Document:

Exhibit
4.1

    

    AETNA
INC.

    

    

    Certificate of Designated
Officers

    

    September
12, 2008

    

    Kim A.
Keck, Head of Finance, Corporate, and Alfred P. Quirk, Jr., Vice President,
Finance and Treasurer, each of Aetna Inc., a Pennsylvania corporation (the
“Company”), pursuant to
Sections 201 and 301 of the Senior Indenture, dated as of March 2, 2001 (the
“Indenture”), between
the Company, as issuer, and U.S. Bank National Association, successor in
interest to State Street Bank and Trust Company, as trustee (the “Trustee”), and pursuant to
resolutions adopted by the Board of Directors of the Company on September 28,
2007 and the Delegation of Authority of Ronald A. Williams, Chairman and Chief
Executive Officer of the Company, dated September 8, 2008 (the “Company Resolutions”), hereby certify
that there are hereby approved and established pursuant to the Indenture a
series of securities (the “Securities”) of the Company
whose terms shall be as set forth in Annex A attached hereto.

     

    Each of
the undersigned officers (i) has read the applicable provisions of the
Indenture, (ii) has reviewed the forms and terms of the Securities, (iii) in the
opinion of each of the undersigned, has made such examination or investigation
as is necessary to enable the undersigned to express an informed opinion as to
whether or not the applicable covenants and conditions of the Indenture have
been complied with, (iv) hereby certifies that the applicable covenants and
conditions of the Indenture have been complied with and (v) hereby certifies
that the forms and terms of the Securities comply with the
Indenture.

     

    Capitalized
terms used but not defined herein have the meanings ascribed thereto in the
Indenture.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

     

    IN WITNESS
WHEREOF, we have hereunto signed our names as of the date first written
above.

     

    
      
        	 	 	
                /s/
      Kim
      A. Keck

              	 
	 	Name:	Kim A. Keck	 
	 	
                Title:

              	
                Head
      of Finance, Corporate

              	 

      

      
         

        
          
            	 	 	
                    
                      /s/ Alfred P. Quirk,
      Jr.

                    

                  	 
	 	Name:	Alfred P. Quirk,
      Jr.	 
	 	
                    Title:

                  	
                    
                      Vice
      President, Finance and Treasurer

                    

                  	 

          

           

           

          
            
              
              

            

            
              2

              
                

              

            

            
              
              

            

          

           

           

        

      

    

    
    

     ANNEX
A

    

    6.50%
Senior Notes due September 15, 2018

    

    

    1 .  The
Securities shall be known and designated as the “6.50% Senior Notes due
September 15, 2018” of the Company (the “Securities”).

    

    

    2 .  The
aggregate principal amount of the Securities which may be authenticated and
delivered under the Indenture is initially limited to $500,000,000 (except for
such Securities authenticated and delivered upon registration of transfer of, or
in exchange for, or in lieu of, other Securities pursuant to Sections 304, 305,
306, 906 or 1107 of the Indenture and except for any Securities which, pursuant
to Section 303 of the Indenture, are deemed never to have been authenticated and
delivered thereunder).  Additional Securities may be authenticated and
delivered from time to time as contemplated in Section 301 of the
Indenture.

    

    3 .  The
Stated Maturity of the principal of the Securities shall be September 15,
2018.

    

    4 .  The
Securities shall bear interest at the rate of 6.50% per annum, which will accrue
from September 12, 2008, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, as the case may be, payable
semi-annually on March 15 and September 15 in each year, commencing March 15,
2009, to the Person in whose name such Securities (or one or more predecessor
Securities) are registered at the close of business on the Regular Record Date
next preceding the Interest Payment Date.  Each March 15 and September
15 shall be an “Interest
Payment Date” for such Securities, and the February 28 or August 31
(whether or not a Business Day), as the case may be, next preceding an Interest
Payment Date shall be the “Regular Record Date” for the
interest payable on such Interest Payment Date.

    

    5 .  The
Securities are unsecured.

    

    6 .  Payment
of the principal of and interest on the Securities will be made at the office or
agency of the Company maintained for that purpose in the Borough of Manhattan,
City of New York; provided, however, that at any time that the Securities are
not represented by Global Securities, at the option of the Company, payment of
interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register.

    

    7 .  The
Securities will be redeemable upon not less than 30 calendar days’ nor more than
60 calendar days’ notice by mail, at any time, in whole or in part, at the
election of the Company, at a Redemption Price equal to the greater
of:

    

    
      	
               
      

            	
              •

            	
              100%
      of the principal amount of the Securities to be redeemed,
    or

            

    

    
    

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      

      
      

      
        	
                 
      

              	
                •

              	
                the
      sum of the present values of the remaining scheduled payments of principal
      and interest on the Securities to be redeemed from the Redemption Date to
      the date of Maturity for the Securities discounted to the Redemption Date
      on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
      months) at the Treasury Rate (as defined below) plus 45 basis
      points,

              

      

       

    

    plus, in
each case, any interest accrued but not paid to the Redemption
Date.

    

    “Treasury Rate” means, with
respect to any Redemption Date for any portion of the Securities,

    

    
      	
               
      

            	
              •

            	
              the
      yield, under the heading which represents the average for the immediately
      preceding week, appearing in the most recently published statistical
      release designated “H.15(519)” or any successor publication which is
      published weekly by the Board of Governors of the Federal Reserve System
      and which establishes yields on actively traded United States Treasury
      securities adjusted to constant maturity under the caption “Treasury
      Constant Maturities,” for the maturity corresponding to the Comparable
      Treasury Issue (if no maturity is within three months before or after the
      date of Maturity for the Securities, yields for the two published
      maturities most closely corresponding to the Comparable Treasury Issue
      will be determined and the Treasury Rate shall be interpolated or
      extrapolated from those yields on a straight line basis, rounding to the
      nearest month) or

            

    

    

    
      	
               
      

            	
              •

            	
              if
      the release referred to in the previous bullet (or any successor release)
      is not published during the week preceding the calculation date or does
      not contain the yields referred to above, the rate per annum equal to the
      semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
      calculated using a price for the Comparable Treasury Issue (expressed as a
      percentage of its principal amount) equal to the Comparable Treasury Price
      for that Redemption Date.

