Document:

exv10w1

 

Exhibit 10.1

AGREEMENT effective as of July 4, 2004 between AVNET, INC., a New York
corporation with a principal place of business at 2211 South 47th Street,
Phoenix, Arizona 85034 (“Avnet”) and Harley Feldberg, having an office at 2211
South 47th Street, Phoenix, Arizona 85034 (“Feldberg”).

               W I T N E S S E T H

1. Employment, Salary, Benefits:

1.1 Employment. Avnet agrees to employ Feldberg and Feldberg agrees to accept
employment upon the terms and conditions hereinafter set forth.

1.2 Term. Feldberg’s employment shall commence on July 4, 2004 and subject to
earlier termination as provided in Section 2 below, shall continue for a period
of two (2) years (until July 4, 2006, the “Initial Term”). Unless Feldberg
provides Avnet written notice at least thirty (30) days prior to the expiration
of the Initial Term advising Avnet that Feldberg does not intend to renew the
Agreement as hereinafter described, then after July 4, 2006 such employment
shall continue until terminated by either party provided, however, that the
party desiring to terminate the employment gives written notice thereof to the
other not less than one (1) year prior to the date of actual termination of
employment. By way of example, should Feldberg desire not to renew after the
Initial Term, such notice would have to be given no later than June 3, 2006.
Thereafter (if not so terminated by Feldberg at the end of the Initial Term),
if either Avnet or Feldberg should desire to terminate the employment on June
15, 2007 such notice would have to be given not later than June 15, 2006.

1.3 Duties. Feldberg is hereby engaged in an executive capacity and shall
perform such duties for Avnet, or Avnet’s subsidiaries, divisions and operating
units as may be assigned to him from time to time by the Chief Executive
Officer of Avnet. Feldberg is currently engaged as President of Avnet
Electronics Marketing. If Feldberg is elected an officer or a director of Avnet
or any subsidiary or division thereof, he shall serve as such without
additional compensation.

1.4 Compensation. For all services to be rendered by Feldberg and for all
covenants undertaken by him pursuant to the Agreement, Avnet shall pay and
Feldberg shall accept such compensation (including base salary and incentive
compensation) as shall be agreed upon from time to time between Avnet and
Feldberg. In the event Feldberg’s employment hereunder is terminated by the one
(1) year notice provided for in Section 1.2 above and Avnet and Feldberg fail
to agree upon compensation during all or any portion of the one (1) year notice
period prior to termination, then Feldberg’s compensation (base salary and
incentive compensation) during such portion of the notice period shall be equal
to the cash compensation earned by Feldberg during the four completed fiscal
quarters preceding the date on which notice is given; and upon such termination
(after a one-year notice) Feldberg shall not be entitled to severance payments
under any Avnet severance plan. In the alternative event that at least 30 days
prior to the end of the Initial Term, Feldberg notifies Avnet that he intends
not to renew as described in 1.2 above, Feldberg

 

 

shall effective July 4, 2006 (the end of the Initial Term) revert to employee
at will status (with employment terminable at any time by either Avnet or
Feldberg) and the provision in 1.2 above requiring a one-year notice shall not
apply; and upon a subsequent termination of employment, Feldberg shall be
entitled if otherwise eligible to payments under any then-applicable Avnet
severance plan. Notwithstanding anything to the contrary, in the event
Feldberg’s employment is terminated pursuant to 2.1, 2.2 or 2.3 below, then the
one-year notice provided in 1.2 above shall not be applicable and Feldberg
shall not be entitled to any severance pay benefit.

1.5 Other Compensation on Termination. Upon termination of this Agreement,
Feldberg shall be entitled to receive only such compensation as had accrued and
was unpaid to the effective date of termination. If the termination occurs
other than at the end of a fiscal year of Avnet, the compensation payable to
Feldberg (including base salary and incentive compensation) shall bear the same
ratio to a full fiscal year’s remuneration as the number of days for which
Feldberg shall be entitled to remuneration bears to 365 days.

