Document:

Exhibit 4.1

Exhibit 4.1

Letter Agreement Regarding Issuance of OP Units dated September 26, 2013 between Hallmark Student Housing Lexington, LLC, on one hand, and ACC OP (Lexington) LLC and American Campus Communities Operating Partnership, L.P., on the other hand.

September 26, 2013

ACC OP (Lexington) LLC
12700 Hill Country Boulevard, Suite T-200
Austin, TX 78738
Attention:  William Talbot

American Campus Communities Operating Partnership LP
12700 Hill Country Boulevard, Suite T-200
Austin, TX 78738
Attention:  William Talbot

Gentlemen:

Please refer to the Purchase and Contribution Agreement (the "Agreement") dated July 19, 2012 between Hallmark Student Housing Lexington, LLC, an Ohio limited liability company, as Seller, and ACC OP (Lexington) LLC, a Delaware limited liability company, as successor in interest to ACC OP Acquisitions LLC, a Delaware limited liability company, as Purchaser.
Unless otherwise noted, capitalized terms used in this letter shall have the same meanings as set out in the Agreement.
The following matters are hereby confirmed by the Seller, Purchaser and Purchaser Guarantor:
1.    Pursuant to Section 4.2.B. of the Agreement, Seller has elected to receive Unit Consideration in lieu of cash in an amount equal to $3,451,486.06 (representing 97,143 Common Units), which amount will be credited against the Purchase Price.  Seller hereby directs that the Common Units representing the Unit Consideration be issued to HSH Lexington Holdings, LLC, an Ohio limited liability company and the sole member of Seller ("HSH").  Purchaser and Purchaser Guarantor waive the notice required by Section 4.2.B. of the Agreement in order to receive the Unit Consideration described above.
2.    Purchaser Guarantor acknowledges and agrees that the following shall apply with respect to the Common Units to be received under paragraph 1 above:
(i)  Purchaser Guarantor will use the "traditional method: of making Section 704(c) allocations under the Internal Revenue Code with respect to the Property;

(ii) Purchaser Guarantor will pay or cause to be paid all the costs of registering for resale the Common Stock issued or to be issued to HSH or its assignee upon the redemption of the Common Units as provided in Section 4.2.B of the Agreement; and
 (iii) Upon written request of HSH, Purchaser Guarantor acknowledges that it will consent to the Common Units being assigned by HSH to its members in such percentages and names as may be specified by HSH in the written notice and without any cost to HSH or the assignees of the Common Units, so long as such assignee executes and delivers to Purchaser Guarantor (1) a certification that it is an "accredited investor" as defined in Rule 501 of the General Rules and Regulations promulgated under the Securities Act of 1933 and (2) a joinder to the limited partnership agreement of Purchaser Guarantor, in each case substantially in the form executed and delivered by HSH to Purchaser Guarantor on or about the date hereof.

Please acknowledge your approval of the foregoing items by countersigning this letter in the space provided below and delivery to the undersigned of an original of this letter or email of an electronic copy of this letter that will be subject to the provisions of the last sentence of Section 10.4 of the Agreement.
Very truly yours,

HALLMARK STUDENT HOUSING
LEXINGTON, LLC,
an Ohio limited liability company

By: /s/ Richard H. Kirk            
Richard H. Kirk, President

ACCEPTED AND APPROVED:

ACC OP (LEXINGTON) LLC,
a Delaware limited liability company

By:    Jonathan A. Graf            
Name:  Jonathan A. Graf
Title:  Vice President

AMERICAN CAMPUS COMMUNITIES OPERATING PARTNERSHIP LP

By:  American Campus Communities Holdings, LLC, 
     a Maryland limited liability company, General Partner

By:    Jonathan A. Graf            
Name:  Jonathan A. Graf
Title:  Executive Vice PresidentEX-10.1

Exhibit 10.1

AVNET, INC.

2013 STOCK COMPENSATION AND INCENTIVE PLAN

 

ARTICLE 1

PURPOSE OF THE PLAN

 The Avnet, Inc. 2013 Stock Compensation and Incentive Plan is intended
to advance the interests of the Company by helping Avnet and its Subsidiaries to
attract, retain, and appropriately motivate high caliber persons to serve as Eligible
Employees and Non-Employee Directors, and by providing incentives to Eligible
Employees and Non-Employee Directors that are consistent with the shareholders’
interest in maximizing the value of Avnet’s Stock.

ARTICLE 2

DEFINITIONS

	 	 	 	 	 
	The following terms, when used in capitalized form, shall have the meanings set forth below: 
	 	2.1.	 	 	“Administrator” means—

(a) with respect to each Award granted to an Eligible Employee, the
Committee; and

(b) with respect to each Award granted to a Non-Employee Director, the
Independent Directors.

2.2. “Agreement” means the document that evidences an Award granted hereunder and
sets forth the material terms thereof, including any addendum to an Option Agreement
relating to Stock Appreciation Rights. Each Agreement shall be in such form as
prescribed or approved by the Administrator. 

2.3. “Avnet” means Avnet, Inc. 

2.4.  “Award” means a grant under the Plan of an Option, Stock Appreciation
Right, Restricted Stock, Restricted Stock Unit, Performance Share Unit, Other Stock Unit
Award, or Executive Incentive Performance Award, as evidenced by an Agreement. 