            

    

    

    The
Treasury Rate will be calculated on the third Business Day preceding the
Redemption Date.

    

    “Comparable Treasury Issue”
means the United States Treasury security selected by an “Independent Investment
Banker” as having a maturity comparable to the remaining term of the Securities
that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities
of comparable maturity to the remaining term of the Securities.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
 

    “Comparable Treasury Price”
means, with respect to any Redemption Date for any Securities, the average of
all Reference Treasury Dealer Quotations (as defined below)
obtained.

    

    “Independent Investment Banker”
means one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company.

    

    “Reference Treasury Dealer”
means each of Banc of America Securities LLC, Citigroup Global Markets Inc. and
J.P. Morgan Securities Inc.  If any Reference Treasury Dealer ceases
to be a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”), the Company
shall substitute another Primary Treasury Dealer for that dealer.

    

    “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by that Reference
Treasury Dealer at 5:00 p.m. on the third Business Day preceding the Redemption
Date.

    

    Notice of any redemption will be mailed
at least 30 calendar days but no more than 60 calendar days before the
Redemption Date to each holder of the Securities.

    

    Unless the Company defaults in payment
of the Redemption Price, interest will cease to accrue on the Securities called
for redemption on and after the Redemption Date.

    

    8 . If
a Change of Control Triggering Event occurs, unless the Company has exercised
its right to redeem the Securities in full, the Company will make an offer to
each Holder (the “Change of
Control Offer”) to repurchase any and all (equal to $2,000 or an integral
multiple of $1,000) of such Holder’s Securities at a repurchase price in cash
equal to 101% of the aggregate principal amount of the Securities repurchased
plus accrued and unpaid interest, if any, thereon, to the date of repurchase
(the “Change of Control
Payment”).Within 30 days following any Change of Control Triggering
Event, the Company will mail a notice to Holders of Securities describing the
transaction or transactions that constitute the Change of Control Triggering
Event and offering to repurchase the Securities on the date specified in the
notice (the “Change of Control
Payment Date”), which date will be no less than 30 days and no more than
60 days from the date such notice is mailed, pursuant to the procedures required
by the Securities and described in such notice.

    

    The Company will comply with the
requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”),
and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with the repurchase of the
Securities as a result of a Change of Control Triggering Event. To the extent
that the provisions of any securities laws or regulations conflict with the
Change of Control repurchase provisions of the Securities, 

     

    
      
        
        

      

      
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    the
Company will comply with the applicable securities laws and regulations and will
not be deemed to have breached its obligations under the Change of Control
repurchase provisions of the Securities by virtue of such
conflicts.

    

    The Company will not be required to
offer to repurchase the Securities upon the occurrence of a Change of Control
Triggering Event if a third party makes such an offer in the manner, at the
times and otherwise in compliance with the requirements for an offer made by the
Company and the third party repurchases on the applicable date all Securities
properly tendered and not withdrawn under its offer; provided that for all
purposes of the Securities and the Indenture, a failure by such third party to
comply with the requirements of such offer and to complete such offer shall be
treated as a failure by the Company to comply with its obligations to offer to
purchase the Securities unless the Company promptly makes an offer to repurchase
the Securities at 101% of the outstanding principal amount thereof plus accrued
and unpaid interest, if any, thereon, to the date of repurchase, which shall be
no later than 30 days after the third party’s scheduled Change of Control
Payment Date.

    

    On the Change of Control Payment Date,
the Company will, to the extent lawful:

    

    
      	
              ·  

            	
              accept
      or cause a third party to accept for payment all Securities or portions of
      Securities properly tendered pursuant to the Change of Control
      Offer;

            

    

    

    
      	
              ·  

            	
              deposit
      or cause a third party to deposit with the paying agent an amount equal to
      the Change of Control Payment in respect of all Securities or portions of
      Securities properly tendered; and

            

    

    

    
      	
              ·  

            	
              deliver
      or cause to be delivered to the Trustee the Securities properly accepted,
      together with an officer’s certificate stating the principal amount of
      Securities or portions of Securities being
  purchased.

            

    

    

    “Below Investment Grade Rating
Event” means the Securities are rated below an Investment Grade Rating by
each of the Rating Agencies on any date from the earlier of (1) the occurrence
of a Change of Control and (2) public notice of the Company’s intention to
effect a Change of Control, in each case until the end of the 60-day period
following the earlier of (1) the occurrence of a Change of Control and (2)
public notice of the Company’s intention to effect a Change of Control; provided, however, that if
(i) during such 60-day period one or more Rating Agencies has publicly announced
that it is considering the possible downgrade of the Securities, and (ii) a
downgrade by each of the Rating Agencies that has made such an announcement
would result in a Below Investment Grade Rating Event, then such 60-day period
shall be extended for such time as the rating of the Securities by any such
Rating Agency remains under publicly announced consideration for possible
downgrade to a rating below an Investment Grade Rating and a downgrade by such
Rating Agency to a rating below an Investment Grade Rating could cause a Below
Investment Grade Rating Event. Notwithstanding the 

     

     

    
      
        
        

      

      
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    foregoing,
a rating event otherwise arising by virtue of a particular reduction in rating
will not be deemed to have occurred in respect of a particular Change of Control
(and thus will not be deemed a Below Investment Grade Rating Event for purposes
of the definition of Change of Control Triggering Event) if the rating agencies
making the reduction in rating to which this definition would otherwise apply do
not announce or publicly confirm or inform the Trustee in writing at the
Company’s or the Trustee’s request that the reduction was the result, in whole
or in part, of any event or circumstance comprised of or arising as a result of,
or in respect of, the applicable Change of Control (whether or not the
applicable Change of Control has occurred at the time of the rating
event).

