Document:

EX-10.K.XII

 

			
	ARROW ELECTRONICS, INC.
	 	FORM 10-K – EXHIBIT 10(k)(xii)

     EMPLOYMENT AGREEMENT made as of the 1st day of March, 2004 by and between ARROW
ELECTRONICS, INC., a New York corporation with its principal office at 50 Marcus Drive, Melville,
New York 11747 (the “Company”), and SUSAN M. SUVER, residing at 18 Gloria Lane, Huntington, New
York 11743 (the “Executive”).

     WHEREAS, the Executive is now and has been employed by the Company as Vice President, Global
Human Resources, with the responsibilities and duties of an executive officer of the Company; and

     WHEREAS, the Company and the Executive wish to provide for the continued employment of the
Executive as an employee of the Company and for her to continue to render services to the Company
on the terms set forth in, and in accordance with the provisions of, this Employment Agreement (the
“Agreement”) which Employment Agreement shall supersede and replace any employment agreement
entered into prior to the date hereof;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the
parties agree as follows:

     1. Employment and Duties.

          a) Employment. The Company hereby employs the Executive for the Employment Period
defined in Paragraph 3, to perform such duties for the Company, its subsidiaries and affiliates and
to hold such offices as may be specified from time to time by the Company’s Board of Directors,
subject to the following provisions of this Agreement. The Executive hereby accepts such
employment.

          b) Duties and Responsibilities. It is contemplated that the Executive will be Vice
President, Global Human Resources of the Company, but the Board of Directors shall have the right
to adjust the duties, responsibilities, and title of the Executive as the Board of Directors may
from time to time deem to be in the interests of the Company (provided, however, that during the
Employment Period, without the consent of the Executive, she shall not be assigned any titles,
duties or responsibilities which, in the aggregate, represent a material diminution in, or are
materially inconsistent with, her prior title, duties, and responsibilities as Vice President,
Global Human Resources).

          If the Board of Directors does not either continue the Executive in the office of Vice
President, Global Human Resources or elect her to some other executive office

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 satisfactory to the
Executive, the Executive shall have the
right to decline to give further service to the Company and shall have the rights and obligations
which would accrue to her under Paragraph 6 if she were discharged without cause. If the Executive
decides to exercise such right to decline to give further service, she shall within forty-five days
after such action or omission by the Board of Directors give written notice to the Company stating
her objection and the action she thinks necessary to correct it, and she shall permit the Company
to have a forty-five day period in which to correct its action or omission. If the Company makes a
correction satisfactory to the Executive, the Executive shall be obligated to continue to serve the
Company. If the Company does not make such a correction, the Executive’s rights and obligations
under Paragraph 6 shall accrue at the expiration of such forty-five day period.

          c) Time Devoted to Duties. The Executive shall devote all of her normal business time
and efforts to the business of the Company, its subsidiaries and its affiliates, the amount of such
time to be sufficient, in the reasonable judgment of the Board of Directors, to permit her
diligently and faithfully to serve and endeavor to further their interests to the best of her
ability.

     2. Compensation.

          a) Monetary Remuneration and Benefits. During the Employment Period, the Company
shall pay to the Executive for all services rendered by her in any capacity:

     i. a minimum base salary of $250,000 per year (payable in accordance with the Company’s
then prevailing practices, but in no event less frequently than in equal monthly installments),
subject to increase if the Board of Directors of the Company in its sole discretion so determines;
provided that, should the company institute a company-wide pay cut/furlough program, such salary
may be decreased by up to 15%, but only for as long as said company-wide program is in effect;

     ii. such additional compensation by way of salary or bonus or fringe benefits as the Board of
Directors of the Company in its sole discretion shall authorize or agree to pay, payable on such
terms and conditions as it shall determine; and

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     iii. such employee benefits that are made available by the Company to its other executives
generally.

          b) Annual Incentive Payment. The Executive shall participate in the Company’s
Management Incentive Plan (or such alternative, successor, or replacement plan or program in which
the Company’s principal operating executives, other than the Chief Executive Officer, generally
participate) and shall have a targeted incentive thereunder of not less than $125,000 per annum;
provided, however, that the Executive’s actual incentive payment in any year shall be measured by
the Company’s performance against goals established for that year and that such performance may
produce an incentive payment ranging from none to twice the targeted amount. The Executive’s
incentive payment for any year will be appropriately pro-rated to reflect a partial year of
employment.

          c) Supplemental Executive Retirement Plan. The Executive shall participate in the
Company’s Unfunded Pension Plan for Selected Executives (the “SERP”).

          d) Automobile. During the Employment Period, the Company will pay the Executive a
monthly automobile allowance of $850.

          e) Expenses. During the Employment Period, the Company agrees to reimburse the
Executive, upon the submission of appropriate vouchers, for out-of-pocket expenses (including,
without limitation, expenses for travel, lodging and entertainment) incurred by the Executive in
the course of her duties hereunder.

