employee under the Section 409A Rules (as defined here) and, therefore,
the six month payment delay that applies to Specified Employees under the Section 409A Rules shall
not apply under the Plan.

From the period beginning January 1, 2005 through the December 31, 2008 (the “Interim 409A
Period”), the Plan was operated in accordance with a good-faith interpretation of Code section
409A. At no time during, or after, the Interim 409A Period were benefits deferred under the Prior
Plan before the Interim 409A Period changed in such a manner as to cause a material modification of
such benefits within the meaning of the Section 409A Rules. Moreover, all benefits deferred under
the Prior Plan were at all times fully vested. Accordingly, benefits which were deferred under the
Prior Plan before the Interim 409A Period and the earnings attributable thereto, are not subject to
Code section 409A.

The Plan (and to the extent necessary the Prior Plan) shall be interpreted and construed so
that benefits deferred under the Prior Plan or this Plan on and after the Interim 409A Period
comply with the Section 409A Rules. The Plan shall also be interpreted and construed so that
benefits deferred under the Prior Plan before the Interim 409A Period are not subject to the
Section 409A Rules. Any provision of the Plan that is found to be inconsistent with the foregoing
shall be deemed to be severable from the terms of the Plan and shall have no force or effect.

	2.	 	Definitions

As used herein, the following terms shall have the following meanings:

(a) “Account” shall mean the Account (and sub-accounts) established for a Participant pursuant
to Section 4.

(b) “Average Market Value” shall mean, with respect to one share of Common Stock on any date,
the average of the mean between the daily per-share high and low sale prices for shares of Common
Stock on the New York Stock Exchange (“NYSE”) for the period of five trading days ending on such
date, or for the period of five trading days immediately preceding such date if the NYSE is closed
on such date.

(c) “Beneficiary” shall mean the person or persons designated by a Participant in accordance
with Section 9 to receive any amount, or any shares of Common Stock, payable under the Plan by
reason of his or her death.

(d) “Board of Directors” shall mean the Board of Directors of the Corporation.

(e) “Code” shall mean the Internal Revenue Code of 1986, as amended.

(f) “Committee” shall mean the persons appointed by the Board of Directors to administer the
Plan in accordance with Section 12.

(g) “Common Stock” shall mean shares of common stock of the Corporation; provided, however,
that, if there is either a Pre-Section 409A Change in Control or a Post-Section 409A Change in
Control (both as defined in Section 8 hereof) resulting in shareholders of the Corporation
receiving equity securities issued by another corporation or entity, the term “Common Stock” shall
mean such securities.

(h) “Compensation” shall mean, with respect to any Eligible Director for any Plan Year
beginning on or after January l, 2004, all fees payable to such Director during such Plan Year by
way of retainer for service as a member of the Board of Directors or any committees thereof,
including any such fees otherwise payable in the form of Common Stock (including restricted shares
of Common Stock), but shall not include meeting fees (regardless of the form of payment). The Plan
does not provide for the deferral of any payments to an Eligible Director that constitutes
“performanced based compensation” under the Section 409A Rules.

(i) “Corporation” shall mean Avnet, Inc., a New York corporation and its successor and
assigns.

(j) “Director” shall mean a member of the Board of Directors.

(k) “Eligible Director” shall mean, for any Plan Year, any Director who is not an Employee at
the beginning of the Plan Year.

(l) “Employee” shall mean any person who is a common law employee of an Employer under the
Section 409A Rules, but does not mean any person who is an Eligible Director or classified by the
Corporation as an independent contractor.

(m) “Employer” means the Corporation and any other entity that is, or would be, aggregated and
treated as a single employer with the Corporation under Code sections 414(b) (controlled group of
corporations) or 414(c) (a group of trades or businesses, whether or not incorporated, under common
control); provided, however, that an ownership threshold of at least 50% shall be used hereunder
instead of the 80% minimum ownership threshold that would otherwise apply under such Code sections.

(n) “Final 409A Effective Date” shall have the meaning given to it in Section 1 hereof.

(o) “Interim 409A Period” ” shall have the meaning given to it in Section 1 hereof.

(p) “Participant” shall mean any Eligible Director who has made an election under Section 3 to
defer any portion of his or her Compensation for any Plan Year.

(q) “Phantom Share Unit” or “PSU” shall mean a unit of measurement equivalent to one share of
Common Stock, with none of the attendant rights of a holder of such share, including, without
limitation, the right to vote such share and the right to receive dividends thereon, except to the
extent otherwise specifically provided herein.

(r) “Plan” shall mean this Avnet, Inc. Deferred Compensation Plan for Outside Directors (As
Amended and Restated Effective Generally as of January 1, 2009), as set forth herein and as amended
from time to time.

(s) “Plan Year” shall mean the calendar year.