    

    “Change of Control” means the
occurrence of any of the following: (1) direct or indirect sale, transfer,
conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the
properties or assets of the Company and its subsidiaries taken as a whole to any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) other
than to the Company or one of its subsidiaries; (2) the consummation of any
transaction (including, without limitation, any merger or consolidation) the
result of which is that any “person” (as that term is used in Section 13(d)(3)
of the Exchange Act) other than the Company or one of its subsidiaries becomes
the beneficial owner, directly or indirectly, of more than 50% of the then
outstanding number of shares of the Company’s voting stock; or (3) the first day
on which a majority of the members of the Company’s Board of Directors are not
Continuing Directors; provided, however, that a
transaction will not be deemed to involve a Change of Control if (A) the Company
becomes a wholly owned subsidiary of a holding company and (B)(x) the holders of
the voting stock of such holding company immediately following that transaction
are substantially the same as the holders of the Company’s voting stock
immediately prior to that transaction or (y) immediately following that
transaction no “person” (as that term is used in Section 13(d)(3) of the
Exchange Act) is the beneficial owner, directly or indirectly, of more than 50%
of the voting stock of such holding company. For purposes of this definition,
“voting stock” means
capital stock of any class or kind the holders of which are ordinarily, in the
absence of contingencies, entitled to vote for the election of directors (or
persons performing similar functions) of the Company, even if the right to vote
has been suspended by the happening of such a contingency.

    

    “Change of Control Triggering
Event” means the occurrence of both a Change of Control and a Below
Investment Grade Rating Event.

    

    “Continuing Directors” means,
as of any date of determination, any member of the Board of Directors of the
Company who (1) was a member of the Board of Directors of the Company on the
date of the issuance of the Securities; or (2) was nominated for election or
elected to the Board of Directors of the Company with the approval of a majority
of the Continuing Directors who were members of such Board of Directors of the
Company at the time of such nomination or election (either by specific vote or
by 

     

    
      
        
        

      

      
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    approval
of the Company’s proxy statement in which such member was named as a nominee for
election as a director).

    

    “Fitch” means Fitch Ratings
Inc.

    

    “Investment Grade Rating” means
a rating by Moody’s equal to or higher than Baa3 (or the equivalent under any
successor rating category of Moody’s), a rating by S&P equal to or higher
than BBB- (or the equivalent under any successor rating category of S&P), a
rating by Fitch equal to or higher than BBB- (or the equivalent under any
successor rating category of Fitch), and the equivalent investment grade credit
rating from any replacement rating agency or rating agencies selected by the
Company under the circumstances permitting the Company to select a replacement
agency and in the manner for selecting a replacement agency, in each case as set
forth in the definition of “Rating Agencies”.

    

    “Moody’s” means Moody’s
Investors Service, Inc.

    

    “Rating Agencies” means (1)
Moody’s, S&P and Fitch; and (2) if any or all of Moody’s, S&P or Fitch
ceases to rate the Securities or fails to make a rating of the Securities
publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Rule
15c3-1(c)(2)(vi)(F) under the Exchange Act, that the Company selects (pursuant
to a resolution of the Company’s Board of Directors) as a replacement agency for
any of Moody’s, S&P or Fitch, or all of them, as the case may
be.

    

    “S&P” means Standard &
Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc.

    

    9.   The
Company shall not be obligated to redeem or purchase the Securities pursuant to
any sinking fund or analogous provision, or at the option of any Holder thereof,
except as provided above.

    

    10.  The
Securities shall be issuable only in registered form without coupons in
denominations of $2,000 and any multiple of $1,000 in excess
thereof.

    

    11.  The
Securities shall be issued in the form of one or more Global Securities
registered in the name of The Depository Trust Company (“DTC”) or its nominee, to be
deposited with, or on behalf of, The Depository Trust Company, New York, New
York.

    

    12. 
U.S. Bank National Association shall act as paying agent and registrar with
respect to the Securities.

    

    13. 
The Securities shall be in such form or forms as may be approved by the officers
of the Company as provided in the Company Resolutions, such approval to be
evidenced by any such officer’s manual or facsimile signature on the Securities,
provided 

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

     

    that such
form or forms of the Securities are not inconsistent with the requirements of
the Indenture or the Company Resolutions and are substantially in the form or
forms attached hereto as Exhibit A-1.

    

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

       

    

    Exhibit
A-1

    Form
of Security

    

    

    THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF.  THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR
EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE
DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.  EVERY
SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN
EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO
THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

    

    Unless
this certificate is presented by an authorized representative of The Depository
Trust Company, a New York corporation ("DTC"), to Aetna Inc. or its
agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is
requested by an authorized representative of DTC (and any payment is made to
Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

    

    

    AETNA
INC.