          f) Office and Staff. The Company will provide the Executive with an office, secretary
and such other facilities as may be reasonably required for the proper discharge of her duties
hereunder.

          g) Indemnification. The Company agrees to indemnify the Executive for any and all
liabilities to which she may be subject as a result of her employment hereunder (and as a result of
her service as an officer or director of the Company, or as an officer or director of any of its
subsidiaries or affiliates), as well as the costs of any legal action brought or threatened against
her as a result of such employment, to the fullest extent permitted by law.

          h) Participation in Plans. Notwithstanding any other provision of this Agreement, the
Executive shall have the right to participate in any and all of the plans or programs

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made available by the Company (or it subsidiaries, divisions or affiliates) to, or for the benefit
of, executives (including the annual stock option and restricted stock grant programs) or employees
in general, on a basis consistent with other senior executives.

     3. The Employment Period.

          The “Employment Period,” as used in the Agreement, shall mean the period beginning as of the
date hereof and terminating on the last day of the calendar month in which the first of the
following occurs:

          a) the death of the Executive;

          b) the disability of the Executive as determined in accordance with Paragraph 4 hereof and
subject to the provisions thereof;

          c) the termination of the Executive’s employment by the Company for cause in accordance with
Paragraph 5 hereof; or

          d) February 28, 2006; provided, however, that, unless sooner terminated as otherwise provided
herein, the Employment Period shall automatically be extended for one or more twelve (12) month
periods beyond the then scheduled expiration date thereof unless between the 18th and 12th month
preceding such scheduled expiration date either the Company or the Executive gives the other
written notice of its or her election not to have the Employment Period so extended.

     4. Disability.

          For purposes of this Agreement, the Executive will be deemed “disabled” upon the earlier to
occur of (i) her becoming disabled as defined under the terms of the disability benefit program
applicable to the Executive, if any, and (ii) her absence from her duties hereunder on a full-time
basis for one hundred eighty (180) consecutive days as a result of her incapacity due to accident
or physical or mental illness. If the Executive becomes disabled (as defined in the preceding
sentence), the Employment Period shall terminate on the last day of the month in which such
disability is determined. Until such termination of the Employment Period, the Company shall
continue to pay to the Executive her base salary, any additional compensation authorized by the
Company’s Board of Directors, and other remuneration and benefits provided in accordance with
Paragraph 2 hereof, all without delay, diminution or proration of any kind whatsoever (except that
her remuneration hereunder shall be reduced by the amount of any payments she may otherwise receive
as a result of her disability pursuant to a disability

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program provided by or through the Company),
and her medical
benefits and life insurance shall remain in full force. After termination of the Employment Period
as a result of the disability of the Executive, the medical benefits covering the Executive and her
family shall remain in place (subject to the eligibility requirements and other conditions
continued in the underlying plan, as described in the Company’s employee benefits manual, and
subject to the requirement that the Executive continue to pay the “employee portion” of the cost
thereof), and the Executive’s life insurance policy under the Management Insurance Program shall be
transferred to her, as provided in the related agreement, subject to the obligation of the
Executive to pay the premiums therefor.

          In the event that, notwithstanding such a determination of disability, the Executive is
determined not to be totally and permanently disabled prior to the then scheduled expiration of the
Employment Period, the Executive shall be entitled to resume employment with the Company under the
terms of this Agreement for the then remaining balance of the Employment Period.

     5. Termination for Cause.

          In the event of any malfeasance, willful misconduct, active fraud or gross negligence by the
Executive in connection with her employment hereunder, the Company shall have the right to
terminate the Employment Period by giving the Executive notice in writing of the reason for such
proposed termination. If the Executive shall not have corrected such conduct to the satisfaction
of the Company within thirty days after such notice, the Employment Period shall terminate and the
Company shall have no further obligation to the Executive hereunder but the restriction on the
Executive’s activities contained in Paragraph 7 and the obligations of the Executive contained in
Paragraphs 8(b) and 8(c) shall continue in effect as provided therein.

     6. Termination Without Cause.

          In the event that the Company discharges the Executive without cause, the Executive shall be
entitled to the salary provided in Paragraph 2(a), two-thirds of the targeted incentive provided in
Paragraph 2(b), the vesting of any restricted stock awards and the immediate exercisability of any
stock options, as well as her rights under Paragraph 4, which would have vested or become
exercisable during the full Employment Period (which, in that event, shall continue until the then
scheduled expiration of the Employment Period unless sooner terminated by the Executive’s
disability or death). Any Amounts payable to the Executive under this Paragraph 6 shall be reduced
by the amount

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of the Executive’s earnings from other employment (which the Executive shall have an
affirmative duty to seek; provided,
however, that the Executive shall not be obligated to accept a new position which is not reasonable
comparable to her employment with the Company).