(t) “Prior Plan” shall have the meaning given to it in Section 1 hereof.

(u) “Section 409A Rules” shall mean the provisions of Code section 409A and any interpretive
or regulatory guidance of general application issued thereunder by the Secretary of the Treasury,
the Commissioner of the Internal Revenue Service or their delegates.

(v) “Separation From Service” shall mean that a Participant has ceased performing services for
the Employers both as a Director and an independent contractor in a manner, and to the extent,
consistent with the Section 409A Rules. If a Participant is also, or subsequently becomes, an
Employee of the Corporation, his or her service as an Employee shall be excluded for purposes of
determining whether the Participant has incurred a Separation From Service under this Plan as a
Director to the extent provided under the Section 409A Rules.

(w) “Unforeseeable Emergency” shall mean a severe financial hardship of the Participant
resulting from (i) an illness or accident of the Participant, the Participant’s spouse, the
Participant’s Beneficiary or the Participant’s dependent (as defined in Code Section 152 without
regard to paragraphs (b)(1), (b)(2) and (d)(1)(b) thereof), (ii) a loss of the Participant’s
property due to casualty, or (iii) such other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Participant, all as determined by the
Committee based on the relevant facts and circumstances and consistent with the Section 409A Rules.

	3.	 	Deferral Elections

With respect to each Plan Year, an Eligible Director may elect to have payment of any part or
all of his or her Compensation for such year deferred, and to have payment of such portion made
under the terms of the Plan. Any such election shall be made in accordance with the following
rules:

(a) Written Form; Specified Percentages. A deferral election shall be made in
writing, on a form provided by the Committee for such purpose. In the election form, the Eligible
Director (i) shall specify, by percentage (which must be an even multiple of 10%), the portion of
his or her Compensation the Eligible Director wishes to defer hereunder (amounts so deferred are
hereinafter referred to as the “Deferred Amounts”), and (ii) shall specify, by percentage (which
must be an even multiple of 10%), the portions of the Eligible Director’s Deferred Amounts that he
or she wishes to have allocated, respectively, to the PSU Portion (as defined herein) and to the
Cash Portion (as defined herein) of the Account established for the Eligible Director pursuant to
Section 4.

(b) Filing Deadline. An Eligible Director’s election to defer Compensation for any
Plan Year shall be filed in writing with the Committee no later than November 30 of the preceding
Plan Year when the Eligible Director’s Compensation subject to the deferral election is earned;
provided, however, that the Committee may, in its discretion, extend this filing period to a date
that is no later than the last business day in December of such preceding Plan Year.

(c) Special Procedure for First Time Eligible Director. Notwithstanding the
provisions of paragraph (b) above, an individual who first becomes an Eligible Director during a
Plan Year may make a deferral election hereunder with respect to his or her Compensation for such
Plan Year by filing his or her election form with the Committee no later than 30 days after the
date on which he or she first became an Eligible Director. Any deferral election so made shall be
effective only with respect to Compensation earned for services performed after the date on which
such election has been filed with the Committee. For purposes of this paragraph (c), when an
individual first becomes an Eligible Director shall be determined under the plan aggregation rules
under the Section 409A Rules. For the avoidance of doubt, an individual who participated in a
deferred compensation plan or arrangement with an Employer as an independent contractor in the same
year when he or she first becomes an Eligible Director is not eligible for the special 30 day
enrollment provision under this paragraph (c) if such other plan or arrangement would be combined
with this Plan under the plan aggregation rules pursuant to the Section 409A Rules.

(d) Irrevocable Status of Election; Carry-Forward to Next Plan Year. Any deferral
election made by an Eligible Director with respect to his or her Compensation for a Plan Year, and
any election made hereunder as to the allocation of the Deferred Amounts for such year to the PSU
Portion and the Cash Portion of his or her Account, shall be irrevocable for the Plan Year except
to the extent specifically permitted under the Section 409A Rules. A Participant’s election made
under this Section 3 for a Plan Year shall automatically carry-forward to the next Plan Year unless
it is changed or revoked by the Participant prior to the beginning of the next Plan Year.

(e) Allocations of Deferred Amounts Relating to Common Stock. Except as otherwise
specifically provided under the Plan, any Compensation otherwise payable in the form of Common
Stock (including shares of restricted Common Stock) and deferred hereunder as Deferred Amounts
shall be allocated solely to the PSU Portion of the Participant’s Account, and shall not be
eligible for the Cash Portion of such Eligible Director’s Account.

	4.	 	Accounts

For each Participant, there shall be established on the books and records of the Corporation,
for bookkeeping purposes only, a separate Account to reflect the Participant’s interest under the
Plan. The Account so established shall be maintained in accordance with the following provisions:

(a) Accounts and Sub-accounts. The Account established for each Participant shall
consist of two sub-accounts referred to herein, respectively, as the “PSU Portion” and the “Cash
Portion”. Each of such sub-account shall be further divided into additional sub-accounts
reflecting Deferred Amounts under the Plan before, and on and after, the Interim 409A Period.