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

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

(a) 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) of 50% or more of either
(A) the then outstanding shares of Stock or (B) the combined voting power of the
then outstanding voting securities of Avnet entitled to vote generally in the
election of Directors; provided, however, that none of the following acquisitions
shall constitute a Change in Control under this subsection (a): (i) an acquisition
directly from Avnet (excluding an acquisition by virtue of the exercise of a
conversion privilege), (ii) an acquisition by Avnet or an entity controlled by
Avnet, or (iii) an acquisition by any employee benefit plan (or related trust)
sponsored or maintained by Avnet or any entity controlled by Avnet; or 

(b) individuals who, as of the date of the 2013 annual meeting of
Avnet’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 an individual who becomes a
Director after the Determination Date shall be treated as a member of the
Incumbent Board if (i) his election, or nomination for election by Avnet’s
stockholders, was approved by a vote of at least a majority of the Directors then
comprising the Incumbent Board, and (ii) his initial assumption of office does not
occur as a result of an actual or threatened solicitation of proxies or consents
by or on behalf of a Person other than the Board; or

(c) a complete liquidation or dissolution of Avnet or the sale or other
disposition of all or substantially all of the assets of Avnet; provided, however,
that a liquidation, dissolution, sale, or other disposition shall not constitute a
Change in Control if the assets are transferred to a wholly owned subsidiary of
Avnet.

2.7. “CEO” means the Chief Executive Officer of Avnet.

2.8. “Code” means the Internal Revenue Code of 1986, as amended.

2.9. “Committee” means the Compensation Committee of the Board of Directors, which
shall consist of three or more Non-Employee Directors appointed by the Board of
Directors. No individual 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) of the Code
shall serve as a member of the Committee.

2.10.  “Company” means Avnet and all its Subsidiaries.

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

2.12. “Eligible Employee” means an employee of Avnet or of any of its Subsidiaries.
The term “Eligible Employee” shall also include an individual 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 a capital-raising transaction or
services that directly or indirectly promote or maintain a market for Avnet’s
securities.

2.13. “Exchange Act” means the Securities Exchange Act of 1934, as amended.

2.14. “Executive Incentive Performance Award” or “EIP Award” means a
performance-based cash award granted pursuant to Article 11.

2.15. “Executive Officer” means an employee designated by Avnet as an executive
officer under Rule 16b-3.

2.16. “Fair Market Value” means, with respect to any date, the closing price (as
reported for New York Stock Exchange Composite Transactions) at which shares of Stock
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).

2.17. “Grant Date” means, with respect to granting an Award or modification of an
outstanding Award, the date on which the material terms of the Award (including the
number of shares covered by the Award, the conditions for vesting, lapse of the Period
of Restriction, and exercise, and the purchase price, if any) are established and all
action constituting the making or modification of such Award is completed, without
regard to (a) the date on which the applicable Agreement is executed or (b) whether such
Award or modification is subject to future shareholder approval or other conditions.
The Grant Date for any Award shall not occur before the recipient of the Award becomes
an Eligible Employee or Non-Employee Director, as applicable.

2.18. “Incentive Stock Option” or “ISO” means an Option intended to qualify as an
“incentive stock option” under Section 422 of the Code.

2.19. “Independent Directors” means members of the Board of Directors acting as a
group, each of whom satisfies Avnet’s “Director Independence Standards.”

2.20. “Non-Employee Director” means a Director who is not an Eligible Employee.

2.21. “Option” means an Award granted pursuant to Article 5 that gives the
recipient the right to purchase a specified number of shares at a specified price during
a specified term, subject to the terms and conditions of the applicable Agreement.

2.22. “Optionee” means a person who, at the time in question, holds an Option that
then remains unexercised in whole or in part, has not been surrendered, and has not
expired or terminated. The term “Optionee” also includes any Successor Optionee.

2.23. “Other Stock Unit Award” means an Award granted pursuant to Article 10.

2.24. “Participant” means an Eligible Employee or Non-Employee Director who has
been granted an Award hereunder.

2.25. “Performance Criteria” means any of the following criteria as related to
Avnet, any Subsidiary, or any division or other area of Avnet or a Subsidiary:

(i) Economic profit; economic value added; price of Stock; total stockholder
return; revenues; sales; sales productivity; sales growth; net income; operating
income; earnings per share; return on equity; return on investment; return on
capital employed; cash flow; operating margin; gross margin; operating unit
contribution; achievement of annual operating profit plans; debt level; market
share; net worth; or other similar financial performance measures as may be
determined by the Committee; or

(ii) Strategic business criteria consisting of one or more objectives based
on meeting specified market penetration or market share; geographic business
expansion; objective customer satisfaction goals; objective goals relating to
divestitures, joint ventures, mergers, acquisitions, and similar transactions;
implementation or completion of specified projects or processes strategic or
critical to the Company’s business operations; individual business objectives;
objective measures of brand recognition/acceptance; performance achievements on
designated projects or objectives; objective measures of regulatory compliance;
successful completion of internal or external audits; successful integration of
business units; successful hiring, retention of talent, or other succession
planning; or objective measures of employee engagement and satisfaction.

In addition, for any Participant who is not a Covered Participant, Performance
Criteria may include any other criteria selected by the Committee.