    

    6.50%
SENIOR NOTE DUE 2018

    

    CUSIP:
008117 AM5

    ISIN:
US008117AM56

    

     

    
      	No. 2018-1	
               $500,000,000

            

    

     

    

    

    AETNA INC., a Pennsylvania corporation
(herein called the “Company”), which term includes
any successor Person under the Indenture hereinafter referred to, for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of FIVE HUNDRED MILLION Dollars ($500,000,000) upon presentation
and surrender of this Security on September 15, 2018, and to pay interest
thereon from September 12, 2008 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually on March 15 and
September 15 in each year, 

     

     

    
      
        
        

      

      
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    commencing
March 15, 2009, at the rate of 6.50% per annum until the principal hereof is
paid or made available for payment.  The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as
provided in such Indenture, be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on the Regular Record Date for such interest, which shall be the February 28 or
August 31 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date.  Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to Holders of Securities
of this series not less than 10 calendar days prior to such Special Record
Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture.

    

    Payment of the principal of and
premium, if any, and interest on this Security will be made at the office or
agency of the Company maintained for that purpose in the Borough of Manhattan,
City of New York, in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private
debts.

    

    Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this
place.  Such provisions include, without limitation, provisions
relating to redemption of this Security by the Company.

    

    Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Security shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any
purpose.

     

    
      
        
        

      

      
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    IN WITNESS WHEREOF, the Company has
caused this instrument to be duly executed under its corporate
seal.

    

    Dated:
September 12, 2008

     

    
    

     

    
      	 	
              AETNA
      INC.

            	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Name:	Alfred P. Quirk,
      Jr.	 
	 	 	Title: 	Vice President,
      Finance and Treasurer	 

    

     

    

    

    [SEAL]

    

    

    Attest:

    

    

    __________________

    Melinda
Westbrook

    

    

    

    TRUSTEE'S
CERTIFICATE OF AUTHENTICATION

    

    

    This is
one of the Securities of the series designated under, and referred to in, the
within-mentioned Indenture.

    

     

    
      	 	
              U.S.
      BANK NATIONAL ASSOCIATION, as Trustee

            	 
	 	 	 	 	 
	 	By	 	 
	 	 	
              Authorized
      Officer

            	 

    

     

    

    
      
        
        

      

      
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    (Back of
Note)

    

    

    This Security is one of a duly
authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under a Senior Indenture, dated as of March 2, 2001
(herein called the “Indenture”), between the
Company, as issuer, and U.S. Bank National Association (as successor in interest
to State Street Bank and Trust Company), as Trustee (herein called the “Trustee”, which term includes
any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and
delivered.  This Security is one of the series designated on the face
hereof, initially limited in aggregate principal amount to $500,000,000, subject
to future issuances of additional Securities pursuant to Section 301 of the
Indenture.

    

    The Securities of this series are
subject to redemption upon not less than 30 calendar days’ nor more than 60
calendar days’ notice by mail, at any time, in whole or in part, at the
election of the Company, at a Redemption Price equal to the greater
of:

    

    
      	
               
      

            	
              •

            	
              100%
      of the principal amount of the Securities to be redeemed,
    or

            

    

    

    
      	
               
      

            	
              •

            	
              the
      sum of the present values of the remaining scheduled payments of principal
      and interest on the Securities to be redeemed from the Redemption Date to
      the date of Maturity for such Securities discounted to the Redemption Date
      on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
      months) at the Treasury Rate (as defined below) plus 45 basis
      points,

            

    

    

    plus, in each case, any interest
accrued but not paid to the Redemption Date.

    

    “Treasury Rate” means, with
respect to any Redemption Date for any portion of the Securities,

    

    
      	
               
      

            	
              •

            	
              the
      yield, under the heading which represents the average for the immediately
      preceding week, appearing in the most recently published statistical
      release designated “H.15(519)” or any successor publication which is
      published weekly by the Board of Governors of the Federal Reserve System
      and which establishes yields on actively traded United States Treasury
      securities adjusted to constant maturity under the caption “Treasury
      Constant Maturities,” for the maturity corresponding to
  the

            

    

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      

      
        	
                 
      

              	
                •

              	
                Comparable
      Treasury Issue (if no maturity is within three months before or after the
      date of Maturity for the Securities to be redeemed, yields for the two
      published maturities most closely corresponding to the Comparable Treasury
      Issue will be determined and the Treasury Rate shall be interpolated or
      extrapolated from those yields on a straight line basis, rounding to the
      nearest month) or

              

      

       

    

    
      	
               
      

            	
              •

            	
              if
      the release referred to in the previous bullet (or any successor release)
      is not published during the week preceding the calculation date or does
      not contain the yields referred to above, the rate per annum equal to the
      semi-annual equivalent yield to maturity of the Comparable Treasury Issue,
      calculated using a price for the Comparable Treasury Issue (expressed as a
      percentage of its principal amount) equal to the Comparable Treasury Price
      for that Redemption Date.

            

    

    

    The
Treasury Rate will be calculated on the third Business Day preceding the
Redemption Date.

    

    “Comparable Treasury Issue”
means the United States Treasury security selected by an “Independent Investment
Banker” as having a maturity comparable to the remaining term of the Securities
to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate
debt securities of comparable maturity to the remaining term of the Securities
to be redeemed.

    

    “Comparable Treasury Price”
means, with respect to any Redemption Date for any Securities, the average of
all Reference Treasury Dealer Quotations (as defined below)
obtained.

    

    “Independent Investment Banker”
means one of the Reference Treasury Dealers appointed by the Trustee after
consultation with the Company.

    

    “Reference Treasury Dealer”
means each of Banc of America Securities LLC, Citigroup Global Markets Inc. and
J.P. Morgan Securities Inc.  If any Reference Treasury Dealer ceases
to be a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”), the Company
shall substitute another Primary Treasury Dealer for that dealer.