1.6 Additional Benefits. In addition to the compensation described in
Subsection 1.4, Feldberg shall be entitled to vacation, insurance, retirement
and other benefits (except for severance pay benefit which the one-year
termination notice described above is intended to replace) as are afforded to
personnel of Avnet’s United States based Electronics Marketing group operating
units generally and which are in effect from time to time. It is understood
that Avnet does not by reason of this Agreement obligate itself to provide any
such benefits to such personnel. Feldberg also participates in the Avnet’s
Executive Officers’ Supplemental Life Insurance and Retirement Benefits Program
(the “Program”) pursuant to the terms and conditions applicable to the Program.

2. Early Termination.

2.1 Death or Disability. Feldberg’s employment hereunder shall terminate on
the date of Feldberg’s death or upon Feldberg suffering mental or physical
injury, illness or incapacity that renders him unable to perform his customary
duties hereunder on a full-time basis for a period of 365 substantially
consecutive days, on the 365th such day. The opinion of a medical doctor
licensed to practice in the State of Arizona (or such other state wherein
Feldberg then resides) and having Board certification in his or her field of
specialization or the receipt of or entitlement of Feldberg to disability
benefits under any policy of insurance provided or made available by Avnet or
under federal Social Security laws, shall be conclusive evidence of such
disability.

2.2 Cause. Feldberg’s employment hereunder may also be terminated by Avnet at
any time prior to the expiration of the term hereof without notice for cause,
including, but not limited to, Feldberg’s gross misconduct, breach of any
material term of this Agreement, willful breach, habitual neglect or wanton
disregard of his duties, or conviction of any criminal act.

3. Competitive Employment:

 

 

3.1 Full time. Feldberg shall devote his full time, best efforts, attention
and energies to the business and affairs of Avnet and shall not, during the
term of his employment, be engaged in any other activity which, in the sole
judgment of Avnet, will interfere with the performance of his duties hereunder.

3.2 Non-Competition. While employed by Avnet or any subsidiary, division or
operating unit of Avnet, Feldberg shall not, without the written consent of the
Chief Executive Officer of Avnet, directly or indirectly (whether through his
spouse, child or parent, other legal entity or otherwise): own, manage,
operate, join, control, participate in, invest in, or otherwise be connected
with, in any manner, whether as an officer, director, employee, partner,
investor, shareholder, consultant, lender or otherwise, any business entity
which is engaged in, or is in any way related to or competitive with the
business of Avnet, provided, however, notwithstanding the foregoing Feldberg
shall not be prohibited from owning, directly or indirectly, up to 5% of the
outstanding equity interests of any company or entity the stock or other equity
interests of which is publicly traded on a national securities exchange or on
the NASDAQ over-the-counter market.

3.3 Non-Solicitation. Feldberg further agrees that he will not, at any time
while employed by Avnet or any subsidiary, division or operating unit of Avnet
and for a period of one year after the termination of employment with Avnet,
without the written consent of an officer authorized to act in the matter by
the Board of Directors of Avnet, directly or indirectly, on Feldberg’s behalf
or on behalf of any person or entity, induce or attempt to induce any employee
of Avnet or any subsidiary or affiliate of Avnet (collectively the “Avnet
Group”) or any individual who was an employee of the Avnet Group during the one
(1) year prior to the date of such inducement, to leave the employ of the Avnet
Group or to become employed by any person other than members of the Avnet Group
or offer or provide employment to any such employee.

4. Definitions:

     The words and phrases set forth below shall have the meanings as
indicated:

4.1 Confidential Information. That confidential business information of
Avnet, whether or not discovered, developed, or known by Feldberg as a
consequence of his employment with Avnet. Without limiting the generality of
the foregoing, Confidential Information shall include information concerning
customer identity, needs, buying practices and patterns, sales and management
techniques, employee effectiveness and compensation information, supply and
inventory techniques, manufacturing processes and techniques, product design
and configuration, market strategies, profit and loss information, sources of
supply, product cost, gross margins, credit and other sales terms and
conditions. Confidential Information shall also include, but not be limited to,
information contained in Avnet’s manuals, memoranda, price lists, computer
programs (such as inventory control, billing, collection, etc.) and records,
whether or not designated, marked or otherwise identified by Avnet as
Confidential Information.