2.26. “Performance Objectives” means, for any Award that is contingent in whole or
in part on achievement of performance objectives, the objectives or other performance
levels with respect to specified Performance Criteria that are measured over a
Performance Period for the purpose of determining the amount of such Award and/or
whether such Award is granted or vested.

2.27. “Performance Period” means a period over which achievement of Performance
Objectives is measured, as set forth in the applicable Agreement.

2.28. “Performance Share Unit” means an Award granted pursuant to Article 9 that
gives the recipient a contractual right to receive a target number of shares of Stock or
cash upon the attainment of specified Performance Objectives.

2.29. “Period of Restriction” means the period during which the transfer of shares
of Restricted Stock is restricted, pursuant to Article 7.

2.30. “Person” means “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 Avnet, any Subsidiary, and any employee
benefit plan sponsored or maintained by Avnet or any Subsidiary (including any trustee
of such plan acting as trustee).

2.31. “Plan” means the Avnet, Inc. 2013 Stock Compensation and Incentive Plan, as
set forth herein and as amended from time to time.

2.32. “Restricted Stock” means an Award of Stock granted pursuant to Article 7.

2.33. “Restricted Stock Unit” means an Award granted pursuant to Article 8 that
gives the recipient a contractual right to receive cash or shares of Stock upon the
attainment of specified vesting conditions.

2.34. “Rule 16b-3” means SEC Rule 16b-3 promulgated under the Exchange Act.

2.35. “Securities Act” means the Securities Act of 1933, as amended.

2.36. “Stock” means, subject to the adjustment provisions set forth in Article 13,
Avnet’s $1.00 par value common stock.

2.37. “Stock Appreciation Right” or “SAR” means an Award granted pursuant to
Article 6 that gives the recipient the right to receive, upon exercise of the Award, an
amount equal to the excess of the Fair Market Value of the shares of Stock with respect
to which the SAR is being exercised (determined as of the exercise date) over the
exercise price set forth in the Agreement.

2.38. “Subsidiary” means a corporation in which Avnet directly or indirectly owns
more than 50% of the total combined voting power of all classes of capital stock.

2.39. “Successor Optionee” means any person who, under the provisions of Article 5,
has acquired from an Optionee the right to exercise an Option, for so long as such
Option remains unexercised in whole or in part, and has not been surrendered, exercised,
or terminated.

ARTICLE 3

SHARES RESERVED FOR THE PLAN

3.1.  General Limitations. Subject to the adjustment provisions
set forth in Article 13, the maximum number of shares of Stock that may be delivered
pursuant to the exercise of Awards granted under the Plan shall be 5,000,000. At no
time shall there be outstanding Awards under the Plan covering more than such maximum
number of shares less the aggregate of the shares of Stock previously delivered pursuant
to the exercise of Options (including the shares of Stock previously covered by Options
surrendered in connection with the exercise of SARs), the shares of Stock with respect
to which stock-settled SARs have been exercised (without regard to the number of shares
of Stock issued upon settlement of such SARs), and the shares of Stock previously
delivered pursuant to the vesting of Restricted Stock, Restricted Stock Units,
Performance Share Units, and Other Stock Unit Awards. The shares of Stock authorized
hereunder shall be in addition to the shares of Stock authorized for grant under the
2010 Avnet, Inc. Stock Compensation Plan (the “2010 Plan”), which shall continue to be
available for grant under the 2010 Plan. Shares of Stock subject to Awards may consist
of authorized but unissued shares of Stock and/or shares of Stock held in Avnet’s
treasury.

3.2. Individual Limitations. No individual may be granted (a) Options or SARs for
more than 500,000 shares of Stock in any calendar year or (b) Awards in any calendar
year for more than 1,000,000 shares in the aggregate (including Options, SARs, and
full-value awards). In addition, no Non-Employee Director may be granted Awards for
more than 30,000 shares of Stock, or a value of more than $1 million at the time of
grant, in any calendar year; provided, however, that up to 60,000 shares of Stock (or a
value up to $2 million) may be subject to Awards granted to a Non-Employee Director
during the calendar year in which the Non-Employee Director first joins the Board of
Directors or is first designated as Chairman of the Board of Directors or Lead Director.

3.3. Termination and Expiration of Awards. If an Award is surrendered, terminates,
or expires, whether in whole or in part, the number of shares of Stock covered by such
Award immediately before such surrender, termination, or expiration shall thereupon be
added back to the number of shares of Stock otherwise available for further grants of
Awards hereunder; provided, however, that the following transactions involving shares of
Stock shall not result in shares of Stock becoming available for subsequent Awards:
(a) Stock tendered or withheld in payment of the exercise price of an Option; (b) Stock
tendered or withheld for taxes; (c) Stock that was subject to a stock-settled SAR or an
Option that was related to a SAR and was not issued upon the settlement or exercise of
such SAR; and (d) Stock repurchased by the Company with the proceeds of an Option
exercise.

ARTICLE 4

ADMINISTRATION OF THE PLAN

4.1. Plan Administration. This Plan shall be administered by the Administrator.
The Administrator shall have full and exclusive power to: (a) construe and interpret the
Plan; (b) establish and amend rules and regulations for the administration of the Plan;
(c) correct any defect, remedy any omission, and reconcile any ambiguity or
inconsistency in the Plan or any Award in the manner and to the extent it deems
necessary or desirable to carry out the intent of the Plan and such Award; and (d)
certify the level as to which each Performance Objective was attained. Subject to
Section 4.6, the Administrator may delegate some or all of its authority under the Plan
(including powers not referenced in this Section 4.1) to one or more Company officers,
to the extent permitted by and not inconsistent with any requirements of applicable law.