    

    “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by that Reference
Treasury Dealer at 5:00 p.m. on the third Business Day preceding the Redemption
Date.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    
 

    Notice of any redemption will be mailed
at least 30 calendar days but no more than 60 calendar days before the
Redemption Date to each Holder of the Securities of this series.

    

    Unless the Company defaults in payment
of the Redemption Price, interest will cease to accrue on the Securities of
this series called for redemption on and after the Redemption
Date.

    

    If this Security is redeemed in part
only, a new Security or Securities of this series and of like tenor for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon
the cancellation hereof.

    

    If a Change of Control Triggering Event
occurs, unless the Company has exercised its right to redeem the Securities in
full, the Company will make an offer to each Holder (the “Change of Control Offer”) to
repurchase any and all (equal to $2,000 or an integral multiple of $1,000) of
such Holder’s Securities at a repurchase price in cash equal to 101% of the
aggregate principal amount of the Securities repurchased plus accrued and unpaid
interest, if any, thereon, to the date of repurchase (the “Change of Control
Payment”).Within 30 days following any Change of Control Triggering
Event, the Company will mail a notice to Holders of Securities describing the
transaction or transactions that constitute the Change of Control Triggering
Event and offering to repurchase the Securities on the date specified in the
notice (the “Change of Control
Payment Date”), which date will be no less than 30 days and no more than
60 days from the date such notice is mailed, pursuant to the procedures required
hereby and described in such notice.

    

    The Company will comply with the
requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”),
and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with the repurchase of the
Securities as a result of a Change of Control Triggering Event. To the extent
that the provisions of any securities laws or regulations conflict with the
Change of Control repurchase provisions of the Securities, the Company will
comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under the Change of Control repurchase
provisions of the Securities by virtue of such conflicts.

    

    The Company will not be required to
offer to repurchase the Securities upon the occurrence of a Change of Control
Triggering Event if a third party makes such an offer in the manner, at the
times and otherwise in compliance with the requirements for an offer made by the
Company and the third party repurchases on the applicable date all Securities
properly tendered and not withdrawn under its offer; provided that for all
purposes of the Securities and the Indenture, a failure by such third party to
comply with the requirements of such offer and to complete such offer shall be
treated as a failure by the Company to comply with its obligations to offer to
purchase the Securities unless the Company promptly makes an offer to repurchase
the Securities at 101% of the 

     

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

     

     

    outstanding
principal amount thereof plus accrued and unpaid interest, if any, thereon, to
the date of repurchase, which shall be no later than 30 days after the third
party’s scheduled Change of Control Payment Date.

    

    On the Change of Control Payment Date,
the Company will, to the extent lawful:

    

    
      	
              ·  

            	
              accept
      or cause a third party to accept for payment all Securities or portions of
      Securities properly tendered pursuant to the Change of Control
      Offer;

            

    

    

    
      	
              ·  

            	
              deposit
      or cause a third party to deposit with the paying agent an amount equal to
      the Change of Control Payment in respect of all Securities or portions of
      Securities properly tendered; and

            

    

    

    
      	
              ·  

            	
              deliver
      or cause to be delivered to the Trustee the Securities properly accepted,
      together with an officer’s certificate stating the principal amount of
      Securities or portions of Securities being
  purchased.

            

    

    

    “Below Investment Grade Rating
Event” means the Securities are rated below an Investment Grade Rating by
each of the Rating Agencies on any date from the earlier of (1) the occurrence
of a Change of Control and (2) public notice of the Company’s intention to
effect a Change of Control, in each case until the end of the 60-day period
following the earlier of (1) the occurrence of a Change of Control and (2)
public notice of the Company’s intention to effect a Change of Control; provided, however, that if
(i) during such 60-day period one or more Rating Agencies has publicly announced
that it is considering the possible downgrade of the Securities, and (ii) a
downgrade by each of the Rating Agencies that has made such an announcement
would result in a Below Investment Grade Rating Event, then such 60-day period
shall be extended for such time as the rating of the Securities by any such
Rating Agency remains under publicly announced consideration for possible
downgrade to a rating below an Investment Grade Rating and a downgrade by such
Rating Agency to a rating below an Investment Grade Rating could cause a Below
Investment Grade Rating Event. Notwithstanding the foregoing, a rating event
otherwise arising by virtue of a particular reduction in rating will not be
deemed to have occurred in respect of a particular Change of Control (and thus
will not be deemed a Below Investment Grade Rating Event for purposes of the
definition of Change of Control Triggering Event) if the rating agencies making
the reduction in rating to which this definition would otherwise apply do not
announce or publicly confirm or inform the Trustee in writing at the Company’s
or the Trustee’s request that the reduction was the result, in whole or in part,
of any event or circumstance comprised of or arising as a result of, or in
respect of, the applicable Change of Control (whether or not the applicable
Change of Control has occurred at the time of the rating event).

    

    “Change of Control” means the
occurrence of any of the following: (1) direct or indirect sale, transfer,
conveyance or other disposition (other than by way of merger or 

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

    consolidation),
in one or a series of related transactions, of all or substantially all of the
properties or assets of the Company and its subsidiaries taken as a whole to any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) other
than to the Company or one of its subsidiaries; (2) the consummation of any
transaction (including, without limitation, any merger or consolidation) the
result of which is that any “person” (as that term is used in Section 13(d)(3)
of the Exchange Act) other than the Company or one of its subsidiaries becomes
the beneficial owner, directly or indirectly, of more than 50% of the then
outstanding number of shares of the Company’s voting stock; or (3) the first day
on which a majority of the members of the Company’s Board of Directors are not
Continuing Directors; provided, however, that a
transaction will not be deemed to involve a Change of Control if (A) the Company
becomes a wholly owned subsidiary of a holding company and (B)(x) the holders of
the voting stock of such holding company immediately following that transaction
are substantially the same as the holders of the Company’s voting stock
immediately prior to that transaction or (y) immediately following that
transaction no “person” (as that term is used in Section 13(d)(3) of the
Exchange Act) is the beneficial owner, directly or indirectly, of more than 50%
of the voting stock of such holding company. For purposes of this definition,
“voting stock” means
capital stock of any class or kind the holders of which are ordinarily, in the
absence of contingencies, entitled to vote for the election of directors (or
persons performing similar functions) of the Company, even if the right to vote
has been suspended by the happening of such a contingency.

