Document:

EX-10.2

Exhibit 10.2

AVNET, INC.

1999 STOCK OPTION PLAN

Amended and Restated as of August 10, 2006

ARTICLE I

PURPOSE OF THE PLAN

The Avnet, Inc. 1999 Stock Option Plan is intended to advance the interests of the Company by
assisting Avnet and its Subsidiaries in attracting high caliber persons to serve as Eligible
Employees and Non-Employee Directors, and in inducing such persons to remain as Eligible Employees
and Non-Employee Directors, by virtue of the additional incentive to promote the Company’s success
which results from the possession of options to purchase shares of Avnet’s Common Stock.

ARTICLE II

DEFINITIONS

The following words and phrases used herein shall, unless the context otherwise indicates,
have the following meanings:

	 	1.	 	“Avnet” shall mean Avnet, Inc.

2. “Board of Directors” and “Director” shall mean, respectively, the Board of Directors of
Avnet and any member thereof.

3. “Committee” shall mean the Executive Incentive and Compensation Committee of the Board of
Directors, which Committee shall consist of three or more Non-Employee Directors appointed by the
Board of Directors.

	 	4.	 	“Company” shall mean Avnet and all its Subsidiaries.

5. “Eligible Employee” shall mean any regular full-time employee of Avnet or of any of its
Subsidiaries (including any Director who is also such regular full-time employee), and may include,
in appropriate circumstances relating to the granting of Options and Stock Appreciation Rights
hereunder, any person who is under consideration for employment by the Company and any person
employed by a business which is then to be acquired by Avnet. The term “Eligible Employees” shall
also include any person employed or retained by Avnet or any of its Subsidiaries to render services
as a consultant or advisor other than services in connection with the offer or sale of securities
in capital-raising transaction or services that directly or indirectly promote or maintain a market
for Avnet’s securities.

6. “Fair Market Value” when used with respect to a particular date, shall mean the closing
price (as reported for New York Stock Exchange Composite Transactions) at which shares of the Stock
shall have been sold on such date or, if such date is a date for which no trading is so reported,
on the next preceding date for which trading is so reported.

7. “Non-Employee Director” shall mean a Director who is not an Eligible Employee.

8. “Option” shall mean any option granted or held pursuant to the provisions of this Plan.

9. “Option Agreement” shall mean the agreement evidencing any Option granted hereunder,
including any addendum thereto relating to Stock Appreciation Rights, which agreement shall be in
such form as prescribed or approved by the Committee (in the case of an Option Agreement with an
Eligible Employee) or by the Board of Directors (in the case of an Option Agreement with a
Non-Employee Director).

10. “Optionee” shall mean any person who at the time in question holds any Option which then
remains unexercised in whole or in part, has not been surrendered for complete termination and has
not expired or terminated, and shall include any Successor Optionee.

11. “Plan” shall mean the Avnet, Inc. 1999 Stock Option Plan, as set forth herein and as
amended from time to time.

12. “Stock” shall, subject to the anti-dilution provisions set forth in Article VIII hereof,
mean the Common Stock of Avnet, as presently constituted.

13. “Stock Appreciation Right” or “SAR” shall mean any right granted under this Plan which
entitles an Optionee to receive (a) shares of Stock having a Fair Market Value at the date of
exercise of such SAR, or (b) cash in the amount of such Fair Market Value, or (c) a combination of
shares of Stock and cash equal in the aggregate to such Fair Market Value, equivalent to all or
part of the difference between the aggregate exercise price of the portion of the related Option
which is being surrendered for termination and the Fair Market Value at such date of the shares of
Stock for which such SAR is being exercised. An SAR may be granted by the Committee with respect to
any Option simultaneously or previously granted under this Plan to an Eligible Employee, and an SAR
may be granted by the Board of Directors with respect to any Option simultaneously or previously
granted under this Plan to a Non-Employee Director; and, when granted, may be granted by the
Committee or the Board of Directors upon such terms and subject to such conditions as the Committee
or the Board of Directors may in its discretion prescribe or approve; provided that an SAR shall
only be exercisable by the Optionee to whom such SAR was initially granted.

14. “Subsidiary” shall mean any corporation 51% of the total combined voting power of all
classes of capital stock of which shall at the time in question be owned by Avnet and/or any of its
subsidiaries.

15. “Successor Optionee” shall mean any person who, under the provisions of Article V hereof,
shall have acquired from an Optionee the right to exercise any Option.

ARTICLE III

SHARES RESERVED FOR THE PLAN

1. Subject to the anti-dilution provisions set forth in Article VIII hereof, the maximum
number of shares of Stock which may be delivered by Avnet pursuant to the exercise of Options
and/or Stock Appreciation Rights shall be 2,000,000. At no time shall there be outstanding Options
for the purchase of more than 2,000,000 shares of Stock (subject to said anti-dilution provisions)
less the aggregate of the number of shares of Stock previously delivered pursuant to the exercise
of Options and the number of shares of Stock previously covered by Options terminated upon
surrender in connection with the exercise of Stock Appreciation Rights.

2. The shares of Stock subject to Options and Stock Appreciation Rights may consist of
authorized but unissued shares of Stock and/or shares of Stock held in the treasury of Avnet.

3. If any Option shall be surrendered and terminated or for any other reason shall terminate
or expire, whether in whole or in part (except for terminations in connection with exercises of
Stock Appreciation Rights), the number of shares of Stock covered by such Option immediately prior
to such termination or expiration shall thereupon be added to the number of shares of Stock
otherwise available for further grants of Options and Stock Appreciation Rights hereunder.

ARTICLE IV

ADMINISTRATION OF THE PLAN

1. This Plan shall be administered by the Committee with respect to Options and SARs granted
to Eligible Employees, and shall be administered by the Board of Directors with respect to Options
and SARs granted to Non-Employee Directors. The Committee and the Board of Directors each shall
have full and exclusive power to construe and interpret the Plan, and to establish and amend rules
and regulations for the administration of the Plan, in connection with Options and SARs granted to
the persons within their respective spheres of administrative responsibility as provided in the
preceding sentence.

2. In addition to paragraph 1 of this Article IV (and without limiting the generality
thereof), the Committee shall have plenary authority (subject to the provisions of Articles II,
III, V and VI hereof) in its discretion to determine the time or times at which Options and/or
Stock Appreciation Rights shall be granted to Eligible Employees, the Eligible Employees to whom
Options and/or Stock Appreciation Rights shall be granted, the number of shares of Stock to be
covered by each such Option and/or Stock Appreciation Right, and (to the extent not inconsistent
with the provisions of this Plan) the terms and conditions upon which each such Option and/or Stock
Appreciation Right may be exercised. The granting of Options and/or Stock Appreciation Rights by
the Committee shall be entirely discretionary; the terms and conditions (not inconsistent with this
Plan) prescribed or approved for any Option Agreement with an Eligible Employee shall similarly be
within the discretion of the Committee; and nothing in this Plan shall be deemed to give any
Eligible Employee any right to receive Options and/or Stock Appreciation Rights. Without limiting
the generality of the foregoing, the Committee, in its discretion, may grant Options to any
Eligible Employee upon such terms and conditions as may be necessary for such Options to qualify as
incentive stock options within the meaning of section 422 of the Internal Revenue Code of 1986, as
amended.

2a. In addition to paragraph 1 of this Article IV (and without limiting the generality
thereof), the Board of Directors shall have plenary authority (subject to the provisions of
Articles II, III, V and VI hereof) in its discretion to determine the time or times at which
Options and/or Stock Appreciation Rights shall be granted to Non-Employee Directors, the
Non-Employee Directors to whom Options and/or Stock Appreciation Rights shall be granted, the
number of shares of Stock to be covered by each such Option and/or Stock Appreciation Right, and
(to the extent not inconsistent with the provisions of this Plan) the terms and conditions upon
which each such Option and/or Stock Appreciation Right may be exercised; provided that the members
of the Committee shall abstain from participating in any action taken by the Board of Directors
with respect to Options and/or Stock Appreciation Rights granted or to be granted to any such
members. The granting of Options and/or Stock Appreciation Rights by the Board of Directors shall
be entirely discretionary; the terms and conditions (not inconsistent with this Plan) prescribed or
approved for any Option Agreement with a Non-Employee Director shall similarly be within the
discretion of the Board of Directors; and nothing in this Plan shall be deemed to give any
Non-Employee Director any right to receive Options and/or Stock Appreciation Rights.

3. The Committee is also specifically authorized, in the event of a public solicitation, by
any person, firm or corporation other than Avnet, of tenders of 50% or more of the then outstanding
Stock (known conventionally as a “tender offer”), to accelerate exercisability of any or all
Options and any or all of the related Stock Appreciation Rights held by Optionees then employed as
an Eligible Employee, so that such Options and Stock Appreciation Rights will immediately become
exercisable in full; provided that such accelerated exercisability shall continue in effect only
until expiration, termination or withdrawal of such “tender offer”, whereupon such Options and
related Stock Appreciation Rights will be (and continue thereafter to be) exercisable only to the
extent that they would have been exercisable if no such acceleration of exercisability had been
authorized.

3a. The Board of Directors is also specifically authorized, in the event of a tender offer, by
any person, firm or corporation other than Avnet, for 50% or more of the then outstanding Stock, to
accelerate exercisability of any or all Options and any or all of the related Stock Appreciation
Rights held by Optionees then serving as Non-Employee Directors, so that such Options and/or Stock
Appreciation Rights will immediately become exercisable in full; provided that such accelerated
exercisability shall continue in effect only until expiration, termination or withdrawal of such
“tender offer,” whereupon such Options and related Stock Appreciation Rights will be (and continue
thereafter to be) exercisable only to the extent they would have been exercisable if no such
acceleration of exercisability had been authorized.

4. A majority of the members of the Committee (but not less than two) shall constitute a
quorum, and all acts, decisions or determinations of the Committee shall be by majority vote of
such of its members as shall be present at a meeting duly held at which a quorum is so present. Any
act, decision, or determination of the Committee reduced to writing and signed by a majority of its
members (but not less than two) shall be fully effective as if it had been made, taken or done by
vote of such majority at a meeting duly called and held.

5. The Committee shall deliver a report to the Board of Directors with reasonable promptness
following the taking of any action(s) in the administration of this Plan, which report shall set
forth in full the action(s) so taken. The Committee shall also file such other reports and make
such other information available as may from time to time be prescribed by the Board of Directors.

ARTICLE V

AWARD AND MODIFICATION OF OPTIONS

1. Options may be granted by the Committee to Eligible Employees, and may be granted by the
Board of Directors to Non-Employee Directors, from time to time in their discretion prior to
November 21, 2009 or the earlier termination of the Plan as provided in Article IX.

2. During the period when any Option granted by the Committee to an Eligible Employee is
outstanding, the Committee may, for such consideration (if any) as may be deemed adequate by it and
with the prior consent of the Optionee, modify the terms of such Option, with respect to the
unexercised portion thereof, except that such Option may not be repriced, replaced or regranted
through cancellation, or by lowering the exercise price of said Option. During the period when any
Option granted by the Board of Directors to a Non-Employee Director is outstanding, the Board of
Directors may, for such consideration (if any) as may be deemed adequate by it and with the prior
consent of the Optionee, modify the terms of the Option, with respect to the unexercised portion
thereof, except that such Option may not be repriced, replaced or regranted through cancellation,
or by lowering the exercise price of said Option.

3. The price per share at which Stock subject to any Option may be purchased shall be
determined by the Committee (in the case of any Option granted to an Eligible Employee) or by the
Board of Directors (in the case of any Option granted to a Non-Employee Director) at the time such
Option is granted, but shall be no less than 85% of the Fair Market Value of the Stock at the date
of the granting thereof; provided, however, (i) that the purchase price per share of Stock shall in
no event be less than the par value per share of the Stock and (ii) Options whose purchase price
per share on exercise is less than 100% of the Fair Market Value at the date of the granting
thereof may be granted only in lieu of a reasonable amount of cash compensation.

4. The term of each Option granted under the Plan shall be such period of time as the
Committee (in the case of an Option granted to an Eligible Employee) or the Board of Directors (in
the case of an Option granted to a Non-Employee Director) shall determine but in no event shall an
Option be exercisable after the day prior to the tenth anniversary of the granting thereof. Unless
sooner forfeited or otherwise terminated pursuant to the terms hereof or of the applicable Option
Agreement, each Option granted under the Plan shall expire at the end of its term. Notwithstanding
any other provision in this Plan to the contrary, no Option granted hereunder may be exercised
after the expiration of its term.

5. Each Option granted under the Plan shall become exercisable, in whole or in part, at such
time or times during its term as the Option Agreement evidencing the grant of such Option shall
specify; provided, however, that the exercisability of any Option may be accelerated in whole or in
part, at any time, by the Committee (in the case of an Option granted to an Eligible Employee) or
by the Board of Directors (in the case of an Option granted to a Non-Employee Director). Each
option granted under the Plan that has become exercisable pursuant to the preceding sentence shall
remain exercisable thereafter for such period of time prior to the expiration of its term
(including during any period subsequent to the Optionee’s termination of employment with the
Company for any reason, if the Optionee is an Eligible Employee, or subsequent to the Optionee’s
ceasing to be a Director for any reason, if the Optionee is a Non-Employee Director) as the Option
Agreement evidencing the grant of such Option shall provide. An Option may be exercised, at any
time or from time to time during its term, as to any or all shares as to which the Option has
become and remains exercisable.

6. The aggregate number of shares of Stock with respect to which Options may be granted
hereunder to any Optionee in any calendar year may not exceed 350,000.

7. Except as may otherwise be provided in the Option Agreement evidencing the grant of any
Option hereunder, the Option is so granted shall not be assignable or transferable by the Optionee
other than by will or the laws of descent and distribution upon the death of such Optionee, nor
shall any Option be exercisable during the lifetime of the Optionee except by such Optionee.

1

ARTICLE VI

STOCK APPRECIATION RIGHTS

1. Stock Appreciation Rights may be granted to Eligible Employees in the discretion of the
Committee and to Non-Employee Directors in the discretion of the Board of Directors, upon such
terms and conditions as the Committee or the Board of Directors may prescribe. Each SAR shall be
granted in connection with and shall relate to all or part of a specific Option simultaneously or
previously granted under the Plan. In the discretion of the Committee or the Board of Directors, an
SAR may be granted at any time prior to the exercise, expiration or termination of the Option
related thereto, and may be modified at any time the related Option is modified.

2. Upon exercise of a Stock Appreciation Right, the Optionee shall be entitled to receive (a)
shares of Stock having a Fair Market Value at the date of exercise, or (b) cash in the amount of
such Fair Market Value, or (c) a combination of shares of Stock and cash equal in the aggregate to
such Fair Market Value, equivalent to all or part of the difference between the aggregate exercise
price of the portion of the related Option which is being surrendered for termination and the Fair
Market Value at such date of the shares of Avnet’s Common Stock for which such SAR is being
exercised.

3. Each Stock Appreciation Right granted to an Eligible Employee shall be exercisable on such
dates or during such periods as may be determined by the Committee, and each Stock Appreciation
Right granted to a Non-Employee Director shall be exercisable on such dates or during such periods
as may be determined by the Board of Directors, provided that no SAR shall be exercisable at a time
when the Option related thereto could not be exercised nor may it be exercised with respect to a
number of shares in excess of the number for which such Option could then be exercised.

4. A Stock Appreciation Right may be exercised only upon surrender by the Optionee, for
termination, of the portion of the related Option, which is then exercisable to purchase the number
of shares for which the Stock Appreciation Right is being exercised. Shares covered by the
terminated Option or portion thereof shall not be available for further grants of Options under the
Plan.