4.2. Committee’s Authority to Grant Awards. In addition to the powers enumerated
in Section 4.1 (and without limiting the generality thereof), the Committee shall have
plenary authority and 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 (or for Awards denominated in cash, the dollar amount) to
be covered by each such Award, and the terms and conditions upon which each such Award
may be exercised (in each case, to the extent not inconsistent with the provisions of
this Plan). Subject to the requirements of the Plan, the terms and conditions
prescribed or approved for any Award granted by the Committee (as reflected in the
applicable Agreement) shall be entirely within the discretion of the Committee.

4.3. Independent Directors’ Authority to Grant Awards. In addition to the powers
enumerated in Section 4.1 (and without limiting the generality thereof), the Independent
Directors shall have plenary authority and 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 (or for Awards denominated
in cash, the dollar amount) to be covered by each such Award, and the terms and
conditions upon which each such Award may be exercised (in each case, to the extent not
inconsistent with the provisions of this Plan); provided that (a) no Director shall
participate in any action taken with respect to an Award granted or to be granted to
such Director, unless the same action is contemplated for all similarly situated
Directors, and (b) no Award shall be granted to a Non-Employee Director unless such
grant is approved by a majority of the Non-Employee Directors. Subject to the
requirements of the Plan, the terms and conditions prescribed or approved for any Award
granted by the Independent Directors (as reflected in the applicable Agreement) shall be
entirely within the discretion of the Independent Directors.

4.4. Actions of the Committee. 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.

4.5. Reporting. The Committee shall file reports and make information available as
may from time to time be prescribed by the Board of Directors.

4.6. CEO Authority to Grant Awards. The CEO shall have authority to make Awards to
Eligible Employees who are not Executive Officers or Covered Participants, including
Eligible Employees who are promoted to Executive Officer positions; provided that,
except to the extent that the Committee delegates additional authority, the Awards
granted by the CEO in any fiscal year shall not have an aggregate value of more than
$500,000 (where value for each Award is determined on the Grant Date). The Committee
may delegate to the CEO the authority to make additional Awards (in excess of the limit
set forth in the immediately preceding sentence); provided that (a) the additional
Awards shall be subject to a maximum aggregate Award amount, and (b) only the Committee
shall be authorized to grant awards to Executive Officers and Covered Participants. The
CEO shall have plenary authority and discretion to determine the time or times at which
Awards that the CEO is authorized to grant shall be granted, the Eligible Employees to
whom such Awards shall be granted, the number of shares of Stock (or for Awards
denominated in cash, the dollar amount) to be covered by each such Award (subject to the
maximum aggregate and individual limitations described above), and the terms and
conditions upon which each such Award may be exercised (in each case, to the extent not
inconsistent with the provisions of this Plan).

4.7. Determining Amount Payable. With respect to any Award that is conditioned in
whole or in part on the achievement of Performance Objectives, the Administrator shall
determine the extent to which the applicable Performance Objectives were achieved and
shall have discretion to reduce the amount that becomes vested or payable upon
achievement of such Performance Objectives. 

4.8. Decisions of the Administrator. All determinations and decisions made by the
Administrator pursuant to the provisions of the Plan shall be final, conclusive, and
binding upon all Persons and the Company, except to the extent that 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 By-laws of Avnet to be approved
by the Board of Directors or shareholders.

4.9. Law Compliance. Notwithstanding any other provision of the Plan, the
Administrator may impose such conditions on any Award, and the Board may amend the Plan
in any such respects, as the Administrator or the Board determines is necessary or
desirable to avoid adverse consequences under Rule 16b-3, Section 162(m) of the Code,
Section 409A of the Code, Section 280G of the Code, or any other applicable law.

ARTICLE 5

OPTIONS

5.1. Grant. The Committee (and the CEO to the extent permitted by Section 4.6) may
grant Options to Eligible Employees, and the Independent Directors may grant Options to
Non-Employee Directors.

5.2. Exercise Price. The price per share at which Stock subject to an Option may
be purchased shall be set forth in the Agreement. In no event shall such exercise price
be less than 100% of the Fair Market Value of the Stock on the Grant Date.

5.3. Term. The term of each Option granted under the Plan shall be set forth in
the Agreement; provided, however, that in no event shall an Option be exercisable after
the day before the tenth anniversary of the Grant Date. Unless sooner forfeited or
otherwise terminated pursuant to the terms hereof or of the Agreement, each Option
granted under the Plan shall expire at the end of its term, and the term may not be
extended. No Option may be exercised after the expiration of its term.

5.4. Exercisability (Vesting). Each Option granted under the Plan shall be subject
to the vesting conditions set forth in the Agreement; provided, however, that the
exercisability of any Option may be accelerated in whole or in part, at any time, by the
Administrator (or its designee). Subject to the provisions of the Agreement, each
Option granted under the Plan that has become exercisable pursuant to the preceding
sentence shall remain exercisable thereafter until the expiration of its term as
described in Section 5.3.

