Document:

Exhibit 10.3

 

AMENDMENT NO. 1 TO AMENDED AND RESTATED
CREDIT AGREEMENT

 

This AMENDMENT NO.
1 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of August 4, 2020, is made among
AVNET, INC. a New York corporation (the “Company”), AVNET HOLDING EUROPE BVBA (a “Borrower”
and, together with the Company, the “Borrowers”), BANK OF AMERICA, N.A., in its capacity as administrative
agent for the Lenders (as defined in the Credit Agreement described below) (in such capacity, the “Administrative Agent”)
and the Lenders party hereto (each, a “Consenting Lender”). Each capitalized term used and not otherwise defined
in this Amendment has the definition specified in the Amended Credit Agreement described below.

 

RECITALS:

 

A.            The
Borrowers, the Administrative Agent and certain financial institutions party thereto from time to time (the “Lenders”)
have entered into that certain Amended and Restated Credit Agreement dated as of June 28, 2018 (as amended, restated, supplemented
or otherwise modified prior to the date hereof, the “Credit Agreement” and as amended after giving effect to
this Amendment, the “Amended Credit Agreement”), pursuant to which the Lenders have made available to the Borrowers
a senior revolving credit facility.

 

B.             The Company has requested that the Credit Agreement be amended as set forth herein.

 

C.             The
Administrative Agent and the Consenting Lenders are willing to amend the Credit Agreement on the terms and conditions set forth
herein.

 

In consideration of
the premises and further valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

 

Section 1.       Amendments
to Credit Agreement. Subject to the terms and conditions set forth herein and in reliance upon the representations and
warranties set forth herein, as of the Amendment Effective Date (as defined below), the parties hereto hereby agree as follows:

 

(a)            the
Credit Agreement (exclusive of the Schedules and Exhibits thereto) is hereby amended by making the changes attached hereto as
Annex A (with stricken text being deemed deleted and bold/double-underlined
text being deemed added); and

 

(b)            Exhibit D (Compliance Certificate) to the Credit Agreement is hereby amended in its entirety to read in the form
of Annex B attached hereto.

 

Section 2.       Effectiveness;
Conditions Precedent.  This Amendment, and the amendments to the Credit Agreement provided in Section 1 hereof,
shall become effective as of the date on which the following conditions precedent are satisfied or waived (the “Amendment
Effective Date”):

 

(a)            the Administrative Agent shall have received, in form and substance reasonably satisfactory to the Administrative Agent,
at least one fully executed copy of this Amendment, duly executed by each of the Loan Parties, the Administrative Agent and the
Required Lenders;

 

(b)            on
or before the Amendment Effective Date, to the Person to whom such fees are owing, any fees required to be paid pursuant to this
Amendment or the fee letter dated as of the date hereof among the Company, Bank of America and BofA Securities, Inc.; and

 

     

     

    

 

(c)            the Company shall have paid all reasonable and documented fees, charges and disbursements of counsel to the Administrative
Agent (directly to such counsel if requested by the Administrative Agent) to the extent required to be paid pursuant to Section
10.04 and invoiced at least one Business Day prior to the Amendment Effective Date (provided that the Company shall remain
liable for any additional reasonable and documented fees and expenses of such counsel to the Administrative Agent in accordance
with Section 10.04).

 

Without limiting the
generality of the provisions in Article IX of the Credit Agreement, for purposes of determining compliance with the conditions
specified in this Section, each Lender that has signed this Amendment shall be deemed to have consented to, approved or accepted
or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory
to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the date hereof specifying its
objection thereto.

 

Section 3.        Representations and Warranties. In order to induce the Administrative Agent and the Consenting Lenders to enter into
this Amendment, each of the Borrowers represents and warrants to the Administrative Agent and the Lenders as follows:

 

(a)            The
representations and warranties of each Loan Party contained in Article V of the Credit Agreement and in each other Loan
Document to which such Loan Party is a party, or in any document furnished at any time under or in connection herewith or therewith
(including any Designated Borrower Request and Assumption Agreement), are true and correct in all material respects (without duplication
of any materiality qualification included in the terms of any such representation or warranty) on and as of the date hereof, except
to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and
correct in all material respects (without duplication of any materiality qualification included in the terms of any such representation
or warranty) as of such earlier date, and except that for purposes hereof, the representations and warranties contained in subsections
(a) and (b) of Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to subsections
(a) and (b), respectively, of Section 6.01;

 

(b)            This
Amendment has been duly authorized, executed and delivered by each Borrower and constitutes a legal, valid and binding obligation
of each Borrower, enforceable against each Borrower in accordance with its terms, except as may be limited by applicable Debtor
Relief Laws and general principles of equity, regardless of whether considered in a proceeding in equity or at law; and

 

(c)            As of the date hereof, after giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

 

Section 4.      Entire
Agreement. This Amendment, together with all the other Loan Documents (collectively, the “Relevant Documents”),
sets forth the entire understanding and agreement of the parties hereto in relation to the subject matter hereof and supersedes
any prior negotiations and agreements among the parties relating to such subject matter. No promise, condition, representation
or warranty, express or implied, not set forth in the Relevant Documents shall bind any party hereto, and no such party has relied
on any such promise, condition, representation or warranty. Each of the parties hereto acknowledges that, except as otherwise expressly
stated in the Relevant Documents, no representations, warranties or commitments, express or implied, have been made by any party
to the other in relation to the subject matter hereof or thereof. None of the terms or conditions of this Amendment may be changed,
modified, waived or canceled orally or otherwise, except in writing and in accordance with Section 10.01 of the Credit Agreement.
This Amendment is a Loan Document.

 

Section
5.       Full Force and Effect of Agreement. Except as hereby specifically amended, modified or supplemented, the Credit
Agreement and all other Loan Documents are hereby confirmed 

 

     2

     

    

 

and ratified in all respects and shall be and remain in full force
and effect according to their respective terms. This Amendment shall not be deemed (i) to be a waiver of, or consent to, or a modification
or amendment of, any other term or condition of the Credit Agreement or any other Loan Document other than as expressly set forth
herein, (ii) to prejudice any right or rights which the Administrative Agent or the Lenders may now have or may have in the future
under or in connection with the Credit Agreement or the other Loan Documents or any of the instruments or agreements referred to
therein, as the same may be amended, restated, supplemented or modified from time to time other than as expressly set forth herein,
or (iii) to be a commitment or any other undertaking or expression of any willingness to engage in any further discussion with
the Company, any Loan Party or any other Person with respect to any other waiver, amendment, modification or any other change to
the Credit Agreement or the Loan Documents or any rights or remedies arising in favor of the Lenders or the Administrative Agent,
or any of them, under or with respect to any such documents. References in the Credit Agreement to “this Agreement”
(and indirect references such as “hereunder”, “hereby”, “herein”, “hereof” or other
words of like import) and in any Loan Document to the “Credit Agreement” shall be deemed to be references to the Credit
Agreement as modified hereby.

 

Section 6.     Counterparts.
This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart
of a signature page of this Amendment by facsimile or other electronic imaging means (e.g. “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart of this Amendment.

 

Section 7.      Governing
Law; Jurisdiction, Etc. This Amendment shall be governed by, and construed in accordance with, the law of the State of
New York, and shall be further subject to the provisions of Sections 10.14 and 10.15 of the Credit Agreement.

 

Section 8.     Enforceability.
If any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability
of the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties shall endeavor in good
faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

Section 9.      Successors
and Assigns. The provisions of this Amendment shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns to the extent such assignees are permitted assignees as provided in Section 10.06
of the Credit Agreement.

 

Section 10.     
Costs and Expenses. To the extent provided in Section 10.04(a) of the Credit Agreement, the Company agrees
to pay all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent (including the reasonable and
documented fees and expenses of counsel for the Administrative Agent) in connection with the preparation, execution and delivery
of this Amendment and any other related Loan Documents.

 

[Remainder of Page Intentionally Left Blank;
Signature Pages Follow]

 

     3

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be made, executed and delivered by their duly authorized officers as of the day
and year first above written.

 

	 	BORROWERS:
	 	 
	 	AVNET, INC.

 

	 	By:	/s/ Joseph Burke
	 	Name:	 Joseph Burke
	 	Title:	Vice President and Treasurer

 

	 	AVNET HOLDING EUROPE
    BVBA

 

	 	By:	/s/ Joseph Burke
	 	Name:	Joseph Burke
	 	Title:  Vice President and Treasurer
of Avnet, Inc. and

 Sole Signatory for Avnet Holding Europe BVBA

 

 

Avnet, Inc.

Amendment No. 1 to Amended and Restated
Credit Agreement

Signature Page

 

     

     

    

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	BANK OF AMERICA, N.A.,

   as Administrative Agent

 

	 	By:	/s/
Elizabeth Uribe
	 	Name:	Elizabeth Uribe
	 	Title:	Assistant Vice President

 

 

Avnet, Inc.

Amendment No. 1 to Amended and Restated
Credit Agreement

Signature Page

 

     

     

    

 

	 	LENDERS:
	 	 
	 	BANK OF AMERICA, N.A.,

    as a Lender, an L/C Issuer and a Swingline Lender

 

	 	By:	/s/ Puneet Lakhotia
	 	Name:	Puneet Lakhotia
	 	Title:	Vice President

 

	 	BANK OF CHINA, LOS ANGELES
    BRANCH, as a 

    Lender

 

	 	By:	/s/ Yong Ou
	 	Name:	Yong Ou
	 	Title:	SVP and Branch Manage

 

	 	BAYERISCHE LANDESBANK, NEW
    YORK 

    BRANCH, as a Lender

 

	 	By:	/S/ Alistair Anderson
	 	Name:	Alistar Anderson
	 	Title:	Senior Director

 

	 	By:	/S/ Gina Sandella
	 	Name:	Gina Sandella
	 	Title:	Vice President

 

	 	BNP PARIBAS,
as a Lender

 

	 	By:	/S/ Barbara Nash
	 	Name:	Barbara Nash
	 	Title:	 Managing Director

 

	 	By:	/S/ Chief Marbumrung
	 	Name:	Chief Marbumrung
	 	Title:	Vice President

 

 

Avnet, Inc.

Amendment No. 1 to Amended and Restated
Credit Agreement

Signature Page

 

     

     

    

 

	 	COMMERZBANK
AG, NEW YORK, as a Lender

 

	 	By:	/s/ Neil Kiernan
	 	Name:	Neil kiernan
	 	Title:	Director

 

	 	By:	/S/ Bianca Notari
	 	Name:	Bianca Notari
	 	Title:	Vice President

 

 

	 	DBS BANK
LTD., as a Lender

 

	 	By:	/S/ Juliana Fong
	 	Name:	Juliana Fong
	 	Title:	Senior Vice President

 

 

	 	HSBC BANK
USA, N.A., as a Lender

 

	 	By:	/S/ Aleem Shamji
	 	Name:	Aleem Shamji
	 	Title:	Director

 

 

	 	JPMORGAN
CHASE BANK, N.A., as a Lender

 

	 	By:	/S/ John Kowalczuk 
	 	Name:	John Kowalczuk
	 	Title:	Executive Director

 

Avnet, Inc.

Amendment No. 1 to Amended and Restated
Credit Agreement

Signature Page

 

     

     

    

 

	 	KBC BANK
N.V., NEW YORK BRANCH, as a 

Lender

 

	 	By:	/s/ Nicholas A. Fiore
	 	Name:	Nicholas A. Fiore
	 	Title:	Director

 

	 	By:	/s/ Susan Silver
	 	Name:	Susan Silver
	 	Title:	 Managing Director

 

 

	 	MIZUHO
BANK, LTD, as a Lender

 

	 	By:	/S/ Tracy Rahn
	 	Name:	Tracy Rahn
	 	Title:	Executive Director

 

 

	 	MUFG BANK,
LTD., as a Lender

 

	 	By:	/S/ Lillian Kim
	 	Name:	Lillian Kim
	 	Title:	Director

 

 

	 	PNC BANK,
NATIONAL ASSOCIATION, as a 

Lender

 

	 	By:	/S/ Karl Thomasma
	 	Name:	Karl Thomasma
	 	Title:	SVP

 

Avnet, Inc.

Amendment No. 1 to Amended and Restated
Credit Agreement

Signature Page

 

     

     

    

 

 

 

	 	STANDARD
CHARTERED BANK, as a Lender

 

	 	By:	/s/ James Beck
	 	Name:	James Beck
	 	Title:	Associate Director

 

 

	 	SUMITOMO
MITSUI BANKING CORPORATION, 

as a Lender

 

	 	By:	/S/ Richard Eisenberg
	 	Name:	Richard Eisenberg
	 	Title:	Managing Director

 

	 	THE BANK
OF NOVA SCOTIA, as a Lender

 

	 	By:	/s/ Jason Rinne
	 	Name:	Jason Rinne
	 	Title:	Director

 

 

		TRUST BANK (f/k/a Branch
Banking and Trust Company and as a successor by merger to SunTrust Bank), as a Lender

 

	 	By:	/s/ Brett Ross
	 	Name:	Brett Ross
	 	Title:	Senior Vice President

 

 

Avnet, Inc.