5. The Committee may impose any other conditions upon the exercise of Stock Appreciation
Rights granted to Eligible Employees, and the Board of Directors may impose any other conditions
upon the exercise of Stock Appreciation Rights granted to Non-Employee Directors, which conditions
may include a condition that any particular SARs or any class of SARs may only be exercised in
accordance with rules adopted by the Committee or the Board of Directors, as appropriate, from time
to time. Such rules may govern the right to exercise SARs granted prior to the adoption or
amendment of such rules as well as SARs granted thereafter.

6. The Committee or the Board of Directors may at any time amend, terminate or suspend any
Stock Appreciation Right theretofore granted by it under this Plan, provided that the terms of any
SAR after any amendment shall conform to the provisions of the Plan. Each SAR shall terminate and
cease to be exercisable upon the termination (other than a termination required in connection with
exercise of the SAR) or expiration of the Option related thereto.

ARTICLE VII

ADDITIONAL TERMS AND PROVISIONS

1. The Committee or the Board of Directors shall, promptly after the granting of any Option or
Stock Appreciation Right or the modification of any outstanding Option or SAR, cause such Optionee
to be notified of such action and shall cause Avnet to deliver to such Optionee an Option Agreement
(which Option Agreement shall be signed on behalf of Avnet by an officer of Avnet with appropriate
authorization therefor) evidencing the Option so granted or modified and the terms and conditions
thereof and including (when appropriate) an addendum evidencing the SAR so granted or modified and
the terms and conditions thereof.

2. The date on which the Committee or the Board of Directors approves the granting of any
Option or Stock Appreciation Right, or approves the modification of any outstanding Option or SAR,
shall be deemed the date on which such Option or SAR is granted or modified, regardless of the date
on which the Option Agreement evidencing the same is executed.

3. To the extent that any Option or Stock Appreciation Right shall have become exercisable as
provided in Article V or Article VI above, such Option or SAR may be exercised by the Optionee at
any time and from time to time by written notice to Avnet stating the number of shares of Stock
with respect to which such Option or SAR is being exercised, accompanied (as to an Option exercise)
by payment in full therefor as prescribed below and (as to an SAR exercise) by an instrument
effecting surrender for termination of the relevant portion of the Option related thereto. As soon
as practicable after receipt of such notice, Avnet shall, without requiring payment of any transfer
or issue tax by the Optionee, deliver to the Optionee, at the principal office of Avnet (or such
other place as Avnet may designate), a certificate or certificates representing the shares of Stock
acquired upon such exercise; provided, however, that the date for any such delivery may be
postponed by Avnet for such period as it may require, in the exercise of reasonable diligence (a)
to register the shares of Stock so purchased (together with any part or all of the balance of the
shares of Stock which may be delivered pursuant to the exercise of Options and/or Stock
Appreciation Rights) under the Securities Act of 1933, as amended, and/or to obtain the opinions of
counsel referred to in clauses (B) and (E) of paragraph 7 below, and (b) to comply with the
applicable listing requirements of any national securities exchange or with any other requirements
of law. If any Optionee shall fail to accept delivery of all or any part of the shares of Stock
with respect to which such Option or SAR is being exercised, upon tender thereof, the right of such
Optionee to exercise such Option and the related SAR, or to exercise such SAR and the related
Option, with respect to such unaccepted shares may, in the discretion of the Committee (in the case
of an Option granted to an Eligible Employee) or the Board of Directors (in the case of an Option
granted to a Non-Employee Director), be terminated. For purposes of this paragraph 3, payment upon
exercise of an Option may be made (i) by check (certified, if so required by Avnet) in the amount
of the aggregate exercise price of the portion of the Option being exercised, or (ii) in the form
of certificates representing shares of Stock (duly endorsed or accompanied by appropriate stock
powers, in either case with signature guaranteed if so required by Avnet) having a Fair Market
Value, at the date of receipt by Avnet of such certificates and the notice above mentioned, equal
to or in excess of such aggregate exercise price, or (iii) by a combination of check and
certificates for shares of Stock.

4. Notwithstanding paragraph 3 of this Article VII, upon each exercise of an Option, the
Optionee shall pay to Avnet an amount required to be withheld under applicable income tax laws in
connection with such exercise. An Optionee may, in the discretion of the Committee and subject to
any rules as the Committee may adopt (in the case of an Optionee who was an Eligible Employee on
the date of grant), or in the discretion of the Board of Directors and subject to such rules as the
Board of Directors may adopt (in the case of an Optionee who was a Non-Employee Director on the
date of grant), elect to satisfy such obligation, in whole or in part, by having Avnet withhold
shares of Stock having a Fair Market Value equal to the amount required to be so withheld. For
purposes of the foregoing, the Fair Market Value of a share of Stock shall be its Fair Market Value
on the date that the amount to be withheld is determined. An Optionee shall pay Avnet in cash for
any fractional share that would otherwise be required to be withheld.

5. The Plan shall not confer upon any Optionee any right with respect to continuance of
employment by the Company or continuance of membership on the Board of Directors, nor shall it
interfere in any way with his or her right, or the Company’s right, to terminate his or her
employment at any time.

6. No Optionee shall acquire or have any rights as a shareholder of Avnet by virtue of any
Option or any SAR until the certificates representing shares of Stock issued pursuant to the
exercise of such Option or SAR are delivered to such Optionee in accordance with the terms of the
Plan.

7. While it is Avnet’s present intention to register under the Securities Act of 1933, as
amended, the shares of Stock which may be delivered pursuant to the exercise of Options and/or
Stock Appreciation Rights granted under the Plan, nevertheless, any provisions in this Plan to the
contrary notwithstanding, Avnet shall not be obligated to sell or deliver any shares of Stock
pursuant to the exercise of any Option or any SAR unless (A)(i) such shares have at the time of
such exercise been registered under the Securities Act of 1933, as amended, (ii) no stop order
suspending the effectiveness of such registration statement has been issued and no proceedings
therefor have been instituted or threatened under said Act, and (iii) there is available at the
time of such exercise a prospectus containing certified financial statements and other information
meeting the requirements of Section 10(a)(3) of said Act, or (B) Avnet shall have received from its
counsel an opinion that registration of such shares under said Act is not required, (C) such shares
are at the same time of such exercise, or upon official notice of issuance will be, listed on each
national securities exchange on which the Stock is then listed, (D) the prior approval of such sale
has been obtained from any State regulatory body having jurisdiction (but nothing herein contained
shall be deemed to require Avnet to register or qualify as a foreign corporation in any State nor,
except as to any matter or transaction relating to the sale or delivery of such shares, to consent
in service of process in any State), and (E) Avnet shall have received an opinion from its counsel
with respect to compliance with the matters set forth in clauses (A), (C), and (D) above.

ARTICLE VIII

ADJUSTMENTS UPON CHANGES IN CAPITALIZATION

1. In the event that the Stock shall be split up, divided or otherwise reclassified into or
exchanged for a greater or lesser number of shares of Stock or into shares of Common Stock and/or
any other securities of Avnet by reason of recapitalization, reclassification, stock split or
reverse split, combination of shares or other reorganization, the term “Stock” as used herein shall
thereafter mean the number and kind of shares or other securities into which the Stock shall have
been so split up, divided or otherwise reclassified or for which the Stock shall have been so
exchanged; and the remaining number of shares of Stock which may, in the aggregate, thereafter be
delivered pursuant to the exercise of Options and/or Stock Appreciation Rights (as specified in
paragraph 1 of Article III hereof) and the remaining number of shares of Stock which may thereafter
be delivered pursuant to the exercise of any Options and/or Stock Appreciation Rights then
outstanding, shall be correspondingly adjusted. In the event that any dividend payable in shares of
Stock is paid to the holders of outstanding shares of Stock, the remaining number of shares of
Stock which may, in the aggregate, thereafter be delivered pursuant to the exercise of Options
and/or Stock Appreciation Rights (as specified in paragraph 1 of Article III hereof) and the
remaining number of shares of Stock which may thereafter be delivered pursuant to the exercise of
any Options and/or Stock Appreciation Rights then outstanding, shall be increased by the percentage
which the number of shares of Stock so paid as a dividend bears to the total number of shares of
Stock outstanding immediately prior to the payment of such dividend.

2. In the event that the Stock shall be split up, divided or otherwise reclassified or
exchanged as provided in the preceding paragraph, the purchase price per share of Stock upon
exercise of outstanding Options, and the aggregate number of shares of Stock with respect to which
Options may be granted to any Optionee in any calendar year (as specified in paragraph 6 of Article
V hereof), shall be correspondingly adjusted.

3. Anything in this Article VIII to the contrary notwithstanding, in the event that, upon any
adjustment made in accordance with paragraph 1 above, the remaining number of shares of Stock which
may thereafter be delivered pursuant to the exercise of any Option or Stock Appreciation Right then
outstanding shall include a fractional share of Stock, such fractional share of Stock shall be
disregarded for all purposes of the Plan and the Optionee holding such Option or SAR shall become
entitled neither to purchase the same nor to receive cash or scrip in payment therefor or in lieu
thereof.

ARTICLE IX

AMENDMENT OR TERMINATION OF THE PLAN

1. The Plan shall automatically terminate on November 21, 2009, unless it is sooner terminated
pursuant to paragraph 2 below.

2. The Board of Directors may amend the Plan from time to time as the Board may deem advisable
and in the best interests of Avnet and may terminate the Plan at any time (except as to Options and
Stock Appreciation Rights then outstanding hereunder); provided, however, that unless approved by
the affirmative vote of a majority of the votes cast at a meeting of the shareholders of Avnet duly
called and held for that purpose, no amendment to the Plan shall be adopted which shall (a) affect
the composition or functioning of the Committee, (b) increase the aggregate number of shares of
Stock which may be delivered pursuant to the exercise of Options and SARs, (c) increase the
aggregate number of shares of Stock with respect to which Options may be granted to any Optionee
during any calendar year, (d) decrease the minimum purchase price per share of Stock (in relation
to the Fair Market Value thereof at the respective dates of grant) upon the exercise of Options, or
(e) extend the ten year maximum period within which an Option is exercisable, or the period within
which an SAR is exercisable, or the termination date of the Plan.

2EX-10.3

Exhibit 10.3

AVNET, INC.

2003 STOCK COMPENSATION PLAN

Amended and Restated as of August 10, 2006

ARTICLE I

PURPOSE OF THE PLAN

The Avnet, Inc. 2003 Stock Compensation Plan is intended to advance the interests of the
Company by assisting Avnet and its Subsidiaries in attracting high caliber persons to serve as
Eligible Employees and Non-Employee Directors, and in inducing such persons to remain as Eligible
Employees and Non-Employee Directors, by virtue of the additional incentive to promote the
Company’s success that results from the ownership of shares of Avnet’s Common Stock.

ARTICLE II

DEFINITIONS

The following words and phrases used herein shall, unless the context otherwise indicates,
have the following meanings:

1. “Avnet” shall mean Avnet, Inc.

2. “Agreement” shall mean the agreement evidencing any Award granted hereunder, including any
addendum to an Option Agreement relating to Stock Appreciation Rights, which agreement shall be in
such form as prescribed or approved by the Committee (in the case of an Award Agreement with an
Eligible Employee) or by the Board of Directors (in the case of an Award Agreement with a
Non-Employee Director).

3. “Award” shall mean, individually or collectively, a grant under this Plan of an Option,
Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or Other Stock Unit Award.

4. “Board of Directors” and “Director” shall mean, respectively, the Board of Directors of
Avnet and any member thereof.

5. “Change in Control” means the happening of any of the following:

	 	(i)	 	the acquisition, by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)), of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of
either (A) the then outstanding shares of Stock of the Company or (B) the combined
voting power of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors; provided, however, that the following such
acquisitions shall not constitute a Change of Control under this subsection (i): (w)
any such acquisition that is authorized by the Board of Directors as constituted prior
to the effective date of the acquisition; (x) any acquisition directly from the Company
(excluding an acquisition by virtue of the exercise of a conversion privilege), (y) any
acquisition by the Company, or (z) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or any entity controlled by the
Company; or

	 	(ii)	 	individuals who, as of the date of the 2003 annual meeting of the Company’s
stockholders (the “Determination Date”), constitute the Board of Directors (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board
of Directors; provided, however, that any individual becoming a director subsequent to
the Determination Date whose election, or nomination for election by the Company’s
stockholders, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for this purpose, any such individual
whose initial assumption of office occurs as a result of either an actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board;
or

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

6. “Code” shall mean the Internal Revenue Code of 1986, as amended.

7. “Committee” shall mean the Compensation Committee of the Board of Directors, which
Committee shall consist of three or more Non-Employee Directors appointed by the Board of
Directors; provided, however, that any member of the Compensation Committee who is not both a
“non-employee director” within the meaning of Rule 16b-3, and an “outside director” within the
meaning of Section 162(m) shall not serve as a Committee member hereunder unless there would
otherwise be less than two (2) members of the Committee.

	 	8.	 	“Company” shall mean Avnet and all its Subsidiaries.

9. “Covered Participant” means a Participant who is a “covered employee” under Code Section
162(m).

10. “Eligible Employee” shall mean any regular full-time employee of Avnet or of any of its
Subsidiaries (including any Director who is also such regular full-time employee), and may include,
in appropriate circumstances relating to the granting of Awards hereunder, any person who is under
consideration for employment by the Company and any person employed by a business which is then to
be acquired by Avnet. The term “Eligible Employees” shall also include any person employed or
retained by Avnet or any of its Subsidiaries to render services as a consultant or advisor other
than services in connection with the offer or sale of securities in capital-raising transaction or
services that directly or indirectly promote or maintain a market for Avnet’s securities.

11. “Exchange Act” shall mean the Securities Exchange Act of 1934.

12. “Executive Officer” shall mean any employee designated by the Company as an executive
officer under Rule 16b-3 of the Exchange Act.

13. “Fair Market Value” when used with respect to a particular date, shall mean the closing
price (as reported for New York Stock Exchange Composite Transactions) at which shares of the Stock
shall have been sold on such date or, if such date is a date for which no trading is so reported,
on the next preceding date for which trading is so reported.

14. “Incentive Stock Option” or “ISO” shall mean an Option intended to qualify under Section
422 of the Code.

15. “Non-Employee Director” shall mean a Director who is not an Eligible Employee.

16. “Option” shall mean any option granted or held pursuant to the provisions of this Plan.

17. “Optionee” shall mean any person who at the time in question holds any Option which then
remains unexercised in whole or in part, has not been surrendered for complete termination and has
not expired or terminated, and shall include any Successor Optionee.

18. “Other Stock Unit Award” means awards granted pursuant to Article VIII, of Stock or other
securities that are payable in, valued in whole or in part by reference to, or are otherwise based
on Stock or other securities of the Company.

19. “Participant” shall mean an Eligible Employee or Non-Employee Director who has been
granted an Award hereunder.

20. “Period of Restriction” means the period during which the transfer of shares of Restricted
Stock or shares of Stock issued upon vesting of Restricted Stock Units is restricted, pursuant to
Article VII hereof.

21. “Person” shall mean “person” as defined in Section 3(a)(9) of the Exchange Act and as
used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) of the
Exchange Act but excluding the Company and any Subsidiary and any employee benefit plan sponsored
or maintained by the Company or any subsidiary (including any trustee of such plan acting as
trustee).

22. “Plan” shall mean the Avnet, Inc. 2003 Stock Compensation Plan, as set forth herein and as
amended from time to time.

23. “Restricted Stock” shall mean an Award of Stock granted pursuant to Article VII.

24. “Restricted Stock Unit” shall mean a notional share of Stock granted pursuant to Article
VII of the Plan.