5.5. Exercise. To the extent that an Option has become exercisable in accordance
with Section 5.4, such Option may be exercised by notice to Avnet, in a form approved by
Avnet, stating the number of shares of Stock with respect to which such Award is being
exercised, accompanied by payment in full therefor as described below. After receipt of
such notice and payment, subject to Section 12.6 (Registration of Shares), Avnet shall
record the stock transfer on its book and records without the need to issue a physical
certificate. The payment due upon exercise of an Option may be made in any form
permitted by the Administrator. The permitted forms of payment may (but are not
required to) include (i) check (certified, if so required by Avnet); (ii) shares of
Stock with a fair market value, at the date of receipt by Avnet, equal to the aggregate
exercise price (plus withholding, if applicable); (iii) a combination of check and
            shares of Stock; (iv) having Avnet retain from the Stock otherwise issuable upon
exercise of the Option a number of shares of Stock having a fair market value equal to
the exercise price of the Option (plus withholding, if applicable); (v) to the extent
permitted by applicable law, by delivering a properly executed exercise notice, together
with irrevocable instructions to a broker to promptly deliver to Avnet the exercise
price and to deliver to the Participant the net amount of shares received upon exercise
(after subtracting the exercise price, withholding, and any broker fee); or (vi) any
other manner acceptable to the Administrator.

5.6. General Modification Rules. The Administrator may, for such consideration (if
any) as it may deem adequate and with the prior consent of the Optionee, modify the
terms of any outstanding Option; provided, however, that except to the extent permitted
by Section 5.7, no Option may be repriced, replaced, or regranted through cancellation,
or by lowering the exercise price of such Option, and no Option with an exercise price
that exceeds the Fair Market Value of a share of Stock shall be exchanged for a cash
payment, without shareholder approval.

5.7. Special Modification in the Event of a Corporate Transaction. In the event of
a corporate transaction (within the meaning of Treas. Reg. § 1.424-1(a)(3)), the
Administrator may provide for the assumption or substitution of outstanding Options,
provided that the requirements of Treas. Reg. § 1.424-1(a) are satisfied with respect to
Incentive Stock Options, and the requirements of Treas. Reg. § 1.409A-1(b)(v)(D) are
satisfied with respect to all other Options.

5.8. Special Rules for Incentive Stock Options (“ISOs”). ISOs shall be subject to
the requirements of Section 422 of the Code, including the following (all of which shall
be interpreted consistent with the intent to comply with the requirements of Section 422
of the Code and not to impose any restrictions that are not required by Section 422):

(a) Shares Available for ISO Grants. All shares of Stock authorized for
Awards under Article 3 are available to be issued through ISOs; provided, however,
that to the extent required by Section 422 of the Code, canceled Awards shall
continue to be counted against the number of shares available.

(b) Optionee Must Be an Employee. No ISO shall be granted to any individual
who is not an employee of Avnet or a Subsidiary at the time of grant.

(c) Special Rules for 10% Owners. An Incentive Stock Option shall not be
granted to an individual who, immediately before the time the Option is granted,
owns shares of Stock possessing more than 10 percent of the total combined voting
power of all classes of stock of Avnet, unless the Agreement for such Incentive
Stock Option provides that (i) the exercise price is no less than 110 percent
(110%) of the Fair Market Value of the Stock on the Grant Date (determined in
accordance with Treas. Reg. § 1.422-2(f)(1)), and (ii) the Option expires no later
than the fifth anniversary of the Grant Date.

ARTICLE 6

STOCK APPRECIATION RIGHTS (“SARs”)

6.1. Grant. The Committee (and the CEO to the extent permitted by Section 4.6) may
grant SARs to Eligible Employees, and the Independent Directors may grant SARs to
Non-Employee Directors. Each SAR may be free-standing or related to all or part of an
Option. In the discretion of the Administrator, a SAR related to an Option may be
granted at any time before the related Option is exercised, expires, is terminated, or
is surrendered, and may be modified when the related Option is modified.

6.2. Exercise Price. The exercise price per share for each free-standing SAR
granted under the Plan shall be set forth in the Agreement. In no event shall the
exercise price be less than 100% of the Fair Market Value of the Stock on the Grant
Date.

 

6.3. Term. The term of each SAR granted under the Plan shall be set forth in
the Agreement; provided, however that in no event shall a SAR be exercisable after the
day before the tenth anniversary of the Grant Date. Unless sooner forfeited or
otherwise terminated pursuant to the terms hereof or of the Agreement, each SAR granted
under the Plan shall expire at the end of its term, and the term may not be extended.
No SAR may be exercised after the expiration of its term.

6.4. Exercisability (Vesting). Each SAR granted under the Plan shall be subject to
the vesting conditions set forth in the Agreement; provided, however, that (a) the
exercisability of any SAR may be accelerated in whole or in part, at any time, by the
Administrator (or its designee), and (b) if a SAR relates to all or part of an Option,
such SAR shall be exercisable only to the extent that the related Option is exercisable.
Subject to the provisions of the Agreement, each SAR that is exercisable pursuant to
the preceding sentence shall remain exercisable thereafter until the expiration of its
term as described in Section 6.3.