    

    “Change of Control Triggering
Event” means the occurrence of both a Change of Control and a Below
Investment Grade Rating Event.

    

    “Continuing Directors” means,
as of any date of determination, any member of the Board of Directors of the
Company who (1) was a member of the Board of Directors of the Company on the
date of the issuance of the Securities; or (2) was nominated for election or
elected to the Board of Directors of the Company with the approval of a majority
of the Continuing Directors who were members of such Board of Directors of the
Company at the time of such nomination or election (either by specific vote or
by approval of the Company’s proxy statement in which such member was named as a
nominee for election as a director).

    

    “Fitch” means Fitch Ratings
Inc.

    

    “Investment Grade Rating” means
a rating by Moody’s equal to or higher than Baa3 (or the equivalent under any
successor rating category of Moody’s), a rating by S&P equal to or higher
than BBB- (or the equivalent under any successor rating category of S&P), a
rating by Fitch equal to or higher than BBB- (or the equivalent under any
successor rating category of Fitch), and the equivalent investment grade credit
rating from any replacement rating agency or rating agencies selected by the
Company under the circumstances permitting the Company to select a replacement
agency and in the manner for selecting a replacement agency, in each case as set
forth in the definition of “Rating Agencies”.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    
 

    “Moody’s” means Moody’s
Investors Service, Inc.

    

    “Rating Agencies” means (1)
Moody’s, S&P and Fitch; and (2) if any or all of Moody’s, S&P or Fitch
ceases to rate the Securities or fails to make a rating of the Securities
publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Rule
15c3-1(c)(2)(vi)(F) under the Exchange Act, that the Company selects (pursuant
to a resolution of the Company’s Board of Directors) as a replacement agency for
any of Moody’s, S&P or Fitch, or all of them, as the case may
be.

    

    “S&P” means Standard &
Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc.

    

    If an Event of Default with respect to
Securities of this series shall occur and be continuing, the principal of the
Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture.

    

    The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of
the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the
Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of each series to be
affected.  The Indenture also contains provisions permitting the
Holders of specified percentages in principal amount of the Securities of each
series at the time Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their
consequences.  Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

    

    No reference herein to the Indenture
and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the
principal of and any premium and interest on this Security at the times, place
and rate, and in the coin or currency, herein prescribed.

    

    As provided in the Indenture and
subject to certain limitations therein set forth, the transfer of this Security
is registrable in the Security Register upon surrender of this Security for
registration of transfer at the office or agency of the Company in any place
where the principal of and any premium and interest on this Security are
payable, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Security Registrar duly executed by,
the Holder hereof or such 

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

     

    Holder’s
attorney duly authorized in writing, and thereupon one or more new Securities of
this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.

    

    The Securities of this series are
issuable only in registered form without coupons in denominations of $2,000 and
any multiple of $1,000 in excess thereof.  As provided in the
Indenture and subject to certain limitations therein set forth, Securities of
this series are exchangeable for a like aggregate principal amount of Securities
of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same.

    

    No service charge shall be made for any
such registration of transfer or exchange of Securities, but the Company or the
Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of
transfer or exchange of Securities, other than exchanges pursuant to Section
304, 906 or 1107 of the Indenture not involving any transfer.

    

    Prior to due and proper presentment of
this Security for registration of transfer, the Company, the Trustee and any
agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this
Security is overdue, and neither the Company, the Trustee nor any such agent
shall be affected by notice to the contrary.

    

    The Indenture provides that the
Company, at the Company’s option, (a) will be discharged from any and all
obligations in respect of the Securities (except for certain obligations to
register the transfer or exchange of Securities, replace stolen, lost or
mutilated Securities, maintain paying agencies and hold moneys for payment in
trust) or (b) need not comply with certain restrictive covenants of the
Indenture, in each case if the Company deposits, in trust, with the Trustee
money or U.S. Government Obligations which through the payment of interest
thereon and principal thereof in accordance with their terms will provide money,
in an amount sufficient to pay all the principal of and premium, if any, and
interest on, the Securities on the dates such payments are due in accordance
with the terms of such Securities, and certain other conditions are
satisfied.

    

    No recourse shall be had for the
payment of the principal of and premium, if any, or interest on this Security,
or for any claim based hereon, or otherwise in respect hereof, or based on or in
respect of the Indenture or any indenture supplemental thereto, against any
incorporator, stockholder, officer, employee, agent or director, as such, past,
present or future, of the Company or of any successor corporation, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

    
 

    All terms used in this Security which
are defined in the Indenture shall have the meanings assigned to them in the
Indenture.

    

    
20Exhibit
10.1

     

    INGRAM
MICRO INC.

    EXECUTIVE
OFFICER SEVERANCE POLICY

    

    

    
      	
              1.0

            	
              PURPOSE

            

    

     

    Provide
eligible executive officers of the Company continuing financial security in the
event the Company terminates their employment without “cause.”  This
policy sets forth the terms and conditions regarding the payment of severance
benefits for eligible executive officers.