(b) Crediting of Accounts. The PSU Portion and the Cash Portion of each Participant’s
Account shall be credited with amounts equal to the portions of the Participant’s Deferred Amounts
for each Plan Year that the Participant has elected under Section 3 hereof to have allocated to
such Portions. Such amounts shall be so credited as of the date on which the amounts in question
would have been paid to the Participant had the Participant not elected to have payment of such
amounts deferred.

(c) Adjustments to Accounts. The PSU Portion and the Cash Portion of a Participant’s
Account shall be adjusted from time to time to reflect all additional PSUs and interest to be
credited to such Portions pursuant to Section 6, and all payments made with respect to such
Portions pursuant to Section 8.

(d) Impact of Certain Change in Control Events on PSU Portion. If there is a
Pre-Section 409A Change in Control or a Post-Section 409A Change in Control resulting in all (or
substantially all shareholders) of the Corporation receiving cash payments for their Common Stock,
then a Participant’s PSU Portion shall automatically be converted to a Cash Portion based on the
number of PSUs standing to the Participant’s credit on the cash payment date to shareholders
multiplied by the per share price paid (in cash and/or other consideration other than equity
securities) to shareholders generally for each share of Common Stock.

(e) Accounts are Fully Vested. A Participant’s interest in his or her Account shall
be fully vested and nonforfeitable at all times.

	5.	 	Conversion to PSUs

Amounts credited to the PSU Portion of a Participant’s Account pursuant to paragraph (c) of
Section 4 shall be converted into (and after such conversion shall be reflected in such Portion as)
a number of Phantom Share Units. Such number shall be determined by dividing the amount so
credited by the Average Market Value of one share of Common Stock on the date as of which the
amount is so credited.

	6.	 	Crediting of Earnings

Until payment with respect to a Participant’s Account has been made in full in accordance with
Section 8, the PSU Portion of a Participant’s Account shall be credited with additional PSUs and
the Cash Portion of the Participant’s Account shall be credited with interest, in accordance with
the following provisions:

(a) Crediting Earnings to PSU Portion. As of each date on which the Corporation pays
a dividend on its Common Stock (“Dividend Payment Date”), the PSU Portion of each Participant’s
Account shall be credited with additional PSUs, the number of which shall be determined by: (i)
first multiplying the number of PSUs standing to the Participant’s credit on the record date for
such dividend by the per-share amount of the dividend so paid, and (ii) second dividing the
resulting amount by the Average Market Value of one share of Common Stock on the Dividend Payment
Date.

(b) Crediting Earnings to Cash Portion. As of the last day of each calendar month,
the balance of the Cash Portion of a Participant’s Account shall be credited with an amount
determined by multiplying such balance by a percentage corresponding to the rate of interest on
U.S. Treasury 10-year Notes on the first day of such calendar month.

	7.	 	Adjustment of PSUs

In the event of any change in the Common Stock occurring by reason of any stock dividend,
recapitalization, reorganization, merger, consolidation, split-up, combination or exchange of
shares, or any rights offering to purchase such shares at a price substantially below fair market
value, or any similar change affecting the Common Stock, the number and kind of shares represented
by Phantom Share Units shall be appropriately adjusted consistent with such change in such manner
as the Committee, in its sole discretion, may deem equitable to prevent substantial dilution or
enlargement of the rights granted to, or available for, the Participants hereunder. The Committee
shall give notice to each Participant of any adjustment made pursuant to this Section 7 and, upon
such notice, such adjustment shall be effective and binding for all purposes of the Plan.

	8.	 	Payment of Account Balances

Payment with respect to a Participant’s Account shall be made in accordance with the following
provisions:

(a) General Distribution Procedures. The balances of the PSU Portion and the Cash
Portion of a Participant’s Account shall become payable upon the Participant’s ceasing to be a
member of the Board of Directors for any reason; provided, however, that distributions attributable
to Deferred Amounts made on or after the Interim Section 409A Period shall be postponed until after
the date when the Participant has incurred a Separation From Service. Except as otherwise provided
in paragraph (b) below, payment with respect to a Participant’s Account shall be made in the form
of a series of 10 annual installments.

(b) Optional Distribution Elections. In lieu of the payment form specified in
paragraph (a) above, a Participant may elect to have the balances of the PSU Portion and the Cash
Portion of his or her Account paid in the form of a single lump-sum payment, or in such number of
annual installments, not to exceed 10, as the Participant specifies in such election in accordance
with the provisions of this paragraph (b). Any such election shall be made in writing, on a form
that has been furnished by the Committee to the Participant for such purpose and that is filed by
the Participant with the Committee. For purposes of the Section 409A Rules, the annual installment
payment option shall be treated as a single payment.