Amendment No. 1 to Amended and Restated
Credit Agreement

Signature Page

 

     

     

    

 

 

		UNICREDIT
BANK AG, NEW YORK BRANCH, as

 a Lender

 

	 	By:	/S/ Christine Macinnes
	 	Name:	Christine Macinnes
	 	Title:	Director

 

	 	By:	/S/ Laura Shelmerdine
	 	Name:	Laura Shelmerdine
	 	Title:	Associate Director

 

 

		U.S. BANK NATIONAL ASSOCIATION, as a 

Lender

 

	 	By:	/s/ Patrick Mun
	 	Name:	Patrick Mun
	 	Title:	SVP

 

 

		WELLS
FARGO BANK, NATIONAL ASSOCIATION, as a Lender

 

	 	By:	/s/ Mark H. Halldorson
	 	Name:	Mark H. Halldorson
	 	Title:	Director

 

Avnet, Inc.

Amendment No. 1 to Amended and Restated
Credit Agreement

Signature Page

 

     

     

    

 

Annex A

 

See attached.

 

     

     

    

 

Annex A

 

 

 

AMENDED AND RESTATED CREDIT
AGREEMENT

 

Dated as of June 28, 2018

(as
amended through Amendment No. 1 to Amended and Restated Credit Agreement dated as of August 4, 2020),

 

among

 

AVNET, INC.

and

CERTAIN SUBSIDIARIES

as Borrowers,

 

BANK OF AMERICA, N.A.,

as Administrative Agent,
Swing Line Lender and

an L/C Issuer,

 

BNP PARIBAS,

THE
BANK OF NOVA SCOTIA,

MUFG BANK, LTD., 

MIZUHO BANK, LTD.

and

JP MORGAN CHASE BANK,
N.A

as Co-Syndication Agents,

 

and

 

The Other Lenders Party Hereto

 

MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED

BofA
SECURITIES, INC.

(as
successor to Merrill Lynch, Pierce, Fenner & Smith Incorporated),

BNP PARIBAS SECURITIES
CORP.,

THE BANK OF NOVA SCOTIA,

MUFG BANK, LTD.

MIZUHO BANK, LTD.

and

JP MORGAN CHASE BANK,
N.A.

as Joint Lead Arrangers and
Joint Bookrunners

 

 

 

     

     

    

 

	ARTICLE I.
	DEFINITIONS
    AND ACCOUNTING TERMS
	 
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	3233
	1.03	Accounting Terms	3334
	1.04	Exchange Rates; Currency Equivalents	3435
	1.05	Additional Alternative Currencies	3435
	1.06	Change of Currency	3536
	1.07	Times of Day	3536
	1.08	Letter of Credit Amounts	3536
	1.09	Rounding	3637
	1.10	Amendment and Restatement; No Novation; Reallocations
    and Break Funding	3637
	 	 	 
	ARTICLE II.
	THE COMMITMENTS
    AND CREDIT EXTENSIONS
	 
	2.01	Committed Loans	3738
	2.02	Borrowings, Conversions and Continuations of
    Committed Loans	3738
	2.03	Letters of Credit	3940
	2.04	Swing Line Loans	4950
	2.05	Prepayments	5253
	2.06	Termination or Reduction of Commitments	54
	2.07	Repayment of Loans	5455
	2.08	Interest	5455
	2.09	Fees	56
	2.10	Computation of Interest and Fees	56
	2.11	Evidence of Debt	5657
	2.12	Payments Generally; Administrative Agent’s
    Clawback	57
	2.13	Sharing of Payments by Lenders	59
	2.14	Designated Borrowers	60
	2.15	Optional Increase in Commitments	62
	2.16	Cash Collateral	6364
	2.17	Defaulting Lenders	65
	 	 	 
	ARTICLE III.
	TAXES,
    YIELD PROTECTION AND ILLEGALITY
	 
	3.01	Taxes	67
	3.02	Illegality	73
	3.03	Inability to Determine Rates	7473
	3.04	Increased Costs; Reserves on Eurocurrency Rate
    Loans	75
	3.05	Compensation for Losses	77
	3.06	Mitigation Obligations; Replacement of Lenders	7978
	3.07	Survival	79
	 	 	 
	ARTICLE IV.
	CONDITIONS
    PRECEDENT TO CREDIT EXTENSIONS
	 
	4.01	Conditions of Initial Credit Extension	79
	4.02	Conditions to all Credit Extensions	81
	 	 	 
	ARTICLE V.
    REPRESENTATIONS AND WARRANTIES
	 
	5.01	Existence, Qualification and Power; Compliance
    with Laws	82
	5.02	Authorization; No Contravention	82
	5.03	Governmental Authorization; Other Consents	8382
	5.04	Binding Effect	8382
	5.05	Financial Statements; No Material Adverse Effect	83
	5.06	Litigation	8483
	5.07	No Default	8483
	5.08	Ownership of Property; Liens	8483
	5.09	Environmental Compliance	84
	5.10	Taxes	84
	5.11	ERISA Compliance	8584
	5.12	Subsidiaries; Equity Interests	85

 

    i

     

    

 

	5.13	Margin Regulations; Investment
    Company Act	8685
	5.14	Disclosure	8685
	5.15	Compliance with Laws	86
	5.16	Intellectual Property; Licenses, Etc.	86
	5.17	Solvency	8786
	5.18	Taxpayer Identification Number; Other Identifying
    Information	8786
	5.19	Representations as to Foreign Obligors	8786
	5.20	OFAC	 8887
	5.21	Anti-Corruption Laws	8887
	5.22	EEAAffected
    Financial Institutions	88
	5.23	Certificate of Beneficial
    Ownership	88 
	5.24	Covered
    Entities	88
	 	 	 
	ARTICLE VI.
    AFFIRMATIVE COVENANTS
	 
	6.01	Financial Statements	88
	6.02	Certificates; Other Information	89
	6.03	Notices	91
	6.04	Payment of Obligations	9291
	6.05	Preservation of Existence, Etc.	9291
	6.06	Maintenance of Properties	92
	6.07	Maintenance of Insurance	9392
	6.08	Compliance with Laws	9392
	6.09	Books and Records	9392
	6.10	Inspection Rights	9392
	6.11	Approvals and Authorizations	93
	6.12	Anti-Corruption and Anti-Terrorism Laws	93
	6.13	Certificate of Beneficial Ownership and Other
    Additional Information	9493
	 	 	 
	ARTICLE VII.
    NEGATIVE COVENANTS
	 
	7.01	Liens	9493
	7.02	[Reserved]	95
	7.03	Indebtedness	95
	7.04	Fundamental Changes	96
	7.05	Restricted Payments	9796
	7.06	Change in Nature of Business	9897
	7.07	Transactions with Affiliates	9897
	7.08	Limitation on Restrictions Affecting the Company
    or any Subsidiary	9897
	7.09	Use of Proceeds	99
	7.10	Financial Covenants	99
	7.11	Acquisitions	99100
	7.12	Sanctions	100
	7.13	Anti-Corruption and Anti-Terrorism Laws	100
	 	 	 
	ARTICLE VIII.
	EVENTS
    OF DEFAULT AND REMEDIES
	 
	8.01	Events of Default	100101
	8.02	Remedies Upon Event of Default	102103
	8.03	Application of Funds	103
	 	 	 
	ARTICLE IX.
    ADMINISTRATIVE AGENT
	 
	9.01	Appointment and Authority	104
	9.02	Rights as a Lender	104105
	9.03	Exculpatory Provisions	104105
	9.04	Reliance by Administrative Agent	105106
	9.05	Delegation of Duties	106
	9.06	Resignation of Administrative Agent	106
	9.07	Non-Reliance on Administrative Agent and Other
    Lenders	107108
	9.08	No Other Duties, Etc.	108
	9.09	Administrative Agent May File Proofs of
    Claim	108

 

    ii

     

    

 

	9.10	LenderCertain
    ERISA RepresentationMatters	109
	 	 	 
	ARTICLE X.
    MISCELLANEOUS
	 
	10.01	Amendments, Etc.	111110
	10.02	Notices; Effectiveness; Electronic Communication	112
	10.03	No Waiver; Cumulative Remedies; Enforcement	114
	10.04	Expenses; Indemnity; Damage Waiver	115114
	10.05	Payments Set Aside	117
	10.06	Successors and Assigns	118117
	10.07	Treatment of Certain Information; Confidentiality	123122
	10.08	Right of Setoff	124123
	10.09	Interest Rate Limitation	125124
	10.10	Counterparts; Integration; Effectiveness	125124
	10.11	Survival of Representations and Warranties	125
	10.12	Severability	125
	10.13	Replacement of Lenders	126125
	10.14	Governing Law; Jurisdiction; Etc.	127126
	10.15	WAIVER OF JURY TRIAL	128127
	10.16	No Advisory or Fiduciary Responsibility	128127
	10.17	USA PATRIOT Act Notice	128
	10.18	Judgment Currency	129128
	10.19	Electronic Execution of Assignments and Certain
    Other Documents	129
	10.20	AcknowledgmentAcknowledgement
    and Consent to Bail-In of EEAAffected
    Financial Institutions	 129
	10.21	Acknowledgement
    Regarding Any Supported QFCs	130

 

    iii

     

    

 

AMENDED AND RESTATED CREDIT
AGREEMENT

 

This AMENDED AND RESTATED
CREDIT AGREEMENT (“Agreement”) is entered into as of June 28, 2018, among AVNET, INC., a New York corporation
(the “Company”), each Subsidiary of the Company party hereto pursuant to Section 2.14 (each such Subsidiary,
together with the Company, the “Borrowers” and, each a “Borrower”), each lender from time
to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK
OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and an L/C Issuer.

 

The Borrowers, the
lenders party thereto (the “Existing Lenders”) and Bank of America, N.A., as administrative agent, entered into
that certain Credit Agreement dated as of July 9, 2014 (as amended, supplemented or otherwise modified prior to the date hereof,
the “Existing Credit Agreement”), pursuant to which the lenders party thereto have made available to the Borrowers
a revolving credit facility, with letter of credit, swingline and multicurrency subfacilities.

 

The Borrowers have
requested that the Lenders agree to an amendment and restatement of the Existing Credit Agreement in the form of this Agreement
to provide a revolving credit facility, with swingline, letter of credit and multicurrency subfacilities, and the Lenders are willing
to do so on the terms and conditions set forth herein.

 

In consideration of
the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

 

ARTICLE I.

DEFINITIONS AND ACCOUNTING
TERMS

 

	 	1.01	Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Acquisition”
means the acquisition of (i) a controlling equity or other ownership interest in another Person (including upon the exercise of
an option, warrant or convertible or similar type security to acquire such a controlling interest), whether by purchase of such
equity or other ownership interest or upon exercise of an option or warrant for, or conversion of securities into, such equity
or other ownership interest, or (ii) assets of another Person (whether by purchase, merger or otherwise) which constitute all or
substantially all of the assets of such Person or of a line or lines of business conducted by such Person.

 

“Adjusted
Receivables Amount” means, as of any date of determination, the greater of (a) the aggregate net book value of all Excluded
Receivables minus $75,000,000, and (b) $0.

 

“Administrative
Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any successor
administrative agent.

 

“Administrative
Agent’s Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate,
account as set forth on Schedule 10.02 with respect to such

 

    1

     

    

 

currency, or such other address or account with respect to such
currency as the Administrative Agent may from time to time notify to the Company and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit E-2 or any other form
approved by the Administrative Agent.

 

“Affected
Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or
is Controlled by or is under common Control with the Person specified.

 

“Agent Parties”
has the meaning set forth in Section 10.02(c). “Aggregate Commitments” means the Commitments of all the
Lenders. “Agreement” has the meaning specified in the introductory paragraph. “Agreement Currency”
has the meaning specified in Section 10.18.

 

“Alternative
Currency” means each of Euro, Sterling, Australian Dollars, Hong Kong Dollars, Singapore Dollars, Japanese Yen, and each
other currency (other than Dollars) that is approved in accordance with Section 1.05.

 

“Alternative
Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof
in the applicable Alternative Currency as determined by the Administrative Agent at such time on the basis of the Spot Rate (determined
in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars.

 

“Alternative
Currency Sublimit” means an amount equal to the lesser of the Aggregate Commitments and $300,000,000. The Alternative
Currency Sublimit is part of, and not in addition to, the Aggregate Commitments.

 

“Amendment
No. 1 Effective Date” means August 4, 2020. 

 

“Applicable
Foreign Obligor Documents” has the meaning specified in Section 5.19(a).

 

“Applicable Percentage”
means with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Aggregate Commitments
represented by such Lender’s Commitment at such time, subject to adjustment as provided in this Agreement. If the commitment
of each Lender to make Loans and the obligation of each L/C Issuer to make L/C Credit Extensions have been terminated pursuant
to Section 8.02 or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall be determined
based on the Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent assignments. The initial
Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment
and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

 

    2

     

    

 

“Applicable
Rate” means, from time to time, the following percentages per annum, based upon the Debt Rating as set forth below:

 

	 	 	 	 	 	 	 	 	Eurocurrency

Rate +	 	 	 	 
	Pricing Level	 	 	
        Debt Ratings S&P

        /Moody’s/Fitch
	 	Facility 

Fee	 	 	Letter of

Credit Fee	 	 	Base Rate	 
	1	 	 	BBB+/Baa1/BBB+	 	 	0.125	%	 	 	1.000	%	 	 	0.000	%
	 	 	 	or better	 	 	 	 	 	 	 	 	 	 	 	 
	2	 	 	BBB/Baa2/BBB	 	 	0.150	%	 	 	1.100	%	 	 	0.100	%
	3	 	 	BBB-/Baa3/BBB-	 	 	0.200	%	 	 	1.175	%	 	 	0.175	%
	4	 	 	BB+/Ba1/BB+	 	 	0.250	%	 	 	1.375	%	 	 	0.375	%
	5	 	 	BB/Ba2/BB or worse	 	 	0.350	%	 	 	1.525	%	 	 	0.525	%

 

;
provided, that at any time during the Relief Period, the Applicable Rate for (a) the Facility Fee for Pricing Levels 4 and 5 shall
be increased to 0.300% and 0.400%, respectively, (b) the Eurocurrency Rate and the Letter of Credit Fee for Pricing Levels 4 and
5 shall be increased to 1.825% and 1.975%, respectively, and (c) the Base Rate for Pricing Levels 4 and 5 shall be increased to
0.825% and 0.975%, respectively.