     

    
      	
              2.0

            	
              APPLICABILITY

            

    

     

    This
policy applies to (i) Ingram Micro’s chief executive officer,
(ii) executive officers of the Company elected by the Company’s Board of
Directors who report to either the chief executive officer or the chief
operating officer of the Company, and (iii) such other executive officers
elected by the Company’s Board of Directors as the Human Resources Committee of
the Board of Directors may determine from time to time in their
discretion.

     

    
      	
              3.0

            	
              POLICY

            

    

     

    
      	
               
      

            	
              3.1.

            	
              Eligibility - Eligible executive officers are entitled to
      the severance benefits described in this policy if their employment is
      terminated by the Company without “cause”.  Eligible executive
      officers shall not be entitled to receive severance benefits if their
      employment with the Company is terminated (i) by the Company for
      “cause”, (ii) due to their resignation for any reason; (iii) due
      to their disability; (iv) due to their retirement; or (v) as a
      result of their
death.

            

    

     

    
      	
               
      

            	
              3.2.

            	
              Benefits - The following severance benefits will be
      provided to eligible executive officers meeting the eligibility criteria
      for severance set forth
above:

            

    

     

    
      	
               
      

            	
              3.2.1

            	
              The greater
    of:

            

    

     

    
      	
               
      

            	
              3.2.1.1

            	
              The sum of: (i) the eligible executive officer’s
      Base Salary in effect on the effective date of the termination of
      employment with the Company (“Effective Date”); and (ii) the executive officer’s Target
      Annual Bonus in effect on the Effective Date;
  OR

            

    

    
      	
               
      

            	
              3.2.1.2

            	
              The product of 1/12th times the sum of (i) the executive officer’s Base
      Salary in effect on the Effective Date and (ii) the executive officer’s Target
      Annual Bonus in effect on the Effective Date, multiplied by the number of
      full years’ of employment with the
  Company.

            

    

    
      	
               
      

            	
              3.2.1.3

            	
              Subject to Section 3.11 below,
      such amounts shall be payable in a lump-sum cash payment within
      60 days after the
      Effective
      Date.  Payment will be subject to applicable tax and related
      payroll withholding
requirements.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    
      	
               
      

            	
              3.2.2

            	
              An amount equal to the executive
      officer’s unpaid annual bonus established for the bonus plan year in which
      the Effective Date occurs, multiplied by a fraction, the numerator of
      which is the number of days completed in the then existing fiscal year
      through the Effective Date, and the denominator of which is three hundred
      sixty-five (365).  This amount will be calculated and
      paid after the close of the applicable fiscal year at such time and in the
      same manner as annual bonus payments are made to actively employed
      executive officers.  This amount will be calculated
      based on actual performance achieved during the fiscal year relative to
      the performance objectives set forth in the applicable annual bonus
      plan.

            

    

     

    
      	
               
      

            	
              3.2.3

            	
              Continuation of the
      Company-sponsored health and welfare benefits of medical insurance, dental
      insurance and vision insurance for the eligible executive officer and
      enrolled dependents as of the Effective Date through the “Continuation
      Period”.  These benefits shall be available
      to the executive officer at a cost equal to 100% of the Company’s premium
      rate for such plans as in effect as of the Effective Date and shall be
      payable on a pre-tax basis through payroll withholdings.  In the event the Company’s premium
      costs change for the referenced welfare benefits during the “Continuation
      Period”, the executive officer’s cost for these benefits shall change in a
      corresponding manner.

            

    

     

    
      	
               
      

            	
              3.2.4

            	
              Participation in a Company paid
      outplacement program for up to one year following the Effective Date, up
      to a maximum cost to the Company of $20,000.  The selection of the outplacement
      assistance firm shall be at the discretion of the Company.  The executive officer may not
      select a cash payment in lieu of this
  benefit.

            

    

     

    
      	
               
      

            	
              3.3.

            	
              Executive Physical Examination
      Program - Participation in the Company’s
      Executive Physical Examination Program will cease on the Effective
      Date.

            

    

     

    
      	
               
      

            	
              3.4.

            	
              Retirement Plans - Participation in the Company’s retirement
      plan(s) and deferred compensation plan(s) will cease on the Effective
      Date.  Payment of accrued benefits and account balances in these
      plans will be made in accordance with the plans’ provisions and the
      executive officer’s distribution election forms on file as of the
      Effective Date.

            

    

     

    
      	
               
      

            	
              3.5.

            	
              Stock Awards - Stock options, restricted stock awards, or
      other stock-based incentive compensation awards shall he governed by the
      terms of the plan(s) and award agreement(s) for each such
      award.

            

    

     

    
      	
               
      

            	
              3.6.

            	
              Long-Term Executive Cash Incentive
      Award Program and Executive Long-Term Performance Share Program
      - The executive officer’s participation in the
      Company’s Long-Term Executive Cash Incentive Award Program and Executive
      Long-Term Performance Share Program and the payment(s) of earned awards
      shall be made in accordance with the terms of the plan(s) and award
      agreement(s) for each such
award.

            

    

     

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              3.7.

            	
              Mitigation of Benefits
      - The executive officer will not be obligated to
      seek other employment in mitigation of the amounts payable or arrangements
      made under this policy.  Obtaining any other employment will in
      no event affect any of the Company’s obligations to make payments and
      arrangements referenced within this
  policy.

            

    

     

    
      	
               
      

            	
              3.8.

            	
              Release and Covenant - The entitlement of the executive officer to
      the severance benefits provided in this policy is contingent upon the
      executive officer’s execution of a release and covenant agreement
      satisfactory to the Company which may include, but is not limited to,
      confidentiality, non-competition, non-solicitation, and no-raid provisions
      for a period equal to the Continuation
    Period.