(i) Payment Elections for Deferred Amounts Made Prior to the Interim 409A
Period. For Deferred Amounts attributable to Compensation earned before the Interim
409A Period only, any such election shall be effective only if it has been filed with the
Committee at least 24 months prior to the date on which the Participant ceases to be a
Director. A Participant may revoke any election so made, and make a new election hereunder,
provided that such revocation or new election is filed with the Committee at least 24 months
prior to the date on which the Participant ceases to be a Director. Any such revocation or
new election shall be made in writing, on a form furnished by the Committee to the
Participant for such purpose.

(ii) Payment Elections for Deferred Amounts Made on and After the Interim 409A
Period. For Deferred Amounts attributable to Compensation earned on or after the
Interim 409A Period, any such election shall, except as provided below, be effective only if
it has been filed with the Committee no later than the last day of the Plan Year before the
Plan Year when the Compensation corresponding to the Deferred Amounts is earned. A
Participant may file separate distribution elections for each Plan Year’s Deferred Amounts
made on or after the Interim 409A Period. Payment elections for Deferred Amounts subject
to this subparagraph (ii) may only be changed (by a Participant or, if applicable, a
Beneficiary) in accordance with the following rules: (A) the change must be submitted in
writing to the Committee at least 12 months prior to the previously scheduled payment date
corresponding to the requested change; (B) the change may not take effect for at least 12
months, (C) the change must result in a postponed distribution for at least five years from
the previously scheduled payment date except in the case of distributions due to death,
Disability (as defined under the Section 409A Rules) or an Unforeseeable Emergency (as
defined under the Section 409A Rules) and (D) the change may only result in an acceleration
of a distribution to the extent permitted under the Section 409A Rules.

(c) Timing of Installment Payments. If payment with respect to a Participant’s
Account is to be made in the form of annual installments, the first such installment payment shall
be made on or as soon as practicable after the first business day of the Plan Year following the
Plan Year in which the Participant becomes entitled to receive a distribution under paragraph (a)
above and no later than the end of that calendar year quarter, and the remaining installment
payments shall be made within the same timeframe for each succeeding Plan Year.

(d) Amount of Installment Payments. Each installment payment to be made with respect
to the Cash Portion of a Participant’s Account shall be made in cash, in an amount determined by
dividing (i) the balance of the Cash Portion determined as of the last day of the Plan Year
preceding the year in which such payment is to be made, by (ii) the number of installment payments
remaining to be made.

(e) Form of Installment Payments. Each installment payment to be made with respect to
the PSU Portion of a Participant’s Account shall be made partly in shares of Common Stock and
partly in cash. The number of shares to be included in each such installment payment shall be
equal to the number of whole PSUs included in the quotient resulting from dividing (i) the total
number of PSUs included in the balance of the PSU Portion of the Participant’s Account as of the
last day of the Plan Year preceding the year in which such payment is to be made, by (ii) the
number of installment payments remaining to be made; and the amount of cash to be included in each
such installment payment shall be determined by multiplying (iii) the fractional part of a PSU
included in the aforementioned quotient by (iv) the Average Market Value of one share of Common
Stock on the last business day preceding the date on which such installment payment is to be made.

(f) Form of Lump Sum Payments. If payment with respect to all or a portion of a
Participant’s Account is to be made in the form of a single lump sum payment, such payment shall be
made on or as soon as practicable after the first business day of the Plan Year following the Plan
Year in which the Participant becomes entitled to receive a distribution under paragraph (a) above
and no later than the end of that calendar year quarter. Such payment shall be made (i) in cash,
with respect to the balance of the Cash Portion of the Participant’s Account and with respect to
any fractional PSUs included in the balance of the PSU Portion of the Participant’s Account (with
the cash amount payable for such fractional PSUs calculated on the basis of the Average Market
Value of a share of Common Stock on the last business day preceding the date of payment), and
(ii) in shares of Common Stock, with respect to the number of whole PSUs included in the balance of
the PSU Portion of the Participant’s Account.

(g) Payments to Beneficiaries. If a Participant should die before receiving all
payments required to be made hereunder with respect to his or her Account, any payments remaining
to be made at the date of the Participant’s death shall be made to the Participant’s Beneficiary.
Payments to the Beneficiary shall be made in the same form, and at the same times, as the payments
would have been made to the Participant had he or she not died; provided, however, that a
Beneficiary may change a payment form for Deferred Amounts made on and after the Interim 409A
Period only in a manner consistent with subparagraph (b)(ii) above.