 

“Debt Rating”
means, as of any date of determination, the rating as determined by any of S&P, Moody’s or Fitch (collectively, the “Rating
Agencies” and each a “Rating Agency”) (collectively, the “Debt Ratings”) of the
Company’s non-credit-enhanced, senior unsecured long-term debt; provided that if the Debt Ratings from the Rating
Agencies fall within different Pricing Levels, (a) if only two Rating Agencies provide a Debt Rating, then (i) if the ratings differ
by one Pricing Level, then the Pricing Level for the higher of such Debt Ratings shall apply (with the Debt Rating for Pricing
Level 1 being the highest and the Debt Rating for Pricing Level 5 being the lowest), and (ii) if there is a split in Debt Ratings
of more than one level, then the Pricing Level that is one level lower than the Pricing Level of the higher Debt Rating shall apply,
(b) if all three Rating Agencies provide a Debt Rating, then (i) if two of the Debt Ratings are at the same Pricing Level, then
such Pricing Level shall apply and (ii) if each of the Debt Ratings fall within different levels, then the Pricing Level of such
Debt Rating between the highest Debt Rating and the lowest Debt Rating shall apply, and (c) if the Company does not have any Debt
Rating, Pricing Level 5 shall apply; provided, further, that if only one Rating Agency provides a Debt Rating, such Debt
Rating shall apply.

 

Initially, the Applicable Rate shall be
determined based upon the Debt Ratings in effect on the Closing Date, each of which shall be specified in the certificate delivered
pursuant to Section 4.01(a)(vii). Thereafter, each change in the Applicable Rate resulting from a publicly announced change
in any Debt Rating shall be effective during the period commencing on the opening of business on the date of the public announcement
thereof and ending on the date immediately preceding the effective date of the next such change.

 

    3

     

    

 

“Applicable
Time” means, with respect to any borrowings and payments in any Alternative Currency, the local time in the place of
settlement for such Alternative Currency as may be determined by the Administrative Agent to be necessary for timely settlement
on the relevant date in accordance with normal banking procedures in the place of payment.

 

“Applicant
Borrower” has the meaning specified in Section 2.14.

 

“Approved
Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or
an Affiliate of an entity that administers or manages a Lender.

 

“Arrangers”
means, collectively, BofA Securities, Inc., as successor to
Merrill Lynch, Pierce, Fenner & Smith Incorporated, BNP Paribas Securities Corp., The Bank of Nova Scotia, MUFG, JP Morgan
Chase Bank, N.A. and Mizuho Bank, Ltd., in their capacities as joint lead arrangers and joint bookrunners.

 

“Assignee
Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed
by the same investment advisor.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 10.06(b)), and accepted by the Administrative Agent, in substantially
the form of Exhibit E-1 or any other form (including electronic documentation generated by use of an electronic platform)
approved by the Administrative Agent.

 

“Attributable
Indebtedness” means, on any date:

 

(a)   
in respect of any capital lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person
prepared as of such date in accordance with GAAP;

 

(b)   
in respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease payments under the relevant lease that
would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for
as a capital lease; and

 

(c)   
in respect of any asset securitization transaction of any Person, (i) the actual amount of any unrecovered investment of purchasers
or transferees of assets so transferred, plus (ii) in the case of any other recourse, repurchase, or debt obligation described
in clause (a) of the definition of “Off-Balance Sheet Liabilities,” the capitalized amount of such obligation
that would appear on a balance sheet of such Person prepared on such date in accordance with GAAP if such sale or transfer or assets
were accounted for as a secured loan.

 

“Audited Financial
Statements” means the audited consolidated balance sheet of the Company and its Subsidiaries for the fiscal year ended
July 1, 2017, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such
fiscal year of the Company and its Subsidiaries, including the notes thereto.

 

    4

     

    

 

“Australian
Dollars” mean the lawful currency of Australia.

 

“Authorized
Signatory” has the meaning specified in the definition of “Responsible Officer.”

 

“Auto-Reinstatement
Letter of Credit” has the meaning specified in Section 2.03(a)(iii)(D).

 

“Availability
Period” means the period from and including the Closing Date to the earliest of (a) the Maturity Date, (b) the date of
termination of the Aggregate Commitments pursuant to Section 2.06, and (c) the date of termination of the commitment of
each Lender to make Loans and of the obligation of the L/C Issuers to make L/C Credit Extensions pursuant to Section 8.02.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable EEA
Resolution Authority in respect of any liability of an EEAAffected
Financial Institution.

 

“Bail-In Legislation”
means, (a) with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law,
rule, regulation or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule, and (b) with respect to the United Kingdom, Part I of the
United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom
relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other
than through liquidation, administration or other insolvency proceedings).

 

“Bank of America”
means Bank of America, N.A. and its successors.

 

“Base Rate”
means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate
of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,”
and (c) the Eurocurrency Rate plus 1.00%. The “prime rate” is a rate set by Bank of America based upon various
factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used
as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime
rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement
of such change.

 

“Base Rate
Committed Loan” means a Committed Loan that is a Base Rate Loan.

 

“Base Rate
Loan” means a Loan that bears interest based on the Base Rate. All Base Rate Loans shall be denominated in Dollars.

 

    5

     

    

 

period, (iii) depreciation
and amortization expense, (iv) gains or losses related to the early extinguishment of notes, bonds or other fixed income obligations
and, (v)
other non-cash or non-recurring expenses of the Company and its Subsidiaries (including non-cash expenses consisting of compensation
paid in the form of Equity Interests of the Company or its Subsidiaries and non-cash charges due to impairments recorded in such
period in accordance with Financial Accounting Standards Board’s Accounting Standards Codification 350), reducing such Consolidated
Net Income and (vi) the amount of any restructuring charge, accrual,
reserve or integration cost or expense incurred or accrued on or after June 28, 2020 and prior to June 30, 2021, in connection
with the planning, undertaking and implementation of any restructuring, closure, reallocation, relocation, decommissioning, reconfiguration,
cost rationalization, reduction in force, exit or disposal plan, or operating expense reduction, including severance pay, other
employee termination costs, rent termination costs, moving costs and legal costs, in each case to the extent such transaction is
permitted under the Loan Documents, in an aggregate amount for all adjustments under this clause (vi), not to exceed $100,000,000
during the term of this Agreement, and minus (b) all non-cash items increasing Consolidated Net Income for such period.

 

“Consolidated
Funded Indebtedness” means, as of any date of determination, for the Company and its Subsidiaries on a consolidated basis,
the sum of (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including
such Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments,
(b) all purchase money Indebtedness, (c) all direct obligations arising under letters of credit (including standby letters of credit),
bankers’ acceptances, bank guaranties, surety bonds and similar instruments (other than, and without expanding this clause
(c), commercial letters of credit and bankers’ acceptances incurred to support commercial or lease transactions, bid
bonds, payment bonds and performance bonds arising in the ordinary course of business), in each case net of the amount of cash
collateral securing such direct obligations, (d) all obligations in respect of the deferred purchase price of property or services
(other than trade accounts payable in the ordinary course of business), (e) Attributable Indebtedness in respect of capital leases,
Synthetic Lease Obligations and other Off-Balance Sheet Liabilities, (f) without duplication, all Guarantees with respect to outstanding
Indebtedness of the types specified in clauses (a) through (e) above of Persons other than the Company or any Subsidiary,
and (g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture
(other than a joint venture that is itself a corporation or limited liability company) in which the Company or a Subsidiary is
a general partner or joint venturer, if, and to the extent that, the fair value of the assets of such partnership or joint venture
is less than its probable liability in respect of its obligations, net of any right to contribution from other reasonably creditworthy
Persons which the Company or such Subsidiary has in respect thereof, unless such Indebtedness is expressly made non-recourse to
the Company or such Subsidiary.

 

“Consolidated
Interest Charges” means, for any period, for the Company and its Subsidiaries on a consolidated basis, the sum, without
duplication, of (a) consolidated interest expense determined in accordance with GAAP and (b) all implicit interest in connection
with Synthetic Lease Obligations and other Off-Balance Sheet Liabilities minus (c) the amount of

 

    9

     

    

 

 non-cash interest (including interest
paid by the issuance of additional securities) included in the foregoing clause (a).

 

“Consolidated
Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA for the period
of the four prior fiscal quarters ending on such date to (b) Consolidated Interest Charges for such period.

 

“Consolidated
Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such
date to (b) Consolidated EBITDA for the period of the four fiscal quarters most recently ended.

 

“Consolidated
Net Income” means, for any period, for the Company and its Subsidiaries on a consolidated basis, the net income of the
Company and its Subsidiaries (excluding extraordinary gains but including extraordinary losses) for that period.

 

“Consolidated
Tangible Net Worth” means, as of any date of determination, for the Company and its Subsidiaries on a consolidated basis,
Shareholders’ Equity minus Intangible Assets on that date.

 

“Contractual
Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument
or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Covered
Entity” has the meaning specified in Section 10.21.

 

“Credit
Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

“Debt Rating” has the meaning specified
in the definition of Applicable Rate.

 

“Debtor
Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor
relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default.

 

“Default
Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i)
the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided,
however, that with respect to a

 

    10

     

    

 

“Existing
Securitization Facility” means the account receivable securitization pursuant to the third amended and restated receivables
purchase agreement dated as of February 27, 2017, as amended, among Avnet Receivables Corporation, the Company as servicer, the
financial institutions party thereto as purchasers, and JPMorgan Chase Bank, N.A., as agent for the purchasers, including any extensions,
renewals, replacements and refinancings thereof; provided, that each such agreement (as amended, restated, supplemented
or otherwise modified from time to time) or extension, renewal, replacement or refinancing, as the case may be, satisfies the requirements
set forth in clause (b) of the definition of Permitted Securitization Facility.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof
and any agreements entered into pursuant to Section 1471 (b) (1) of the Code and any agreements entered into by the United States
pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any
intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation
of the foregoing.

 

“Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions
with members of the Federal Reserve System of the United States, as published by the Federal Reserve Bank of New York on the Business
Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall
be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b)
if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average
rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions
as determined by the Administrative Agent. Notwithstanding the foregoing,
in no event shall the Federal Funds Rate be less than 0.00%.

 

“Fee
Letters” mean, collectively, the Fee Letter (Bank of America), the Fee Letter (BNPP), the Fee Letter (JPM), the Fee Letter
(Mizuho), the Fee Letter (MUFG) and the Fee Letter (Scotia).

 

“Fee Letter (Bank
of America)” means the letter agreement, dated June 5, 2018, among the Company, the Administrative Agent and Merrill
Lynch, Pierce, Fenner & Smith Incorporated.

 

“Fee Letter (BNPP)”
means the letter agreement, dated June 5, 2018, among the Company, BNP Paribas Securities Corp. and BNP Paribas.

 

“Fee Letter (JPM)”
means the letter agreement, dated June 5, 2018, between the Company and JP Morgan Chase Bank, N.A.

 

“Fee Letter (Mizuho)”
means the letter agreement, dated June 5, 2018, between the Company and Mizuho Bank, Ltd.

 

“Fee Letter (MUFG)”
means the letter agreement, dated June 5, 2018, between the Company and MUFG.

 

    16

     

    

  

“Recipient”
means the Administrative Agent, any Lender, any L/C Issuer or any other recipient of any payment to be made by or on account of
any obligation of any Loan Party hereunder.

 

“Register” has the meaning specified
in Section 10.06(c).

 

“Registered
Public Accounting Firm” has the meaning specified in the Securities Laws and shall be independent of the Company as prescribed
by the Securities Laws.

 

“Related
Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees,
agents, trustees, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Relief
Period” means the period commencing on the Amendment No. 1 Effective Date and ending on the Relief Period Termination Date.

 

“Relief
Period Termination Date” means the date on which the Administrative Agent receives a Compliance Certificate from the Company
pursuant to Section 6.02(b) in respect of the fiscal quarter ending on or around December 31, 2021 and the Company is in compliance
with the Consolidated Leverage Ratio and the Consolidated Interest Coverage Ratio for such fiscal quarter.

 

“Removal Effective Date” has the
meaning specified in Section 9.06(b).

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period
has been waived under applicable Law.

 

“Request
for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Committed Loans, a Committed
Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect to a Swing Line
Loan, a Swing Line Loan Notice.

 

“Required
Lenders” means, as of any date of determination, Lenders having more than 50% of the Aggregate Commitments or, if the
commitment of each Lender to make Loans and the obligation of each L/C Issuer to make L/C Credit Extensions have been terminated
pursuant to Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings (with the aggregate amount
of each Lender’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held”
by such Lender for purposes of this definition); provided, that the Total Credit Exposure of any Defaulting Lender shall
be excluded for purposes of making a determination of Required Lenders, and provided further, that if and to the extent
that the Defaulting Lender fails to fund its participation in any Swing Line Loan or Unreimbursed Amount and such amount has not
been reallocated to and funded by another Lender, then such amount shall be deemed to be held by the Lender that is the Swing Line
Lender or the applicable L/C Issuer, as the case may be, for as long as such Swing Line Lender or L/C Issuer is not itself a Defaulting
Lender, in making such determination.

