Document:

EX-10.3

Exhibit 10.3

AGREEMENT effective as of March 5, 2007 between AVNET, INC., a New York corporation with a
principal place of business at 2211 South 47th Street, Phoenix, Arizona 85034 (“Avnet”) and John
Paget, having an office at 8700 S. Price Road, Tempe, Arizona 85284 (“Paget”).

W I T N E S S E T H

1. Employment, Salary, Benefits:

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

1.2 Term. Paget’s employment shall commence on March 5, 2007 and shall continue until terminated.
Paget’s employment may be terminated as provided in 2.1 or 2.2 below. Alternatively, it may be
terminated by either party at any time without cause provided, however, that the party desiring to
terminate the employment without cause 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, if either Avnet
or Paget should desire to terminate the employment on June 15, 2011, then such notice would have to
be given not later than June 15, 2010.

1.3 Duties. Paget 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 or the Chief Operating Officer of Avnet. Paget is currently
engaged as President of Avnet Technology Solutions. If Paget is elected an officer or a director of
Avnet or any subsidiary or division thereof, he shall serve as such without additional compensation
and may be removed as such officer at any time.

1.4 Compensation. For all services to be rendered by Paget and for all covenants undertaken by
him pursuant to the Agreement, Avnet shall pay and Paget shall accept such compensation (including
base salary and incentive compensation) as shall be agreed upon from time to time between Avnet and
Paget. In the event the parties fail to agree upon compensation for any fiscal year, then Paget’s
compensation for any such fiscal year (base salary and incentive compensation) shall be equal to
the cash compensation earned by Paget during the preceding fiscal year. In the event Paget’s
employment hereunder is terminated by the one (1) year notice provided for in Section 1.2 above and
Avnet and Paget fail to agree upon compensation during a portion of the one (1) year notice period
prior to termination, then Paget’s compensation (base salary and incentive compensation) during
such portion of the notice period shall be prorated based on the average cash compensation earned
by Paget during the four completed fiscal quarters preceding the date on which notice is given.
Upon any such termination Paget shall not be entitled to severance payments under any Avnet
severance plan. Notwithstanding anything to the contrary, in the event Paget’s employment is
terminated pursuant to 2.1 or 2.2 below, then the one-year notice provided in 1.2 above shall not
be applicable and Paget shall not be entitled to any severance pay benefit.

1.5 Other Compensation on Termination. Upon termination of employment, Paget 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 Paget (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 Paget shall be entitled to remuneration
bears to 365 days.

1.6 Additional Benefits. In addition to the compensation described in Subsection 1.4, Paget 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 Technology Solutions 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.

2. Early Termination.

2.1 Death or Disability. Paget’s employment hereunder shall terminate on the date of Paget’s
death or upon Paget 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 Paget then resides) and having Board
certification in his or her field of specialization or the receipt of or entitlement of Paget 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. Paget’s employment hereunder may also be terminated by Avnet at any time without
notice for cause, including, but not limited to, Paget’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. Paget 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, Paget 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 Paget 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. Paget 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 two (2) years 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 Paget’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 Paget 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 patentabIe, 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 Paget (acting alone or in
conjunction with others) during the period of Paget’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 Paget is working) as part of Paget’s obligations to Avnet hereunder. Such Developments shall
be the property of and belong to Avnet (or Avnet’s subsidiary or affiliate for which Paget is
working) without the payment of consideration therefor in addition to Paget’s compensation
hereunder, and Paget hereby transfers, assigns and conveys all of Paget’s right, title and interest
in any such Developments to Avnet (or Avnet’s subsidiary or affiliate for which Paget 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. Paget 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 Paget while in the employ of Avnet or any subsidiary or affiliate of Avnet, provided, however,
that this provision shall not preclude Paget 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 Paget 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 Paget’s employment with Avnet, Paget 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 Paget agree to arbitrate any controversy or claim arising out of this Agreement or
otherwise relating to Paget’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. Paget 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, Paget 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 Paget and/or
those with whom Paget 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
Paget’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 Paget, 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/ John Paget

JOHN PAGET

1

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/ John Paget /s/ Roy Vallee

Signature of Employee            Signature of Authorized Company

Representative

John Paget            Chief Executive Officer

——  —

Print Name of Employee            Title of Representative

4/26/07 4/26/07

Date            Date

2EX-10.4

Exhibit 10.4

AMENDMENT NO. 10 TO AMENDED AND RESTATED

RECEIVABLES PURCHASE AGREEMENT

This Amendment No. 10 to Amended and Restated Receivables Purchase Agreement (this
"Amendment”) is dated January 12, 2007 and is effective as of September 6, 2006, among
Avnet Receivables Corporation, a Delaware corporation (“Seller”), Avnet, Inc., a New York
corporation (“Avnet”), as initial Servicer (the Servicer together with Seller, the “Seller
Parties” and each a “Seller Party”), each Financial Institution signatory hereto
(collectively, the “Financial Institutions”), each Company signatory hereto (the
"Companies”) and JPMorgan Chase Bank, N.A. (successor by merger to Bank One, NA (Main
Office Chicago)), as agent for the Purchasers (the “Agent”).