(h) Early Distributions for Unforeseeable Emergencies. Notwithstanding any other
provision in this Section 8 to the contrary payment with respect to any part or all of the
Participant’s Account balances may be made to the Participant on any date earlier than the date on
which such payment is to be made pursuant to such other provisions of this Section 8 if (i) the
Participant requests such early payment and (ii) the Committee, in its sole discretion, determines
that such early payment is necessary to help the Participant meet an “unforeseeable emergency”
within the meaning of Treasury Regulation §1.457-6(c)(2) with respect to Deferred Amounts not
subject to Code section 409A or based on the Unforeseeable Emergency standard for Deferred Amounts
made on or after the Interim 409A Period. In either case, the amount that may be so paid may not
exceed the amount necessary to meet such emergency and such amount shall be reduced by any amount
available to relieve the emergency through reimbursement or compensation from insurance or
otherwise, by liquidation of the Participant’s assets (if such liquidation would not cause severe
financial hardship) or by the cessation of deferrals under the Plan.

(i) Early Distributions for Section 409A Tax Liability. Notwithstanding any provision
of this Section 8 to the contrary, if any portion of a Participant’s Account under this Plan is
required to be included in income by the Participant prior to receipt due to a failure of this Plan
to comply with the requirements of Code section 409A and the Section 409A Rules, the Committee may
determine that such Participant shall receive a distribution from the Plan in an amount equal to
the lesser of (A) the portion of his or her Account required to be included in income as a result
of the failure of the Plan to comply with the requirements of Code section 409A and the Section
409A Rules or (B) the unpaid vested Account balance.

(j) Distribution Upon Change in Control Events. Notwithstanding any other provision
in this Section 8 to the contrary, the entire unpaid balance of a Participant’s Account
attributable to Deferred Amounts: (i) made before the Interim Section 409A Period shall become
immediately due and payable upon the occurrence of a Pre-Section 409A Change in Control, as
hereinafter defined and (ii) made on or after the Interim Section 409A Period shall become
immediately due and payable upon the occurrence of a Post-Section 409A Change in Control. In
either case, payment with respect to such balance shall be made in the form of a single lump-sum
payment. Payment shall be made as soon as practicable after the occurrence of the applicable
change in control and no later than 90 days thereafter. Payment shall be made (A) in cash, with
respect to the payable balance of the Cash Portion of the Participant’s Account and with respect to
any fractional PSUs included in the payable balance of the PSU Portion of the Participant’s Account
(with the cash amount payable for such fractional PSUs calculated on the basis of the Average
Market Value of a share of Common Stock on the last business day preceding the date of payment),
and (B) subject to Section 4(d), in shares of Common Stock, with respect to the number of whole
PSUs then included in the balance of the PSU Portion of the Participant’s Account.

For purposes of the foregoing:

	 	(A)	 	a “Pre-Section 409A Change in Control” shall be deemed to have occurred
(i) when any entity, person (within the meaning of Section 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act) other than the Corporation or any of
its subsidiaries, or any savings, pension or other plan for the benefit of employees of
the Corporation or any of its subsidiaries), which theretofore was beneficial owner (as
defined in Rule 13d-3 under the Exchange Act) of less than 20% of the then outstanding
Common Stock either (a) acquires shares of Common Stock in a transaction or series of
transactions that results in such entity, person or group directly or indirectly owning
beneficially 20% or more of the outstanding Common Stock, or (b) acquires by proxy or
otherwise the right to vote for the election of directors, for any merger, combination
or consolidation of the Corporation or any of its subsidiaries, or for any other matter
or question more than 20% of the then outstanding voting securities of the Corporation
(except where such acquisition is made by a person or persons appointed by at least a
majority of the Board of Directors to act as proxy for any purpose); or (ii) upon the
election or appointment, within a twelve-month period, of persons to the Board of
Directors who were not directors of the Corporation at the beginning of such
twelve-month period, and whose election or appointment was not approved by a majority
of those persons who were directors at the beginning of such period, where such
newly-elected or appointed directors constitute 20% or more of the members of the Board
of Directors; and

	 	(B)	 	A “Post-Section 409A Change in Control” shall mean the occurrence of a: (1)
“change in the ownership,” (2) “change in the effective control” or (3) “change in the
ownership of a substantial portion of the assets” of the Corporation or, if required
under the Section 409A Rules, another Employer. In order for an event described below
to constitute a Post-Section 409A Change in Control with respect to a Participant,
except as otherwise specifically provided below, the applicable event must relate to
the Employer entity for which the Participant is providing services, the Employer
entity that is liable for payment of the Participant’s benefit hereunder (or all
Employer entities liable for payment if more than one), as determined in accordance
with Treas. Reg. §1.409A-3(i)(5)(ii)(A)(2), or such other corporation identified by the
Committee in accordance with Treas. Reg. §1.409A-3(i)(5)(ii)(A)(3). In determining
whether an event shall be considered a “change in the ownership,” a “change in the
effective control” or a “change in the ownership of a substantial portion of the
assets” of the Corporation (or, if applicable, other Employer), the following
provisions shall apply:

	 	1.	 	A “change in the ownership” shall
occur on the date on which any one person, or more than one
person acting as a group, acquires ownership of stock of the
Corporation (or, if applicable, other Employer) that, together
with stock held by such person or group, constitutes more than
50% of the total fair market value or total voting power of the
Corporation’s (or, if applicable other Employer’s) stock, as
determined in accordance with Treas. Reg. §1.409A-3(i)(5)(v).
If a person or group is considered either to own more than 50%
of the total fair market value or total voting power of its
stock, or to have effective control of the Corporation (or, if
applicable, other Employer) within the meaning of subparagraph
(2) below, and such person or group acquires additional stock of
the Corporation (or other Employer), the acquisition of
additional stock by such person or group shall not be considered
to cause a “change in the ownership” of the Corporation (or, if
applicable, other Employer).

	 	2.	 	A “change in the effective
control” of the Corporation (or, if applicable, other Employer)
shall occur on either of the following dates:

	 	a.	 	The date on which
any one person, or more than one person acting as a
group, acquires (or has acquired during the 12-month
period ending on the date of the most recent acquisition
by such person or persons) ownership of stock of the
Corporation (or, if applicable, other Employer)
possessing 30% or more of the total voting power of its
stock of the Corporation (or, if applicable, other
Employer), as determined in accordance with Treas. Reg.
§1.409A-3(i)(5)(vi). If a person or group is considered
to possess 30% or more of the total voting power of its
stock of the Corporation (or, if applicable, other
Employer), and such person or group acquires additional
stock of the Corporation (or, if applicable, other
Employer), the acquisition of additional stock by such
person or group shall not be considered to cause a
“change in the effective control” of the Corporation
(or, if applicable, other Employer); or

	 	b.	 	The date on which
a majority of the Board of Directors is replaced during
any 12-month period by directors whose appointment or
election are not endorsed by a majority of the members
of the Board of Directors before the date of the
appointment or election, as determined in accordance
with Treas. Reg. §1.409A-3(i)(5)(vi). In determining
whether the event described in the preceding sentence
has occurred, the Corporation shall, if necessary, be
replaced with another Employer identified in accordance
with Treas. Reg. §1.409A-3(i)(5)(ii) for which no other
corporation is a majority shareholder for purposes of
the preceding sentence.

	 	3.	 	A “change in the ownership of a
substantial portion of the assets” of the Corporation (or, if
applicable, other Employer) shall occur on the date on which any
one person, or more than one person acting as a group, acquires
(or has acquired during the 12-month period ending on the date
of the most recent acquisition by such person or persons) assets
from the Corporation (or, if applicable, other Employer) that
have a total gross fair market value equal to or more than 40%
of the total gross fair market value of all of the assets of the
Corporation (or, if applicable, other Employer) immediately
before such acquisition or acquisitions, as determined in
accordance with Treas. Reg. §1.409A-3(i)(5)(vii). A transfer of
assets shall not be treated as a “change in the ownership of a
substantial portion of the assets” when such transfer is made to
an entity that is controlled by the shareholders of the
Corporation, (or, if applicable, other Employer) as determined
in accordance with Treas. Reg. §1.409A-3(i)(5)(vii)(B).

(k) Income Tax Withholding. There shall be deducted from the amount of any payment
otherwise required to be made under the Plan all federal, state and local taxes required by law to
be withheld with respect to such payment.

	9.	 	Designation and Change of Beneficiary

Each Participant shall file with the Committee a written designation of one or more persons as
the Beneficiary who shall be entitled to receive any amount, or any shares of Common Stock, payable
under the Plan by reason of his or her death. A Participant may, from time to time, revoke or
change his or her Beneficiary designation without the consent of any previously-designated
Beneficiary by filing a new designation with the Committee. The last such designation received by
the Committee shall be controlling; provided, however, that no designation, or change or revocation
thereof, shall be effective unless received by the Committee prior to the Participant’s death, and
in no event shall it be effective as of a date prior to such receipt. If at the date of a
Participant’s death, there is no designation of a Beneficiary in effect for the Participant
pursuant to the provisions of this Section 9, or if no Beneficiary designated by the Participant in
accordance with the provisions hereof survives to receive any amount payable under the Plan by
reason of the Participant’s death, the Participant’s estate shall be treated as the Participant’s
Beneficiary for purposes of the Plan.