 

 

4.2 Developments. Those inventions, discoveries, improvements, advances,
methods, practices and techniques, concepts and ideas, whether or not
patentable, relating to Avnet’s present and prospective activities and
products.

5. Developments, Confidential Information and Related Materials:

5.1 Assignment of Developments. Any and all Developments developed by
Feldberg (acting alone or in conjunction with others) during the period of
Feldberg’s employment hereunder shall be conclusively presumed to have been
created for or on behalf of Avnet (or Avnet’s subsidiary or affiliate for which
Feldberg is working) as part of Feldberg’s obligations to Avnet hereunder. Such
Developments shall be the property of and belong to Avnet (or Avnet’s
subsidiary or affiliate for which Feldberg is working) without the payment of
consideration therefor in addition to Feldberg’s compensation hereunder, and
Feldberg hereby transfers, assigns and conveys all of Feldberg’s right, title
and interest in any such Developments to Avnet (or Avnet’s subsidiary or
affiliate for which Feldberg is working) and agrees to execute and deliver any
documents that Avnet deems necessary to effect such transfer on the demand of
Avnet.

5.2 Restrictions on Use and Disclosure. Feldberg agrees not to use or
disclose at any time after the date hereof, except with the prior written
consent of an officer authorized to act in the matter by the Board of Directors
of Avnet, any Confidential Information which is or was obtained or acquired by
Feldberg while in the employ of Avnet or any subsidiary or affiliate of Avnet,
provided, however, that this provision shall not preclude Feldberg from (i) the
use or disclosure of such information which presently is known generally to the
public or which subsequently comes into the public domain, other than by way of
disclosure in violation of this Agreement or in any other unauthorized fashion,
or (ii) disclosure of such information required by law or court order, provided
that prior to such disclosure required by law or court order Feldberg will have
given Avnet three (3) business days’ written notice (or, if disclosure is
required to be made in less than three (3) business days, then such notice
shall be given as promptly as practicable after determination that disclosure
may be required) of the nature of the law or order requiring disclosure and the
disclosure to be made in accordance therewith.

5.3 Return of Documents. Upon termination of Feldberg’s employment with
Avnet, Feldberg shall forthwith deliver to the Chief Executive Officer of Avnet
all documents, customer lists and related documents, price and procedure
manuals and guides, catalogs, records, notebooks and similar repositories of or
containing Confidential Information and/or Developments, including all copies
then in his possession or control whether prepared by him or others.

6. Miscellaneous:

6.1 Consent to Arbitration. Except for the equitable relief provisions set
forth in Section 6.2 below, Avnet and Feldberg agree to arbitrate any
controversy or claim arising out of this Agreement or otherwise relating to
Feldberg’s employment or the termination of

 

 

employment or this Agreement, in accordance with the provisions of the Mutual
Agreement to Arbitrate Claims, a copy of which is annexed hereto as Exhibit A.

6.2 Equitable Relief. Feldberg acknowledges that any material breach of any
of the provisions of Sections 3 and/or 5 would entail irreparable injury to
Avnet’s goodwill and jeopardize Avnet’s competitive position in the marketplace
or Confidential Information, or both, and that in addition to Avnet’s other
remedies, Feldberg consents and Avnet shall be entitled, as a matter of right,
to an injunction issued by any court of competent jurisdiction restraining any
breach of Feldberg and/or those with whom Feldberg is acting in concert and to
other equitable relief to prevent any such actual, intended or likely breach.