25. “Rule 16b-3” shall mean Rule 16b-3 promulgated under the Exchange Act.

26. “Section 16” shall mean Section 16 of the Exchange Act.

27. “Section 162(m) shall mean Section 162(m) of the Internal Revenue Code of 1986, as
amended.

28. “Securities Act” shall mean the Securities Act of 1933, as amended.

29. “Stock” shall, subject to the anti-dilution provisions set forth in Article X hereof, mean
the Common Stock of Avnet, as presently constituted.

30. “Stock Appreciation Right” or “SAR” shall mean any right granted under this Plan which
entitles a Participant to receive (a) shares of Stock having a Fair Market Value at the date of
exercise of such SAR, or (b) cash in the amount of such Fair Market Value, or (c) a combination of
shares of Stock and cash equal in the aggregate to such Fair Market Value, equivalent to all or
part of the difference between the aggregate exercise price of the portion of the related Option
which is being surrendered for termination and the Fair Market Value at such date of the shares of
Stock for which such SAR is being exercised. An SAR may be granted by the Committee either
free-standing or with respect to any Option simultaneously or previously granted under this Plan to
an Eligible Employee, and an SAR may be granted by the Board of Directors either free-standing or
with respect to any Option simultaneously or previously granted under this Plan to a Non-Employee
Director; and, when granted, may be granted by the Committee or the Board of Directors upon such
terms and subject to such conditions as the Committee or the Board of Directors may in its
discretion prescribe or approve; provided that an SAR shall only be exercisable by the grantee
and/or Optionee to whom such SAR was initially granted.

31. “Subsidiary” shall mean any corporation 51% of the total combined voting power of all
classes of capital stock of which shall at the time in question be owned by Avnet and/or any of its
subsidiaries.

32. “Successor Optionee” shall mean any person who, under the provisions of Article V hereof,
shall have acquired from an Optionee the right to exercise any Option.

ARTICLE III

SHARES RESERVED FOR THE PLAN

1. Subject to the anti-dilution provisions set forth in Article X hereof, the maximum number
of shares of Stock which may be delivered by Avnet pursuant to the exercise of Awards shall be
6,000,000, all of which can be Options and/or SARs, but no more than 2,000,000 of which can be
Awards of Restricted Stock, Restricted Stock Units or Other Stock Awards. In addition, no Covered
Participant may be granted Awards for more than 1,000,000 shares of Stock in any calendar year, and
no Participant may be granted Options for more than 500,000 shares of Stock in any calendar year.
At no time shall there be outstanding Awards for the purchase of more than 6,000,000 shares of
Stock (subject to said anti-dilution provisions) less the aggregate of the number of shares of
Stock previously delivered pursuant to the exercise of Options, the number of shares of Stock
previously covered by Options terminated upon surrender in connection with the exercise of Stock
Appreciation Rights, and the number of shares of Stock previously delivered pursuant to the vesting
of Restricted Stock, Restricted Stock Units and other Stock Awards.

2. The shares of Stock subject to Awards may consist of authorized but unissued shares of
Stock and/or shares of Stock held in the treasury of Avnet.

1

3. If any Award shall be surrendered and terminated or for any other reason shall terminate
or expire, whether in whole or in part (except for terminations of Options in connection with
exercises of Stock Appreciation Rights), the number of shares of Stock covered by such Award
immediately prior to such termination or expiration shall thereupon be added to the number of
shares of Stock otherwise available for further grants of Awards hereunder. However,
notwithstanding the above, to the extent required by Sections 162(m) or 422, Participants may not
be granted Options, SARs, or other Awards which exceed the maximum number of shares of Stock for
which such Options, SARs, or Awards may be granted to such Participants hereunder, and cancelled
Awards shall continue to be counted against such maximum limits.

4. If a Participant pays for any Option or other Award with previously owned Stock, the
number of shares of Stock available for Awards shall be increased by the number of shares
surrendered by the Participant.

5. Notwithstanding any other provision of the Plan to the contrary, in no event shall the
number of Options with a price per share of less than 100% of the Fair Market Value of the Stock at
the date of grant exceed five percent (5%) of the Stock authorized pursuant to Article III(1) (as
adjusted pursuant to Article X), provided that this limitation shall not apply in the case of
Options assumed or granted in substitution for other options in a merger, acquisition, or similar
corporate transaction context.

ARTICLE IV

ADMINISTRATION OF THE PLAN

1. This Plan shall be administered by the Committee with respect to Awards granted to Eligible
Employees, and shall be administered by the Board of Directors with respect to Awards granted to
Non-Employee Directors. The Committee and the Board of Directors each shall have full and exclusive
power to construe and interpret the Plan, and to establish and amend rules and regulations for the
administration of the Plan, in connection with Awards granted to the persons within their
respective spheres of administrative responsibility as provided in the preceding sentence. Subject
to Section 6 of this Article IV, the Committee and/or Board of Directors may delegate their
authority hereunder to one or more Company officers to the extent permitted by and not inconsistent
with any requirements of applicable law.

2. In addition to paragraph 1 of this Article IV (and without limiting the generality
thereof), the Committee shall have plenary authority (subject to the provisions hereof) in its
discretion to determine the time or times at which Awards shall be granted to Eligible Employees,
the Eligible Employees to whom Awards shall be granted, the number of shares of Stock to be covered
by each such Award, and (to the extent not inconsistent with the provisions of this Plan) the terms
and conditions upon which each such Award may be exercised. The granting of Awards by the
Committee shall be entirely discretionary; the terms and conditions (not inconsistent with this
Plan) prescribed or approved for any Agreement with an Eligible Employee shall similarly be within
the discretion of the Committee; and nothing in this Plan shall be deemed to give any Eligible
Employee any right to receive Awards. Without limiting the generality of the foregoing, the
Committee, in its discretion, may grant Options to any Eligible Employee upon such terms and
conditions as may be necessary for such Options to qualify as incentive stock options within the
meaning of section 422 of the Internal Revenue Code of 1986, as amended.

2

2a. In addition to paragraph 1 of this Article IV (and without limiting the generality
thereof), the Board of Directors shall have plenary authority (subject to the provisions hereof) in
its discretion to determine the time or times at which Awards shall be granted to Non-Employee
Directors, the Non-Employee Directors to whom Awards shall be granted, the number of shares of
Stock to be covered by each such Award, and (to the extent not inconsistent with the provisions of
this Plan) the terms and conditions upon which each such Award may be exercised; provided that the
members of the Committee shall abstain from participating in any action taken by the Board of
Directors with respect to Awards granted or to be granted to any such members. The granting of
Awards by the Board of Directors shall be entirely discretionary; the terms and conditions (not
inconsistent with this Plan) prescribed or approved for any Agreement with a Non-Employee Director
shall similarly be within the discretion of the Board of Directors; and nothing in this Plan shall
be deemed to give any Non-Employee Director any right to receive Awards.

3. The Committee is also specifically authorized, in the event of a public solicitation, by
any person, firm or corporation other than Avnet, of tenders of 50% or more of the then outstanding
Stock (known conventionally as a “tender offer”), to accelerate exercisability of and lift any
restrictions with respect to any or all Awards held by Participants then employed as an Eligible
Employee, so that such Awards will immediately become exercisable, vested, and transferable in
full; provided that such accelerated exercisability and lifting of restrictions shall continue in
effect only until expiration, termination or withdrawal of such tender offer, whereupon such Awards
will be (and continue thereafter to be) exercisable, vested, and transferable only to the extent
that they would have been if no such acceleration of exercisability and lifting of restrictions
had been authorized.

3a. The Board of Directors is also specifically authorized, in the event of a tender offer, by
any person, firm or corporation other than Avnet, for 50% or more of the then outstanding Stock, to
accelerate exercisability of and lift any restrictions with respect to any or all Awards held by
Participants then serving as Non-Employee Directors, so that such Awards will immediately become
exercisable, vested, and transferable in full; provided that such accelerated exercisability and
lifting of restrictions shall continue in effect only until expiration, termination or withdrawal
of such tender offer, whereupon such Awards will be (and continue thereafter to be) exercisable,
vested, and transferable only to the extent they would have been if no such acceleration of
exercisability and lifting of restrictions had been authorized.

4. A majority of the members of the Committee (but not less than two) shall constitute a
quorum, and all acts, decisions or determinations of the Committee shall be by majority vote of
such of its members as shall be present at a meeting duly held at which a quorum is so present. Any
act, decision, or determination of the Committee reduced to writing and signed by a majority of its
members (but not less than two) shall be fully effective as if it had been made, taken or done by
vote of such majority at a meeting duly called and held.

5. The Committee shall deliver a report to the Board of Directors with reasonable promptness
following the taking of any action(s) in the administration of this Plan, which report shall set
forth in full the action(s) so taken. The Committee shall also file such other reports and make
such other information available as may from time to time be prescribed by the Board of Directors.

3

6. The Committee (and, with respect to Non-Employee Directors, the Board of Directors), shall
have sole and complete discretion in determining those Eligible Employees who shall participate in
the Plan. The Committee may request recommendations for individual Awards from the Chief Executive
Officer of the Company and, to the extent permitted by applicable law, may delegate to the Chief
Executive Officer of the Company the authority to make Awards to Participants who are not Executive
Officers of the Company or Covered Participants, subject to a fixed maximum Award amount for such a
group and a maximum Award amount for any one Participant, as determined by the Committee. Awards
made to the Executive Officers or Covered Participants shall be determined by the Committee.

7. All determinations and decisions made by the Committee and Board of Directors pursuant to
the provisions of the Plan shall be final, conclusive, and binding upon all persons, including the
Company, its stockholders, employees, Participants, and designated beneficiaries, except when the
terms of any sale or award of shares of Stock or any grant of rights or Options under the Plan are
required by law or by the Articles of Incorporation or Bylaws of the Company to be approved by the
Company’s Board of Directors or stockholders prior to any such sale, award or grant.

8. Notwithstanding any other provision of the Plan, the Committee may impose such conditions
on any Award, and the Board may amend the Plan in any such respects, as may be required to satisfy
the requirements of Rule 16b-3 or Section 162(m).

9. Notwithstanding any other provision of the Plan to the contrary, no Award shall be granted
to a Non-Employee Director unless such grant is approved by a majority of the Non-Employee
Directors.

ARTICLE V

AWARD AND MODIFICATION OF OPTIONS

1. Options may be granted by the Committee to Eligible Employees, and may be granted by the
Board of Directors to Non-Employee Directors, from time to time in their discretion prior to
September 18, 2013 or the earlier termination of the Plan as provided in Article XI.

2. During the period when any Option granted by the Committee to an Eligible Employee is
outstanding, the Committee may, for such consideration (if any) as may be deemed adequate by it and
with the prior consent of the Optionee, modify the terms of such Option, with respect to the
unexercised portion thereof, except that such Option may not be repriced, replaced or regranted
through cancellation, or by lowering the exercise price of said Option, without shareholder
approval. During the period when any Option granted by the Board of Directors to a Non-Employee
Director is outstanding, the Board of Directors may, for such consideration (if any) as may be
deemed adequate by it and with the prior consent of the Optionee, modify the terms of the Option,
with respect to the unexercised portion thereof, except that such Option may not be repriced,
replaced or regranted through cancellation, or by lowering the exercise price of said Option,
without shareholder approval.

3. The price per share at which Stock subject to any Option may be purchased shall be
determined by the Committee (in the case of any Option granted to an Eligible Employee) or by the
Board of Directors (in the case of any Option granted to a Non-Employee Director) at the time such
Option is granted, but shall be no less than 100% of the Fair Market Value of the Stock at the date
of grant in the case of ISOs, and no less than 85% of the Fair Market Value of the Stock at the
date of grant in the case of nonqualified Options (except in the case of Options assumed or granted
in substitution for other options in a merger, acquisition, or similar corporate transaction
context); provided, however, that the purchase price per share of Stock shall in no event be less
than the par value per share of the Stock. The “date of grant” shall be the date on which the
Committee or Board of Directors, as appropriate, completes its action constituting the making of an
Award, regardless of whether or not such Award is subject to future shareholder approval or other
conditions. Notwithstanding the foregoing, Options with a price per share of less than 100% of the
Fair Market Value of the Stock at the date of grant shall be granted only in connection with either
(a) a new hire (or rehire) of an employee by the Company or a Subsidiary or (b) a merger,
acquisition, disposition, reorganization, or similar corporate transaction.

4. The term of each Option granted under the Plan shall be such period of time as the
Committee (in the case of an Option granted to an Eligible Employee) or the Board of Directors (in
the case of an Option granted to a Non-Employee Director) shall determine but in no event shall an
Option be exercisable after the day prior to the tenth anniversary of the granting thereof. Unless
sooner forfeited or otherwise terminated pursuant to the terms hereof or of the applicable
Agreement, each Option granted under the Plan shall expire at the end of its term. Notwithstanding
any other provision in this Plan to the contrary, no Option granted hereunder may be exercised
after the expiration of its term.

5. Each Option granted under the Plan shall become exercisable, in whole or in part, at such
time or times during its term as the Agreement evidencing the grant of such Option shall specify;
provided, however, that the exercisability of any Option may be accelerated in whole or in part, at
any time, by the Committee (in the case of an Option granted to an Eligible Employee) or by the
Board of Directors (in the case of an Option granted to a Non-Employee Director). Each option
granted under the Plan that has become exercisable pursuant to the preceding sentence shall remain
exercisable thereafter for such period of time prior to the expiration of its term (including
during any period subsequent to the Optionee’s termination of employment with the Company for any
reason, if the Optionee is an Eligible Employee, or subsequent to the Optionee’s ceasing to be a
Director for any reason, if the Optionee is a Non-Employee Director) as the Option Agreement
evidencing the grant of such Option shall provide. An Option may be exercised, at any time or from
time to time during its term, as to any or all shares as to which the Option has become and remains
exercisable.

6. The aggregate number of shares of Stock with respect to which Options may be granted
hereunder to any Optionee in any calendar year may not exceed 500,000.

7. Except as may otherwise be provided in paragraph 10 of Article IX of the Plan or the
Agreement evidencing the grant of any Option hereunder, the Option so granted shall not be
assignable or transferable by the Optionee other than by will or the laws of descent and
distribution upon the death of such Optionee, nor shall any Option be exercisable during the
lifetime of the Optionee except by such Optionee.

8. Options shall be exercised by the delivery of a written notice from the Participant to the
Company in the form prescribed by the Committee setting forth the number of Shares with respect to
which the Option is to be exercised, accompanied by full payment of the exercise price for the
shares. The exercise price shall be payable to the Company in full in cash, or its equivalent, or,
to the extent permitted by applicable law and not in violation of any instrument or agreement to
which the Company is a party, by delivery of Shares (not subject to any security interest or
pledge) valued at Fair Market Value at the time of exercise, or by a combination of the foregoing,
or in any other form of payment acceptable to the Committee. The Committee reserves the right to
require any Shares delivered by the Participant in full or partial payment of the exercise price to
be limited to those Shares already owned by the Participant for at least six (6) months. In
addition, at the request of the Participant, and subject to applicable laws and regulations, the
Company may (but shall not be required to) cooperate in a cashless exercise of the Option. As soon
as practicable, after receipt of written notice and payment, but subject to the terms and
conditions of Article IX, the Company shall deliver to the Participant stock certificates in an
appropriate amount based upon the number of Shares with respect to which the Option is exercised,
issued in the Participant’s name.