RECITALS

Each of the parties hereto entered into that certain Amended and Restated Receivables Purchase
Agreement, dated as of February 6, 2002, and amended such Amended and Restated Receivables Purchase
Agreement pursuant to Amendment No. 1 thereto, dated as of June 26, 2002, and further amended such
Amended and Restated Receivables Purchase Agreement pursuant to Amendment No. 2 thereto, dated as
of November 25, 2002, and further amended such Amended and Restated Receivables Purchase Agreement
pursuant to Amendment No. 3 thereto, dated as of December 9, 2002, and further amended such Amended
and Restated Receivables Purchase Agreement pursuant to Amendment No. 4 thereto, dated as of
December 12, 2002, and further amended such Amended and Restated Receivables Purchase Agreement
pursuant to Amendment No. 5 thereto, dated as of June 23, 2003, and further amended such Amended
and Restated Receivables Purchase Agreement pursuant to Amendment No. 6 thereto, dated as of August
15, 2003, and further amended such Amended and Restated Receivables Purchase Agreement pursuant to
Amendment No. 7 thereto, dated as of August 3, 2005, and further amended such Amended and Restated
Receivables Purchase Agreement pursuant to Amendment No. 8 thereto, dated as of August 1, 2006, and
further amended such Amended and Restated Receivables Purchase Agreement pursuant to Amendment No.
9 thereto, dated as of August 31, 2006 (such Amended and Restated Receivables Purchase Agreement,
as so amended, the “Purchase Agreement”).

Each Seller Party has requested that the Agent and the Purchasers amend certain provisions of
the Purchase Agreement, all as more fully described herein.

Subject to the terms and conditions hereof, each of the parties hereto now desires to amend
the Purchase Agreement as more particularly described herein.

AGREEMENT

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

Section 1. Definitions Used Herein. Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings set forth for such terms in, or incorporated by
reference into, the Purchase Agreement.

Section 2. Amendment. Subject to the terms and conditions set forth herein, the
Purchase Agreement is hereby amended by deleting Schedule D to the Purchase Agreement in its
entirety and replacing it with Annex A hereto.

Section 3. Conditions to Effectiveness of this Amendment. This Amendment shall become
effective as of the date hereof, upon the satisfaction of the conditions precedent that:

(a) Amendment. The Agent shall have received, on or before the date hereof, executed
counterparts of this Amendment, duly executed by each of the parties hereto.

(b) Representations and Warranties. As of the date hereof, both before and after
giving effect to this Amendment, all of the representations and warranties contained in the
Purchase Agreement and in each other Transaction Document shall be true and correct in all material
respects as though made on the date hereof (and by its execution hereof, each of Seller and the
Servicer shall be deemed to have represented and warranted such).

(c) No Amortization Event. As of the date hereof, both before and after giving effect
to this Amendment, no Amortization Event or Potential Amortization Event shall have occurred and be
continuing (and by its execution hereof, each of Seller and the Servicer shall be deemed to have
represented and warranted such).

Section 4. Miscellaneous.

(a) Effect; Ratification. The amendments set forth herein are effective solely for
the purposes set forth herein and shall be limited precisely as written, and shall not be deemed to
(i) be a consent to, or an acknowledgment of, any amendment, waiver or modification of any other
term or condition of the Purchase Agreement or of any other instrument or agreement referred to
therein or (ii) prejudice any right or remedy which any Purchaser or the Agent may now have or may
have in the future under or in connection with the Purchase Agreement, as amended hereby, or any
other instrument or agreement referred to therein. Each reference in the Purchase Agreement to
“this Agreement,” “herein,” “hereof” and words of like import and each reference in the other
Transaction Documents to the Purchase Agreement or to the “Receivables Purchase Agreement” or to
the “Purchase Agreement” shall mean the Purchase Agreement as amended hereby. This Amendment shall
be construed in connection with and as part of the Purchase Agreement and all terms, conditions,
representations, warranties, covenants and agreements set forth in the Purchase Agreement and each
other instrument or agreement referred to therein, except as herein amended, are hereby ratified
and confirmed and shall remain in full force and effect.

(b) Transaction Documents. This Amendment is a Transaction Document executed pursuant
to the Purchase Agreement and shall be construed, administered and applied in accordance with the
terms and provisions thereof.

(c) Costs, Fees and Expenses. Without limiting Section 10.3 of the Purchase
Agreement, Seller agrees to reimburse the Agent and the Purchasers upon demand for all reasonable
and documented out-of-pocket costs, fees and expenses (including the reasonable fees and expenses
of counsels to any of the Agent and the Purchasers) incurred in connection with the preparation,
execution and delivery of this Amendment.

(d) Counterparts. This Amendment may be executed in any number of counterparts, each
such counterpart constituting an original and all of which when taken together shall constitute one
and the same instrument.

(e) Severability. Any provision contained in this Amendment that is held to be
inoperative, unenforceable or invalid in any jurisdiction shall, as to that jurisdiction, be
inoperative, unenforceable or invalid without affecting the remaining provisions of this Amendment
in that jurisdiction or the operation, enforceability or validity of such provision in any other
jurisdiction.