 

“Resignation Effective Date” has
the meaning specified in Section 9.06(a).

 

    28

     

    

 

“Resolution
Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible
Officer” means (i) the chief executive officer, president, chief financial officer, treasurer or assistant treasurer
of a Loan Party, and with respect to any Designated Borrower, any other signatory authorized in writing by the board of directors,
the managing member or comparable governing body or Person of such Designated Borrower (each, an “Authorized Signatory”),
(ii) solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant
secretary of a Loan Party and, with respect to any Designated Borrower, an Authorized Signatory and (iii) solely for purposes of
notices given pursuant to Article II, any officer or employee of the applicable Loan Party so designated by any of the foregoing
officers in a notice to the Administrative Agent and, with respect to any Designated Borrower, an Authorized Signatory. Any document
delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized
by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be
conclusively presumed to have acted on behalf of such Loan Party.

 

“Restricted Lender” has the meaning
specified in Section 2.14(a).

 

“Restricted
Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any
capital stock or other Equity Interest of the Company or any Subsidiary, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such capital stock or other Equity Interest, or on account of any return of capital to the Company’s stockholders,
partners or members (or the equivalent Person thereof).

 

“Revaluation
Date” means, with respect to any Loan, each of the following: (a) each date of a Borrowing of a Eurocurrency Rate Loan
denominated in an Alternative Currency, (b) each date of a continuation of a Eurocurrency Rate Loan denominated in an Alternative
Currency pursuant to Section 2.02, and (c) such additional dates as the Administrative Agent shall determine or the Required
Lenders shall require.

 

“Revolving
Credit Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding
Committed Loans and such Lender’s participation in L/C Obligations and Swing Line Loans at such time.

 

“Sanction(s)”
means any economic, financial, trade or similar sanctions or embargoes administered or enforced by the United States Government
(including, without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury (“HMT”)
or other relevant sanctions authority.

 

“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of the McGraw-Hill Companies, Inc. and any successor thereto.

 

    29

     

    

 

“UK
Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to
time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA Handbook
(as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the
resolution of any UK Financial Institution.

 

“Unencumbered
Cash and Cash Equivalents” means cash or cash equivalents owned by Company and its Subsidiaries on a consolidated basis
(excluding assets of any retirement plan) which (a) are not the subject of any Lien, and (b) may be converted to cash within thirty
(30) days.

 

“United States” and “U.S.”
mean the United States of America. “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).

 

“U.S.
Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 

“U.S.
Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III).

 

“Write-Down
and Conversion Powers” means, (a) with respect
to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under
the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In
Legislation Schedule, and (b) with respect to the United Kingdom, any
powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability
of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of
the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

1.02       Other
Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise specified herein
or in such other Loan Document:

 

(a)          The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.”
The word “will” shall be construed to have the same meaning and effect as the word “shall.”
Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including
any Organization Document) shall be construed as referring to such

 

    	 	 33	 

     

    

 

agreement, instrument or other document as from time to time
amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements, supplements
or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to
include such Person’s successors and assigns, (iii) the words “hereto”, “herein,” “hereof”
and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to
such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan
Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating,
amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer
to such law or regulation as amended, modified or supplemented from time to time, and (vi) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts and contract rights.

 

(b)          In
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;”
and the word “through” means “to and including.”

 

(c)          Section
headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation
of this Agreement or any other Loan Document.

 

(d)          Any
reference herein to a merger, consolidation, amalgamation, conveyance, assignment, sale, disposition or transfer, or similar term,
shall be deemed to apply to a division of or by a limited liability company or a limited partnership, as applicable, or an allocation
of assets to a series of a limited liability company or a limited partnership, as applicable (or the unwinding of such a division
or allocation), as if it were a merger, consolidation, amalgamation, conveyance, assignment, sale, disposition or transfer, or
similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company or a limited partnership,
as applicable, shall constitute a separate Person hereunder (and each division of any limited liability company or any limited
partnership, as applicable, that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

 

1.03       Accounting
Terms.

 

(a)          Generally.  All
accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including
financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity
with, GAAP, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements,
except as otherwise specifically prescribed herein.

 

(b)          Changes
in GAAP.If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth
in any Loan Document, and either the Company or the Required Lenders shall so request, the Administrative Agent, the Lenders and

 

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such as cannot be
made or obtained until a later date (provided that (A) any notification or authorization described in clause (ii)
shall be made or obtained as soon as is reasonably practicable and (B) such failure or delay could not reasonably be expected
to adversely affect the enforceability of the Guaranty against the Company).

 

5.20       OFAC.
Neither the Company, nor any of its Subsidiaries, nor any director or officer thereof, nor, to the knowledge of the Company and
its Subsidiaries, any employee, agent, affiliate or representative thereof, is an individual or entity that is (i) currently the
subject or target of any Sanctions or (ii) included on OFAC’s List of Specially Designated Nationals, HMT’s Consolidated
List of Financial Sanctions Targets and the Investment Ban List, or any similar list enforced by any other relevant sanctions authority,
(iii) 10% or more owned by an individual or entity that is on a list described in immediately preceding clause (ii) or (iv) located,
organized or resident in a Designated Jurisdiction.

 

5.21       Anti-Corruption
Laws. (a) The Company and its Subsidiaries have conducted their businesses in compliance in all material respects with
the PATRIOT Act.

 

(b)          The
Company and its Subsidiaries (x) have conducted their businesses in compliance in all material respects with the United
States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other
jurisdictions and (y) have instituted and maintained reasonable and customary policies and procedures designed to promote and
achieve compliance with such laws in all material respects.

 

5.22      
EEAAffected
Financial Institutions. No Loan Party is an EEAAffected
Financial Institution.

 

5.23       Certificate
of Beneficial Ownership. As of the Closing Date, the information included in the Beneficial Ownership Certification,
if applicable, is true and correct in all respects.

 

5.24      
Covered Entities. No Loan Party is a Covered Entity.

 

ARTICLE VI.

AFFIRMATIVE COVENANTS

 

So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter of
Credit shall remain outstanding, the Company shall, and shall (except in the case of the covenants set forth in Sections 6.01,
6.02, and 6.03) cause each Subsidiary to:

 

6.01       Financial
Statements. Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the Administrative
Agent and the Required Lenders:

 

(a)          as
soon as available, but in any event within 15 days after the date on which consolidated financial statements for such year are
required to be delivered to the SEC under the Securities Exchange Act, a consolidated balance sheet of the Company and its Subsidiaries
as at 

 

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in such a transaction is a Designated Borrower, then the transferee must either be the Company or a Designated Borrower;

 

(c)          any
Subsidiary (other than a Loan Party or a Material Subsidiary) may merge, dissolve, liquidate, consolidate with or into another
Person subject to compliance with Section 7.11, if applicable, or Dispose of (whether in one transaction or in a series
of transactions) all or substantially all of its assets (upon voluntary liquidation or otherwise) (whether now owned or hereafter
acquired) to or in favor of any Person; and

 

(d)          (i)
a Borrower may merge with any other Person (including a Material Subsidiary) so long as such Borrower is the surviving entity and
such merger complies with Section 7.11, if applicable; and (ii) a Material Subsidiary may merge with any other Person (other
than a Borrower) so long as the Material Subsidiary is the surviving entity and such merger complies with Section 7.11,
if applicable.

 

7.05       Restricted
Payments.  Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation to do
so, except that, so long as no Default shall have occurred and be continuing at the time of any action described below or would
result therefrom:

 

(a)          each
Subsidiary may make Restricted Payments to the Company, the Designated Borrowers and any other Person that owns an Equity Interest
in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted
Payment is being made;

 

(b)          the
Company and each Subsidiary may declare and make dividend payments or other distributions payable solely in the common stock or
other common Equity Interests of such Person;

 

(c)          the
Company and each Subsidiary may purchase, redeem or otherwise acquire Equity Interests with the proceeds received from the substantially
concurrent issue of new shares of its common stock or other common Equity Interests;

 

(d)          the
Company may declare and pay cash dividends and purchase, redeem or otherwise acquire for cash Equity Interests issued by it so
long as the Consolidated Leverage Ratio is less than or equal to 3.50 to 1.00 (both before and after giving effect to such payment,
purchase, redemption or acquisition);

 

(e)         
at any time during the Relief Period when the Consolidated Leverage Ratio is greater
than 3.50 to 1.00 but less than or equal to 4.75 to 1.00 (both before and after giving effect to such payment), the Company may
declare and pay cash dividends so long as the Company does not increase the amount or frequency of any cash dividends (other than
increases in the aggregate amount, but in no event the amount per share, of such cash dividends due solely to the issuance or granting
of additional Equity Interests by the Company under employee or director stock purchase, stock grant, stock option or other incentive
plans) paid by the Company in the ordinary course of business prior to the Amendment No. 1 Effective Date; and

 

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(f)           (e)
in addition to the Restricted Payments permitted by clauseclauses
(d) and (e) of this Section 7.05, the Company
may (when the Consolidated Leverage Ratio is greater than 3.50 to 1.00) declare
and pay cash dividends and purchase, redeem or otherwise acquire for cash Equity Interests issued by it; provided that,
the aggregate of such dividends plus the aggregate consideration paid for all such purchases, redemptions and acquisitions after
the Closing Date under this clause (f) at times when the
Consolidated Leverage Ratio is greater than 3.50 to 1.00 (other than in respect of shares purchased for the purpose of satisfying
the Company’s obligations under employee or director stock purchase, stock grant and stock option plans) shall not exceed
$25,000,000.

 

7.06       Change
in Nature of Business.  Engage in any material line of business substantially different from a Permitted Business.

 

7.07       Transactions
with Affiliates. Enter into any transaction of any kind with any Affiliate of the Company, whether or not in the ordinary
course of business, other than (a) on fair and reasonable terms substantially as favorable to the Company or such Subsidiary as
would be obtainable by the Company or such Subsidiary at the time in a comparable arm’s length transaction with a Person
other than an Affiliate, or (b) transactions among the Company and its Subsidiaries so long as such transactions do not, either
individually or in the aggregate, have a Material Adverse Effect.

 

7.08       Limitation
on Restrictions Affecting the Company or any Subsidiary. Enter into any Contractual Obligation (other than this Agreement
or any other Loan Document) that limits the ability (a) of any Subsidiary to make Restricted Payments to the Company or any Designated
Borrower or to otherwise transfer property to the Company or any Designated Borrower, or (b) of the Company or any Subsidiary to
create, incur, assume or suffer to exist Liens on property of such Person; provided, however, that this Section
7.08 shall not prohibit:

 

(i)           any
negative pledge incurred or provided in favor of any holder of Indebtedness permitted under Section 7.03(d) solely to the
extent any such negative pledge relates to the property financed by or the subject of such Indebtedness;

 

(ii)          restrictions
imposed by other permitted Indebtedness ranking pari passu with the Obligations, provided that such restrictions
are no more restrictive than those imposed by this Agreement;

 

(iii)         restrictions
imposed by applicable Law;

 

(iv)         restrictions
imposed by Indebtedness outstanding on the date hereof and listed on Schedule 7.03;

 

(v)          restrictions
imposed by Indebtedness relating to any property acquired by the Company or any Subsidiary (or restrictions imposed by Indebtedness
of a third party which third party is acquired by the Company or any Subsidiary) in an acquisition permitted by this Agreement,
provided in each case that such restrictions existed at the time of such acquisition, were not put in place in connection
with or in anticipation of

 

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7.10       Financial
Covenants.

 

(a)          Consolidated
Interest Coverage Ratio.Permit the Consolidated Interest Coverage Ratio as of the end of any period of four fiscal quarters
of the Company to be less than 3.00 to 1.00.the
ratio set forth below opposite such period:

 

	
Four Fiscal Quarters Ending On or Around
	 	Consolidated
    Interest Coverage Ratio
	June 30, 2018 through and including June 30, 2020	 	3.00 to 1.00
	September 30, 2020 through and including June 30, 2021	 	2.50 to 1.00
	September 30,
    2021 and each fiscal quarter thereafter	 	3.00 to 1.00

 

(b)          Consolidated
Leverage Ratio. Permit the Consolidated Leverage Ratio atas
of the last day of any timeperiod
of four fiscal quarters of the Company to be greater than 4.00 to 1.00.the
ratio set forth below opposite such period:

 

	
Four Fiscal Quarters Ending On or Around
	 	Consolidated
    Leverage Ratio
	June 30, 2018 through and including June 30, 2020	 	4.00 to 1.00
	September 30, 2020	 	5.00 to 1.00
	December 31, 2020 through and including March 31, 2021	 	5.25 to 1.00
	June 30, 2021	 	5.00 to 1.00
	September 30, 2021	 	4.50 to 1.00
	December 31, 2021 and each fiscal quarter thereafter	 	4.00 to 1.00

 

7.11       Acquisitions.
Consummate any Acquisition, unless (i) no Default or Event of Default shall have occurred and be continuing either immediately
before or immediately after giving effect to such Acquisition, and (ii) both immediately before and immediately after such Acquisition
(after giving pro forma effect to the consummation of such Acquisition as if the Acquisition occurred on the first day of the
four fiscal quarters most recently ended, and giving pro forma effect to the incurrence, repayment, prepayment, redemption or
defeasance of any Indebtedness in connection therewith), the Company is in compliance with each
of the covenants 

 

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  set forth in Section 7.10(a)
the Consolidated Interest Coverage Ratio is greater than or equal to 3.00 to 1.00, and (b) the Consolidated Leverage Ratio is
less than or equal to 4.00 to 1.00.