ARTICLE VI

STOCK APPRECIATION RIGHTS

1. Stock Appreciation Rights may be granted to Eligible Employees in the discretion of the
Committee and to Non-Employee Directors in the discretion of the Board of Directors, upon such
terms and conditions as the Committee or the Board of Directors may prescribe. Each SAR may be free
standing, or granted in connection with and relate to all or part of a specific Option
simultaneously or previously granted under the Plan. In the discretion of the Committee or the
Board of Directors, an SAR may be granted at any time prior to the exercise, expiration or
termination of the Option related thereto, and may be modified at any time the related Option is
modified.

2. Upon exercise of a Stock Appreciation Right, the grantee or Optionee shall be entitled to
receive (a) shares of Stock having a Fair Market Value at the date of exercise, or (b) cash in the
amount of such Fair Market Value, or (c) a combination of shares of Stock and cash equal in the
aggregate to such Fair Market Value, equivalent to all or part of the difference between the
aggregate exercise price of the portion of the SAR or the related Option which is being surrendered
for termination and the Fair Market Value at such date of the shares of Avnet’s Common Stock for
which such SAR is being exercised.

3. Each Stock Appreciation Right granted to an Eligible Employee shall be exercisable on such
dates or during such periods as may be determined by the Committee, and each Stock Appreciation
Right granted to a Non-Employee Director shall be exercisable on such dates or during such periods
as may be determined by the Board of Directors, provided that if an SAR relates to all or part of a
specific Option, such SAR shall not be exercisable at a time when the Option related thereto could
not be exercised nor may it be exercised with respect to a number of shares in excess of the number
for which such Option could then be exercised.

4. A Stock Appreciation Right related to all or part of a specific Option may be exercised
only upon surrender by the Optionee, for termination, of the portion of the related Option, which
is then exercisable to purchase the number of shares for which the Stock Appreciation Right is
being exercised. Shares covered by the terminated Option or portion thereof shall not be available
for further grants of Options under the Plan.

5. The Committee may impose any other conditions upon the exercise of Stock Appreciation
Rights granted to Eligible Employees, and the Board of Directors may impose any other conditions
upon the exercise of Stock Appreciation Rights granted to Non-Employee Directors, which conditions
may include a condition that any particular SARs or any class of SARs may only be exercised in
accordance with rules adopted by the Committee or the Board of Directors, as appropriate, from time
to time. Such rules may govern the right to exercise SARs granted prior to the adoption or
amendment of such rules as well as SARs granted thereafter.

6. The Committee or the Board of Directors may at any time amend, terminate or suspend any
Stock Appreciation Right theretofore granted by it under this Plan, provided that the terms of any
SAR after any amendment shall conform to the provisions of the Plan. Each SAR related to all or
part of a specific Options shall terminate and cease to be exercisable upon the termination (other
than a termination required in connection with exercise of the SAR) or expiration of the Option
related thereto.

ARTICLE VII

RESTRICTED STOCK AND

RESTRICTED STOCK UNITS

1. Subject to the terms and provisions of the Plan and applicable law, the Committee (or, with
respect to Non-Employee Directors, the Board of Directors), at any time and from time to time, may
grant shares of Restricted Stock or Restricted Stock Units under the Plan to such Participants, and
in such amounts and with such vesting periods, Period of Restriction and/or conditions for removal
of restrictions as it shall determine. Participants receiving shares of Restricted Stock or
Restricted Stock Units are not required to pay the Company cash therefor (except for applicable tax
withholding). Notwithstanding any other provision of the Plan to the contrary, with respect to a
Restricted Stock or Restricted Stock Unit Grant to an Eligible Employee (i) such Awards shall vest
no faster than pro rata over the three (3) years after the date of grant with respect to Awards
that do not vest based at least in part on the satisfaction of performance criteria and (ii) such
Awards shall not vest sooner than one (1) year after the date of grant with respect to Awards that
vest at least in part based on the satisfaction of performance criteria. The immediately preceding
sentence shall also apply with respect to any ad hoc grant (as opposed to annual grants that are
part of the director compensation package) of Restricted Stock or Restricted Stock Units to any
Non-Employee Director.

2. Each Restricted Stock or Restricted Stock Unit grant shall be evidenced by an Agreement
that shall specify any vesting requirements with respect to such Award, any Period of Restriction
with respect to such Award, and the conditions which must be satisfied prior to removal of any
additional restrictions as the Committee (or, with respect to Non-Employee Directors, the Board of
Directors), shall determine. The Committee (or, with respect to Non-Employee Directors, the Board
of Directors), may specify, but is not limited to, the following types of restrictions in the
Agreement: (i) restrictions on acceleration or achievement of terms of vesting based on any
business or financial goals of the Company, including, but not limited to, absolute or relative
increases in total stockholder return, revenues, sales, net income, earnings per share, return on
equity, cash flow, operating margin or net worth of the Company, any of its Subsidiaries, divisions
or other areas of the Company; and (ii) any other further restrictions that may be advisable under
the law, including requirements set forth by the Exchange Act, the Securities Act, any securities
trading system or Stock exchange upon which such shares of stock are listed.

3. Except as provided in paragraph 10 of Article IX of the Plan or this Article VII and
subject to applicable law, the shares of Restricted Stock or Restricted Stock Units granted under
the Plan may not be sold, transferred, pledged, assigned, exchanged, encumbered or otherwise
alienated or hypothecated until (A) both of the following have occurred: (i) the applicable
portions of such Awards have vested (and, in the case of Restricted Stock Units, shares of Stock
have been issued in respect thereof), and (ii) the applicable Period of Restriction has terminated,
or (B) upon earlier satisfaction of such conditions as specified by the Committee (or, with respect
to Non-Employee Directors, the Board of Directors), in its sole discretion and set forth in the
Agreement. Except as provided herein, all rights with respect to the Restricted Stock or
Restricted Stock Units granted to a Participant under the Plan shall be exercisable only by such
Participant or his or her guardian or legal representative.

4. Except as otherwise noted in this Article VII, shares of Restricted Stock or Restricted
Stock Units covered by an Award shall be provided to (or in the case of Restricted Stock Units,
shares of Stock shall be issued therefor in accordance with Paragraph 6 of this Article VII) and
become freely transferable by the Participant (i) upon the vesting of the applicable Restricted
Stock or Restricted Stock Unit Award, and (ii) after the last day of the Period of Restriction
and/or upon the satisfaction of other conditions as determined by the Committee (or, with respect
to Non-Employee Directors, the Board of Directors). The Committee (or with respect to Non-Employee
Directors, the Board of Directors) in its sole discretion may reduce or remove the restrictions or
reduce or remove or accelerate vesting provisions or the Period of Restriction with respect to
Restricted Stock or Restricted Stock Units upon the Eligible Employee’s (or, as appropriate,
Non-Employee Director’s) death, retirement, layoff, termination in connection with a Change in
Control or other termination where the Committee determines that such treatment is appropriate and
in the Company’s best interests, as well as upon assumption of, or in substitution for, restricted
stock or restricted stock units of a company with which the Company participates in an acquisition,
separation, merger, or similar corporate transaction.

5. Prior to vesting and during the Period of Restriction, Participants in whose name
Restricted Stock is granted under the Plan may exercise full voting rights with respect to those
shares. Subsequent to vesting of Restricted Stock Units and the issuance of shares of Stock in
respect thereof, during any subsequent Period of Restriction, Participants who have received shares
of Stock in respect of such Restricted Stock Units may exercise full voting rights with respect to
those shares.

6. Upon all or a portion of an Award of Restricted Stock Units vesting (the date of each such
vesting being a “Vest Date”), one share of Stock shall be issuable for each Restricted Stock Unit
that vests on such Vest Date (the “RSU Shares”), subject to the terms and provisions of the Plan
and relevant Agreement. Thereafter, the Company will transfer such RSU Shares to the Participant
upon satisfaction of any required tax withholding obligations and upon the expiration of any
applicable Period of Restriction. No fractional shares shall be issued with respect to vesting of
Restricted Stock Units. No Participant shall have any right in, to or with respect to any of the
shares of Stock (including any voting rights or rights with respect to dividends paid on the Stock,
except as set forth in paragraph 7 of this Article VII) issuable under the Award until the Award is
settled by the issuance of such shares of Stock to such Participant.

7. Prior to vesting, and during the Period of Restriction, Participants in whose name
Restricted Stock is granted shall be entitled to receive all dividends and other distributions paid
with respect to those Awards, as set forth in this Paragraph 7. Participants in whose name
Restricted Stock Units are granted shall not be entitled to receive any dividends or other
distributions paid with respect to the Company’s Stock unless the specific Award document so
provides. With respect to shares of Restricted Stock, dividends paid in cash shall be
automatically reinvested in additional shares of Restricted Stock at a purchase price per share
equal to Fair Market Value of a share of Stock on the date of such dividend is paid; provided,
however that the Company shall not issue fractional shares, and any amount that would have been
invested in a fractional share shall be paid to Participant. Any such additional shares of Stock
received by any Participant in respect of a Restricted Stock Award, whether through reinvestment or
through a dividend paid in shares of Stock, shall be subject to the same restrictions on
transferability as the Restricted Stock with respect to which they were distributed.

ARTICLE VIII

OTHER STOCK UNIT AWARDS

1. Subject to the terms and provisions of the Plan and applicable law, the Committee (or, with
respect to Non-Employee Directors, the Board of Directors), at any time and from time to time, may
issue to Participants, either alone or in addition to other Awards made under the Plan, Other Stock
Unit Awards which may be in the form of Common Stock or other securities. The value of each such
Award shall be based, in whole or in part, on the value of the underlying Common Stock or other
securities. The Committee (or, with respect to Non-Employee Directors, the Board of Directors), in
its sole and complete discretion, may determine that an Other Stock Unit Award may provide to the
Participant (i) dividends or dividend equivalents (payable on a current or deferred basis) and (ii)
cash payments in lieu of or in addition to an Award. Subject to the provisions of the Plan, the
Committee (or, with respect to Non-Employee Directors, the Board of Directors), in its sole and
complete discretion shall determine the terms, restrictions, conditions, vesting requirements, and
payment rules (all of which are sometimes hereinafter collectively referred to as “Rules”) of the
Award. The Agreement shall specify the Rules of each Award as determined by the Committee (or,
with respect to Non-Employee Directors, the Board of Directors). However, each Other Stock Unit
Award need not be subject to identical Rules.

2. The Committee (or, with respect to Non-Employee Directors, the Board of Directors), in its
sole and complete discretion, may grant an Other Stock Unit Award subject to the following Rules:

	 	(a)	 	Except as provided in paragraph 10 of Article IX of the Plan, all rights with
respect to such Other Stock Unit Awards granted to a Participant shall be exercisable
during his or her lifetime only by such Participant or his or her guardian or legal
representative.

	 	(b)	 	Other Stock Unit Awards may require the payment of cash consideration by the
Participant upon receipt of the Award or provide that the Award, and any Common Stock or
other securities issued in conjunction with the Award be delivered without the payment of
cash consideration.

	 	(c)	 	The Committee (or, with respect to Non-Employee Directors, the Board of Directors),
in its sole and complete discretion may establish certain performance criteria that may
relate in whole or in part to receipt of the Other Stock Unit Awards.

	 	(d)	 	Other Stock Unit Awards may be subject to a deferred payment schedule.

	 	(e)	 	The Committee (or, with respect to Non-Employee Directors, the Board of Directors),
in its sole and complete discretion, as a result of certain circumstances, including,
without limitation, the assumption of, or substitution of stock unit awards of a company
with which the Company participates in an acquisition, separation, or similar corporate
transaction, may waive or otherwise remove, in whole or in part, any restriction or
condition imposed on an Other Stock Unit Award at the time of grant.

4

ARTICLE IX

ADDITIONAL TERMS AND PROVISIONS

1. The Committee or the Board of Directors shall, promptly after the granting of any Award or
the modification of any outstanding Award, cause such Participant to be notified of such action and
shall cause Avnet to deliver to such Participant an Agreement (which Agreement shall be signed on
behalf of Avnet by an officer of Avnet with appropriate authorization therefor) evidencing the
Award so granted or modified and the terms and conditions thereof and including (when appropriate)
an addendum evidencing the SAR so granted or modified and the terms and conditions thereof.

2. The date on which the Committee or the Board of Directors approves the granting of any
Award, or approves the modification of any outstanding Award, shall for purposes of this Plan be
deemed the date on which such Award is granted or modified, regardless of whether (i) the date on
which the Agreement evidencing the same is executed or (ii) the grant or modification of such Award
is subject to a contingency.

3. To the extent that any Award shall have become exercisable, such Award may be exercised by
the Participant at any time and from time to time by written notice to Avnet stating the number of
shares of Stock with respect to which such Award is being exercised, accompanied (as to an Option
exercise) by payment in full therefor as prescribed below and (as to an SAR exercise) by an
instrument effecting surrender for termination of the relevant portion of the Option related
thereto. As soon as practicable after receipt of such notice, Avnet shall, without requiring
payment of any transfer or issue tax by the Participant, deliver to the Participant, at the
principal office of Avnet (or such other place as Avnet may designate), a certificate or
certificates representing the shares of Stock acquired upon such exercise; provided, however, that
the date for any such delivery may be postponed by Avnet for such period as it may require, in the
exercise of reasonable diligence (a) to register the shares of Stock so purchased (together with
any part or all of the balance of the shares of Stock which may be delivered pursuant to the
exercise of Awards) under the Securities Act of 1933, as amended, and/or to obtain the opinions of
counsel referred to in clauses (B) and (E) of paragraph 7 below, and (b) to comply with the
applicable listing requirements of any national securities exchange or with any other requirements
of law. If any Participant shall fail to accept delivery of all or any part of the shares of Stock
with respect to which such Award is being exercised, upon tender thereof, the right of such
Participant to exercise such Award, with respect to such unaccepted shares may, in the discretion
of the Committee (in the case of an Award granted to an Eligible Employee) or the Board of
Directors (in the case of an Award granted to a Non-Employee Director), be terminated. For purposes
of this paragraph 3, payment upon exercise of an Award may be made (i) by check (certified, if so
required by Avnet) in the amount of the aggregate exercise price of the portion of the Award being
exercised, or (ii) in the form of certificates representing shares of Stock (duly endorsed or
accompanied by appropriate stock powers, in either case with signature guaranteed if so required by
Avnet) having a Fair Market Value, at the date of receipt by Avnet of such certificates and the
notice above mentioned, equal to or in excess of such aggregate exercise price, or (iii) by a
combination of check and certificates for shares of Stock, or (iv) in any other manner acceptable
to the Committee (with respect to an Award granted to an Eligible Employee) or the Board of
Directors (with respect to award to a Non-Employee Director), in each case in the discretion of the
Committee or the Board of Directors, as the case may be.

5

4. Notwithstanding paragraph 3 of this Article IX, upon each exercise of an Award or vesting
of Restricted Stock (or filing of a Code Section 83(b) election with respect thereto), or upon a
Restricted Stock Unit or Other Stock Unit Award becoming taxable, the Participant shall pay to
Avnet an amount required to be withheld under applicable income tax laws in connection with such
exercise or vesting or Section 83(b) election or other taxable event. A Participant may, in the
discretion of the Committee and subject to any rules as the Committee may adopt (in the case of a
Participant who was an Eligible Employee on the date of grant), or in the discretion of the Board
of Directors and subject to such rules as the Board of Directors may adopt (in the case of a
Participant who was a Non-Employee Director on the date of grant), elect to satisfy such
obligation, in whole or in part, by having Avnet withhold shares of Stock having a Fair Market
Value equal to the amount required to be so withheld. For purposes of the foregoing, the Fair
Market Value of a share of Stock shall be its Fair Market Value on the date that the amount to be
withheld is determined. A Participant shall pay Avnet in cash for any fractional share that would
otherwise be required to be withheld.