6.5. Exercise. To the extent that a SAR has become exercisable in accordance with
Section 6.4, such SAR may be exercised in accordance with the procedures set forth in
Section 5.5 (Exercise), but without the requirement to make a payment therefor. If the
SAR is related to all or part of an Option, the Optionee must provide with the exercise
notice an instrument effecting the surrender of the related portion of the Option. Each
SAR may be settled in shares of Stock, cash, or a combination of cash and shares
(provided that shares of Stock underlying any SAR that is settled in cash shall not be
available to be issued in a future Award). No fractional shares shall be issued; any
amount that would have been payable in fractional shares shall be paid in cash.

6.6. Other Conditions. The Administrator (or its designee) may impose any other
conditions upon the exercise of SARs. Such conditions may govern the right to exercise
SARs granted before the adoption or amendment of such conditions as well as SARs granted
thereafter.

6.7. Modification Rules. The modification rules and restrictions set forth in
Sections 5.6 (General Modification Rules) and 5.7 (Special Modification in the Event of
a Corporate Transaction) shall also apply with respect to SARs.

ARTICLE 7

RESTRICTED STOCK

 

7.1. Grant. The Committee (and the CEO to the extent permitted by Section
4.6) may grant Restricted Stock to Eligible Employees, and the Independent Directors may
grant Restricted Stock to Non-Employee Directors. The number of shares granted pursuant
to any Restricted Stock Award shall be set forth in the Agreement.

7.2. Restrictions. During the Period of Restriction set forth in the applicable
Agreement, shares of Restricted Stock shall not be sold, transferred, pledged, assigned,
exchanged, encumbered, alienated, hypothecated, or otherwise disposed of. Except as
otherwise provided in the Agreement, if a Participant‘s employment or other service with
the Company terminates before the end of the Period of Restriction for any shares of
Restricted Stock, all such restricted shares shall be forfeited, and all rights of the
Participant with respect to such shares of Stock shall immediately terminate without any
payment or other consideration therefor. Any forfeited shares of Restricted Stock that
had been delivered to, or held in custody for, a Participant shall be returned to Avnet,
accompanied by any instrument of transfer requested by Avnet.

7.3. Lapse of Period of Restriction (Vesting). The Period of Restriction for each
Award of Restricted Stock shall lapse only upon satisfaction of conditions set forth in
the Agreement. Such conditions may be based on (a) continued service to Avnet or a
Subsidiary for a specified period, (b) achievement of Performance Objectives, or (c) a
combination of (a) and (b). Except as provided in Section 12.2 (Acceleration of
Vesting), the Period of Restriction for any Award of Restricted Stock that is not
conditioned on achievement of Performance Objectives shall lapse no faster than pro rata
over the three (3) year period that starts on the Grant Date.

7.4. Settlement of Restricted Stock. Shares of Restricted Stock shall become
freely transferable immediately following the last day of the Period of Restriction. As
soon as practicable after the Period of Restriction lapses, Avnet shall record the stock
transfer on its book and records without the need to issue a physical certificate.

7.5. Voting Rights. 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.

7.6. Dividend Rights. 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 such Restricted Stock Awards, as set forth in this
Section 7.6. Dividends paid in cash shall be automatically reinvested in additional
            shares of Restricted Stock at a purchase price per share equal to the Fair Market Value
of a share of Stock on the date such dividend is paid; provided, however, that
fractional shares shall not be issued. Any amount that would have been invested in a
fractional share shall be payable to the Participant in cash when the Period of
Restriction for the underlying shares lapses. All additional shares of Stock received
by a Participant in respect of a dividend or other distribution on Restricted Stock,
whether through reinvestment or through a dividend or other distribution paid in shares
of Stock, shall be subject to the same restrictions (for the same Period of Restriction)
as the Restricted Stock with respect to which they were received; and the right to
receive cash with respect to any fractional share shall be subject to forfeiture until
the Period of Restriction for the underlying shares lapses.

7.7. Foreign Laws. Notwithstanding any other provision of the Plan, if Restricted
Stock is to be awarded to a Participant who is subject to the laws, including the tax
laws, of any country other than the United States, the Committee may, in its discretion,
direct Avnet to sell, assign, or otherwise transfer the Restricted Stock to a trust or
other entity or arrangement, rather than grant the Restricted Stock directly to the
Participant.

ARTICLE 8

RESTRICTED STOCK UNITS

8.1. Grant. The Committee (and the CEO to the extent permitted by Section 4.6) may
grant Restricted Stock Units to Eligible Employees, and the Independent Directors may
grant Restricted Stock Units to Non-Employee Directors. The number of shares of Stock
underlying any Restricted Stock Unit Award shall be set forth in the Agreement.

8.2. Vesting. An Award of Restricted Stock Units shall be subject to vesting
conditions set forth in the applicable Agreement. Such vesting conditions may be based
on (a) continued service to Avnet or a Subsidiary for a specified period,
(b) achievement of Performance Objectives, or (c) a combination of (a) and (b). Except
as provided in Section 12.2 (Acceleration of Vesting), if vesting of a Restricted Stock
Unit Award is not conditioned on achievement of Performance Objectives, the Award shall
become vested no faster than pro rata over the three (3) year period that starts on the
Grant Date.