(f) GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT
WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

(g) WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES TRIAL BY JURY IN ANY
JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT,
CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AMENDMENT, ANY
DOCUMENT EXECUTED BY ANY SELLER PARTY PURSUANT TO THIS AMENDMENT OR THE RELATIONSHIP ESTABLISHED
HEREUNDER OR THEREUNDER.

(h) Funding Agreement Consent. By its execution hereof, JPMorgan Chase Bank, N.A.
(successor by merger to Bank One, NA (Main Office Chicago)), in its capacity as a party to any
applicable Funding Agreement with or for the benefit of Chariot Funding LLC (successor to Preferred
Receivables Funding Company LLC) (“Chariot”), hereby (i) consents to Chariot’s execution of
this Amendment and the transactions contemplated hereby, (ii) acknowledges that this Amendment has
been made available to and has been reviewed by it, (iii) consents to this Amendment and (iv) deems
this paragraph to satisfy any applicable requirements regarding this Amendment set forth in any
such Funding Agreement.

(Signature Pages Follow)

1

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

AVNET RECEIVABLES CORPORATION, as Seller

By:

Name:

Title:

AVNET, INC., as Servicer

By:

Name:

Title:

CHARIOT FUNDING LLC (successor to Preferred

Receivables Funding Company LLC), as a Company

By:

Name:

Title:

JPMORGAN CHASE BANK, N.A. (successor by merger

to Bank One, NA (Main Office Chicago)), as a
Financial Institution and as Agent

By:

Name:

Title:

2

LIBERTY STREET FUNDING CORP., as a Company

By:

Name:

Title:

THE BANK OF NOVA SCOTIA, as a Financial

Institution

By:

Name:

Title:

3

AMSTERDAM FUNDING CORPORATION, as a Company

By:

Name:

Title:

ABN AMRO BANK N.V., as a Financial Institution

By:

Name:

Title:

By:

Name:

Title:

4

STARBIRD FUNDING CORPORATION, as a Company

By:

Name:

Title:

BNP PARIBAS, acting through its New York
Branch, as a Financial Institution

By:

Name:

Title:

By:

Name:

Title:

5

Annex A

SCHEDULE D

PRICING GRID

	 	 	 	 	 	 	 	 	 
	Rating of Long-Term	 	 	 	 
	Debt of Avnet	 	Facility Fee	 	Program Fee
	Category 1	 	 	 	 	 	 	 	 
	BBB or higher by S&P
	 	 	 	 	 	 	 	 
	or Baa2 or higher by
	 	 	 	 	 	 	 	 
	Moody’s
	 	 	0.125	%	 	 	0.175	%
	Category 2
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	BBB- by S&P or Baa3
	 	 	 	 	 	 	 	 
	by Moody’s
	 	 	0.175	%	 	 	0.225	%
	Category 3
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	BB+ by S&P or Ba1 by
	 	 	 	 	 	 	 	 
	Moody’s
	 	 	0.200	%	 	 	0.300	%
	Category 4
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	BB or lower by S&P or
	 	 	 	 	 	 	 	 
	Ba2 or lower by
	 	 	 	 	 	 	 	 
	Moody’s
	 	 	0.300	%	 	 	0.400	%

For purposes of the foregoing, (i) if no rating for Long-Term Debt shall be available from either
Moody’s or S&P, such rating agency shall be deemed to have established a rating for the Long-Term
Debt of Avnet which is one rating grade higher than the subordinated debt rating grade of Avnet,
(ii) if no rating for Long-Term Debt or subordinated debt of Avnet shall be available from either
Moody’s or S&P, each of the Facility Fee and the Program Fee shall be as set forth in Category 4,
(iii) if the ratings established or deemed to have been established by Moody’s and S&P shall fall
within different Categories, each of the Facility Fee and the Program Fee shall be based upon the
higher rating; provided, however, that if such ratings shall differ by more than
one notch (meaning differing by more than one numerical Category), each of the Facility Fee and the
Program Fee shall be based on the rating that is one level lower than the highest rating and (iv)
if any rating established or deemed to have been established by Moody’s or S&P shall be changed
(other than as a result of a change in the rating system of either Moody’s or S&P), such change
shall be effective as of the date on which such change is first announced by the rating agency
making such change. Each such change shall apply to all calculations involving any of the Facility
Fee or the Program Fee during the period commencing on the effective date of such change and ending
on the date immediately preceding the effective date of the next such change. If the rating system
of either Moody’s or S&P shall change, or if any such rating agency shall cease to be in the
business of rating corporate debt obligations, in each case, prior to the Facility Termination
Date, Avnet and the Agent shall negotiate in good faith to amend each of the Facility Fee and the
Program Fee hereunder to reflect such changed rating system or the unavailability of ratings from
such rating agency and, pending the effectiveness of any such amendment, each of the Facility Fee
and the Program Fee shall be determined by reference to the rating most recently in effect prior to
such change or cessation.

6

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