     7. Non-Competition; Trade Secrets.

          During the Employment Period and for a period of one year after the termination of the
Employment Period, the Executive will not, directly or indirectly:

          a) Disclosure of Information. Use, attempt to use, disclose or otherwise make known
to any person or entity (other than to the Board of Directors of the Company or otherwise in the
course of the business of the Company, its subsidiaries or affiliates and except as may be required
by applicable law):

     i. any knowledge or information, including, without limitation, lists of customers or
suppliers, trade secrets, know-how, inventions, discoveries, processes and formulae, as well as all
data and records pertaining thereto, which she may acquire in the course of her employment, in any
manner which may be detrimental to or cause injury or loss to the Company, its subsidiaries or
affiliates; or

     ii. any knowledge or information of a confidential nature (including all unpublished matters)
relating to, without limitation, the business, properties, accounting, books and records, trade
secrets or memoranda of the Company, its subsidiaries or affiliates, which she now knows or may
come to know in any manner which may be detrimental to or cause injury or loss to the Company, its
subsidiaries or affiliates.

          b) Non-Competition. Engage or become interested in the United States, Canada or
Mexico (whether as an owner, shareholder, partner, lender or other investor, director, officer,
employee, consultant or otherwise) in the business of distributing electronic parts, components,
supplies or systems, or any other business that is competitive with the principal business or
businesses then conducted by the Company, its subsidiaries or affiliates (provided, however, that
nothing contained herein shall prevent the Executive from acquiring or owning less than 1% of the
issued and outstanding capital stock or debentures of a corporation whose securities are listed on
the New York Stock Exchange, American Stock Exchange, or the National Association of Securities
Dealers Automated Quotation

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System, if such investment is otherwise permitted by the Company’s
Human Resource and Conflict of Interest policies);

          c) Solicitation. Solicit or participate in the solicitation of any business of any
type conducted by the Company, its subsidiaries or affiliates, during said term or thereafter, from
any person, firm or other entity which was or at the time is a supplier or customer, or prospective
supplier or customer, of the Company, its subsidiaries or affiliates; or

          d) Employment. Employ or retain, or arrange to have any other person, firm or other
entity employ or retain, or otherwise participate in the employment or retention of, any person who
was an employee or consultant of the Company, its subsidiaries or affiliates, at any time during
the period of twelve consecutive months immediately preceding such employment or retention.

              The Executive will promptly furnish in writing to the Company, its subsidiaries or affiliates,
any information reasonably requested by the Company (including any third party confirmations) with
respect to any activity or interest the Executive may have in any business.

              Except as expressly herein provided, nothing contained herein is intended to prevent the
Executive, at any time after the termination of the Employment Period, from either (i) being
gainfully employed or (ii) exercising her skills and abilities outside of such geographic areas,
provided in either case the provisions of this Agreement are complied with.

     8. Preservation of Business.

          a) General. During the Employment Period, the Executive will use her best efforts to
advance the business and organization of the Company, its subsidiaries and affiliates, to keep available to the Company, its subsidiaries and affiliates, the services of present and future
employees and to advance the business relations with its suppliers, distributors, customers and others.

          b) Patents and Copyrights, etc. The Executive agrees, without additional
compensation, to make available to the Company all knowledge possessed by her relating to any
methods, developments, inventions, processes, discoveries and/or improvements (whether patented,
patentable or unpatentable) which concern in any way the business of the Company, its subsidiaries
or affiliates, whether acquired by the Executive before or during her employment hereunder.

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              Any methods, developments, inventions, processes, discoveries and/or improvements (whether
patented, patentable or
unpatentable) which the Executive may conceive of or make, related directly or indirectly to the
business or affairs of the Company, its subsidiaries or affiliates, or any part thereof, during the
Employment Period, shall be and remain the property of the Company. The Executive agrees promptly
to communicate and disclose all such methods, developments, inventions, processes, discoveries
and/or improvements to the Company and to execute and deliver to it any instruments deemed
necessary by the Company to effect the disclosure and assignment thereof to it. The Executive also
agrees, on request and at the expense of the Company, to execute patent applications and any other
instruments deemed necessary by the Company for the prosecution of such patent applications or the
acquisition of Letters Patent in the United States or any other country and for the assignment to
the Company of any patents which may be issued. The Company shall indemnify and hold the Executive
harmless from any and all costs, expenses, liabilities or damages sustained by the Executive by
reason of having made such patent applications or being granted such patents.