	10.	 	Payments to Persons Other Than Participants

If the Committee shall find that any Participant or Beneficiary to whom any amount, or any
shares of Common Stock, is payable under the Plan is unable to care for his or her affairs because
of illness, accident or legal incapacity, then, if the Committee so directs, such amount, or such
shares, may be paid to such Participant’s or Beneficiary’s spouse, child or other relative, an
institution maintaining or having custody of such person, or any person deemed by the Committee to
be a proper recipient on behalf of such Participant or Beneficiary, unless a prior claim therefor
has been made by a duly-appointed legal representative of the Participant or Beneficiary.

Any payment made under this Section 10 shall be a complete discharge of the liability of the
Corporation with respect to such payment.

	11.	 	Rights of Participants

A Participant’s rights and interests under the Plan shall be subject to the following
provisions:

(a) Unsecured Creditor Status of Participants. A Participant shall have the status of
a general unsecured creditor of the Corporation with respect to his or her right to receive any
payment under the Plan. The Plan shall constitute a mere promise by the Corporation to make
payments in the future of the benefits provided for herein. It is intended that the arrangements
reflected in this Plan be treated as unfunded for tax purposes.

(b) Establishment of Trust. The Corporation may, but shall not be required to,
establish a trust to assist it in funding any of its payment obligations under the Plan. If any
such trust is established, all of the assets of the trust shall, at all times prior to payment to
Participants, remain subject to the claims of the Corporation’s general creditors; and no
Participant or Beneficiary shall have any preferred claim on, or any beneficial ownership interest
in, any assets of the trust. Any trust so established shall also contain such other terms and
provisions as will permit the trust to be treated as a “grantor trust”, of which the Corporation is
the grantor, within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the
Code. If any such trust is established, the Corporation shall be relieved of its obligation
hereunder to pay any amounts or shares of Common Stock to any Participant or Beneficiary, to the
extent that such amounts or shares are paid to the Participant or Beneficiary from such trust.

(c) Prohibition on Alienation of Benefits. A Participant’s rights to payments under
the Plan shall not be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment, or garnishment by creditors of the Participant or his
or her Beneficiary.

	12.	 	Administration

The Plan shall be administered by the Corporate Governance Committee of the Board of Directors
(or such other committee as designated by the Board of Directors) (the “Committee”) or its
designees. All decisions, actions or interpretations of the Committee under the Plan shall be
final, conclusive and binding upon all parties. The Committee shall have full discretion and
authority to construe and interpret the terms and provisions of this Plan, which interpretation or
construction shall be final and binding on all parties, including, but not limited to, an Employer,
any Participant or beneficiary. Without limiting the generality of the foregoing, the Committee
shall have the authority to: (a) construe and interpret the terms and provisions of this Plan and
to remedy any ambiguities, omissions or inconsistencies contained therein; (b) compute and certify
to the amount and kind of benefits payable to Participants and their Beneficiaries; (c) maintain
all records that may be necessary for the administration of the Plan; (d) promulgate, administer
and enforce such rules for the regulation of the Plan and procedures for the administration of the
Plan as are not inconsistent with the terms hereof; and (e) appoint a plan administrator or any
other agent, and to delegate to them such powers and duties in connection with the administration
of the Plan as the Committee may from time to time prescribe.

No member of the Committee shall be personally liable by reason of any contract or other
instrument executed by such member or on his or her behalf in his or her capacity as a member of
the Committee nor for any mistake of judgment made in good faith, and the Corporation shall
indemnify and hold harmless each member of the Committee, and each employee, officer, or director
of the Corporation or any of its subsidiaries to whom any duty or power relating to the
administration or interpretation of the Plan may be delegated, against any cost or expense
(including counsel fees) or liability (including any sum paid in settlement of a claim with the
approval of the Board of Directors) arising out of any act or omission to act in connection with
the Plan unless arising out of such person’s own fraud or bad faith.

	13.	 	Amendment or Termination

The Board of Directors may, with prospective or retroactive effect, amend, suspend or
terminate the Plan or any portion thereof at any time; provided, however, that no amendment of the
Plan shall deprive any Participant of any rights to receive payment of any amounts or shares of
Common Stock due him or her under the terms of the Plan as in effect prior to such amendment
without his or her written consent. Notwithstanding the preceding sentence, to the extent
permitted by the Section 409A Rules, the Corporation may provide that upon termination of the Plan,
all Account balances of the Participants shall be distributed, subject to and in accordance with
any rules established by the Corporation deemed necessary to comply with the applicable
requirements and limitations under the Section 409A Rules.

Any amendment that the Board of Directors would be permitted to make pursuant to the preceding
paragraph may also be made by the Committee where appropriate to facilitate the administration of
the Plan or to comply with applicable law or any applicable rules and regulations of governing
authorities, provided that the cost of the Plan to the Corporation is not materially increased by
such amendment.