5. The Plan shall not confer upon any Participant any right with respect to continuance of
employment by the Company or continuance of membership on the Board of Directors, nor shall it
interfere in any way with his or her right, or the Company’s right, to terminate his or her
employment at any time.

6. Except as provided in Articles VII and VIII, no Participant shall acquire or have any
rights as a shareholder of Avnet by virtue of any Award until the certificates representing shares
of Stock issued pursuant to the Award or the exercise are delivered to such Participant in
accordance with the terms of the Plan.

7. While it is Avnet’s present intention to register under the Securities Act of 1933, as
amended, the shares of Stock which may be delivered pursuant to the granting and exercise of Awards
under the Plan, nevertheless, any provisions in this Plan to the contrary notwithstanding, Avnet
shall not be obligated to sell or deliver any shares of Stock pursuant to the granting or exercise
of any Award unless (A)(i) such shares have at the time of such exercise been registered under the
Securities Act of 1933, as amended, (ii) no stop order suspending the effectiveness of such
registration statement has been issued and no proceedings therefor have been instituted or
threatened under said Act, and (iii) there is available at the time of such grant and/or exercise a
prospectus containing certified financial statements and other information meeting the requirements
of Section 10(a)(3) of said Act, or Avnet shall have received from its counsel an opinion that
registration of such shares under said Act is not required; (B) such shares are at the same time of
such grant and/or exercise, or upon official notice of issuance will be, listed on each national
securities exchange on which the Stock is then listed, (C) the prior approval of such sale has been
obtained from any State regulatory body having jurisdiction (but nothing herein contained shall be
deemed to require Avnet to register or qualify as a foreign corporation in any State nor, except as
to any matter or transaction relating to the sale or delivery of such shares, to consent in service
of process in any State), and (D) Avnet shall have received an opinion from its counsel with
respect to compliance with the matters set forth in clauses (A), (B), and (C) above.

8. The Committee may require, as a condition of any payment or share issuance, that certain
agreements, undertakings, representations, certificates, and/or information, as the Committee may
deem necessary or advisable, be executed or provided to the Company to assure compliance with all
applicable laws or regulations. Any certificates for shares of the Restricted Stock and/or Stock
delivered under the Plan may be subject to such stock-transfer orders and such other restrictions
as the Committee may deem advisable under the rules, regulations, or other requirements of the
Securities and Exchange Commission, any stock exchange upon which the Stock is then listed, and any
applicable federal or state securities law. In addition, if, at any time specified herein (or in
any Agreement or otherwise) for (a) the making of any Award, or the making of any determination,
(b) the issuance or other distribution of Restricted Stock and/or other Stock, or (c) the payment
of amounts to or through a Participant with respect to any Award, any law, rule, regulation, or
other requirement of any governmental authority or agency shall require the Company, any Affiliate,
or any Participant (or any estate, designated beneficiary, or other legal representative thereof)
to take any action in connection with any such determination, any such shares to be issued or
distributed, any such payment, or the making of any such determination, as the case may be, shall
be deferred until such required action is taken. With respect to persons subject to Section 16 of
the Exchange Act, transactions under the Plan are intended to comply with all applicable conditions
of Rule 16b-3. To the extent any provision of the Plan or any action by the administrators of the
Plan fails to so comply with such rule, it shall be deemed null and void, to the extent permitted
by law and deemed advisable by the Committee.

9. The Committee (or, with respect to a Non-Employee Director, the Board of Directors), may
permit a Participant to elect to defer receipt of any payment of cash or any delivery of shares of
Common Stock that would otherwise be due to such Participant by virtue of the exercise, earn-out,
or settlement of any Award made under the Plan. If such election is permitted, the Committee shall
establish rules and procedures for such deferrals, including, without limitation, the payment or
crediting of dividend equivalents in respect of deferrals credited in units of Common Stock. The
Committee (or, with respect to a Non-Employee Director, the Board of Directors), may also provide
in the relevant Agreement for a tax reimbursement cash payment to be made by the Company in favor
of any Participant in connection with the tax consequences resulting from the grant, exercise,
settlement or earn-out of any Award made under the Plan.

10. No Award and no rights or interests therein may be sold, transferred, pledged, assigned,
exchanged, encumbered or otherwise alienated or hypothecated, except (i) by testamentary
disposition by the Participant or the laws of descent and distribution or, except in the case of an
ISO, by a qualified domestic relations order; and (ii) in the case of Awards other than Incentive
Stock Options, transfers made with the prior approval of the Committee and on such terms and
conditions as the Committee in its sole discretion shall approve, to (a) the child, step-child,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, including adoptive
relationships, and any person sharing the Participant’s household (other than a tenant or employee)
of the Participant (an “Immediate Family Member”), (b) a trust in which Immediate Family Members
have more than fifty percent of the beneficial interest, (c) a foundation in which Immediate Family
Members or the Employee control the management of the assets, (d) any other entity in which
Immediate Family Members or the Employee own more than 50% of the voting interests, or (e) any
other transferee that is approved by the Committee in its sole discretion (each a Permitted
Transferee); provided, however, that, without the prior approval of the Committee, no Permitted
Transferee shall further transfer an Award, other than by testamentary disposition or the laws of
descent and distribution, either directly or indirectly, including, without limitation, by reason
of the dissolution of, or a change in the beneficiaries of, a Permitted Transferee that is a trust,
the sale, merger, consolidation, dissolution, or liquidation of a Permitted Transferee that is a
partnership (or the sale of all or any portion of the partnership interests therein), or the sale,
merger, consolidation, dissolution or liquidation of a Permitted Transferee that is a corporation
(or the sale of all or any portion of the stock thereof). Further, no right or interest of any
Participant in an Award may be assigned in satisfaction of any lien, obligation, or liability of
the Participant.

11. The Plan, and its rules, rights, agreements and regulations, shall be governed, construed,
interpreted and administered solely in accordance with the laws of the state of New York. In the
event any provision of the Plan shall be held invalid, illegal or unenforceable, in whole or in
part, for any reason, such determination shall not affect the validity, legality or enforceability
of any remaining provision, portion of provision or the Plan overall, which shall remain in full
force and effect as if the Plan had been absent the invalid, illegal or unenforceable provision or
portion thereof

12. By acceptance of an applicable Award, subject to the conditions of such Award, each
Participant shall be considered in agreement that all shares of stock sold or awarded and all
Options granted under this Plan shall be considered special incentive compensation and will be
exempt from inclusion as “wages” or “salary” in pension, retirement, life insurance, and other
employee benefits arrangements of the Company, except as determined otherwise by the Company. In
addition, each designated beneficiary of a deceased Participant shall be in agreement that all such
Awards will be exempt from inclusion in “wages” or “salary” for purposes of calculating benefits of
any life insurance coverage sponsored by the Company.

13. In its sole and complete discretion, the Committee may elect to legend certificates
representing shares of stock sold or awarded under the Plan, to make appropriate references to the
restrictions imposed on such shares.

14. All Agreements for Participants subject to Section 16(b) of the Exchange Act shall be
deemed to include any such additional terms, conditions, limitations and provisions as Rule 16b-3
requires, unless the Committee in its discretion determines that any such Award should not be
governed by Rule 16b-3. All performance-based Awards shall be deemed to include any such additional
terms, conditions, limitations and provisions as are necessary to comply with the performance-based
compensation exemption of Section 162(m) unless the Committee in its discretion determines that any
such Award to a Covered Participant is not intended to qualify for the exemption for
performance-based compensation under Section 162(m).

15. In the event of a Change in Control, the Committee is permitted to accelerate the payment
or vesting and release any restrictions on any Awards.

ARTICLE X

ADJUSTMENTS UPON CHANGES IN CAPITALIZATION

1. In the event that the Stock shall be split up, divided or otherwise reclassified into or
exchanged for a greater or lesser number of shares of Stock or into shares of Common Stock and/or
any other securities of Avnet by reason of recapitalization, reclassification, stock split or
reverse split, combination of shares or other reorganization, the term “Stock” as used herein shall
thereafter mean the number and kind of shares or other securities into which the Stock shall have
been so split up, divided or otherwise reclassified or for which the Stock shall have been so
exchanged; and the remaining number of shares of Stock which may, in the aggregate, thereafter be
delivered pursuant to the grant or exercise of an Award (as specified in paragraph 1 of Article III
hereof) and the remaining number of shares of Stock which may thereafter be delivered pursuant to
the exercise of any Options and/or Stock Appreciation Rights then outstanding, shall be
correspondingly adjusted. In the event that any dividend payable in shares of Stock is paid to the
holders of outstanding shares of Stock, the remaining number of shares of Stock which may, in the
aggregate, thereafter be delivered pursuant to the exercise or grant of Awards (as specified in
paragraph 1 of Article III hereof) and the remaining number of shares of Stock which may thereafter
be delivered pursuant to the exercise of any Awards then outstanding, shall be increased by the
percentage which the number of shares of Stock so paid as a dividend bears to the total number of
shares of Stock outstanding immediately prior to the payment of such dividend.

2. In the event that the Stock shall be split up, divided or otherwise reclassified or
exchanged as provided in the preceding paragraph, the purchase price per share of Stock upon
exercise of outstanding Options, and the aggregate number of shares of Stock with respect to which
Awards may be granted to any Participant in any calendar year shall be correspondingly adjusted.

3. Anything in this Article X to the contrary notwithstanding, in the event that, upon any
adjustment made in accordance with paragraph 1 above, the remaining number of shares of Stock which
may thereafter be delivered pursuant to the exercise of any Award then outstanding shall include a
fractional share of Stock, such fractional share of Stock shall be disregarded for all purposes of
the Plan and the Optionee holding such Award shall become entitled neither to purchase the same nor
to receive cash or scrip in payment therefor or in lieu thereof.

ARTICLE XI

AMENDMENT OR TERMINATION OF THE PLAN

1. The Plan shall automatically terminate on September 18, 2013, unless it is sooner
terminated pursuant to paragraph 2 below.

2. The Board of Directors may amend the Plan from time to time as the Board may deem advisable
and in the best interests of Avnet and may terminate the Plan at any time (except as to Awards then
outstanding hereunder); provided, however, that unless approved by the affirmative vote of a
majority of the votes cast at a meeting of the shareholders of Avnet duly called and held for that
purpose, no amendment to the Plan shall be adopted which shall (a) affect the composition or
functioning of the Committee, (b) increase the aggregate number of shares of Stock which may be
delivered pursuant to the exercise of Awards, (c) increase the aggregate number of shares of Stock
with respect to which Options or other Awards may be granted to any Participant during any calendar
year, (d) decrease the minimum purchase price per share of Stock (in relation to the Fair Market
Value thereof at the respective dates of grant) upon the exercise of Options, or (e) extend the ten
year maximum period within which an Award is exercisable, or the termination date of the Plan.

6

Exhibit 10.3 (a)

AVNET, INC.

TERM SHEET FOR 2003 STOCK COMPENSATION PLAN

NONQUALIFIED STOCK OPTIONS

FOR GOOD AND VALUABLE CONSIDERATION, Avnet, Inc. (the “Company”), hereby grants to Participant
named below the nonqualified stock option (the “Option”) to purchase any part or all of the number
of shares of its common stock (the “Stock”), that are covered by this Option, as specified below,
at the exercise price per share specified below and upon the terms and subject to the conditions
set forth in this Term Sheet, the Avnet, Inc. 2003 Stock Compensation Plan (the “Plan”) and the
Standard Terms and Conditions (the “Standard Terms and Conditions”) promulgated under such Plan,
each as amended from time to time. This Option is granted pursuant to the Plan and is subject to
and qualified in its entirety by the Standard Terms and Conditions.

	 	 	 	 	 
	Name of Participant:
	 	 	 	 
	 
	 	 	 	 
	Social Security Number:
	 	 	 	 
	 
	 	 	 	 
	Grant Date:
	 	 	 	 
	 
	 	 	 	 
	Number of Shares of Stock covered by Option:
	 	 	 	 
	 
	 	 	 	 
	Exercise Price Per Share:
	 	$	 	 
	 
	 	 	 	 
	Expiration Date:
	 	 	 	 
	 
	 	 	 	 
	Vesting Schedule:
	 	 	 	 
	 
	 	 	 	 

This Option is not intended to qualify as an incentive stock option under Section 422 of the
Internal Revenue Code of 1986, as amended. By accepting this Term Sheet, the Participant
acknowledges that he or she has received and read, and agrees that this Option shall be subject to,
the terms of this Term Sheet, the Plan and the Standard Terms and Conditions.

	 	 	 
	AVNET, INC.

	 	

	 
	 	 
	
 
	 	Participant’s Printed Name

     

Participant Signature
	 
	 	 
	By

	 	

	 
	 	 
	Title:

	 	Address (please print):

7

AVNET, INC.

STANDARD TERMS AND CONDITIONS FOR

EMPLOYEE NONQUALIFIED STOCK OPTIONS

These Standard Terms and Conditions apply to any Options granted under the Avnet, Inc. 2003 Stock
Compensation Plan (the “Plan”) that are identified as nonqualified stock options and are evidenced
by a Term Sheet or an action of the Committee that specifically refers to these Standard Terms and
Conditions.

	 	 	TERMS OF OPTION

AVNET, INC. (the “Company”), has granted to the Participant named in the Term Sheet provided
to said Participant herewith (the “Term Sheet”) a nonqualified stock option (the “Option”)
to purchase up to the number of shares of the Company’s common stock (the “Stock”), set
forth in the Term Sheet, at the purchase price per share and upon the other terms and
subject to the conditions set forth in the Term Sheet, these Standard Terms and Conditions
(as amended from time to time), and the Plan. For purposes of these Standard Terms and
Conditions and the Term Sheet, any reference to the Company shall include a reference to any
Subsidiary.

	 	 	NON-QUALIFIED STOCK OPTION

The Option is not intended to be an incentive stock option under Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”) and will be interpreted accordingly.

	 	 	EXERCISE OF OPTION

The Option shall not be exercisable as of the grant date (the “Grant Date”) set forth in the
Term Sheet. After the Grant Date, to the extent not previously exercised, and subject to
termination or acceleration as provided in these Standard Terms and Conditions and the Plan,
the Option shall be exercisable to the extent it becomes vested, as described in the Term
Sheet, to purchase up to that number of shares of Stock as set forth in the Term Sheet
provided that (except as set forth in Section 4 below) Participant remains employed with the
Company and does not experience a termination of employment. The vesting period and/or
exercisability of an Option may be adjusted by the Committee to reflect the decreased level
of employment during any period in which the Participant is on an approved leave of absence
or is employed on a less than full time basis, provided that the Committee may take into
consideration any accounting consequences to the Company.

To exercise the Option (or any part thereof), Participant shall deliver to the Company a
“Notice of Exercise” on a form specified by the Committee, specifying the number of whole
 shares of Stock Participant wishes to purchase and how Participant’s shares of Stock should
be registered (in Participant’s name only or in Participant’s and Participant’s spouse’s
names as community property or as joint tenants with right of survivorship).

The exercise price (the “Exercise Price”) of the Option is set forth in the Term Sheet. The
Company shall not be obligated to issue any shares of Stock until Participant shall have
paid the total Exercise Price for that number of shares of Stock. The Exercise Price and/or
any required tax withholding may be paid in cash or by certified or cashiers’ check, by
“cashless” exercise methods such as direct share withholding, or by such other method
(including transfer of Stock previously owned by the Participant, or broker-assisted
Regulation T simultaneous exercise and sale), as permitted by the Committee.

Fractional shares may not be exercised. Shares of Stock will be issued as soon as practical
after exercise.