              Any writings or other materials written or produced by the Executive or under her supervision
(whether alone or with others and whether or not during regular business hours), during the
Employment Period which are related, directly or indirectly, to the business or affairs of the
Company, its subsidiaries or affiliates, or are capable of being used therein, and the copyright
thereof, common law or statutory, including all renewals and extensions, shall be and remain the
property of the Company. The Executive agrees promptly to communicate and disclose all such
writings or materials to the Company and to execute and deliver to it any instruments deemed
necessary by the Company to effect the disclosure and assignment thereof to it. The Executive
further agrees, on request and at the expense of the Company, to take any and all action deemed necessary by the Company to obtain copyrights or other protections for such writings or other
materials or to protect the Company’s right, title and interest therein. The Company shall
indemnify and hold the Executive harmless from any and all costs, expenses, liabilities or damages
sustained by the Executive by reason of the Executive’s compliance with the Company’s request.

          c) Return of Documents. Upon the termination of the Employment Period, including any
termination of employment described in Paragraph 6, the Executive will promptly return to the
Company all copies of information protected by Paragraph 7(a) hereof or pertaining to matters
covered by subparagraph (b) of this Paragraph 8 which are in her possession, custody or control,
whether prepared by her or others.

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     9. Separability.

          The Executive agrees that the provisions of Paragraphs 7 and 8 hereof constitute independent
and separable covenants which shall survive the termination of the Employment Period and which
shall be enforceable by the Company notwithstanding any rights or remedies the Executive may have
under any other provisions hereof. The Company agrees that the provisions of Paragraph 6 hereof
constitute independent and separable covenants which shall survive the termination of the
Employment Period and which shall be enforceable by the Executive notwithstanding any rights or
remedies the Company may have under any other provisions hereof.

     10. Specific Performance.

          The Executive acknowledges that (i) the services to be rendered under the provisions of this
Agreement and the obligations of the Executive assumed herein are of a special, unique and
extraordinary character; (ii) it would be difficult or impossible to replace such services and
obligations; (iii) the Company, its subsidiaries and affiliates will be irreparably damaged if the
provisions hereof are not specifically enforced; and (iv) the award of monetary damages will not
adequately protect the Company, its subsidiaries and affiliates in the event of a breach hereof by
the Executive. The Company acknowledges that (i) the Executive will be irreparably damaged if the
provisions of Paragraphs 6 hereof are not specifically enforced and (ii) the award of monetary
damages will not adequately protect the Executive in the event of a breach thereof by the Company.
By virtue thereof, the Executive agrees and consents that if she violates any of the provisions of
this Agreement, and the Company agrees and consents that if it violates any of the provisions of
Paragraphs 6 hereof, the other party, in addition to any other rights and remedies available under
this Agreement or otherwise, shall (without any bond or other security being required and without
the necessity of proving monetary damages) be entitled to a temporary and/or permanent injunction
to be issued by a court of competent jurisdiction restraining the breaching party from committing
or continuing any violation of this Agreement, or any other appropriate decree of specific
performance. Such remedies shall not be exclusive and shall be in addition to any other remedy
which any of them may have.

     11. Miscellaneous.

          a) Entire Agreement; Amendment. This Agreement constitutes the whole employment
agreement between the parties

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and may not be modified, amended or terminated except by a written instrument executed by the
parties hereto. It is
specifically agreed and understood, however, that the provisions of that certain letter agreement
dated as of June 1, 2004 granting to the Executive extended separation benefits in the event of a
change in control of the Company shall survive and shall not be affected hereby. All other
agreements between the parties pertaining to the employment or remuneration of the Executive not
specifically contemplated hereby or incorporated or merged herein are terminated and shall be of no
further force or effect.

          b) Assignment. Except as stated below, this Agreement is not assignable by the
Company without the written consent of the Executive, or by the Executive without the written
consent of the Company, and any purported assignment by either party of such party’s rights and/or
obligations under this Agreement shall be null and void; provided, however, that, notwithstanding
the foregoing, the Company may merge or consolidate with or into another corporation, or sell all
or substantially all of its assets to another corporation or business entity or otherwise
reorganize itself, provided the surviving corporation or entity, if not the Company, shall assume
this Agreement and become obligated to perform all of the terms and conditions hereof, in which
event the Executive’s obligations shall continue in favor of such other corporation or entity.

          c) Waivers, etc. No waiver of any breach or default hereunder shall be considered
valid unless in writing, and no such waiver shall be deemed a waiver of any subsequent breach or
default of the same or similar nature. The failure of any party to insist upon strict adherence to
any term of this Agreement on any occasion shall not operate or be construed as a waiver of the
right to insist upon strict adherence to that term or any other term of this Agreement on that or
any other occasion.

          d) Provisions Overly Broad. In the event that any term or provision of this Agreement
shall be deemed by a court of competent jurisdiction to be overly broad in scope, duration or area
of applicability, the court considering the same shall have the power and hereby is authorized and
directed to modify such term or provision to limit such scope, duration or area, or all of them, so
that such term or provision is no longer overly broad and to enforce the same as so limited.
Subject to the foregoing sentence, in the event any provision of this Agreement shall be held to be
invalid or unenforceable for any reason, such invalidity or unenforceability shall attach only to
such provision and shall not affect or render invalid or unenforceable any other provision of this
Agreement.