 

7.12       Sanctions.
Directly or indirectly, use the proceeds of any Credit Extension, or lend, contribute or otherwise knowingly make available such
proceeds to any Subsidiary, joint venture partner or other individual or entity, to fund any activities of or business with any
individual or entity, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in
any other manner that will result in a violation by any individual or entity (including any individual or entity participating
in the transaction, whether as Lender, Arranger, Administrative Agent, L/C Issuer, Swing Line Lender, or otherwise) of Sanctions.

 

7.13       Anti-Corruption
and Anti-Terrorism Laws.Directly or indirectly use the proceeds of any Loan for any purpose which would breach the
PATRIOT Act, the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti- corruption
legislation in other jurisdictions.

 

ARTICLE VIII.

EVENTS OF DEFAULT AND REMEDIES

 

8.01       Events
of Default. Any of the following shall constitute an Event of Default:

 

(a)          Non-Payment.
Any Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, and in the currency required hereunder,
any amount of principal of any Loan or any L/C Obligation, or (ii) within three Business Days after the same becomes due, any interest
on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five Business Days after the same becomes due,
any other amount payable hereunder or under any other Loan Document; or

 

(b)          Specific
Covenants. The Company fails to perform or observe any term, covenant or agreement contained in any of Section 6.03,
6.05(a) (to the extent it relates to preservation of legal existence of a Loan Party) or 6.10 or Article VII,
and with respect to Section 7.01 or 7.03, such failure continues for a period of 20 days; or

 

(c)          Other
Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in subsection (a)
or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for 30 days
after the Company or such Loan Party has knowledge thereof; or

 

(d)          Representations
and Warranties. Any representation or warranty of the Company or any other Loan Party, or any written certification or other
material written statement of fact made or deemed made by the Company or any Loan Party or by a Responsible Officer on behalf of
the Company or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or
therewith shall be incorrect or misleading in any material respect when made or deemed made, except to the extent such representation,
warranty, written certification or other written statement of fact already contains a materiality qualifier in which case an Event
of Default shall exist if such representation, warranty, written certification or other

 

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9.10       LenderCertain
ERISA RepresentationMatters.

 

(a)          Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent, and
the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the
benefit of the
Borrowers or any Borrowerother
Loan Party, that at least one of the following is and will be true:

 

(i)           such
Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101,
as modified by Section 3(42) of ERISA or otherwise)
of one or more Benefit Plans in connection with respect
to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters
of Credit or, the
Commitments or this Agreement,

 

(ii)         
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

(iii)         (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI
of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into,
participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(iv)         such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

(b)          In
addition, unless either
(1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such(2)
a Lender has not provided another representation, warranty and covenant
as provided in accordance
with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and
warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender
party hereto to the date such Person ceases being a Lender 

 

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party hereto to the
date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and
the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the
Borrowers or any Borrowerother
Loan Party, that:(i) none of the Administrative Agent,
or
the Arrangers or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender involved
in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit,
the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative
Agent under this Agreement, any Loan Document or any documents related to hereto
or thereto),

 

(ii)          the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of
29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds,
or has under management or control, total assets of at least $50,000,000, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),

 

(iii)        
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment
risks independently, both in general and with regard to particular transactions and investment strategies (including in respect
of the Obligations),

 

(iv)        
the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code,
or both, with respect to the Loans, the Letters of Credit, the Commitments and this Agreement and is responsible for exercising
independent judgment in evaluating the transactions hereunder, and

 

(v)         
no fee or other compensation is being paid directly to the Administrative Agent, the Arrangers or any of their respective Affiliates
for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or this
Agreement.

 

(c)          The
Administrative Agent and the Arrangers hereby inform the Lenders that each such Person is not undertaking to provide impartial
investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that
such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may
receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may
recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid
for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments
in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment
fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral
agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees,
amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or
fees similar to the foregoing.

 

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 fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral
agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees,
amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or
fees similar to the foregoing.

 

ARTICLE
X.

MISCELLANEOUS

 

10.01    Amendments,
Etc.Except as set forth in Sections 2.15 and 3.03(c), no amendment or waiver of any provision of this
Agreement or any other Loan Document, and no consent to any departure by the Company or any other Loan Party therefrom, shall be
effective unless in writing signed by the Required Lenders and the Company or the applicable Loan Party, as the case may be, and
acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given; provided, however, that no such amendment, waiver or consent shall:

 

(a)          waive
any condition set forth in Section 4.01(a) without the written consent of each Lender;

 

(b)          extend
or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without the written
consent of such Lender;

 

(c)          postpone
any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees or other amounts due to
the Lenders (or any of them) hereunder or under any other Loan Document without the written consent of each Lender directly affected
thereby;

 

(d)         
reduce the principal of, or the rate or amount of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause
(iv) of the second proviso to this Section 10.01) any fees or other amounts payable hereunder or under any other Loan
Document, without the written consent of each Lender directly affected thereby; provided, however, that only the
consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation
of any Borrower to pay interest or Letter of Credit Fees at the Default Rate;

 

(e)          change
Section 2.13 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby without
the written consent of each Lender;

 

(f)          
amend Section 1.05 or the definition of “Alternative Currency” without the written consent of each Lender;

 

(g)         
change any provision of this Section or the definition of “Required Lenders” or any other provision hereof specifying
the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination
or grant any consent hereunder, without the written consent of each Lender; or

 

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Act. Each Borrower shall, promptly following
a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent
or such Lender reasonably requests in order to comply with its ongoing obligations under applicable “know your customer”
and anti-money laundering rules and regulations, including the PATRIOT Act.

 

10.18     Judgment
Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or
any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with
normal banking procedures the Administrative Agent could purchase the first currency with such other currency on the Business Day
preceding that on which final judgment is given. The obligation of each Borrower in respect of any such sum due from it to the
Administrative Agent or any Lender hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency
(the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable
provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business
Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment
Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase
the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally
due to the Administrative Agent or any Lender from any Borrower in the Agreement Currency, such Borrower agrees, as a separate
obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against
such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent
or any Lender in such currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any
excess to such Borrower (or to any other Person who may be entitled thereto under applicable law).

 

 

10.19     Electronic
Execution of Assignments and Certain Other Documents.The words “execute”,
“executionThis Agreement and any document, amendment,”
“signed approval,”
“signature,” and words of like import in consent,
information, notice, certificate, request, statement, disclosure or authorization
related to any document to be signed in connection with to
this Agreement and the transactions contemplated hereby (including without limitation
Assignment and Assumptions, amendments or other modifications, Loan Notices, waivers and consents) shall be deemed to include electronic
signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative
Agent, or the keeping of records(each a “Communication”),
including Communications required to be in writing, may be in the form of an Electronic Record and may be executed using Electronic
Signatures. Each of the parties hereto agrees that any Electronic Signature on or associated with any Communication shall be valid
and binding on each such party to the same extent as a manual, original signature, and that any Communication entered into by Electronic
Signature, will constitute the legal, valid and binding obligation of each such party enforceable against each such party in accordance
with the terms thereof to the same extent as if a manually executed original signature was delivered. Any Communication may be
executed in as many counterparts as necessary or convenient, including both paper and electronic counterparts, but all such counterparts
are one and the same Communication. For the avoidance of doubt, the authorization under this paragraph may include, without limitation,
use or acceptance by the Administrative

 

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Agent and each of the Lenders of a manually signed paper Communication which has been converted
into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format,
for transmission, delivery and/or retention. The Administrative Agent and each of the Lenders may, at its option, create one or
more copies of any Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed
created in the ordinary course of such Person’s business, and destroy the original paper document. All Communications
in electronicthe form,
each of which shall be ofan
Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the
same legal effect, validity orand
enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws
based on the Uniform Electronic Transactions Act, provided that notwithstandingpaper
record. Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to
agree to accept electronic signaturesan
Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to
procedures approved by it; provided, further, without limiting the foregoing,
(a) to the extent the Administrative Agent has agreed to accept such Electronic Signature, the Administrative Agent and each of
the Lenders shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party without
further verification and (b) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly
followed by such manually executed counterpart. For purposes hereof, “Electronic Record” and “Electronic Signature”
shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

 

10.20    
AcknowledgmentAcknowledgement
and Consent to Bail-In of EEAAffected
Financial Institutions. Solely to the extent any Lender that is an EEA Financial
Institution is a party to this Agreement and notwithstanding Notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such
parties related thereto, each party hereto acknowledges that any liability of
any Lender that is an EEAAffected
Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to
the Writewrite-down
and Conversion Powers of an EEAconversion
powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)         
the application of any Write-Down and Conversion Powers by an EEAthe
applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that
is an EEAAffected Financial
Institution; and

 

(b)        
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)           a
reduction in full or in part or cancellation of any such liability, if applicable;

 

(ii)          a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEAAffected
Financial Institution, its parent

 

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undertaking,
or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership
will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or

 

(iii)         the
variation of the terms of such liability in connection with the exercise of the Write-Downwrite-down
and Conversion Powers of any EEAconversion
powers of the applicable Resolution Authority.

 

[Remainder of page is

10.21     Acknowledgement Regarding Any Supported QFCs.To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is
a QFC (such support, “QFC Credit Support”, and each such QFC, a “Supported QFC”), the parties acknowledge
and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit
Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated
thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the
provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed
by the laws of the State of New York and/or of the United States or any other state of the United States):

 

(a)          In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered
Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and
the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit
Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be
effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC
and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the
United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes
subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise
apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be
exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the
Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without
limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting
Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit
Support.

 

	 	(b)	As used in this Section 10.21, the following terms have the following meanings:

 

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party.

 

    133

     

    

 

“Covered Entity” means any
of the following: (i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R.
§ 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
47.3(b); or (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

 

[Signature
pages intentionally left blank; signature pages followremoved.]

 

Avnet, Inc.

 

Amended and Restated
Credit Agreement

Signature
Page

 

     

     

    

 

Annex B

 

See attached.

 

     

     

    

 

Annex B

 

EXHIBIT D

 

FORM OF COMPLIANCE CERTIFICATE

 

Financial Statement Date: _______________,
_____

 

To:Bank of America, N.A., as Administrative
Agent

 

Ladies and Gentlemen:

 

Reference
is made to that certain Amended and Restated Credit Agreement, dated as of June 28, 2018
(as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”;
the terms defined therein being used herein as therein defined), among Avnet, Inc., a New York corporation (the “Company”),
the Designated Borrowers from time to time party thereto, the Lenders from time to time party thereto, and Bank of America, N.A.,
as Administrative Agent, an L/C Issuer and Swing Line Lender.

 

The undersigned Responsible
Officer hereby certifies as of the date hereof that he/she is the ______________________________________ of the Company, and that, as such, he/she is authorized
to execute and deliver this certificate to the Administrative Agent on behalf of the Company, and that:

 

[Use
following paragraph 1 for fiscal year-end financial statements]

1.       The
Company has delivered the year-end audited financial statements required by Section 6.01(a) of the Agreement for the fiscal
year of the Company ended as of the above date, together with the report and opinion of a Registered Public Accounting Firm required
by such section.

 

[Use
following paragraph 1 for fiscal quarter-end financial statements]

1.       The
Company has delivered the unaudited financial statements required by Section 6.01(b) of the Agreement for the fiscal quarter
of the Company ended as of the above date. Such financial statements fairly present the financial condition and results of operations
of the Company and its Subsidiaries in accordance with GAAP as at such date and for such period, subject only to normal year-end
audit adjustments and the absence of footnotes.

 

2.       The
undersigned has reviewed and is familiar with the terms of the Agreement and has made, or has caused to be made under his/her supervision,
a detailed review of the transactions and condition (financial or otherwise) of the Company during the accounting period covered
by such financial statements.

 

3.       A
review of the activities of the Company during such fiscal period has been made under the supervision of the undersigned with a
view to determining whether any Default or Event of Default occurred during such fiscal period. To the best knowledge of the undersigned
after making such review,

 

[select one:]

[no Default or Event
of Default has occurred (whether during such fiscal period or otherwise) and is continuing on the date hereof.] 

 

    D-1
Form of Compliance Certificate

     

    

 

--or--

[the following is
a list of each Default or Event of Default that has occurred (whether during such fiscal period or otherwise) and is continuing
on the date hereof and, in each case, the nature and status of such Default or Event of Default:]

 

4.       The
financial covenant analyses and information set forth on Schedules 1 and 2 attached hereto are true and accurate
on and as of the Financial Statement Date.

 

□Check
for distribution to Public Lenders and private side Lenders1

 

IN
WITNESS WHEREOF, the undersigned has executed this Certificate as of _______________, _____.

 

		AVNET, INC.
	 	 	 