Notwithstanding the above, the Company shall not be obligated to deliver any shares of Stock
during any period if either (a) the Participant has not satisfied any applicable tax
withholding obligations, (b) the Stock is not properly registered or subject to an
applicable exemption therefrom, (c) the Stock is not listed on the stock exchanges on which
the Company’s Stock is otherwise listed, or (d) the Company determines that the
exercisability of the Option or the delivery of shares hereunder would violate any federal
or state securities or other applicable laws, and the Option may be rescinded if necessary
to ensure compliance with federal, state or other applicable laws. The Participant shall
not acquire or have any rights as a shareholder of the Company by virtue of this Standard
Terms and Conditions or the Term Sheet (or the Award evidenced thereby) until certificates
representing shares of Stock issuable upon exercise of the Option are actually issued and
delivered to the Participant in accordance herewith.

	 	 	EXPIRATION OF OPTION

Except as provided in this Section 4, the Option shall expire and cease to be exercisable as
of the Expiration Date set forth in the Term Sheet.

	 	A.	 	In the event that the Participant shall cease to be employed by the Company
prior to a Change in Control for any reason other than death, disability, Retirement,
or other reasons determined by the Committee in its sole discretion, the Option
evidenced hereby shall immediately expire and cease to be exercisable.

	 	B.	 	In the event that the Participant shall cease to be employed by the Company as
a result of Retirement (as defined below), the Option evidenced hereby shall continue
to vest as set forth in the Term Sheet and this Standard Terms and Conditions and shall
remain exercisable for five years after the date of the Participant’s cessation of
employment, but in no event later than the Expiration Date (unless such Option shall
sooner be surrendered for termination or expire), and only by the Participant or by the
person or persons to whom the right to exercise such Option shall have passed by will
or the laws of descent and distribution. At the end of such period, the Option (unless
it shall sooner have been surrendered for termination or have expired) shall terminate
and cease to be exercisable. For purposes hereof, a qualifying “Retirement” shall have
occurred if at the time of cessation of employment (a) the employee is at least age 55
and has at least five years of service with the Company, (b) the combination of the
employee’s age plus years of service equals at least 65, and (c) the employee has
signed a two-year non competition agreement in a form acceptable to the Company.

	 	C.	 	In the event that the Participant shall cease to be employed by the Company as
a result of disability (as determined by the Committee in its sole discretion), the
Option shall remain exercisable for three months after the date of such cessation of
employment, but in no event later than the Expiration Date (unless such Option shall
sooner be surrendered for termination or expire), and only (a) by the Participant or by
the person or persons to whom the right to exercise such Option shall have passed by
will or the laws of descent and distribution, and (b) if and to the extent that such
Option was exercisable by the Participant at such date of cessation of employment. At
the end of such period, the Option (unless it shall sooner have been surrendered for
termination or have expired) shall terminate and cease to be exercisable.

	 	D.	 	In the event of the death of the Participant either while in the employ of the
Company or within five (5) years after Retirement from the employ of the Company (as
defined above), the Option shall become exercisable (unless such Option shall sooner be
surrendered or expire) for one year after the date of death of the Participant;
provided, however, that the Option must be exercised no later than the Expiration Date,
and only (a) by the person or persons to whom the right to exercise such Option shall
have passed by will or the laws of descent and distribution, and (b) if and to the
extent that the Option shall have been exercisable by the Participant at the date of
death. At the end of such period, such Option (unless it shall sooner have been
surrendered or have expired) shall terminate and cease to be exercisable.

	 	E.	 	Notwithstanding any other provision of these Standard Terms and Conditions to
the contrary, in the event of a Change in Control (as defined in the Plan), the Option
evidenced hereby shall become immediately exercisable in full (unless it shall sooner
have been surrendered for termination or have expired),

	 	F.	 	The Committee may, in the event of a public solicitation by any person, firm or
corporation other than the Company, of tenders of 50% or more of the then outstanding
Stock (known conventionally as a “tender offer”), accelerate exercisability of the
Option evidenced hereby if the Participant is then employed with the Company, so that
the Option shall become immediately exercisable in full; provided that any such
accelerated exercisability shall cease upon the expiration, termination or withdrawal
of such “tender offer,” whereupon the Option evidenced hereby shall be (and shall
continue thereafter to be) exercisable only to the extent that it would have been
exercisable if no such acceleration or exercisability had been authorized.

	 	G.	 	Upon the forfeiture, cancellation, or expiration of this Option, any shares of
Stock issuable under this Option that have not been exercised shall again be available
for issuance or Award under the Plan.

	 	 	RESTRICTIONS ON RESALES OF OPTION SHARES

The Company may impose such restrictions, conditions or limitations as it determines
appropriate as to the timing and manner of any resales by the Participant or other
subsequent transfers by the Participant of any shares of Stock issued as a result of the
exercise of the Option, including without limitation (a) restrictions under an insider
trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner
of sales by Participant and other optionholders and (c) restrictions as to the use of a
specified brokerage firm for such resales or other transfers.

	 	 	INCOME TAXES

To the extent required by applicable federal, state, local or foreign law, the Participant
shall make arrangements satisfactory to the Company for the satisfaction of any withholding
tax obligations that arise by reason of an Option exercise or disposition of shares issued
as a result of an Option exercise. The Company shall not be required to issue shares or to
recognize the disposition of such shares until such obligations are satisfied. The
Committee, in its sole discretion, may permit Participant to satisfy all or part of such tax
obligation through withholding of the number of shares of Stock otherwise issuable to
Participant; by the Participant transferring to the Company nonrestricted shares of Stock
previously owned by the Participant; and/or by permitting Participant to engage in a
broker-assisted Regulation T simultaneous exercise and sale.

	 	 	NON-TRANSFERABILITY OF OPTION

The Option granted hereunder shall be exercisable during Participant’s lifetime only by
Participant and may not be sold, transferred, pledged, assigned, exchanged, encumbered or
otherwise alienated or hypothecated, except (i) by testamentary disposition by the
Participant or the laws of descent and distribution or by a qualified domestic relations
order; or (ii) certain transfers described in the Plan that are made with the prior approval
of the Committee and on such terms and conditions as the Committee in its sole discretion
shall approve.

	 	 	THE PLAN AND OTHER AGREEMENTS

In addition to these Terms and Conditions, the Option shall be subject to the terms of the
Plan, which are incorporated into these Standard Terms and Conditions by this reference.
Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.

The Term Sheet, these Standard Terms and Conditions and the Plan constitute the entire
understanding between the Participant and the Company regarding the Option. Any prior
agreements, commitments or negotiations concerning the Option are superseded.

	 	 	LIMITATION OF INTEREST IN SHARES SUBJECT TO OPTION

Neither the Participant (individually or as a member of a group) nor any beneficiary or
other person claiming under or through the Participant shall have any right, title,
interest, or privilege in or to any shares of Stock allocated or reserved for the purpose of
the Plan or subject to the Term Sheet or these Standard Terms and Conditions except as to
such shares of Stock, if any, as shall have been issued to such person upon exercise of the
Option or any part of it. Nothing in the Plan, in the Term Sheet, these Standard Terms and
Conditions or any other instrument executed pursuant to the Plan shall confer upon the
Participant any right to continue in the Company’s employ or service nor limit in any way
the Company’s right to terminate the Participant’s employment at any time for any reason.
Neither the Award of this Option nor any shares of Stock issuable pursuant thereto shall be
considered “compensation” for purposes of any Company employee benefit plan, unless such
plan expressly so provides otherwise.

	 	 	GENERAL

In the event that any provision of these Standard Terms and Conditions is declared to be
illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such
provision shall be reformed, if possible, to the extent necessary to render it legal, valid
and enforceable, or otherwise deleted, and the remainder of these Standard Terms and
Conditions shall not be affected except to the extent necessary to reform or delete such
illegal, invalid or unenforceable provision.

The headings preceding the text of the sections hereof are inserted solely for convenience
of reference, and shall not constitute a part of these Standard Terms and Conditions, nor
shall they affect its meaning, construction or effect.

Neither the Plan nor these Standard Terms and Conditions shall confer upon the Participant
any right with respect to continuance of employment by the Company, nor shall it interfere
in any way with the Participant’s right, or the Company’s right, to terminate the
Participant’s employment at any time.

These Standard Terms and Conditions shall inure to the benefit of and be binding upon the
parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.

The Participant acknowledges that a copy of the Plan, the Plan prospectus and a copy of the
Company’s most recent annual report to its shareholders has been delivered to the
Participant.

The Plan and these Standard Terms and Conditions shall be governed, construed, interpreted
and administered solely in accordance with the laws of the state of New York, without regard
to principles of conflicts of law.

All questions arising under the Plan or under these Standard Terms and Conditions shall be
decided by the Committee in its total and absolute discretion.

8

Exhibit 10.3 (b)

AVNET, INC.

TERM SHEET FOR 2003 STOCK COMPENSATION PLAN

NONQUALIFIED STOCK OPTIONS FOR NON-EMPLOYEE DIRECTORS

FOR GOOD AND VALUABLE CONSIDERATION, Avnet, Inc. (the “Company”), hereby grants to Participant
named below the nonqualified stock option (the “Option”) to purchase any part or all of the number
of shares of its common stock (the “Stock”), that are covered by this Option, as specified below,
at the exercise price per share specified below and upon the terms and subject to the conditions
set forth in this Term Sheet, the Avnet, Inc. 2003 Stock Compensation Plan (the “Plan”) and the
Standard Terms and Conditions (the “Standard Terms and Conditions”) promulgated under such Plan,
each as amended from time to time. This Option is granted pursuant to the Plan and is subject to
and qualified in its entirety by the Standard Terms and Conditions.

	 	 	 	 	 
	Name of Participant:
	 	 	 	 
	 
	 	 	 	 
	Social Security Number:
	 	 	 	 
	 
	 	 	 	 
	Grant Date:
	 	 	 	 
	 
	 	 	 	 
	Number of Shares of Stock covered by Option:
	 	 	 	 
	 
	 	 	 	 
	Exercise Price Per Share:
	 	$	 	 
	 
	 	 	 	 
	Expiration Date:
	 	 	 	 
	 
	 	 	 	 
	Vesting Schedule:
	 	 	 	 
	 
	 	 	 	 

This Option is not intended to qualify as an incentive stock option under Section 422 of the
Internal Revenue Code of 1986, as amended. By accepting this Term Sheet, the Participant
acknowledges that he or she has received and read, and agrees that this Option shall be subject to,
the terms of this Term Sheet, the Plan and the Standard Terms and Conditions.

	 	 	 
	AVNET, INC.

By:

	 	

	—

Title:

	 	Participant’s Printed Name

Participant Signature
	 

	 	

	 
	 	 
	 
	 	 
	 
	 	 
	
 
	 	Address (Please print):

9

AVNET, INC.

STANDARD TERMS AND CONDITIONS FOR

NON-EMPLOYEE DIRECTOR NONQUALIFIED STOCK OPTIONS

These Standard Terms and Conditions apply to any Options granted under the Avnet, Inc. 2003 Stock
Compensation Plan (the “Plan”) that are identified as nonqualified stock options and are evidenced
by a Term Sheet or an action of the Board of Directors (the “Board”) that specifically refers to
these Standard Terms and Conditions.

	 	 	TERMS OF OPTION

AVNET, INC. (the “Company”), has granted to the Participant named in the Term Sheet provided
to said Participant herewith (the “Term Sheet”) a nonqualified stock option (the “Option”)
to purchase up to the number of shares of the Company’s common stock (the “Stock”), set
forth in the Term Sheet, at the purchase price per share and upon the other terms and
subject to the conditions set forth in the Term Sheet, these Standard Terms and Conditions
(as amended from time to time), and the Plan. For purposes of these Standard Terms and
Conditions and the Term Sheet, any reference to the Company shall include a reference to any
Subsidiary.

	 	 	NON-QUALIFIED STOCK OPTION

The Option is not intended to be an incentive stock option under Section 422 of the Internal
Revenue Code of 1986, as amended (the “Code”) and will be interpreted accordingly.

	 	 	EXERCISE OF OPTION

The Option shall not be exercisable as of the grant date (the “Grant Date”) set forth in the
Term Sheet. After the Grant Date, to the extent not previously exercised, and subject to
termination or acceleration as provided in these Standard Terms and Conditions and the Plan,
the Option shall be exercisable to the extent it becomes vested, as described in the Term
Sheet, to purchase up to that number of shares of Stock as set forth in the Term Sheet
provided that (except as set forth in Section 4 below) Participant remains a director of the
Company and does not experience a termination as a director.

To exercise the Option (or any part thereof), Participant shall deliver to the Company a
“Notice of Exercise” on a form specified by the Board, specifying the number of whole shares
of Stock Participant wishes to purchase and how Participant’s shares of Stock should be
registered (in Participant’s name only or in Participant’s and Participant’s spouse’s names
as community property or as joint tenants with right of survivorship).

The exercise price (the “Exercise Price”) of the Option is set forth in the Term Sheet. The
Company shall not be obligated to issue any shares of Stock until Participant shall have
paid the total Exercise Price for that number of shares of Stock. The Exercise Price and/or
any required tax withholding may be paid, in cash or by certified or cashiers’ check, by
“cashless” exercise methods such as direct share withholding, or by such other method
(including transfer of Stock previously owned by the Participant, or broker-assisted
Regulation T simultaneous exercise and sale), as permitted by the Board.

Fractional shares may not be exercised. Shares of Stock will be issued as soon as practical
after exercise.

Notwithstanding the above, the Company shall not be obligated to deliver any shares of Stock
during any period if either (a) the Stock is not properly registered or subject to an
applicable exemption therefrom, (b) the Stock is not listed on the stock exchanges on which
the Company’s Stock is otherwise listed, or (c) the Company determines that the
exercisability of the Option or the delivery of shares hereunder would violate any federal
or state securities or other applicable laws, and the Option may be rescinded if necessary
to ensure compliance with federal, state or other applicable laws. The Participant shall
not acquire or have any rights as a shareholder of the Company by virtue of this Standard
Terms and Conditions or the Term Sheet (or the Award evidenced thereby) until certificates
representing shares of Stock issuable upon exercise of the Options are actually issued and
delivered to Participant in accordance herewith.

	 	 	EXPIRATION OF OPTION

Except as provided in this Section 4, the Option shall expire and cease to be exercisable as
of the Expiration Date set forth in the Term Sheet.

	 	A.	 	In the event that Participant shall cease to be a Director prior to a Change in
Control for any reason other than death, disability, the normal expiration of the
Participant’s term as a Director without re-election, or other reasons determined by
the Board in its sole discretion, the Option evidenced hereby shall forthwith, with or
without written notice from the Board or the Company to the Participant, terminate and
cease to be exercisable.

	 	B.	 	In the event that the Participant shall cease to be a Director due to
disability (as determined by the Board in its discretion), the normal expiration of the
Participant’s term as a Director without re-election, or other reasons determined by
the Board in its sole discretion, the Option evidenced hereby shall continue to vest
and shall remain exercisable for five years after the date on which the Participant
ceases to be a Director, but in no event later than the day prior to the Expiration
Date (unless such option shall sooner be surrendered for termination or expire), and
only by the Participant or by the person or persons to whom the right to exercise the
Option shall have passed by will or the laws of descent and distribution. At the end
of such period, the Option (unless it shall sooner have been surrendered for
termination or have expired) shall terminate and cease to be exercisable.

	 	C.	 	In the event of the death of the Participant either while serving as a Director
or within five (5) years of the disability or normal expiration of the Participant’s
term as a Director without re-election, the Option shall become exercisable (unless
such Option shall sooner be surrendered or expire) for one year after the date of death
of the Participant; provided, however, that the Option must be exercised no later than
the Expiration Date, and only (a) by the person or persons to whom the right to
exercise such Option shall have passed by will or the laws of descent and distribution,
and (b) if and to the extent that the Option shall have been exercisable by the
Participant at the date of death. At the end of such period, such Option (unless it
shall sooner have been surrendered or have expired) shall terminate and cease to be
exercisable.