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          e) Notices. Any notice permitted or required hereunder shall be in writing and shall
be deemed to have been given on the date of delivery or, if mailed by registered or certified mail,
postage prepaid, on the date of mailing:

	 	 	 	 	 	 	 
	 	 	i.	 	if to the Executive to:
	 
	 	 	 	 	 	 
	 	 	 	 	Susan M. Suver
	 	 	 	 	18 Gloria Lane
	 	 	 	 	Huntington, NY 11743
	 
	 	 	 	 	 	 
	 	 	ii.	 	if to the Company to:
	 
	 	 	 	 	 	 
	 	 	 	 	Arrow Electronics, Inc.
	 	 	 	 	50 Marcus Drive
	 	 	 	 	Melville, New York 11747
	 	 	 	 	Attention:    Peter S. Brown
	 

	 	 	 	 	 	    Senior Vice
President and General Counsel

Either party may, by notice to the other, change her or its address for notice hereunder.

          f) New York Law. This Agreement shall be construed and governed in all respects by
the internal laws of the State of New York, without giving effect to principles of conflicts of
law.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first
above written.

	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	ARROW ELECTRONICS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Wayne Brody

	 	 
	 	By:
	 	/s/ Peter S. Brown
	 	 
	 

	 	 	 	 	 	 	 	 
	Assistant Secretary

	 	 	 	 	 	Peter S. Brown	 	 
	 

	 	 	 	 	 	Senior Vice President &	 	 
	 

	 	 	 	 	 	   General Counsel	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	THE EXECUTIVE	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	/s/ Susan Suver	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Susan M. Suver	 	 

- 11 -EX-10.O.XIV

 

	 	 	 
	ARROW ELECTRONICS, INC.

	 	FORM 10-K — EXHIBIT 10 (o) (xiv)
	 
	 	 
	 

	 	Execution Copy

AMENDMENT
NO. 13 TO TRANSFER AND ADMINISTRATION AGREEMENT

          AMENDMENT NO. 13 TO TRANSFER AND ADMINISTRATION AGREEMENT, dated as of February 13, 2006 (this
“Amendment”), to that certain Transfer and Administration Agreement dated as of March 21,
2001, as amended by Amendment No. 1 to Transfer and Administration Agreement dated as of November
30, 2001, Amendment No. 2 to Transfer and Administration Agreement dated as of December 14, 2001,
Amendment No. 3 to Transfer and Administration Agreement dated as of March 20, 2002, Amendment No.
4 to Transfer and Administration Agreement dated as of March 29, 2002, Amendment No. 5 to Transfer
and Administration Agreement dated as of May 22, 2002, Amendment No. 6 and Limited Waiver to
Transfer and Administration Agreement dated as of September 27, 2002, Amendment No. 7 to Transfer
and Administration Agreement dated as of February 19, 2003, Amendment No. 8 to Transfer and
Administration Agreement dated as of April 14, 2003, Amendment No. 9 to Transfer and Administration
Agreement dated as of August 13, 2003, Amendment No. 10 to Transfer and Administration Agreement
dated as of February 18, 2004, Amendment No. 11 to Transfer and Administration Agreement dated as
of August 13, 2004 and Amendment No. 12 to Transfer and Administration Agreement dated as of
February 14, 2005 (as so amended and in effect, the “TAA”), by and among Arrow Electronics
Funding Corporation, a Delaware corporation (the “SPV”), Arrow Electronics, Inc., a New
York corporation, individually (“Arrow”) and as the initial Master Servicer, the several
commercial paper conduits identified on Schedule A to the TAA and their respective permitted
successors and assigns (the “Conduit Investors”; each individually, a “Conduit
Investor”), the agent bank set forth opposite the name of each Conduit Investor on such
Schedule A and its permitted successors and assigns (each a “Funding Agent”) with respect
to such Conduit Investor, and Bank of America, National Association, a national banking
association, as the administrative agent for the Investors (the “Administrative Agent”),
and the financial institutions from time to time parties thereto as Alternate Investors.
Capitalized terms used and not otherwise defined herein have the meanings assigned to such terms in
the TAA.