	 	By:	 
	 	 	 
	 	Name: 	 
	 	 	 
	 	Title:	 

 

 

1
If this is not checked, this certificate will only be posted to private side Lenders.

 

    D-2
Form of Compliance Certificate

     

    

 

Financial Statement Date: ________________

 

SCHEDULE
1 

to the Compliance Certificate

($ in 000’s)

 

		I.	Section 7.10(a) – Consolidated Interest Coverage Ratio.
	 	 	 

		A.	Consolidated EBITDA for four consecutive fiscal quarters ending on above date (“Subject
Period”):

 

		1.	Consolidated Net Income for Subject Period:	$__________________

 

		2.	Consolidated Interest Charges2 for Subject Period:	$__________________

 

		3.	Provision for Federal, state, local and foreign income taxes payable by the Company and its Subsidiaries for Subject Period:	$__________________

 

		4.	Depreciation and amortization expenses for Subject Period:	$__________________

 

		5.	Gains or losses related to the early extinguishment of notes, bonds or other fixed income obligations

 

		6.	Non-cash or non-recurring expenses of the Company and its Subsidiaries (including non-cash expenses consisting of compensation
paid in the form of Equity Interests of the Company or its Subsidiaries and non-cash charges due to impairments recorded in such
period in accordance with Financial Accounting Standards Board’s Accounting Standards Codification 350) reducing Consolidated
Net Income for Subject Period:	$_________________

 

		7.	The amount of any restructuring charge, accrual, reserve
or integration cost or expense incurred or accrued on or after June 28, 2020 and prior to June 30, 2021, in connection with the
planning, undertaking and implementation of any restructuring, closure, reallocation, relocation, decommissioning, reconfiguration,
cost rationalization, reduction in force, exit or disposal plan, or operating expense reduction, including severance pay, other
employee termination costs, rent termination costs, moving costs and legal costs, in each case to the extent such transaction
is permitted under the Loan Documents, in an aggregate amount for all adjustments under clause (vi) of the definition of
“Consolidated EBITDA”, not to exceed $100,000,000 during the term of the Agreement:	$_________________

 

 

 

2 Consolidated Interest Charges
are not reduced by interest income.

 

    D-3
Form of Compliance Certificate

     

    

 

		8.	Non-cash items increasing Consolidated Net Income for Subject Period:	$_________________

 

		9.	Consolidated EBITDA (Lines I.A.1 + I.A.2 + I.A.3 + I.A.4 + I.A.5 + I.A.6 + I.A.7– I.A.8):	$_________________

 

		B.	Consolidated Interest Charges2 for Subject Period:	$_________________

 

		C.	Consolidated Interest Coverage Ratio

(Line I.A.9 ÷ Line I.B):	______________to 1.00

 

Minimum required:

 

	Four Fiscal Quarters Ending On or Around	Consolidated Interest Coverage Ratio
	June 30, 2018 through and including June 30, 2020	3.00 to 1.00
	September 30, 2020 through and including June 30, 2021	2.50 to 1.00
	September 30, 2021 and each fiscal quarter thereafter	3.00 to 1.00

 

	In Compliance?	 	[Yes/No]

 

    D-4
Form of Compliance Certificate

     

    

 

II.Section 7.10(b) –
Consolidated Leverage Ratio.

 

		A.	Consolidated Funded Indebtedness at Financial Statement Date:	$_______________

 

		B.	Consolidated EBITDA for Subject Period (Line I.A.9 above):	$_______________

 

		C.	Consolidated Leverage Ratio (Line II.A ÷ Line II.B):	_____________to 1.00

 

Maximum permitted:

 

	Four Fiscal Quarters Ending On or Around	Consolidated Leverage Ratio
	June 30, 2018 through and including June 30, 2020	4.00 to 1.00
	September 30, 2020	5.00 to 1.00
	December 31, 2020 through and including March 31, 2021	5.25 to 1.00
	June 30, 2021	5.00 to 1.00
	September 30, 2021 	4.50 to 1.00
	December 31, 2021 and each fiscal quarter thereafter	4.00 to 1.00

 

	In Compliance?	 	[Yes/No]

 

    D-5
Form of Compliance Certificate

     

    

 

Financial Statement Date: ________________

 

SCHEDULE
2 

to the Compliance Certificate

($ in 000’s)

Consolidated
EBITDA

(in accordance with the definition of Consolidated EBITDA

as set forth in the Agreement)

 

	Consolidated 

EBITDA	Quarter Ended ________	Quarter Ended ________	Quarter Ended ________	Quarter Ended ________	Twelve Months Ended ________
	Consolidated 

Net Income	 	 	 	 	 
	+Consolidated Interest Charges	 	 	 	 	 
	+income taxes	 	 	 	 	 
	+depreciation and amortization expenses	 	 	 	 	 
	+    gains or losses related to the early extinguishment of fixed income obligations	 	 	 	 	 
	+non-cash or non-recurring expenses reducing Consolidated Net Income	 	 	 	 	 
	+any restructuring charge, accrual, reserve or integration cost or expense incurred or accrued on or after June 28, 2020 and prior to June 30, 2021, in connection with the planning, undertaking and implementation of any restructuring, closure, reallocation, relocation, decommissioning, reconfiguration, cost rationalization, reduction in force, exit or disposal plan, or operating expense reduction, including severance pay, other employee termination costs, rent termination costs, moving costs and legal costs, in each case to the extent such transaction is permitted under the Loan Documents, in an aggregate amount for all adjustments under clause (vi) of the definition of “Consolidated EBITDA”, not to exceed $100,000,000 during the term of the Agreement	 	 	 	 	 
	-   non-cash items increasing Consolidated Net Income 	 	 	 	 	 
	=Consolidated EBITDA	 	 	 	 	 

 

    D-6
Form of Compliance CertificateExhibit 4.4

ATLAS
AIR WORLDWIDE HOLDINGS, INC.

2018
INCENTIVE PLAN, AS AMENDED

 

 

1.
DEFINED TERMS

 

Exhibit A, which is incorporated
by reference, defines the terms used in the Plan and sets forth certain operational rules related to those terms.

 

2.
PURPOSE

 

The Plan has been established to advance
the interests of the Company by providing for the grant to Participants of Stock-based and other incentive Awards.

 

3.
ADMINISTRATION

 

The Administrator has discretionary authority,
subject only to the express provisions of the Plan, to interpret the Plan; determine eligibility for and grant Awards; determine,
modify or waive the terms and conditions of any Award; prescribe forms, rules and procedures; and otherwise do all things necessary
or desirable to carry out the purposes of the Plan. Determinations of the Administrator made under the Plan will be conclusive
and will bind all parties.

 

4.
LIMITS ON AWARDS UNDER THE PLAN

 

(a) Number of Shares. Subject
to adjustment as provided in Section 7(b), the maximum number of shares of Stock that may be delivered in satisfaction of
Awards under the Plan is 2,422,901 shares of Stock plus unused Prior Plan shares of Stock. For purposes of the preceding sentence,
shares of Stock shall be treated as unused Prior Plan shares of Stock (i) if they were subject to awards under the Prior Plan,
other than restricted stock awards, that were outstanding on the day preceding the Effective Date, to the extent such Prior Plan
awards are exercised or are satisfied, or terminate or expire, on or after the Effective Date without the delivery of such underlying
shares, or (ii) if they were outstanding on the day preceding the Effective Date as restricted stock awards under the Prior
Plan and are thereafter forfeited. For purposes of this Section 4(a), the number of shares of Stock delivered in satisfaction
of Awards under the Plan will be determined (i) without regard to shares of Stock underlying the portion of any Award that
is settled in cash or the portion of any Award that expires, terminates, or is forfeited, in each case, without the issuance of
Stock, (ii) by treating as having been delivered the full number of shares covered by any portion of a SAR that is settled
in Stock (and not only the number of shares of Stock delivered in settlement) and (iii) by treating as having been delivered
any shares of Stock withheld from a Stock Option or other Award to satisfy the tax withholding obligations with respect to such
Stock Option or other Award or in payment of the exercise price of such Stock Option. For the avoidance of doubt, the number of
shares of Stock available for delivery under the Plan shall not be increased by any shares of Stock that are repurchased on the
open market by the Company using proceeds directly attributable to Stock Option exercises. The limits set forth in this Section 4(a)
shall be construed to comply with Section 422. To the extent consistent with the requirements of Section 422 and with
other applicable legal requirements (including applicable stock exchange requirements), Stock issued under awards of an acquired
company that are converted, replaced, or adjusted in connection with the acquisition shall not reduce the number of shares available
for Awards under the Plan.

 

(b) Type of Shares. Stock
delivered by the Company under the Plan may be authorized but unissued Stock or previously issued Stock acquired by the Company.
No fractional shares of Stock will be delivered under the Plan.

 

(c) Individual Limits.
The maximum number of shares of Stock for which Stock Options may be granted to any person (other than a nonemployee member
of the Board, whose Awards shall be subject to the limits set forth in subsection (d) below) in any calendar year and
the maximum number of shares of Stock subject to SARs granted to any person in any calendar year will each be 200,000. The
maximum number of shares subject to other Awards granted to any such person in any calendar year will be 500,000 shares. The
maximum amount payable to any such person in any calendar year under Cash Awards will be $7,000,000.

 

     

     

    

 

(d) Limitations on Awards to Nonemployee
Directors. Notwithstanding any other provision of the Plan to the contrary, including subsection (c) above, in the
case of a nonemployee director, the maximum grant-date fair value of Stock-based Awards granted in any calendar year during any
part of which the director is then eligible under the Plan shall be $400,000, except that such limit for a nonemployee chairman
of the Board or lead director shall be $500,000, in each case, computed in accordance with FASB ASC Topic 718 (or any successor
provision). The foregoing limits related to nonemployee directors of the Company shall not apply to any Award or shares of Stock
granted pursuant to a Director’s election to receive an Award or shares of Stock in lieu of cash retainers or other fees
(to the extent such Award or shares of Stock have a fair value equal to the value of such cash retainers or other fees).

 

(e) Additional Limitations.
No more than five percent (5%) of the maximum number of shares of Stock authorized to be issued under the Plan may be issued as
Awards (other than Cash Awards) that specify a vesting date that is less than one year from the date of grant. Accelerated vesting
on account of death, disability, or a Change in Control shall not be taken into account in applying the immediately preceding sentence.

 

5.
ELIGIBILITY AND PARTICIPATION

 

The Administrator will select Participants
from among those key Employees and directors of, and consultants and advisors to, the Company and its Affiliates who, in the opinion
of the Administrator, are in a position to make a significant contribution to the success of the Company and its Affiliates; provided
that, subject to such express exceptions, if any, as the Administrator may establish, eligibility shall be further limited to those
persons as to whom the use of a Form S-8 registration statement is permissible; and provided further that nonemployee
directors shall not be eligible for Cash Awards under the Plan. Eligibility for ISOs is limited to employees of the Company or
of a “parent corporation” or “subsidiary corporation” of the Company as those terms are defined in Section 424
of the Code.

 

6.
RULES APPLICABLE TO AWARDS

 

	(a)	All Awards

 

(1) Award Provisions. The
Administrator will determine the terms of all Awards, subject to the limitations provided herein. By accepting (or, under such
rules as the Administrator may prescribe, being deemed to have accepted) an Award, the Participant will be deemed to have agreed
to the terms of the Award and the Plan. Notwithstanding any provision of this Plan to the contrary, awards of an acquired company
that are converted, replaced or adjusted in connection with the acquisition may contain terms and conditions that are inconsistent
with the terms and conditions specified herein, as determined by the Administrator.

 

(2) Term of Plan. No Awards
may be made after May 22, 2028, but previously granted Awards may continue beyond that date in accordance with their terms.

 

(3) Transferability. Neither
ISOs nor, except as the Administrator otherwise expressly provides in accordance with the second sentence of this Section 6(a)(3),
other Awards may be transferred other than by will or by the laws of descent and distribution, and during a Participant’s
lifetime ISOs (and, except as the Administrator otherwise expressly provides in accordance with the second sentence of this Section 6(a)(3),
other Awards requiring exercise) may be exercised only by the Participant. The Administrator may permit Awards other than ISOs
to be transferred by gift, subject to such limitations as the Administrator may impose.

 

     

     

    

 

(4) Vesting, Etc. The
Administrator may determine the time or times at which an Award will vest or become exercisable and the terms on which an
Award requiring exercise will remain exercisable. Without limiting the foregoing, the Administrator may at any time
accelerate the vesting or exercisability of an Award, regardless of any adverse or potentially adverse tax consequences
resulting from such acceleration. Unless the Administrator expressly provides otherwise, however, the following rules will
apply: immediately upon the cessation of the Participant’s Employment, each Award requiring exercise that is then held
by the Participant or by the Participant’s permitted transferees, if any, will cease to be exercisable and will
terminate, and all other Awards that are then held by the Participant or by the Participant’s permitted transferees, if
any, to the extent not already vested will be forfeited, except that:

 

(A) subject to (B) and (C) below,
all Stock Options and SARs held by the Participant or the Participant’s permitted transferees, if any, immediately prior
to the cessation of the Participant’s Employment, to the extent then exercisable, will remain exercisable for the lesser
of (i) a period of three months or (ii) the period ending on the latest date on which such Stock Option or SAR could
have been exercised without regard to this Section 6(a)(4), and will thereupon terminate;

 

(B) all Stock Options and SARs
held by a Participant or the Participant’s permitted transferees, if any, immediately prior to the Participant’s death
or termination from Employment by reason of Disability, to the extent then exercisable, will remain exercisable for the lesser
of (i) the one year period ending with the first anniversary of the Participant’s death or termination of Employment
by reason of Disability or (ii) the period ending on the latest date on which such Stock Option or SAR could have been exercised
without regard to this Section 6(a)(4), and will thereupon terminate; and

 

(C) all Stock Options and SARs
(whether or not vested) held by a Participant or the Participant’s permitted transferees, if any, immediately prior to the
cessation of the Participant’s Employment will immediately terminate upon such cessation if the Administrator in its sole
discretion determines that such cessation of Employment has resulted for reasons which cast such discredit on the Participant as
to justify immediate termination of the Award.