6.3 Survival. The provisions of Sections 3.2, 3.3, 4, 5, and 6 shall survive
the termination of Feldberg’s employment hereunder.

6.4 Interpretation. If any court of competent jurisdiction or duly
constituted arbitration panel shall refuse to enforce any or all of the
provisions hereof because they are more extensive (whether as to geographic
scope, duration, activity, subject or otherwise) than is reasonable, it is
expressly understood and agreed that such provisions shall not be void, but
that for the purpose of such proceedings and in such jurisdiction, the
restrictions contained herein shall be deemed reduced or limited to the extent
necessary to permit enforcement of such provisions.

6.5 Succession. This Agreement shall extend to and be binding upon Feldberg,
his legal representatives, heirs and distributees and upon Avnet, its
successors and assigns.

6.6 Entire Agreement. This Agreement and the Exhibits hereto contain the
entire agreement of the parties with respect to their subject matter and no
waiver, modification or change of any provisions hereof shall be valid unless
in writing and signed by the parties against whom such claimed waiver,
modification or change is sought to be enforced.

6.7 Waiver of Breach. The waiver of any breach of any term or condition of
this Agreement shall not be deemed to constitute a waiver of any other term or
condition of this Agreement.

6.8 Notices. All notices pursuant to this Agreement shall be in writing and
shall be given by registered or certified mail, or the equivalent, return
receipt requested, addressed to the parties hereto at the addresses set forth
above, or to such address as may hereafter be specified by notice in writing in
the same manner by any party or parties.

6.9 Headings. Except for the headings in Section 4, the headings of the
sections and subsections are inserted for convenience only and shall not be
deemed to constitute a part hereof or to affect the meaning thereof.

 

 

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

	 	 	 	 	 
	 	AVNET, INC.

 	 
	 	By  /s/  Roy Vallee
 	 
	 	Title  Chief Executive Officer 	 
	 	 	 
	 
	 	 	 
	 	
/s/  Harley Feldberg
 	 
	 	HARLEY FELDBERG 	 
	 	 	 
	 

 

 

EXHIBIT A

MUTUAL AGREEMENT TO ARBITRATE CLAIMS

     I recognize that differences may arise between Avnet, Inc. (“the Company”)
and me during or following my employment with the Company, and that those
differences may or may not be related to my employment. I understand and agree
that by entering into this Agreement to Arbitrate Claims (“Agreement”). I
anticipate gaining the benefits of a speedy, impartial dispute-resolution
procedure.

     Except as provided in this Agreement, the Federal Arbitration Act shall
govern the interpretation, enforcement and all proceedings pursuant to this
Agreement. To the extent that the Federal Arbitration Act is inapplicable,
applicable state law pertaining to agreements to arbitrate shall apply.

     I understand that any reference in this Agreement to the Company will be a
reference also to all divisions, subsidiaries and affiliates of the Company.
Additionally, except as otherwise provided herein, any reference to the Company
shall also include all benefit plans; the benefit plans’ sponsors, fiduciaries,
administrators, affiliates; and all successors and assigns of any of them.

CLAIMS COVERED BY THE AGREEMENT

     The Company and I mutually consent to the resolution by arbitration of all
claims or controversies (“claims”), whether or not arising out of my employment
(or its termination), which the Company may have against me or that I may have
against the Company or against its officers, directors, employees or agents in
their capacity as such or otherwise. The claims covered by this Agreement
include, but are not limited to, claims for wages or other compensation due;
claims for breach of any contract or covenant (express or implied); tort
claims; claims for discrimination and harassment (including, but not limited
to, race, sex, sexual orientation, religion, national origin, age, marital
status, medical condition, handicap or disability); claims for benefits (except
where an employee benefit or pension plan specifies that its claims procedure
shall culminate in an arbitration procedure different from this one); and
claims for violation of any federal, state, or other governmental law, statute,
regulation, or ordinance, except claims excluded in the section entitled
“Claims Not Covered by the Agreement.”