8.3. Settlement of Restricted Stock Units. Subject to Section 12.6 (Registration
of Shares), as soon as practicable after any Restricted Stock Unit becomes vested, Avnet
shall transfer to the Participant one share of Stock for each such vested Restricted
Stock Unit, cash in lieu of shares of Stock, or a combination of cash and shares of
Stock. No fractional shares shall be issued with respect to vesting of Restricted Stock
Units.

8.4. Dividend Rights. Participants in whose name Restricted Stock Units are
granted shall not be entitled to receive dividends or other distributions with respect
to shares of Stock underlying such Restricted Stock Unit, unless the Agreement provides
otherwise. Any right to receive dividends or other distributions shall be subject to
the same vesting conditions and risk of forfeiture as the Restricted Stock Units with
respect to which such right is granted, and all dividends and distributions shall be
paid when the applicable Restricted Stock Units are settled.

ARTICLE 9

PERFORMANCE SHARE UNITS

9.1. Grant. The Committee (and the CEO to the extent permitted by Section 4.6) may
grant Performance Share Units to Eligible Employees, and the Independent Directors may
grant Performance Share Units to Non-Employee Directors. The target and maximum number
of Shares deliverable upon achievement of the applicable Performance Objectives shall be
set forth in the Agreement.

9.2. Vesting. Vesting of Performance Share Units shall be conditioned upon the
achievement of specified Performance Objectives over a specified Performance Period, and
such other conditions as are set forth in the Agreement.

9.3. Settlement of Performance Shares. After Performance Share Units become
vested, Avnet shall transfer to the Participant shares of Stock or cash, or a
combination of cash and shares of Stock, corresponding to the vested amount (determined
after taking into account the Administrator’s discretion to reduce the amount payable
upon achievement of Performance Objectives). No fractional shares shall be issued with
respect to vesting of Performance Share Units.

9.4. Dividend Rights. Participants in whose name Performance Share Units are
granted shall not be entitled to receive dividends or other distributions with respect
to shares of Stock underlying such Performance Share Units, unless the Agreement
provides otherwise. Any right to receive dividends or other distributions shall be
subject to the same vesting conditions and risk of forfeiture as the Performance Share
Units with respect to which such right is granted, and all dividends and distributions
shall be paid when the applicable Performance Share Units are settled.

ARTICLE 10  

OTHER STOCK UNIT AWARDS

 

10.1. Grant. The Committee (and the CEO to the extent permitted by Section
4.6) may grant Other Stock Unit Awards to Eligible Employees, and the Independent
Directors may grant Other Stock Unit Awards to Non-Employee Directors. Each Other Stock
Unit Award may be granted as a stand-alone Award or in connection with another Award
made under the Plan, and may be in the form of Stock or other securities. The number of
            shares of Stock or other securities underlying any Other Stock Unit Award shall be set
forth in the Agreement.

10.2. Amount of Award. The value of each Other Stock Unit Award shall be based, in
whole or in part, on the value of the underlying Stock or other securities. The
Agreement may provide that an Other Stock Unit Award may provide to the Participant
(a) dividends or dividend equivalents and (b) cash payments in lieu of or in addition to
an Award.

10.3. General Rules for Other Stock Unit Awards. Subject to the requirements of
the Plan, including this Section 10.3, the terms, restrictions, conditions, vesting
requirements, and payment rules of an Other Stock Unit Award (collectively, the “Rules”)
shall be set forth in the Agreement. Each Other Stock Unit Award need not be subject to
comparable Rules.

(a)  An Other Stock Unit Award shall be subject to vesting conditions set
forth in the applicable Agreement. Such vesting conditions may be based on any
criterion permitted by Section 8.2 (Vesting); provided that, except as provided in
Section 12.2 (Acceleration of Vesting), the minimum vesting period required by
Section 8.2 shall also apply for Other Stock Unit Awards.

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

(c)  An Other Stock Unit Award may be subject to a deferred payment schedule,
if so set forth in the Agreement.

(d)  The Administrator, in its sole and complete discretion, as a result of
certain circumstances, including the assumption of, or substitution of stock unit
awards of a company with which Avnet or a Subsidiary 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.

ARTICLE 11

EXECUTIVE INCENTIVE PERFORMANCE AWARDS

11.1. EIP Awards. The Committee (and the CEO to the extent permitted by Section
4.6) may issue EIP Awards to Eligible Employees who are Executive Officers or members of
senior management of Avnet or of any of its Subsidiaries. Neither this Article 11 nor
any other provision of the Plan shall limit in any way the authority of the CEO and
other Company officers to issue incentive pay and cash bonuses to Eligible Employees who
are not Executive Officers.

11.2. Determination of EIP Amount. The amount of an EIP Award shall be determined
by the Committee (or the CEO to the extent permitted by Section 4.6) and shall be
contingent upon the achievement of Performance Objectives specified by the Committee, as
set forth in the Agreement.

11.3. Payment of Awards. EIP Awards shall be paid in cash after the Performance
Period has ended and the Committee has certified that the specified Performance
Objectives were achieved. Except as otherwise expressly provided in an Agreement,
payment shall be made no later than the end of the “applicable 2-1/2 month period”
described in Treas. Reg. § 1.409A-1(b)(4)(i)(A).