	14.	 	Successor Corporation

The obligations of the Corporation under the Plan shall be binding upon any successor
corporation or organization resulting from the merger, consolidation or other reorganization of the
Corporation, or upon any successor corporation or organization succeeding to substantially all of
the assets and business of the Corporation. The Corporation agrees that it will make appropriate
provision for the preservation of Participants’ rights under the Plan in any agreement or plan
which it may enter into or adopt to effect any such merger, consolidation, reorganization or
transfer of assets.

	15.	 	Construction

If any provision of this Plan shall be held by a court of competent jurisdiction to be invalid
or unenforceable, the rest of the provisions of this Plan shall nevertheless remain in full force
and effect. A Participant’s election form for a Plan Year may be executed in one or more
counterparts (including by facsimile and e-mail), each of which shall be deemed to be an original,
but all of which when taken together shall constitute one and the same instrument. Whenever any
words are used herein in the masculine, they shall be construed as though they were in the feminine
in all cases where they would so apply; and whenever any words are used herein in the singular or
in the plural, they shall be construed as though they were used in the plural or the singular, as
the case may be, in all cases where they would so apply. The captions of the sections and
paragraphs of this Plan are for convenience only and shall not control or affect the meaning or
construction of any of its provisions.

Any reference to a particular provision of the Code or a regulation issued under the Code
shall be deemed to automatically include any successor provision.

	16.	 	Indemnification for Section 409A Taxes and Penalties

If any payment or distribution by, or on behalf of, the Corporation to or for the benefit of a
Participant (or Beneficiary) is subject to, or the Participant (or Beneficiary) is notified by the
Internal Revenue Service that he or she is or will be subject to, a penalty taxes imposed by
Section 409A of the Code or if any interest or penalties are incurred by the Participant (or
Beneficiary) with respect to such penalty taxes (such penalty taxes together with any such interest
and penalties, are hereinafter collectively referred to as the “Section 409A Tax”), then the
Participant (or Beneficiary) shall be entitled to receive an additional payment (a “Section 409A
Gross-Up Payment”) in an amount such that after payment by Participant (or Beneficiary) of all
Section 409A Tax and all income taxes (and any interest and penalties imposed with respect thereto)
imposed upon the Section 409A Gross-Up Payment, the Participant (or Beneficiary) retains an amount
of the 409A Gross-Up Payment equal to the Section 409A Tax imposed upon the Payment; provided,
however, that the Corporation shall only be responsible to make a Section 409A Gross-Up Payment
with respect to the Section 409A Tax if the Section 409A Tax relates to or results from (i) the
Corporation’s failure to operate a “nonqualified deferred compensation plan” (as such term is
defined in the Section 409A Rules) (a “NQDC”) in compliance with the Section 409A Rules on and
after January 1, 2005; or (ii) the lack of compliance of any Corporation NQDC document or
documentation with the Section 409A Rules; or (iii) the payment or distribution by the Corporation
(or by any Corporation NQDC) of any NQDC amount if such payment or distribution is not in
compliance with the Section 409A Rules. For the avoidance of doubt, the Corporation shall not be
responsible to make any Section 409A Gross-Up Payment if, (1) after a timely notice or request by
the Corporation to the Participant (or Beneficiary), the Participant (or Beneficiary) refuses or
fails to make a timely election to alter the timing of payment or distribution or (2) the
Participant, in his or her capacity as a Director, causes the Corporation to take any action, or
causes the Corporation to fail to take any action, which causes the Participant (or Beneficiary) to
be subject to a Section 409A Tax.

Determinations required to be made on the amount of the Section 409A Gross-Up Payment and the
assumptions to be utilized in arriving at such determination, shall be made by a certified public
accounting firm selected by the Corporation (the “Accounting Firm”) which shall provide detailed
supporting calculations both to the Corporation and the Participant (or Beneficiary) within thirty
(30) business days of the receipt of notice from the Participant (or Beneficiary) that he or she is
subject to a Section 409A Tax, or such earlier time as is reasonably requested by the Corporation.
All fees and expenses of the Accounting Firm shall be borne solely by the Corporation. Any Section
409A Gross-Up Payment, as determined pursuant to this Section, shall be paid by the Corporation to
the Participant (or Beneficiary) within thirty (30) days of the receipt of the Accounting Firm’s
determination, but in no event later than the last day of the year following the year in which the
Participant (or Beneficiary) remits the related taxes. Any determination by the Accounting Firm
shall be binding upon the Corporation and the Participant (or Beneficiary).

	17.	 	Governing Law

The provisions of the Plan shall be governed by and construed in accordance with the internal
laws of the State of New York, and without regard to its conflict of laws provisions.
Notwithstanding the foregoing, the Plan shall be governed and construed in a manner consistent with
the Section 409A Rules which shall take precedent over any laws of the State of New York which are
inconsistent with the Section 409A Rules.

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