 

(5) Taxes. The Administrator
will make such provision for the withholding of taxes as it deems necessary. The Administrator may, but need not, hold back shares
of Stock from an Award or permit a Participant to tender previously owned shares of Stock in satisfaction of tax withholding requirements.

 

(6) Dividend Equivalents, Etc.
The Administrator may provide for the payment of amounts in lieu of dividends or other distributions with respect to Stock subject
to an Award. Any entitlement to dividend equivalents or similar entitlements shall be established and administered consistent either
with exemption from, or compliance with the requirements of Section 409A. Any such dividend equivalents or similar entitlements
will be paid only to the extent that the underlying Award has vested.

 

(7) Rights Limited. Nothing
in the Plan will be construed as giving any person the right to be granted an Award or to continued employment or service with
the Company or its Affiliates, or any rights as a stockholder except as to shares of Stock actually issued under the Plan. The
loss of existing or potential profit in Awards will not constitute an element of damages in the event of termination of Employment
for any reason, even if the termination is in violation of an obligation of the Company or any Affiliate to the Participant.

 

(8) Performance Awards. This
Section 6(a)(8) generally applies to any Performance Award intended to constitute performance-based compensation. With respect
to such Performance Awards, the Administrator will pre-establish, in writing, one or more specific Performance Criteria promptly
after the commencement of the period of service to which the performance relates. Prior to grant, vesting or payment of the Performance
Award, as the case may be, the Administrator will certify whether the applicable Performance Criteria have been attained and such
determination will be final and conclusive.

 

(9) Coordination with Other
Plans. Awards under the Plan may be granted in tandem with, or in satisfaction of or substitution for, other Awards
under the Plan or awards made under other compensatory plans or programs of the Company or its Affiliates. For example, but
without limiting the generality of the foregoing, awards under other compensatory plans or programs of the Company or its
Affiliates may be settled in Stock (including, without limitation, Unrestricted Stock) under the Plan if the Administrator so
determines, in which case the shares delivered shall be treated as awarded under the Plan (and shall reduce the number of
shares thereafter available under the Plan in accordance with the rules set forth in Section 4).

 

     

     

    

 

(10) Section 409A. Each
Award shall contain such terms as the Administrator determines, and shall be construed and administered, such that the Award either
(i) qualifies for an exemption from the requirements of Section 409A, or (ii) satisfies such requirements. Notwithstanding
anything to the contrary in the Plan or any Award, if at the time of the Participant’s termination of Employment, the Participant
is a “specified employee,” within the meaning of Treasury Regulation 1.409A-1(i), as determined in the Administrator’s
sole discretion, any and all amounts payable pursuant to any Award that constitute a deferral of compensation subject to Section 409A
and would (but for this provision) be payable within six (6) months following the date of termination of Employment, shall
instead be paid on the next business day following the expiration of such six (6) month period or, if earlier, upon the Participant’s
death; except (A) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury
Regulation Section 1.409A-1(b), as determined by the Administrator in its reasonable good faith discretion or (B) other
amounts or benefits that are not subject to the requirements of Section 409A.

 

(11) Certain Requirements of Corporate
Law. Awards shall be granted and administered consistent with the requirements of applicable Delaware law (or the corporate
law of the state that the Company shall be then incorporated in) relating to the issuance of stock and the consideration to be
received therefor, and with the applicable requirements of the stock exchanges or other trading systems on which the Stock is listed
or entered for trading, in each case as determined by the Administrator.

 

	(b)	Awards Requiring Exercise

 

(1) Time And Manner Of Exercise.
Unless the Administrator expressly provides otherwise, an Award requiring exercise by the holder will not be deemed to have been
exercised until the Administrator receives a notice of exercise (in a form acceptable to the Administrator) signed by the appropriate
person and accompanied by any payment required under the Award. If the Award is exercised by any person other than the Participant,
the Administrator may require satisfactory evidence that the person exercising the Award has the right to do so.

 

(2) Exercise Price. The exercise
price (or the base value from which appreciation is to be measured) of each Award requiring exercise shall be no less than 100%
(in the case of an ISO granted to a ten-percent shareholder within the meaning of subsection (b)(6) of Section 422, 110%)
of the fair market value of the Stock subject to the Award, determined as of the date of grant on the basis of the closing price
of the Stock on such date, or such higher amount as the Administrator may determine in connection with the grant. Subject to Section 7,
no Stock Option or SAR, once granted, may be repriced nor may any payment or other consideration be made upon the termination,
cancellation, voluntary surrender or exchange of any such Stock Option or SAR, in each case, without prior stockholder approval
in accordance with any applicable stock exchange listing standards. Fair market value shall be determined by the Administrator
consistent with the applicable requirements of Section 422 and Section 409A.

 

(3) Payment Of Exercise Price.
Where the exercise of an Award is to be accompanied by payment, payment of the exercise price shall be by cash or check acceptable
to the Administrator, or, if so permitted by the Administrator and if legally permissible, (i) through the delivery of shares
of Stock that have been outstanding for at least six months (unless the Administrator approves a shorter period) and that have
a fair market value equal to the exercise price, (ii) through a broker-assisted exercise program acceptable to the Administrator,
(iii) by other means acceptable to the Administrator, or (iv) by any combination of the foregoing permissible forms of
payment. The delivery of shares in payment of the exercise price under clause (i) above may be accomplished either by actual
delivery or by constructive delivery through attestation of ownership, subject to such rules as the Administrator may prescribe.

 

(4) Maximum Term. Awards
requiring exercise will have a maximum term not to exceed ten (10) years from the date of grant.

 

     

     

    

 

7.
EFFECT OF CERTAIN TRANSACTIONS

 

(a) Mergers, etc.
Except as otherwise provided in an Award, the following provisions shall apply in the event of a Covered Transaction:

 

(1) Assumption or Substitution.
If the Covered Transaction is one in which there is an acquiring or surviving entity, the Administrator may provide for the assumption
of some or all outstanding Awards or for the grant of new awards in substitution therefor by the acquiror or survivor or an affiliate
of the acquiror or survivor.

 

(2) Cash-Out of Awards.
If the Covered Transaction is one in which holders of Stock will receive upon consummation a payment (whether cash, non-cash or
a combination of the foregoing) and in which there is no assumption or substitution, the Administrator may provide for payment
(a “cash-out”), with respect to some or all Awards or any portion thereof, equal in the case of each affected Award
or portion thereof to the excess, if any, of (A) the fair market value of one share of Stock (as determined by the Administrator
in its reasonable discretion) times the number of shares of Stock subject to the Award or such portion, over (B) the aggregate
exercise or purchase price, if any, under the Award or such portion (in the case of a SAR, the aggregate base value above which
appreciation is measured), in each case on such payment terms (which need not be the same as the terms of payment to holders of
Stock) and other terms, and subject to such conditions, as the Administrator determines; provided, that the Administrator
shall not exercise its discretion under this Section 7(a)(2) with respect to an Award or portion thereof providing for “nonqualified
deferred compensation” subject to Section 409A in a manner that would constitute an extension or acceleration of, or
other change in, payment terms if such change would be inconsistent with the applicable requirements of Section 409A.

 

(3) Acceleration of Certain
Awards. If the Covered Transaction (whether or not there is an acquiring or surviving entity) is one in which there is
no assumption, substitution or cash-out, each Award requiring exercise will become fully exercisable, and the delivery of any shares
of Stock remaining deliverable under each outstanding Award of Stock Units (including Restricted Stock Units and Performance Awards
to the extent consisting of Stock Units) will be accelerated and such shares will be delivered, prior to the Covered Transaction,
in each case on a basis that gives the holder of the Award a reasonable opportunity, as determined by the Administrator, following
exercise of the Award or the delivery of the shares, as the case may be, to participate as a stockholder in the Covered Transaction;
provided, that to the extent acceleration pursuant to this Section 7(a)(3) of an Award subject to Section 409A
would cause the Award to fail to satisfy the requirements of Section 409A, the Award shall not be accelerated and the Administrator
in lieu thereof shall take such steps as are necessary to ensure that payment of the Award is made in a medium other than Stock
and on terms that as nearly as possible, but taking into account adjustments required or permitted by this Section 7, replicate
the prior terms of the Award.

 

(4) Termination of Awards
Upon Consummation of Covered Transaction. Each Award will terminate upon consummation of the Covered Transaction, other
than the following: (i) Awards assumed pursuant to Section 7(a)(1) above; (ii) Awards converted pursuant to the
proviso in Section 7(a)(3) above into an ongoing right to receive payment other than Stock; and (iii) outstanding shares
of Restricted Stock (which shall be treated in the same manner as other shares of Stock, subject to Section 7(a)(5) below).

 

(5) Additional Limitations.
Any share of Stock and any cash or other property delivered pursuant to Section 7(a)(2) or Section 7(a)(3) above with
respect to an Award may, in the discretion of the Administrator, contain such restrictions, if any, as the Administrator deems
appropriate to reflect any performance or other vesting conditions to which the Award was subject and that did not lapse (and were
not satisfied) in connection with the Covered Transaction. In the case of Restricted Stock that does not vest in connection with
the Covered Transaction, the Administrator may require that any amounts delivered, exchanged or otherwise paid in respect of such
Stock in connection with the Covered Transaction be placed in escrow or otherwise made subject to such restrictions as the Administrator
deems appropriate to carry out the intent of the Plan.

 

     

     

    

 

(b) Changes
in and Distributions With Respect to Stock

 

(1) Basic Adjustment Provisions.
In the event of a stock dividend, stock split or combination of shares (including a reverse stock split), recapitalization or other
change in the Company’s capital structure that constitutes an equity restructuring within the meaning of FASB ASC Topic 718
(or any successor provision), the Administrator shall make appropriate adjustments to the maximum number of shares specified in
Section 4(a) that may be delivered under the Plan and to the maximum share limits described in Section 4(c), and shall
also make appropriate adjustments to the number and kind of shares of stock or securities subject to Awards then outstanding or
subsequently granted, any exercise prices relating to Awards and any other provision of Awards affected by such change.

 

(2) Certain Other Adjustments.
The Administrator shall also make adjustments of the type described in Section 7(b)(1) above to take into account distributions
to stockholders other than those provided for in Section 7(a) and 7(b)(1), or any other event, if the Administrator determines
that adjustments are appropriate to avoid distortion in the operation of the Plan and to preserve the value of Awards made hereunder,
having due regard for the qualification of ISOs under Section 422 and the requirements of Section 409A where applicable.

 

(3) Continuing Application
of Plan Terms. References in the Plan to shares of Stock will be construed to include any stock or securities resulting
from an adjustment pursuant to this Section 7.

 

8.
LEGAL CONDITIONS ON DELIVERY OF STOCK

 

The Company will not be obligated to deliver
any shares of Stock pursuant to the Plan or to remove any restriction from shares of Stock previously delivered under the Plan
until: (i) the Company is satisfied that all legal matters in connection with the issuance and delivery of such shares have
been addressed and resolved; (ii) if the outstanding Stock is at the time of delivery listed on any stock exchange or national
market system, the shares to be delivered have been listed or authorized to be listed on such exchange or system upon official
notice of issuance; and (iii) all conditions of the Award have been satisfied or waived. If the sale of Stock has not been
registered under the Securities Act of 1933, as amended, the Company may require, as a condition to exercise of the Award, such
representations or agreements as counsel for the Company may consider appropriate to avoid violation of such Act. The Company may
require that certificates evidencing Stock issued under the Plan bear an appropriate legend reflecting any restriction on transfer
applicable to such Stock, and the Company may hold the certificates pending lapse of the applicable restrictions.

 

9.
AMENDMENT AND TERMINATION

 

The Administrator may at any time or times
amend the Plan or any outstanding Award for any purpose which may at the time be permitted by law, and may at any time terminate
the Plan as to any future grants of Awards; provided, that except as otherwise expressly provided in the Plan the Administrator
may not, without the Participant’s consent, alter the terms of an Award so as to affect materially and adversely the Participant’s
rights under the Award, unless the Administrator expressly reserved the right to do so at the time of the Award. Any amendments
to the Plan shall be conditioned upon stockholder approval only to the extent, if any, such approval is required by law (including
the Code and applicable stock exchange requirements), as determined by the Administrator.

 

10.
OTHER COMPENSATION ARRANGEMENTS

 

The existence of the Plan or the grant
of any Award will not in any way affect the Company’s right to award a person bonuses or other compensation in addition to
Awards under the Plan.

 

     

     

    

 

11.
MISCELLANEOUS

 

(a) Waiver of Jury Trial.
By accepting an Award under the Plan, each Participant waives any right to a trial by jury in any action, proceeding or counterclaim
concerning any rights under the Plan and any Award, or under any amendment, waiver, consent, instrument, document or other agreement
delivered or which in the future may be delivered in connection therewith, and agrees that any such action, proceedings or counterclaim
shall be tried before a court and not before a jury. By accepting an Award under the Plan, each Participant certifies that no officer,
representative, or attorney of the Company has represented, expressly or otherwise, that the Company would not, in the event of
any action, proceeding or counterclaim, seek to enforce the foregoing waivers.