            

    

     

    
      	
               
      

            	
              3.9.

            	
              Effect of Employment Contracts -
      If
      an executive officer has an employment agreement with the Company in force
      on the Effective Date, he or she may elect to receive the severance
      benefits and limitations provided for in such agreement or those provided
      by the terms of this policy, but not both.  Any such election
      shall be in writing delivered to the Senior Vice President, Human
      Resources of the Company.  In the absence of any such election,
      the terms of the executive officer’s employment agreement shall
      control.

            

    

     

    
      	
              
              

            	
              3.10.

            	
              Authority - The
      provisions of this policy have been established by the Human Resources
      Committee of the Board of Directors of Ingram Micro Inc.  The
      Committee maintains the right to modify or terminate this policy at any
      time, with or without prior
  notification.

            

    

     

    
      	
            	
              3.11.

            	
              Section 409A - Notwithstanding
      anything to the contrary in this policy, no compensation or benefits,
      including without limitation any severance payments or benefits payable
      under Section 3.2 hereof, shall be paid to the executive officer during
      the 6-month period following the executive officer’s “separation from
      service” (within the meaning of Section 409A(a)(2)(A)(i) of the Internal
      Revenue Code of 1986, as amended (the “Code”)) if the Company determines
      that paying such amounts at the time or times indicated in this policy
      would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the
      Code.  If the payment of any such amounts is delayed as a result
      of the previous sentence, then on the first business day following the end
      of such 6-month period (or such
      earlier date upon which such amount can be paid under Section 409A of the
      Code without resulting in a
      prohibited distribution, including as a result of the executive
      officer’s
      death), the
      Company shall pay the executive officer a lump-sum amount equal to the
      cumulative amount that would have otherwise been payable to the executive
      officer during such
period.

            

    

     

    The
payments and benefits under this policy are not intended to constitute
“nonqualified deferred compensation” within the meaning of Section 409A of the
Code.  Notwithstanding any provision of this policy to the contrary,
in the event that the Company determines that any payments or benefits payable
hereunder may be subject to Section 409A of the Code, the Company may adopt such
amendments to this policy or take any other actions that the Company determines

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    are
necessary or appropriate to (i) exempt such payments and benefits from Section
409A of the Code and/or preserve the intended tax treatment of such payments or
benefits, or (ii) comply with the requirements of Section 409A of the Code and
related Department of Treasury guidance and thereby avoid the application of
penalty taxes under Section 409A of the Code.

    

    
      	
            	
              3.12.

            	
              Return of Payment - Notwithstanding
      anything to the contrary in this policy, if the executive officer receives
      any severance payments or other benefits under Section 3.2 hereof and the
      Company subsequently determines that the executive officer had engaged in
      conduct which constituted “cause” for the termination of his employment by
      the Company prior to the Effective Date, the executive officer shall
      reimburse the Company for all payments and the value of all benefits
      received by the executive officer which would not have been made if the
      executive officer’s employment had been terminated by the Company for
      “cause” with interest at the US Prime Rate as published by Bloomberg
      Finance L.P., compounded annually, from the date such payments or benefits
      were made until the date of
  repayment.

            

    

     

    
      	
              4.0

            	
              RESPONSIBILITIES

            

    

     

    
      	
              5.0

            	
              PROCEDURES

            

    

     

    
      	
              6.0

            	
              RELATED
      DOCUMENTS

            

    

     

    
      	
              7.0

            	
              DEFINITIONS

            

    

     

    For
purposes of this policy, the following terms will have the meanings set forth
below:

     

    
      	
               
      

            	
              7.1.

            	
              Company - Company
      means Ingram Micro Inc., a Delaware corporation, and its wholly owned
      subsidiaries and affiliates.  Company also means Ingram Micro
      Inc.’s predecessor companies and their wholly-owned subsidiaries and
      affiliates.

            

    

     

    
      	
               
      

            	
              7.2.

            	
              Base Salary - The
      fixed annual cash compensation that is generally paid in substantially
      equal periodic payments over the course of the 12-month period
      approximating the calendar
year.

            

    

     

    
      	
               
      

            	
              7.3.

            	
              Target Annual Bonus - The
      executive officer’s annual base salary in effect on the Effective Date
      multiplied by the incentive award percentage applicable to such executive
      officer’s salary grade or position as specified in the Company’s annual
      Executive Incentive Award Plan in effect for the fiscal year in which the
      Effective Date
occurs.

            

    

     

    
      	
               
      

            	
              7.4.

            	
              Termination for Cause - Refers
      to the occurrence of any one or more of the
      following:

            

    

     

    
      	
               
      

            	
              (i)

            	
              Participant fails to observe and
      fully obey Ingram’s rules and regulations of conduct;

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    
      	
               
      

            	
              (ii)

            	
              Participant is convicted by any
      federal, state or local authority for an act of dishonesty, or an act constituting
      a felony;

            

    

    
      	
               
      

            	
              (iii)

            	
              Participant’s commission of fraud,
      embezzlement or misappropriation, whether or not a criminal or civil charge
      is filed in connection therewith;
or

            

    

    
      	
               
      

            	
              (iv)

            	
              any other conduct on the part of
      Participant that would make Participant’s retention by Ingram prejudicial
      to Ingram’s best interests.

            

    

    

    
      	
              8.0

            	
              REVISION
      HISTORY

            

    

     

    
       

      
        	
                 
      

              	
                8.1.

              	
                Adopted
      August 23, 2003

                Revised November 28, 2006

                Revised September 10,
  2008

              

      

       

    

    
 

     

     

    5

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