	 	D.	 	Notwithstanding any other provision of these Standard Terms and Conditions to
the contrary, in the event of a Change in Control (as defined in the Plan), the Option
evidenced hereby shall become immediately exercisable in full (unless it shall sooner
have been surrendered for termination or have expired).

	 	E.	 	The Board may, in the event of a public solicitation by any person, firm or
corporation other than the Company, of tenders of 50% or more of the then outstanding
Stock (known conventionally as a “tender offer”), accelerate exercisability of the
Option evidenced hereby if the Participant is then employed with or serving as a
Director of the Company, so that the Option shall become immediately exercisable in
full; provided that any such accelerated exercisability shall cease upon the
expiration, termination or withdrawal of such “tender offer,” whereupon the Option
evidenced hereby shall be (and shall continue thereafter to be) exercisable only to the
extent that it would have been exercisable if no such acceleration or exercisability
had been authorized.

	 	F.	 	Upon the forfeiture, cancellation, or expiration of this Option, any shares of
Stock issuable under the Option that have not been exercised shall again be available
for issuance or Award under the Plan.

	 	 	RESTRICTIONS ON RESALES OF OPTION SHARES

The Company may impose such restrictions, conditions or limitations as it determines
appropriate as to the timing and manner of any resales by the Participant or other
subsequent transfers by the Participant of any shares of Stock issued as a result of the
exercise of the Option, including without limitation (a) restrictions under an insider
trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner
of sales by Participant and other optionholders and (c) restrictions as to the use of a
specified brokerage firm for such resales or other transfers.

	 	 	INCOME TAXES

To the extent required by applicable federal, state, local or foreign law, the Participant
shall make arrangements satisfactory to the Company for the satisfaction of any withholding
tax obligations that arise by reason of an Option exercise or disposition of shares issued
as a result of an Option exercise. The Company shall not be required to issue shares or to
recognize the disposition of such shares until such obligations are satisfied.

	 	 	NON-TRANSFERABILITY OF OPTION

The Option granted hereunder shall be exercisable during Participant’s lifetime only by
Participant and may not be sold, transferred, pledged, assigned, exchanged, encumbered or
otherwise alienated or hypothecated, except (i) by testamentary disposition by the
Participant or the laws of descent and distribution or by a qualified domestic relations
order; or (ii) certain transfers described in the Plan that are made with the prior approval
of the Board and on such terms and conditions as the Board in its sole discretion shall
approve.

	 	 	THE PLAN AND OTHER AGREEMENTS

In addition to these Terms and Conditions, the Option shall be subject to the terms of the
Plan, which are incorporated into these Standard Terms and Conditions by this reference.
Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.

The Term Sheet, these Standard Terms and Conditions and the Plan constitute the entire
understanding between the Participant and the Company regarding the Option. Any prior
agreements, commitments or negotiations concerning the Option are superseded.

	 	 	LIMITATION OF INTEREST IN SHARES SUBJECT TO OPTION

Neither the Participant (individually or as a member of a group) nor any beneficiary or
other person claiming under or through the Participant shall have any right, title,
interest, or privilege in or to any shares of Stock allocated or reserved for the purpose of
the Plan or subject to the Term Sheet or these Standard Terms and Conditions except as to
such shares of Stock, if any, as shall have been issued to such person upon exercise of the
Option or any part of it. Nothing in the Plan, in the Term Sheet, these Standard Terms and
Conditions or any other instrument executed pursuant to the Plan shall confer upon the
Participant any right to continue in the Company’s employ or service nor limit in any way
the Company’s right to terminate the Participant’s employment or service at any time for any
reason.

	 	 	GENERAL

In the event that any provision of these Standard Terms and Conditions is declared to be
illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such
provision shall be reformed, if possible, to the extent necessary to render it legal, valid
and enforceable, or otherwise deleted, and the remainder of these Standard Terms and
Conditions shall not be affected except to the extent necessary to reform or delete such
illegal, invalid or unenforceable provision.

The headings preceding the text of the sections hereof are inserted solely for convenience
of reference, and shall not constitute a part of these Standard Terms and Conditions, nor
shall they affect its meaning, construction or effect.

Neither the Plan nor these Standard Terms and Conditions shall confer upon the Participant
any right with respect to continuance of membership on the Board, nor shall it interfere in
any way with the Participant’s right to resign from the Board at any time.

These Standard Terms and Conditions shall inure to the benefit of and be binding upon the
parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.

The Participant acknowledges that a copy of the Plan, the Plan prospectus and a copy of the
Company’s most recent annual report to its shareholders has been delivered to the
Participant.

The Plan and these Standard Terms and Conditions shall be governed, construed, interpreted
and administered solely in accordance with the laws of the state of New York, without regard
to principles of conflicts of law.

All questions arising under the Plan or under these Standard Terms and Conditions shall be
decided by the Board in its total and absolute discretion.

10

Exhibit 10.3 (c)

AVNET, INC.

TERM SHEET FOR 2003 STOCK COMPENSATION PLAN

INCENTIVE STOCK OPTIONS

FOR GOOD AND VALUABLE CONSIDERATION, Avnet, Inc. (the “Company”), hereby grants to Participant
named below the incentive stock option (the “Option”) to purchase any part or all of the number of
shares of its common stock (the “Stock”), that are covered by this Option, as specified below, at
the exercise price per share specified below and upon the terms and subject to the conditions set
forth in this Term Sheet, the Avnet, Inc. 2003 Stock Compensation Plan (the “Plan”) and the
Standard Terms and Conditions (the “Standard Terms and Conditions”) promulgated under such Plan,
each as amended from time to time. This Option is granted pursuant to the Plan and is subject to
and qualified in its entirety by the Standard Terms and Conditions.

	 	 	 	 	 
	Name of Participant:
	 	 	 	 
	 
	 	 	 	 
	Social Security Number:
	 	 	 	 
	 
	 	 	 	 
	Grant Date:
	 	 	 	 
	 
	 	 	 	 
	Number of Shares of Stock covered by Option:
	 	 	 	 
	 
	 	 	 	 
	Exercise Price Per Share:
	 	$	 	 
	 
	 	 	 	 
	Expiration Date:
	 	 	 	 
	 
	 	 	 	 
	Vesting Schedule:
	 	 	 	 
	 
	 	 	 	 

This Option is intended to qualify as an incentive stock option under Section 422 of the Internal
Revenue Code of 1986, as amended, to the extent specified in the Standard Terms and Conditions. By
accepting this Term Sheet, Participant acknowledges that he or she has received and read, and
agrees that this Option shall be subject to, the terms of this Term Sheet, the Plan and the
Standard Terms and Conditions.

	 	 	 	 	 
	AVNET, INC.
	 	 	—	 
	By:
	 	Participant's Printed Name

	 
	 	 	 	 
	Title:
	 	Participant Signature

	 
	 	 	 	 
	 
	 	Address:  (please print)

11

AVNET, INC.

STANDARD TERMS AND CONDITIONS FOR

EMPLOYEE INCENTIVE STOCK OPTIONS

These Standard Terms and Conditions apply to any Options granted under the Avnet, Inc. 2003 Stock
Compensation Plan (the “Plan”) that are identified as incentive stock options and are evidenced by
a Term Sheet or an action of the Committee that specifically refers to these Standard Terms and
Conditions.

	 	 	TERMS OF OPTION

AVNET, INC. (the “Company”), has granted to the Participant named in the Term Sheet provided
to said Participant herewith (the “Term Sheet”) an incentive stock option (the “Option”) to
purchase up to the number of shares of the Company’s common stock (the “Stock”), set forth
in the Term Sheet, at the purchase price per share and upon the other terms and subject to
the conditions set forth in the Term Sheet, these Standard Terms and Conditions (as amended
from time to time), and the Plan. For purposes of these Standard Terms and Conditions and
the Term Sheet, any reference to the Company shall include a reference to any Subsidiary.

	 	 	EXERCISE OF OPTION

The Option shall not be exercisable as of the grant date (the “Grant Date”) set forth in the
Term Sheet. After the Grant Date, to the extent not previously exercised, and subject to
termination or acceleration as provided in these Standard Terms and Conditions and the Plan,
the Option shall be exercisable to the extent it becomes vested, as described in the Term
Sheet, to purchase up to that number of shares of Stock as set forth in the Term Sheet
provided that (except as set forth in Section 3 below) Participant remains employed with the
Company and does not experience a termination of employment. The vesting period and/or
exercisability of an Option may be adjusted by the Committee to reflect the decreased level
of employment during any period in which the Participant is on an approved leave of absence
or is employed on a less than full time basis, provided that the Committee may take into
consideration any accounting consequences to the Company.

To exercise the Option (or any part thereof), Participant shall deliver to the Company a
“Notice of Exercise” on a form specified by the Committee, specifying the number of whole
 shares of Stock Participant wishes to purchase and how Participant’s shares of Stock should
be registered (in Participant’s name only or in Participant’s and Participant’s spouse’s
names as community property or as joint tenants with right of survivorship).

The exercise price (the “Exercise Price”) of the Option is set forth in the Term Sheet. The
Company shall not be obligated to issue any shares of Stock until Participant shall have
paid the total Exercise Price for that number of shares of Stock. The Exercise Price and/or
any required tax withholding may be paid in cash or by certified or cashiers’ check, by
“cashless” exercise methods such as direct share withholding, or by such other method
(including transfer of Stock previously owned by the Participant, or broker-assisted
Regulation T simultaneous exercise and sale), as permitted by the Committee.

Fractional shares may not be exercised. Shares of Stock will be issued as soon as practical
after exercise.

Notwithstanding the above, the Company shall not be obligated to deliver any shares of Stock
during any period if either (a) the Stock is not properly registered or subject to an
applicable exemption therefrom, (b) the Stock is not listed on the stock exchanges on which
the Company’s Stock is otherwise listed, or (c) the Company determines that the
exercisability of the Option or the delivery of shares hereunder would violate any federal
or state securities or other applicable laws, and the Option may be rescinded if necessary
to ensure compliance with federal, state or other applicable laws. Participant shall not
acquire or have any rights as a shareholder of the Company by virtue of this Standard Terms
and Conditions or the Term Sheet (or the Award evidenced thereby) until certificates
representing shares of Stock issuable upon exercise of the Option are actually issued and
delivered to the Participant in accordance herewith.

	 	 	EXPIRATION OF OPTION

Except as provided in this Section 3, the Option shall expire and cease to be exercisable as
of the Expiration Date set forth in the Term Sheet.

	 	A.	 	In the event that the Participant shall cease to be employed by the Company
prior to a Change in Control for any reason other than death, disability, Retirement,
or other reasons determined by the Committee in its sole discretion, the Option
evidenced hereby shall immediately expire and cease to be exercisable.

	 	B.	 	In the event that the Participant shall cease to be employed by the Company as
a result of Retirement (as defined below), the Option evidenced hereby shall continue
to vest as set forth in the Term Sheet and this Standard Terms and Conditions and shall
remain exercisable for five years after the date of the Participant’s cessation of
employment, but in no event later than the Expiration Date (unless such Option shall
sooner be surrendered for termination or expire), and only by the Participant or by the
person or persons to whom the right to exercise such Option shall have passed by will
or the laws of descent and distribution. At the end of such period, the Option (unless
it shall sooner have been surrendered for termination or have expired) shall terminate
and cease to be exercisable. Participant acknowledges that the Option shall generally
cease to be an incentive stock option three (3) months after Retirement and shall
thereafter be a nonqualified stock option. For purposes hereof, a qualifying
“Retirement” shall have occurred if at the time of cessation of employment (a) the
employee is at least age 55 and has at least five years of service with the Company,
(b) the combination of the employee’s age plus years of service equals at least 65, and
(c) the employee has signed a two-year non competition agreement in a form acceptable
to the Company.

	 	C.	 	In the event that the Participant shall cease to be employed by the Company as
a result of disability (as determined by the Committee in its sole discretion), the
Option shall remain exercisable for three months after the date of such cessation of
employment, but in no event later than the Expiration Date (unless such Option shall
sooner be surrendered for termination or expire), and only (a) by the Participant or by
the person or persons to whom the right to exercise such Option shall have passed by
will or the laws of descent and distribution, and (b) if and to the extent that such
Option was exercisable by the Participant at such date of cessation of employment. At
the end of such period, the Option (unless it shall sooner have been surrendered for
termination or have expired) shall terminate and cease to be exercisable.

	 	D.	 	In the event of the death of the Participant either while in the employ of the
Company or within five (5) years after Retirement from the employ of the Company (as
defined above), the Option shall become exercisable (unless such Option shall sooner be
surrendered or expire) for one year after the date of death of the Participant;
provided, however, that the Option must be exercised no later than the Expiration Date,
and only (a) by the person or persons to whom the right to exercise such Option shall
have passed by will or the laws of descent and distribution, and (b) if and to the
extent that the Option shall have been exercisable by the Participant at the date of
death. At the end of such period, such Option (unless it shall sooner have been
surrendered or have expired) shall terminate and cease to be exercisable.

	 	E.	 	Notwithstanding any other provision of these Standard Terms and Conditions to
the contrary, in the event of a Change in Control (as defined in the Plan), the Option
evidenced hereby shall become immediately exercisable in full (unless it shall sooner
have been surrendered for termination or have expired),

	 	F.	 	The Committee may, in the event of a public solicitation by any person, firm or
corporation other than the Company, of tenders of 50% or more of the then outstanding
Stock (known conventionally as a “tender offer”), accelerate exercisability of the
Option evidenced hereby if the Participant is then employed with the Company, so that
the Option shall become immediately exercisable in full; provided that any such
accelerated exercisability shall cease upon the expiration, termination or withdrawal
of such “tender offer,” whereupon the Option evidenced hereby shall be (and shall
continue thereafter to be) exercisable only to the extent that it would have been
exercisable if no such acceleration or exercisability had been authorized.

	 	G.	 	Upon the forfeiture, cancellation, or expiration of the Option, any shares of
Stock issuable under this Option that have not been exercised shall again be available
for issuance or Award under the Plan.

	 	 	RESTRICTIONS ON RESALES OF OPTION SHARES

The Company may impose such restrictions, conditions or limitations as it determines
appropriate as to the timing and manner of any resales by the Participant or other
subsequent transfers by the Participant of any shares of Stock issued as a result of the
exercise of the Option, including without limitation (a) restrictions under an insider
trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner
of sales by Participant and other optionholders and (c) restrictions as to the use of a
specified brokerage firm for such resales or other transfers.

	 	 	INCOME TAXES

To the extent required by applicable federal, state, local or foreign law, the Participant
shall make arrangements satisfactory to the Company for the satisfaction of any withholding
tax obligations that arise by reason of an Option exercise or disposition of shares issued
as a result of an Option exercise. The Company shall not be required to issue shares or to
recognize the disposition of such shares until such obligations are satisfied.

The Option is intended to qualify as an incentive stock option under Section 422 of the
Internal Revenue Code of 1986, as amended (the “Code”), and will be interpreted accordingly.
Section 422 of the Code provides, among other things, that the Participant shall not be
taxed upon the exercise of a stock option that qualifies as an incentive stock option
provided the Participant does not dispose of the shares of Stock acquired upon exercise of
such option until the later of two years after such option is granted to the Participant and
one year after such option is exercised. Notwithstanding anything to the contrary herein,
Section 422 of the Code provides that incentive stock options (including, possibly, the
Option) shall not be treated as incentive stock options if and to the extent that the
aggregate fair market value of shares of Stock (determined as of the time of grant) with
respect to which such incentive stock options are exercisable for the first time by the
Participant during any calendar year (under all plans of the Company and its subsidiaries)
exceeds $100,000, taking options into account in the order in which they were granted.
Thus, if and to the extent that any shares of Stock issued under a portion of the Option
exceeds the foregoing $100,000 limitation, such shares shall not be treated as issued under
an incentive stock option pursuant to Section 422 of the Code.