 

(b) Limitation of Liability.
Notwithstanding anything to the contrary in the Plan, neither the Company, nor any Affiliate, nor the Administrator, nor any person
acting on behalf of the Company, any Affiliate, or the Administrator, shall be liable to any Participant or to the estate or beneficiary
of any Participant or to any other holder of an Award by reason of any acceleration of income, or any additional tax, asserted
by reason of the failure of an Award to satisfy the requirements of Section 422 or Section 409A or by reason of Section 4999
of the Code; provided, that nothing in this Section 11(b) shall limit the ability of the Administrator or the Company to provide
by separate express written agreement with a Participant for a gross-up payment or other payment in connection with any such tax
or additional tax.

 

(c) Forfeiture. Awards held
by a Participant are subject to forfeiture, termination and rescission, and a Participant will be obligated to return to the Company
payments received with respect to Awards, in each case (a) to the extent provided in a Participant’s Award, (b) in
accordance with any applicable Company clawback or recoupment policy, as such policy may be amended and in effect from time to
time, or (c) as otherwise required by law or applicable stock exchange listing standards, including, without limitation, Section 10D
of the Securities Exchange Act of 1934, as amended. Each Participant, by accepting an Award pursuant to the Plan, agrees to return
the full amount required under this Section 11(c) at such time and in such manner as the Administrator shall determine in
its sole discretion and consistent with applicable law. The Company will not be responsible for any adverse tax or other consequences
to a Participant that may arise in connection with this Section 11(c).

 

     

     

    

 

EXHIBIT A

 

Definition
of Terms

 

The following terms, when used in the Plan,
will have the meanings and be subject to the provisions set forth below:

 

“Administrator”: The
Compensation Committee, except that the Compensation Committee may delegate (i) to one or more of its members such of its
duties, powers and responsibilities as it may determine; (ii) to one or more officers of the Company the power to grant rights
or options to the extent permitted by Section 157(c) of the Delaware General Corporation Law; and (iii) to such Employees
or other persons as it determines such ministerial tasks as it deems appropriate. In the event of any delegation described in the
preceding sentence, the term “Administrator” shall include the person or persons so delegated to the extent of such
delegation.

 

“Affiliate”: Any corporation
or other entity that stands in a relationship to the Company that would result in the Company and such corporation or other entity
being treated as one employer under Section 414(b) and Section 414(c) of the Code.

 

“Award”: Any or a combination
of the following:

 

(i) Stock Options.

 

(ii) SARs.

 

(iii) Restricted Stock.

 

(iv) Unrestricted Stock.

 

(v) Stock Units, including Restricted
Stock Units.

 

(vi) Performance Awards.

 

(vii) Cash Awards, including
Cash Awards that are Performance Awards.

 

(viii) Awards (other than Awards
described in (i) through (vii) above) that are convertible into or otherwise based on Stock.

 

“Board”: The board of
directors of the Company.

 

“Cause”: In the case
of any Participant who is party to an employment, severance-benefit, change in control or similar agreement with the Company or
any of its Affiliates that contains a definition of “Cause,” the definition set forth in such agreement shall apply
with respect to such Participant under the Plan during the term of such agreement. In the case of any other Participant, except
as expressly provided otherwise in an Award agreement, “Cause” shall mean: (i) the Participant’s refusal
or failure (other than during periods of illness or Disability) to perform the Participant’s material duties and responsibilities
to the Company or its subsidiaries, (ii) the conviction or plea of guilty or nolo contendere of the Participant in
respect of any felony, other than a motor vehicle offense, (iii) the commission of any act which causes material injury to
the reputation, business or business relationships of the Company or any of its subsidiaries including, without limitation, any
breach of written policies of the Company with respect to trading in securities, (iv) any other act of fraud, including, without
limitation, misappropriation, theft or embezzlement, or (v) a violation of any applicable material policy of the Company or
any of its subsidiaries, including, without limitation, a violation of the laws against workplace discrimination.

 

“Cash Award”: An Award
denominated in cash.

 

     

     

    

 

“Change in Control”:
A “change in control event” (as that term is defined in Section 1.409A-3(i)(5) of the Treasury Regulations) with
respect to the Company, which generally will include the consummation of following events, subject to such additional rules and
requirements as may be set forth in the Treasury Regulations and related guidance:

 

(i) a transfer or issuance of
stock of the Company, where stock in the Company remains outstanding after the transaction, and one person, or more than one person
acting as a group (as determined under the Treasury Regulations), acquires ownership of stock in the Company 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 stock
of the Company (however, if a person or group is considered to own more than 50% of the total fair market value or 30% of the total
voting power of the stock of the Company, the acquisition of additional stock by the same person or group will not be considered
a change in control for purposes of the Plan;

 

(ii) the acquisition by a person
or group, during the 12-month period ending on the date of the most recent acquisition by such person or group, of ownership of
stock possessing 30% or more of the total voting power of the Company (however, if a person or group is considered to control the
Company within the meaning of this sentence (i.e., owns stock of the Company possessing 30% of the total voting power of the
Company), then the acquisition of additional control will not be considered a change in control for purposes of the Plan;

 

(iii) the replacement of a majority
of members of the Company’s Board of Directors during any 12-month period by directors whose appointment or election is not
endorsed by a majority of the members of the Company’s Board of Directors before the appointment or election; or

 

(iv) the acquisition by a person
or group, during the 12-month period ending on the date of the most recent acquisition by such person or group, of assets from
the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all the
assets of the Company, as determined under the Treasury Regulations (however, a transfer of assets to certain related persons,
as provided under the Treasury Regulations, or to an entity that is controlled by the shareholders of the Company immediately after
the transfer, will not be considered a change in control for purposes of the Plan).

 

“Change in Control Termination”:
Unless expressly provided otherwise in an Award agreement, the termination of a Participant’s Employment following a Change
in Control (i) by the Company and its subsidiaries not for Cause, (ii) by the Participant for Good Reason, or (iii) by
reason of the Participant’s death or Disability.

 

“Code”: The U.S. Internal
Revenue Code of 1986 as from time to time amended and in effect, or any successor statute as from time to time in effect.

 

“Compensation Committee”:
The Compensation Committee of the Board.

 

“Company”: Atlas Air
Worldwide Holdings, Inc.

 

“Covered Transaction”:
Any consummation of (i) a consolidation, merger, or similar transaction or series of related transactions, including a sale
or other disposition of stock, in which the Company is not the surviving corporation or which results in the acquisition of all
or substantially all of the Company’s then outstanding common stock by a single person or entity or by a group of persons
and/or entities acting in concert, (ii) a sale or transfer of all or substantially all the Company’s assets, or (iii) a
dissolution or liquidation of the Company. Where a Covered Transaction involves a tender offer that is reasonably expected to be
followed by a merger described in clause (i) (as determined by the Administrator), the Covered Transaction shall be deemed
to have occurred upon consummation of the tender offer.

 

“Disability”: In the
case of any Participant who is party to an employment, severance-benefit, change in control or similar agreement with the Company
or any of its Affiliates that contains a definition of “Disability,” the definition set forth in such agreement shall
apply with respect to such Participant under the Plan during the term of such agreement. In the case of any other Participant,
except as expressly provided otherwise in an Award agreement,

 

     

     

    

 

“Disability” shall mean such
Participant’s having been continuously disabled from performing duties assigned to the Participant for a period of not less
than six consecutive calendar months, in which case such Disability shall be deemed to have commenced on the date following the
end of such six consecutive calendar months.

 

“Effective Date”: The
date on which the stockholders of the Company approve the Plan.

 

“Employee”: Any person
who is employed by the Company or an Affiliate.

 

“Employment”: A Participant’s
employment or other service relationship with the Company and its Affiliates. Employment will be deemed to continue, unless the
Administrator expressly provides otherwise, so long as the Participant is employed by, or otherwise is providing services in a
capacity described in Section 5 to the Company or its Affiliates. If a Participant’s Employment or other service relationship
is with an Affiliate and that entity ceases to be an Affiliate, the Participant’s Employment will be deemed to have terminated
when the entity ceases to be an Affiliate unless the Participant transfers Employment to the Company or its remaining Affiliates.
In construing the Plan or any Award relating to the payment of “nonqualified deferred compensation” (subject to 409A)
upon a termination or cessation of Employment, references to termination or cessation of Employment, separation from service, retirement
or similar or correlative terms shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h)
of the Treasury Regulations after giving effect to the presumptions contained therein).

 

“Good Reason”: In the
case of any Participant who is party to an employment, severance-benefit, change in control or similar agreement with the Company
or any of its Affiliates that contains a definition of “Good Reason,” the definition set forth in such agreement shall
apply with respect to such Participant under the Plan during the term of such agreement. In the case of any other Participant,
except as expressly provided otherwise in an Award agreement, “Good Reason” shall mean: (i) a material reduction
in the Participant’s duties and responsibilities from those of the Participant’s most recent position with the Company,
(ii) a reduction of the Participant’s aggregate salary, benefits and other compensation (including any incentive opportunity)
from that which the Participant was most recently entitled during Employment other than in connection with a reduction as part
of a general reduction applicable to all similarly-situated employees of the Company, or (iii) a relocation of the Participant
to a position that is located greater than 40 miles from the location of such Participant’s most recent principal location
of employment with the Company; provided, however, that the Participant will be treated as having resigned for Good Reason only
if he or she provides the Company with a notice of termination within 90 days of the initial existence of one of the conditions
described above, following which the Company shall have 30 days from the receipt of the notice of termination to cure the
event specified in the notice of termination and, if the Company fails to so cure the event, the Participant must terminate his
or her Employment not later than 30 days following the end of such cure period.

 

“ISO”: A Stock Option
intended to be an “incentive stock option” within the meaning of Section 422. Each option granted pursuant to
the Plan will be treated as providing by its terms that it is to be a non-incentive stock option unless, as of the date of grant,
it is expressly designated as an ISO.

 

“Participant”: A person
who is granted an Award under the Plan.

 

“Performance Award”:
An Award subject to Performance Criteria. The Committee in its discretion may grant Performance Awards that are intended to constitute
performance-based compensation. Such Award may be granted at a target level, subject to a future payout of a multiple of target,
subject to specified Performance Criteria.

 

“Performance Criteria”:
Specified criteria, other than the mere continuation of Employment or the mere passage of time, the satisfaction of which is a
condition for the grant, exercisability, vesting or full enjoyment of an Award. Generally, a Performance Criterion will mean an
objectively determinable measure of performance relating to any or any combination of the following (measured either absolutely
or by reference to an index or indices and determined either on a consolidated basis or, as the context permits, on a divisional,
subsidiary, line of business, project or geographical basis or in combinations thereof): sales; revenues; assets; expenses; earnings
before or after deduction for all or any portion of interest, taxes, depreciation, or amortization, whether or not on a continuing
operations or an aggregate or per share basis (basic or fully diluted); return on equity, investment, capital or assets;

 

     

     

    

 

one or more operating ratios such as earnings
before interest, taxes, and/or depreciation and amortization; borrowing levels, leverage ratios or credit rating; market share;
capital expenditures; cash flow; free cash flow, cash flow, return on investment (discounted or otherwise), net cash provided by
operations, or cash flow in excess of cost of capital; stock price; stockholder return; sales of particular products or services;
customer acquisition or retention; acquisitions and divestitures (in whole or in part); economic value added; strategic business
criteria, consisting of one or more objectives based on meeting specific market penetration, geographic business expansion goals,
facility construction or completion goals, geographic facility relocation or completion goals, cost targets, customer satisfaction,
supervision of litigation or information technology; joint ventures and strategic alliances; spin-offs, split-ups and the like;
reorganizations; or recapitalizations, restructurings, financings (issuance of debt or equity) or re-financings. A Performance
Criterion and any targets with respect thereto determined by the Administrator need not be based upon an increase, a positive or
improved result or avoidance of loss. The Administrator may provide in the case of any Award that one or more of the Performance
Criteria applicable to such Award will be adjusted in an objectively determinable manner to reflect events (for example, but without
limitation, acquisitions or dispositions) occurring during the performance period that affect the applicable Performance Criterion
or Criteria.

 

“Plan”: The Atlas Air
Worldwide Holdings, Inc. 2018 Incentive Plan as from time to time amended and in effect.

 

“Prior Plan”: The Atlas
Air Worldwide Holdings, Inc. Amended and Restated 2016 Incentive Plan.

 

“Restricted Stock”:
Stock subject to restrictions requiring that it be redelivered or offered for sale to the Company if specified conditions are not
satisfied.

 

“Restricted Stock Unit”:
A Stock Unit that is, or as to which the delivery of Stock or cash in lieu of Stock is, subject to the satisfaction of specified
performance or other vesting conditions.

 

“SAR”: A right entitling
the holder upon exercise to receive an amount (payable in cash or in shares of Stock of equivalent value) equal to the excess of
the fair market value of the shares of Stock subject to the right over the base value from which appreciation under the SAR is
to be measured.

 

“Section 409A”:
Section 409A of the Code.

 

“Section 422”:
Section 422 of the Code.

 

“Stock”: Common Stock
of the Company, par value $0.01 per share.

 

“Stock Option”: An option
entitling the holder to acquire shares of Stock upon payment or satisfaction of the exercise price.

 

“Stock Unit”: An unfunded
and unsecured promise, denominated in shares of Stock, to deliver Stock or cash measured by the value of Stock in the future.

 

“Unrestricted Stock”:
Stock not subject to any restrictions under the terms of the Award.

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