PRELIMINARY STATEMENTS:

          WHEREAS, the SPV, Arrow, the Conduit Investors, the Funding Agents, the Alternate Investors
and the Administrative Agent have entered into the TAA;

          WHEREAS, the SPV and Arrow have requested that the Conduit Investors, the Funding Agents, the
Alternate Investors and the Administrative Agent agree to make certain changes and amendments to
the TAA;

          WHEREAS, subject to the terms and conditions set forth herein, the Conduit Investors, the
Alternate Investors, the Funding Agents and the Administrative Agent are willing to make such
changes and amendments to the TAA; and

 

 

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          NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

          SECTION 1. Amendments to the TAA. Effective as of the date hereof and subject to the
satisfaction of the conditions precedent set forth in Section 3 hereof, the TAA is hereby amended
as follows:

               Section 1.1. Section 1.1 is amended by amending and restating the definition of “Commitment
Termination Date,” such definition to read in its entirety as follows:

“Commitment Termination Date” means the earliest to occur of (a) February
19, 2008, (b) the date the commitment of any Program Support Provider terminates
under any Program Support Agreement, and (c) the date of termination of any Program
Support Agreement; provided, that in any event the Commitment Termination
Date shall not occur prior to February 12, 2007 (or such later date as to which the
SPV, Arrow, each Conduit Investor, Funding Agent and Alternate Investor affected
thereby and the Administrative Agent may agree in writing).

               Section 1.2. Section 2.14 is amended by adding the following sentence to the end of such
section:

“Any amounts distributable to the SPV and not allocated pursuant to this Section
2.14, may, at the option of the SPV, be invested in Eligible Investments or in
direct obligations of (including obligations issued or held in book entry form on
the books of) the Department of the Treasury of the United States of America.”

               Section 1.3. Subsection 8.1 is amended by amending and restating clause (n) thereof, such
clause to read in its entirety as follows:

          “(n) the Consolidated Leverage Ratio on any day during any fiscal quarter set forth below
exceeds the ratio set forth below opposite such fiscal quarter:

	 	 	 
	Fiscal Quarter	 	Consolidated Leverage Ratio
	March 31, 2006
	 	6.00 to 1.00
	June 30, 2006
	 	5.00 to 1.00
	September 30, 2006
	 	5.00 to 1.00
	December 31, 2006
	 	5.00 to 1.00
	March 31, 2007
	 	5.00 to 1.00
	June 30, 2007
	 	5.00 to 1.00
	September 30, 2007
	 	5.00 to 1.00
	December 31, 2007 and
	 	4.00 to 1.00

 

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          thereafter

          ; or”

               Section 1.4. Subsection 8.1 is amended by amending and restating clause (o) thereof, such
clause to read in its entirety as follows:

          “(o) the Consolidated Interest Coverage Ratio for any period of four consecutive fiscal
quarters of Arrow ending with any fiscal quarter set forth below is less than the ratio set forth
below opposite such fiscal quarter:

	 	 	 
	 	 	Consolidated Interest
	Fiscal Quarter	 	Coverage Ratio
	March 31, 2006
	 	2.5 to 1.00
	June 30, 2006
	 	2.5 to 1.00
	September 30, 2006
	 	2.5 to 1.00
	December 31, 2006
	 	2.5 to 1.00
	March 31, 2007
	 	2.5 to 1.00
	June 30, 2007
	 	2.5 to 1.00
	September 30, 2007
	 	2.5 to 1.00
	December 31, 2007 and
	 	3.0 to 1.00
	thereafter
	 	 

               ; or”

               Section 1.5. Schedule IV to the TAA is amended by amending and restating the table contained
therein, such table to read in its entirety as follows:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Program Fee
	 	 	 	 	 	 	Rate (Per Annum)
	 	 	 	 	 	 	(prior to an
	Rating	 	Facility Fee	 	Accounting Based
	S&P/Moody’s	 	Rate (Per Annum)	 	Consolidation Event)
	Greater than or equal to A-/A3
	 	 	0.125	%	 	 	0.175	%
	BBB+/Baa1
	 	 	0.125	%	 	 	0.175	%
	BBB/Baa2
	 	 	0.150	%	 	 	0.225	%
	BBB-/Baa3
	 	 	0.175	%	 	 	0.300	%
	BB+/Ba1
	 	 	0.200	%	 	 	0.450	%

 

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	 	 	 	 	 	 	Program Fee
	 	 	 	 	 	 	Rate (Per Annum)
	 	 	 	 	 	 	(prior to an
	Rating	 	Facility Fee	 	Accounting Based
	S&P/Moody’s	 	Rate (Per Annum)	 	Consolidation Event)
	BB/Ba2
	 	 	0.300	%	 	 	0.550	%
	BB-/Ba3
	 	 	0.300	%	 	 	0.750	%
	Less than BB-/Ba3 or not rated
by each of S&P and Moody’s
	 	Base Rate	 	 	0.000	%

          SECTION 2. Representations and Warranties of the SPV and Arrow. To induce the Conduit
Investors, Alternate Investors, the Funding Agents and the Administrative Agent to enter into this
Amendment, the SPV and Arrow each makes the following representations and warranties (which
representations and warranties shall survive the execution and delivery of this Amendment) as of
the date hereof, after giving effect to the amendments set forth herein:

               Section 2.1. Authority. The SPV and Arrow each has the requisite corporate power,
authority and legal right to execute and deliver this Amendment and to perform its obligations
hereunder and under the Transaction Documents, including the TAA (as modified hereby). The
execution, delivery and performance by the SPV and Arrow of this Amendment and their performance of
the Transaction Documents, including the TAA (as modified hereby), have been duly approved by all
necessary corporate action and no other corporate proceedings are necessary to consummate such
transactions.