	 	 	NON-TRANSFERABILITY OF OPTION

The Option granted hereunder shall be exercisable during Participant’s lifetime solely by
Participant and may not be sold, transferred, pledged, assigned, exchanged, encumbered or
otherwise alienated or hypothecated, except by testamentary disposition by the Participant
or the laws of descent and distribution.

	 	 	THE PLAN AND OTHER AGREEMENTS

In addition to these Terms and Conditions, the Option shall be subject to the terms of the
Plan, which are incorporated into these Standard Terms and Conditions by this reference.
Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.

The Term Sheet, these Standard Terms and Conditions and the Plan constitute the entire
understanding between the Participant and the Company regarding the Option. Any prior
agreements, commitments or negotiations concerning the Option are superseded.

	 	 	LIMITATION OF INTEREST IN SHARES SUBJECT TO OPTION

Neither the Participant (individually or as a member of a group) nor any beneficiary or
other person claiming under or through the Participant shall have any right, title,
interest, or privilege in or to any shares of Stock allocated or reserved for the purpose of
the Plan or subject to the Term Sheet or these Standard Terms and Conditions except as to
such shares of Stock, if any, as shall have been issued to such person upon exercise of the
Option or any part of it. Nothing in the Plan, in the Term Sheet, these Standard Terms and
Conditions or any other instrument executed pursuant to the Plan shall confer upon the
Participant any right to continue in the Company’s employ or service nor limit in any way
the Company’s right to terminate the Participant’s employment at any time for any reason.
Neither the Award of this Option nor any shares of Stock issuable pursuant thereto shall be
considered “compensation” for purposes of any Company employee benefit plan, unless such
plan expressly so provides otherwise.

	 	 	GENERAL

In the event that any provision of these Standard Terms and Conditions is declared to be
illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such
provision shall be reformed, if possible, to the extent necessary to render it legal, valid
and enforceable, or otherwise deleted, and the remainder of these Standard Terms and
Conditions shall not be affected except to the extent necessary to reform or delete such
illegal, invalid or unenforceable provision.

The headings preceding the text of the sections hereof are inserted solely for convenience
of reference, and shall not constitute a part of these Standard Terms and Conditions, nor
shall they affect its meaning, construction or effect.

Neither the Plan nor these Standard Terms and Conditions shall confer upon the Participant
any right with respect to continuance of employment by the Company, nor shall it interfere
in any way with the Participant’s right, or the Company’s right, to terminate the
Participant’s employment at any time.

These Standard Terms and Conditions shall inure to the benefit of and be binding upon the
parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.

The Participant acknowledges that a copy of the Plan, the Plan prospectus and a copy of the
Company’s most recent annual report to its shareholders has been delivered to the
Participant.

The Plan and these Standard Terms and Conditions shall be governed, construed, interpreted
and administered solely in accordance with the laws of the state of New York, without regard
to principles of conflicts of law.

All questions arising under the Plan or under these Standard Terms and Conditions shall be
decided by the Committee in its total and absolute discretion.

12

Exhibit 10.3 (d)

AVNET, INC.

2003 STOCK COMPENSATION PLAN

PERFORMANCE STOCK UNITS

Avnet, Inc. (the “Company”), hereby grants to the Participant named below an award of restricted
stock units (the “Performance Stock Units” or “PSUs”) covering the number of shares of its common
stock (the “Stock”), as specified below, upon the terms and conditions set forth in the Avnet, Inc.
2003 Stock Compensation Plan (the “Plan”) and these Standard Terms and Conditions (the “Standard
Terms and Conditions”).

Name of Participant:

Grant Date:

Number of Shares of Stock covered by PSUs:

Vesting Schedule:

The Performance Stock Units are subject to vesting upon the achievement of performance goals

set forth in these Standard Terms and Conditions.

By accepting this award, the Participant acknowledges that he or she has received and read, and
agrees that these Performance Stock Units shall be subject to, the terms of the Plan and these
Standard Terms and Conditions.

AVNET, INC.

	 	 	 
	By:

	 	

	 

	 	 
	Title:

	 	

	
 
	 	 

AVNET, INC.

2003 STOCK COMPENSATION PLAN

STANDARD TERMS AND CONDITIONS FOR

PERFORMANCE STOCK UNITS

FISCAL 2007 – 2009 PERFORMANCE PERIOD

These Standard Terms and Conditions apply to any Performance Stock Units granted under the
Avnet, Inc. 2003 Stock Compensation Plan (the “Plan”) for the Fiscal 2007 – 2009 Performance Period
(as defined below)that are identified as performance stock units and are evidenced by an action of
the Committee.

	1.	 	TERMS OF PERFORMANCE STOCK UNITS

Avnet, Inc, (the “Company”), has granted to the Participant restricted stock units (the
“Performance Stock Units” or “PSUs”) covering the number of shares of its common stock (the
“Stock”) as set forth on the cover page hereto, subject to the conditions set forth in these
Standard Terms and Conditions and the Plan.

	2.	 	VESTING AND PERFORMANCE

The PSUs shall vest based on a 3-year cumulative performance cycle, beginning as of July 2, 2006
and ending on June 27, 2009 – Fiscal 2007 thru 2009 — (the “Performance Period”). The vesting of
the Performance Stock Units shall be subject to the Company achieving by the end of the
Performance Period both Absolute Economic Profit (“EP”) Improvement and Relative EP Improvement
(each as defined herein and as determined by the Committee) equal to at least the Threshold
levels set forth below. The “Absolute EP Improvement” means the cumulative increase in the
Company’s economic profit during the Performance Period Fiscal 2007 thru 2009) as compared with
the cumulative EP over the prior three-year period (Fiscal 2004 thru 2006.) The “Relative EP
Improvement” means the cumulative increase in the Company’s economic profit during the
Performance Period over the prior three-year period as compared with the cumulative increase
during the Performance Period in the economic profit of an index of peer companies consisting of
the corporations listed on Exhibit A hereto, adjusted for size, and expressed as the percentage
by which the Company’s economic profit increase exceeds or is exceeded by that of the index.

For purposes hereof, “economic profit” means operating income after tax less a capital charge on
the amount of capital invested in the business. For purposes hereof, “operating income” excludes
certain items as determined by the Committee such as restructuring charges, asset writedowns,
impairments, financial impacts of accounting, tax or regulatory rule changes, etc.

Subject to the forgoing, and provided that the Participant has remained continuously employed by
or in the service of the Company from the Grant Date through the last day of the Performance
Period, the number of PSUs that will vest based on the Company’s level of achievement with
respect to the Absolute and Relative EP Improvement goals set forth above, which vesting shall
occur as of the last day of the Performance Period (the “Vest Date”), shall be determined in
accordance with the following matrix:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Percentage of Performance Stock Units Vesting
	3-year Size Adjusted	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Cumulative EP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Improvement

	 	Maximum:
	 	

	 	

	 	

	 	

	(Relative)

	 	>= +5.0%
	 	 	50	%	 	 	100	%	 	 	150	%	 	 	200	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	 	Target:
	 	

	 	

	 	

	 	

	
 
	 	0.0% to .05%
	 	 	25	%	 	 	50	%	 	 	100	%	 	 	150	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	 	Threshold:
	 	

	 	

	 	

	 	

	
 
	 	- 5.0%
	 	 	0	%	 	 	25	%	 	 	50	%	 	 	150	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	 	Below Threshold:
	 	

	 	

	 	

	 	

	
 
	 	< -5.0%
	 	 	0	%	 	 	0	%	 	 	25	%	 	 	50	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
 
	 	 	 	Below

Threshold:
	 	

Threshold:
	 	

Target:
	 	

Maximum:

	
 
	 	 	 	<$300MM
	 	$300MM
	 	$400MM
	 	$>=$500

	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	3-year Cumulative EP Improvement (Absolute)

In the event that the Company’s actual Absolute and/or Relative EP Improvement is between the
achievement levels set forth in the table above, the percentage vesting shall be determined by
interpolation.

Following the end of the Performance Period and the collection of relevant data necessary to
determine the extent to which the performance goals set forth in this Paragraph 2 have been
satisfied, the Committee will determine: (a) the amount of Absolute EP Improvement and Relative
EP Improvement that was achieved by the Company over the Performance Period; and (b) the
percentage of the Performance Stock Units that vested as of the last day of the Performance
Period. The Committee shall make these determinations in its sole discretion. The level of
achievement of Absolute EP Improvement and Relative EP Improvement shall be evidenced by the
Committee’s written certification, in accordance with Code Section 162(m). For the avoidance of
doubt, any Performance Stock Units that do not vest in accordance with the forgoing on the Vest
Date shall expire without consideration on the Vest Date.

Upon the vesting of all or a portion of the PSUs, one share of Stock shall be issuable for each
Performance Stock Unit that vests on the Vest Date (the “PSU Shares”). Thereafter, the Company
will transfer such PSU Shares to the Participant upon the Committee’s written certification as
set forth in this Paragraph 2 and the satisfaction of any required tax withholding obligations,
securities law registration or other requirements, and applicable stock exchange listing. No
fractional shares shall be issued with respect to vesting of Performance Stock Units. The
Participant shall not acquire or have any rights as a shareholder of the Company by virtue of
these Standard Terms and Conditions (or the Award evidenced hereby) until the certificates
representing shares of Stock issuable pursuant to this Award are actually issued and delivered
to the Participant in accordance with the terms of the Plan and these Standard Terms and
Conditions.

	3.	 	TERMINATION OF EMPLOYMENT OR SERVICE

Except as provided below in the case of death, disability, retirement, or change in control, in
the event that the Participant shall cease to be employed by or in the service of the Company
for any reason before the Performance Stock Units have fully vested pursuant to Paragraph 2,
Participant shall immediately forfeit all of the Performance Stock Units.

	4.	 	DEATH OR DISABILITY OF PARTICIPANT

If Participant’s employment or service with the Company is terminated by reason of the
Participant’s death or disability (as determined by the Committee in its sole discretion), the
Participant shall vest (on the Vest Date) in a pro-rata share of the PSUs equal to the number of
PSUs that would have become vested had Participant remained continuously employed by the Company
through the end of the Performance Period, multiplied by a fraction, the numerator of which is
the number of full calendar quarters completed as of the date of death or disability, and the
denominator of which is 12. One share of Stock shall be issued for each vested PSU following the
end of the Performance Period in accordance with Paragraph 2 above, and any non-vested PSU shall
be forfeited.

	5.	 	RETIREMENT

If Participant’s employment or service with the Company is terminated by reason of Retirement
(as defined herein), the Participant shall vest (on the Vest Date) in the PSUs equal to the
number of PSUs that would have become vested had Participant remained continuously employed by
the Company through the end of the Performance Period. For purposes hereof, a qualifying
“Retirement” shall have occurred if at the time of cessation of employment all of the following
conditions are satisfied: (a) Participant is at least age 55 and has at least five years of
service with the Company, (b) the combination of Participant’s age plus years of service equals
at least 65, and (c) Participant has signed a non-competition agreement in a form acceptable to
the Company in the period of time from Retirement through the normal vesting period for each
award, or two years, whichever is greater. One share of Stock shall be issued for each vested
PSU in accordance with Paragraph 2 above, and any non-vested PSU shall be forfeited.

	6.	 	CHANGE IN CONTROL

Notwithstanding any other provision of these Standard Terms and Conditions to the contrary, in
the event of a Change in Control (as defined in the Plan), all restrictions on the Performance
Stock Units shall lapse, the Performance Stock Units shall become immediately and fully vested
and payable, and one share of Stock shall be issued for each Performance Stock Unit in
accordance with Paragraph 2 above.

	7.	 	INCOME TAXES

Participant acknowledges that the delivery of unrestricted shares of Stock following vesting of
a Performance Stock Unit may give rise to a withholding tax liability, and that no shares of
Stock are issuable hereunder until such withholding obligation is satisfied in full. The
Participant agrees to remit to the Company the amount of any taxes required to be withheld. The
Committee, in its sole discretion, may permit Participant to satisfy all or part of such tax
obligation through withholding of the number of shares of Stock otherwise issued to the
Participant, with the amount of the withholding to be credited based on the current Fair Market
Value of the Stock.

	8.	 	THE PLAN

In addition to these Terms and Conditions, the Performance Stock Units shall be subject to the
terms of the Plan, which are incorporated into these Standard Terms and Conditions by this
reference. In the event of a conflict between the terms of these Standard Terms and Conditions
and the Plan, the Plan shall control. Capitalized terms not otherwise defined herein shall have
the meaning set forth in the Plan.

These Standard Terms and Conditions and the Plan constitute the entire understanding between the
Participant and the Company regarding the Performance Stock Units. Any prior agreements,
commitments or negotiations concerning the Performance Stock Units are superseded.

	9.	 	RESTRICTIONS ON RESALES

The Company may impose such restrictions, conditions or limitations as it determines appropriate
as to the timing and manner of any resales by the Participant or other subsequent transfers by
the Participant of any shares of Stock issued pursuant to the Performance Stock Units, including
without limitation (a) restrictions under an insider trading policy, (b) restrictions designed
to delay and/or coordinate the timing and manner of sales by Participant and other holders of
awards granted under the Plan and (c) restrictions as to the use of a specified brokerage firm
for such resales or other transfers.

	10.	 	NO ASSIGNMENT

Performance Stock Units granted under the Plan may not be sold, transferred, pledged, assigned,
exchanged, encumbered or otherwise alienated or hypothecated until the Performance Stock Units
have vested and the corresponding shares of Stock have been issued, except as specifically
provided in the Plan.

	11.	 	MISCELLANEOUS

In the event that any provision of these Standard Terms and Conditions is declared to be
illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision
shall be reformed, if possible, to the extent necessary to render it legal, valid and
enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions
shall not be affected except to the extent necessary to reform or delete such illegal, invalid
or unenforceable provision.

The headings preceding the text of the sections hereof are inserted solely for convenience of
reference, and shall not constitute a part of these Standard Terms and Conditions, nor shall
they affect its meaning, construction or effect.

These Standard Terms and Conditions shall inure to the benefit of and be binding upon the
parties hereto and their respective permitted heirs, beneficiaries, successors and assigns. The
Participant acknowledges that a copy of the Plan, the Plan prospectus and a copy of the
Company’s most recent annual report to its shareholders has been delivered to the Participant.

Neither the Plan nor these Standard Terms and Conditions shall confer upon the Participant any
right with respect to continuance of employment by the Company and/or service on the Company’s
Board of Directors, nor shall it interfere in any way with the Participant’s right, or the
Company’s right, to terminate the Participant’s employment or service at any time.

Neither this Award nor any Stock issuable hereunder shall be considered “compensation” for
purposes of any Company employee benefit plan, unless such plan expressly so provides otherwise.

The Plan and these Standard Terms and Conditions shall be governed, construed, interpreted and
administered solely in accordance with the laws of the state of New York, without regard to
principles of conflicts of law.

All questions arising under the Plan or under these Standard Terms and Conditions shall be
decided by the Committee in its total and absolute discretion. It is expressly understood that
the Committee is authorized to administer, construe and make all determinations necessary or
appropriate to the administration of the Plan and these Standard Terms and Conditions, all of
which shall be binding upon the Participant to the maximum extent permitted by the Plan.

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EXHIBIT A

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