 

 

     Except as otherwise provided in this Agreement, both the Company and I
agree that neither of us shall initiate nor prosecute any lawsuit or
administrative action (other than an administrative charge of discrimination)
in any way related to any claim covered by this Agreement.

CLAIMS NOT COVERED BY THE AGREEMENT

     Claims I may have for workers’ compensation or unemployment compensation
benefits are not covered by this Agreement.

     Also not covered are claims by the Company for injunctive and/or other
equitable relief including, but not limited to, claims for injunctive and/or
other equitable relief for unfair competition and/or the use and/or
unauthorized disclosure of trade secrets or confidential information, as to
which I understand and agree that the Company may seek and obtain relief from a
court of competent jurisdiction.

REQUIRED NOTICE OF ALL CLAIMS AND STATUTE OF LIMITATIONS

     The Company and I agree that the aggrieved party must give written notice
of any claim to the other party within one (1) year of the date the aggrieved
party first has knowledge of the event giving rise to the claim; otherwise the
claim shall be void and deemed waived even if there is a federal or state
statute of limitations which would have given more time to pursue the claim.

     Written notice to the Company, or its officers, directors, employees or
agents, shall be sent to its President at the Company’s then-current address. I
will be given written notice at the last address recorded in my personnel file.

     The written notice shall identify and describe the nature of all claims
asserted and the facts upon which such claims are based. The notice shall be
sent to the other party by certified or registered mail, return receipt
requested.

DISCOVERY

     Each party shall have the right to take the deposition of one individual
and any expert witness designated by another party. Each party also shall have
the right to propound requests for production of documents to any party.
Additional discovery may be had only where the panel of arbitrators selected
pursuant to this Agreement so orders, upon a showing of substantial need.

 

 

     At least thirty (30) days before the arbitration, the parties must
exchange lists of witnesses, including any expert, and copies of all exhibits
intended to be used at the arbitration.

SUBPOENAS

     Each party shall have the right to subpoena witnesses and documents for
the arbitration.

ARBITRATION PROCEDURES

     The Company and I agree that, except as provided in this Agreement, any
arbitration shall be in accordance with the then-current Model Employment
Arbitration Procedures of the American Arbitration Association (“AAA”) before a
panel of three arbitrators who are licensed to practice law in the state where
the arbitration is to take place (“the Panel”). The arbitration shall take
place in or near the city in which I am or was last employed by the Company.

     The Panel shall apply the substantive law (and the law of remedies, if
applicable) of the state in which the claim arose, or federal law, or both, as
applicable to the claim(s) asserted: The Federal Rules of Evidence shall apply.
The Panel, and not any federal, state, or local court of agency, shall have
exclusive authority to resolve any dispute relating to the interpretation,
applicability, enforceability or formation of this Agreement, including but not
limited to any claim that all or any part of this Agreement is void or
voidable. The Panel shall render an award and opinion in the form typically
rendered in labor arbitrations. The arbitration shall be final and binding upon
the parties.

     The Panel shall have jurisdiction to hear and rule on pre-hearing disputes
and is authorized to hold pre-hearing conferences by telephone or in person, as
the Panel deems necessary. The Panel shall have the authority to entertain a
motion to dismiss and/or a motion for summary judgment by any party and shall
apply the standards governing such motions under the Federal Rules of Civil
Procedure.

     Either party, at its expense, may arrange for and pay the cost of a court
reporter to provide a stenographic record of proceedings.

ARBITRATION FEES AND COSTS

 

 

     The Company and I shall equally share the fees and costs of the Panel.
Each party shall pay for its own costs and attorneys’ fees, if any. However, if
any party prevails on a statutory claim that affords the prevailing party
attorneys’ fees, or if there is a written agreement providing for fees, the
Panel may award reasonable fees to the prevailing party.

INTERSTATE COMMERCE

     I understand and agree that the Company is engaged in transactions
involving interstate commerce and that my employment involves such commerce.