               Section 2.2. Enforceability. This Amendment has been duly executed and delivered by
the SPV and Arrow. This Amendment is the legal, valid and binding obligation of the SPV and Arrow,
enforceable against the SPV and Arrow in accordance with its terms, subject to applicable
bankruptcy, insolvency, moratorium or other similar laws affecting the rights of creditors
generally and the application of general principles of equity (regardless of whether considered in
a proceeding at law or in equity). The making and delivery of this Amendment and the performance
of the Agreement, as amended by this Amendment, do not violate any provision of law or any
regulation (except to the extent that the violation thereof could not, in the aggregate, be
expected to have a Material Adverse Effect or a material adverse effect on the condition (financial
or otherwise), business or properties of Arrow and the other Originators, taken as a whole), or its
charter or by-laws, or result in the breach of or constitute a default under or require any consent
under any indenture or other agreement or instrument to which it is a party or by which it or any
of its properties may be bound or affected.

               Section 2.3. Representations and Warranties. The representations and warranties
contained in the Transaction Documents are true and correct on and as of the date hereof as though
made on and as of the date hereof after giving effect to this Amendment.

               Section 2.4. No Termination Event. After giving effect to this Amendment, no event
has occurred and is continuing that constitutes a Termination Event or a Potential Termination
Event.

 

-5-

          SECTION 3. Conditions Precedent. This Amendment shall become effective, as of the
date hereof, on the date on which the following conditions precedent shall have been fulfilled:

               Section 3.1. This Amendment. The Administrative Agent shall have received counterparts
of this Amendment, duly executed by each of the parties hereto.

               Section 3.2. Additional Documents. The Administrative Agent shall have received all
additional approvals, certificates, documents, instruments and items of information as the
Administrative Agent may reasonably request and all of the foregoing shall be in form and substance
reasonably satisfactory to the Administrative Agent and each Funding Agent.

               Section 3.3. Amendment Fee. Each of the Funding Agents shall have received payment of
an amendment fee equal to (i) 0.05% multiplied by (ii) the sum of the Commitments
of the related Alternate Investors and divided by (iii) 1.02.

          SECTION 4. References to and Effect on the Transaction Documents.

               Section 4.1. Except as specifically amended and modified hereby, each Transaction Document is
and shall continue to be in full force and effect and is hereby in all respects ratified and
confirmed.

               Section 4.2. The execution, delivery and effectiveness of this Amendment shall not operate as
a waiver of any right, power or remedy of any Investor, Funding Agent or the Administrative Agent
under any Transaction Document, nor constitute a waiver, amendment or modification of any provision
of any Transaction Document, except as expressly provided in Section 1 hereof.

               Section 4.3. This Amendment contains the final and complete integration of all prior
expressions by the parties hereto with respect to the subject matter hereof and shall constitute
the entire agreement among the parties hereto with respect to the subject matter hereof superseding
all prior oral or written understandings.

               Section 4.4. Each reference in the TAA to “this Agreement”, “hereunder”, “hereof” or words of
like import, and each reference in any other Transaction Document to “the Transfer and
Administration Agreement”, “thereunder”, “thereof” or words of like import, referring to the
Agreement, shall mean and be a reference to the Agreement as amended hereby.

          SECTION 5. Execution in Counterparts. This Amendment may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which taken

 

-6-

together shall constitute but one and the same agreement. Delivery of an executed counterpart
of a signature page to this Amendment by telefacsimile shall be effective as delivery of a manually
executed counterpart of this Amendment.

          SECTION 6. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          SECTION 7. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT
TO HAVE A JURY PARTICIPATE IN RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE, AMONG ANY OF THEM ARISING OUT OF, CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE
RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS AMENDMENT OR ANY OTHER TRANSACTION DOCUMENT.

 

 

          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first above written.

	 	 	 	 	 
	 	Arrow Electronics Funding Corporation,

as SPV

 	 
	 	By:  	/s/ Ira Birns
 	 
	 	 	Name:  	Ira Birns 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	Arrow Electronics, Inc.,

individually and as Master Servicer

 	 
	 	By:  	/s/ Ira Birns
 	 
	 	 	Name:  	Ira Birns 	 
	 	 	Title:  	President 	 
	 

	 	 	 	 	 
	 	Kitty Hawk Funding Corporation,

as a Conduit Investor

 	 
	 	By:  	/s/ Jill A. Gordon
 	 
	 	 	Name:  	Jill A. Gordon 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	Bank of America, National Association,

as a Funding Agent, as Administrative Agent, and as an

Alternate Investor

 	 
	 	By:  	/s/ Christopher G. Young
 	 
	 	 	Name:  	Christopher G. Young 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	Park Avenue Receivables Company LLC,

as a Conduit Investor	 	 
	 
	 	 	 	 	 	 
	 	 	By: JPMorgan Chase Bank, N.A. (formerly known as	 	 
	 	 	JPMorgan Chase Bank), its attorney-in-fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark J. Connor	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Mark Connor

Title: Vice President
	 	 

	 	 	 	 	 
	 	JPMorgan Chase Bank, N.A., 

(formerly known as JPMorgan Chase Bank) as a Funding

Agent and as an Alternate Investor

 	 
	 	By:  	/s/ Mark J. Connor
 	 
	 	 	Name:  	Mark Connor 	 
	 	 	Title:  	Vice President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	 	 	Alpine Securitization Corp., 

as a Conduit Investor	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By: Credit Suisse, New York Branch,

its attorney-in-fact	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Joseph Soave	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Joseph Soave

Title: Director	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Mark Lengel	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Mark Lengel	 	 
	 

	 	 	 	 	 	Title: Director
	 	 

	 	 	 	 	 
	 	Credit Suisse, New York Branch

as a Funding Agent and as an Alternate Investor

 	 
	 	By:  	/s/ Joseph Soave
 	 
	 	 	Name:  	Joseph Soave 	 
	 	 	Title:  	Director 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Mark Lengel
 	 
	 	 	Name:  	Mark Lengel 	 
	 	 	Title:  	Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Liberty Street Funding Corp., 

as a Conduit Investor

 	 
	 	By:  	/s/ Bernard J. Angelo
 	 
	 	 	Name:  	Bernard J. Angelo 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	 	The Bank of Nova Scotia, 

as a Funding Agent and as an Alternate Investor

 	 
	 	By:  	/s/ Norman Last
 	 
	 	 	Name:  	Norman Last 	 
	 	 	Title:  	Managing Director 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Gotham Funding Corporation, 

as a Conduit Investor

 	 
	 	By:  	/s/ R. Douglas Donaldson
 	 
	 	 	Name:  	R. Douglas Donaldson 	 
	 	 	Title:  	Treasurer 	 
	 

	 	 	 	 	 
	 	The Bank of Tokyo-Mitsubishi UFJ, Ltd., New 

York Branch, 

(formerly known as The Bank of Tokyo-Mitsubishi, Ltd., New York Branch) as a Funding Agent

 	 
	 	By:  	/s/ Aditya Reddy
 	 
	 	 	Name:  	Aditya Reddy 	 
	 	 	Title:  	VP 	 
	 

	 	 	 	 	 
	 	The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch ,

(formerly known as The Bank of Tokyo-Mitsubishi, Ltd., New York Branch) as an Alternate Investor

 	 
	 	By:  	/s/ Christopher J. De Lauro
 	 
	 	 	Name:  	Christopher J. De Lauro        	 
	 	 	Title:  	Authorized Signatory 	 

 

 

	 	 	 	 	 

	 	 	 	 	 	 	 	 	 
	 	 	Old Line Funding, LLC, 
as a Conduit Investor	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	 /s/ Kimberly L. Wagner	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: Kimberly L. Wagner	 	 
	 

	 	 	 	 	 	Title: Authorized Signatory
	 	 

	 	 	 	 	 
	 	Royal Bank of Canada

as a Funding Agent and as an Alternate Investor

 	 
	 	By:  	/s/ Robert S. Jones
 	 
	 	 	Name:  	Robert S. Jones        	 
	 	 	Title:  	Authorized Signatory 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Kevin Wilson
 	 
	 	 	Name:  	Kevin Wilson        	 
	 	 	Title:  	Authorized Signatory 	 
	 

	 	 	 	 	 	 	 
	 	 	Variable Funding Capital Company Llc

as a Conduit Investor	 	 
	 
	 	 	 	 	 	 
	 	 	By: Wachovia Capital Markets, LLC, as attorney-in-fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 /s/ Douglas R. Wilson, Sr.	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Douglas R. Wilson, Sr.	 	 
	 

	 	 	 	Title: Vice President
	 	 

	 	 	 	 	 
	 	Wachovia Bank, National Association, 

as a Funding Agent and as an Alternate Investor

 	 
	 	By:  	/s/ William P. Rutkowski
 	 
	 	 	Name:  	William P. Rutkowski 	 
	 	 	Title:  	Vice President

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