REQUIREMENTS FOR MODIFICATION OR REVOCATION

     This Agreement to arbitrate shall survive the termination of my
employment. It can only be revoked or modified by a writing signed by me and an
officer of the Company that specifically states an intent to revoke or modify
this Agreement.

SOLE AND ENTIRE AGREEMENT

     This is the complete agreement of the parties on the subject of
arbitration of disputes, except for any arbitration agreement in connection
with any pension or benefit plan. This Agreement supersedes any prior or
contemporaneous oral or written understanding on the subject. No party is
relying on any representations, oral or written, on the subject of the effect,
enforceability or meaning of this Agreement, except as specifically set forth
in this Agreement.

CONSTRUCTION

     If any provision of this Agreement is adjudged to be void or otherwise
unenforceable, in whole or in part, such adjudication shall not affect the
validity of the remainder of the Agreement.

CONSIDERATION

     The promises by the Company and by me to arbitrate differences, rather
than litigate them before courts or other bodies, provide consideration for
each other.

NOT AN EMPLOYMENT AGREEMENT

 

 

     This Agreement is not, and shall not be construed to create, any contract
of employment, express or implied. Nor does this Agreement in any way alter the
“at-will” status of my employment.

VOLUNTARY AGREEMENT

     I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THIS AGREEMENT, THAT I UNDERSTAND
ITS TERMS, THAT ALL UNDERSTANDINGS AND AGREEMENTS BETWEEN THE COMPANY AND ME
RELATING TO THE SUBJENS COVERED IN THE AGREEMENT ARE CONTAINED IN IT, AND THAT
I HAVE ENTERED INTO THE AGREEMENT VOLUNTARILY AND NOT IN RELIANCE ON ANY
PROMISES OR REPRESENTATIONS BY THE COMPANY OTHER THAN THOSE CONTAINED IN THIS
AGREEMENT ITSELF.

     I UNDERSTAND THAT BY SIGNING THIS AGREEMENT I AM GIVING UP MY RIGHT TO A
JURY TRIAL.

     I FURTHER ACKNOWLEDGE THAT I HAVE BEEN GIVEN THE OPPORTUNITY TO DISCUSS
THIS AGREEMENT WITH MY PRIVATE LEGAL COUNSEL AND HAVE AVAILED MYSELF OF THAT
OPPORTUNITY TO THE EXTENT I WISH TO DO SO.

	 	 	 
	EMPLOYEE

	 	AVNET, INC. 

	/s/ Harley Feldberg

	 	/s/ Roy Vallee
	Signature of Employee

	 	Signature of Authorized Company
	

	 	Representative 

	Harley Feldberg

	 	Chief Executive Officer
	

	 	

	Print Name of Employee

	 	Title of Representative 

	

	 	

	Date

	 	Dateexv10w2

 

Exhibit 10.2

CHANGE OF CONTROL AGREEMENT

This Change of Control Agreement (the “Agreement”) is made effective as of the
1st day of March, 2001, between Avnet, Inc., a New York corporation with its
principal place of business at 2211 South 47th Street, Phoenix, Arizona 85034
Arizona (“Avnet” or “the Company”) and Edward B. Kamins (the “Officer”). Avnet
and the Officer are collectively referred to in this Agreement as “the
Parties”.

WHEREAS, the Officer holds the position of Senior Vice President with the
Company; and

WHEREAS, the Parties wish to provide for certain payments to the Officer in the
event of a Change of Control of the Company and the subsequent termination of
the Officer’s employment without cause or the Constructive Termination of the
Officer’s employment, as those capitalized terms are defined below;

NO, THEREFORE, the Parties agree as follows:

1. Definitions.

     (a) “Change of Control” means the happening of any of the
following events:

	 	(i)	 	the acquisition by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the
Exchange Act (a “Person”) of beneficial ownership (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 50%
or more of either (A) the then outstanding shares of common stock
of the Company or (B) the combined voting power of the then
outstanding voting securities of the Company entitled to vote
generally in the election of directors; provided, however, that
the following transactions shall not constitute a Change of
Control under this subsection (i): (w) any transaction that is
authorized by the Board of Directors of the Company as
constituted prior to the effective date of the transaction, (x)
any acquisition directly from the Company (excluding an
acquisition by virtue of the exercise of a conversation
privilege), (y) any acquisition by the Company, or (z) any
acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any entity controlled
by the Company; or
	 
	 	(ii)	 	individuals who, as of the effective date hereof,
constitute the Board of Directors of the Company (the “Incumbent
Board”) cease for any reason to constitute at least a majority of
the Board; provided, however, that any individual becoming a
director subsequent to the effective date hereof whose election,
or nomination for election by the Company’s stockholders, was
approved by a vote of at least a majority of the directors then
comprising the 11 12 Incumbent Board shall be considered as
though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of either an actual or
threatened election contest (as such terms are used in Rule
14a-11 of Regulation 14A promulgated under the Exchange Act) or
other actual or threatened solicitation of proxies or consents by
or ion behalf of a Person other than the Board; or

1

 

	 	(iii)	 	Approval by the stockholders of the
Company of a complete liquidation or dissolution of the
Company or the sale or other disposition of all or
substantially all of the assets of the Company.

     (b)“Constructive Termination” means the happening of any of the following
events:

	 	(i)	 	a material diminution of Officer’s
responsibilities, including, without limitation, title and
reporting relationship;
	 
	 	(ii)	 	relocation of the Officer’s office greater
than 50 miles from its location as of the effective date of
this Agreement without the consent of the Officer,
	 
	 	(iii)	 	a material reduction in Officer’s
compensation and benefits.

     (c) The “Exchange Act” shall mean the 1934 Securities Exchange Act, as
amended.

	2.	 	Constructive Termination or Termination after Change of Control. If,
within 24 months following a Change of Control, the Company or its
successor termites Officer’s employment without cause or by Constructive
Termination, Officer will be paid, in lieu of any other rights under any
employment agreement between the Officer and the Company, in a lump sum
payment, an amount equal to 2.99 times the sum of (i) the Officer’s annual
salary for the year in which such termination occurs and (ii) the
Officer’s incentive compensation equal to the average of such incentive
compensation for the highest two of the last five full fiscal years. All
unvested stock options shall accelerate and vest in accordance with the
early vesting provisions under the applicable stock option plans and all
incentive stock program shares allocated but not yet delivered will be
accelerated so as to be immediately deliverable. Officer shall receive
his or her accrued and unpaid salary and any accrued and unpaid pro rata
bonus (assuming target payout) through the date of termination, and
Officer will continue to participate in the medical, dental, life,
disability and automobile benefits in which Officer is then participating
for a period of two years from the date of termination.
	 
	3.	 	Excise Taxes. In the event that Officer is deemed to have received an
excess parachute payment (as such term is defined in Section 280G(b) of
the Internal Revenue Code of 1986, as amended (the “Cod”)) that is subject
to excise taxes (“Excise Taxes”) imposed by Section 4999 of the Code with
respect to compensation paid to Officer pursuant to this Agreement, the
Company shall make an additional payment equal to the sum of (i) all
Excise Taxes payable by Officer plus (ii) any additional Excise Tax or
federal or state income taxes imposed with respect to such payments.
	 
	4.	 	Miscellaneous. This Agreement modifies any employment agreement between
Officer and the Company only with respect to such terms and conditions
that are specifically addressed in this Agreement. All other provisions
of any employment agreement between the Company and Officer shall remain
in full force and effect.

AVNET, INC.

	 	 	 	 	 
	By:

	 	/s/ Raymond Sadowski
	 	 
	

	 	
	 	 
	Its:

	 	Senior VP & CFO	 	 

2

 

	 	 	 	 	 
	Officer 

	/s/ Edward Kamins
	

3

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