11.4. Individual Limitation. The maximum individual EIP Award permitted for a
12-month Performance Period, is $5,000,000. If the Performance Period is not twelve
(12) months, the $5,000,000 limitation shall be adjusted on a pro-rata basis (downward
if the Performance Period is less than 12 months and upward if the Performance Period is
more than 12 months) to reflect the length of the Performance Period.

ARTICLE 12

ADDITIONAL TERMS AND PROVISIONS

 

12.1. Agreements. Promptly after the granting of any Award or the
modification of any outstanding Award, the Administrator shall 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.

12.2. Acceleration of Vesting. The Administrator, in its sole discretion, may
accelerate the vesting of any Award (including the lapsing of the Period of Restriction
for Restricted Stock), or remove conditions for vesting (or lapsing of the Period of
Restriction) upon a Change in Control or the Participant’s death, retirement, layoff,
separation from service in connection with a Change in Control, or other separation from
service where the Administrator determines that such treatment is appropriate and in the
Company’s best interests, as well as upon assumption of, or in substitution for equity
awards of a company with which Avnet or a Subsidiary participates in an acquisition,
separation, merger, or similar corporate transaction; provided, however, that with
respect to an Award to a Covered Participant that is intended to qualify as “other
performance-based compensation,” waiver of performance conditions shall be permitted
only to the extent permitted by Revenue Ruling 2008-13 or any successor thereto. In
addition, the Administrator may grant awards of Restricted Stock, Restricted Stock
Units, and Other Stock Unit Awards that do not satisfy the minimum vesting periods and
Periods of Restriction prescribed by Sections 7.3, 8.2, and 10.3(a); provided, however,
that the total number of shares of Stock underlying Awards that do not satisfy such
minimum vesting periods and Periods of Restriction shall not exceed five percent (5%) of
the total number of shares available for grant under the Plan.

12.3. Tax Withholding. The Company shall have the right to deduct from all amounts
paid to a Participant or beneficiary any taxes that it determines are required by law to
be withheld in respect of Awards under the Plan. In the case of an Award settled in
            shares of Stock, no shares of Stock shall be issued, and no election under Section 83(b)
of the Code shall be accepted, unless and until arrangements satisfactory to the Company
have been made to satisfy any applicable withholding tax obligations. Without limiting
the generality of the foregoing and subject to such terms and conditions as the
Committee may impose, the Company shall have the right to (a) retain shares of Stock or
(b) subject to such terms and conditions as the Committee may establish from time to
time, allow Participants or beneficiaries to (i) tender shares of Stock (including
            shares of Stock issuable in respect of an Award) to satisfy, in whole or in part, the
amount required to be withheld, or (ii) pay the required tax withholding amount to Avnet
in cash; and the fair market value of shares of Stock withheld may exceed the minimum
statutory withholding requirements. For purposes of determining the number of shares of
Stock required to satisfy a tax withholding obligation, the fair market value shall be
calculated as of the date that the amount to be withheld is determined. A Participant
or beneficiary shall pay Avnet cash for any fractional share that would otherwise be
required to be withheld. Regardless of the amount withheld, each Participant and
beneficiary shall be responsible at all times for paying all federal, state, and local
income and employment taxes allocable to such Participant or beneficiary with respect to
any Award (including taxes due with respect to imputed income), and the Company shall
not be responsible for any interest or penalty that a Participant incurs by failing to
make timely payments of tax.

12.4. No Right to Employment; No Right to Award. The Plan shall not confer upon
any Participant or other individual 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 right, or the Company’s right, to terminate his employment
or Board membership at any time. No provision of the Plan shall be construed to give
any Eligible Employee or Non-Employee Director a right to receive an Award.

12.5. Shareholder Rights. Except as provided in Article 7 with respect to
Restricted Stock, no Participant shall acquire or have any rights as a shareholder of
Avnet by virtue of any Award until the shares of Stock issued pursuant to the Award or
the exercise thereof are recorded in the book and records of Avnet in accordance with
the terms of the Plan. Subsequent to such recordation in the book and records of Avnet,
the recipient of shares of Stock shall have the full rights of a holder of such Stock.

12.6. Registration of Shares. It is Avnet’s present intention to register the
            shares of Stock issued pursuant to the Plan under the Securities Act as necessary.
Avnet shall not be obligated to sell or deliver any shares of Stock pursuant to the
granting, vesting, or exercise of any Award unless and until—

(a) either (i) Avnet has received from its counsel an opinion concluding that
such shares need not be registered under the Securities Act, or (ii) (A) such
            shares have been registered under the Securities Act, (B) no stop order suspending
the effectiveness of such registration statement has been issued and no
proceedings therefor have been instituted or threatened under the Securities Act,
and (C) there is available at the time of such grant, vesting event, or exercise
(as applicable) a prospectus containing certified financial statements and other
information meeting the requirements of Section 10(a)(3) of the Securities Act;

(b) such shares are (or upon official notice of issuance will be) listed on
each national securities exchange on which the class of Stock is then listed;

(c) if necessary, the prior approval of such delivery 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) if the Committee so requires, Avnet has received an opinion from its
counsel with respect to compliance with the matters set forth in subsections (a),
(b), and/or (c) of this Section 12.6.

In addition, the making of any Award or determination, the delivery or recording of a stock
transfer, and payment of any amount due to a Participant may be postponed for such period as
Avnet may require, in the exercise of reasonable diligence, to comply with the requirements of
any applicable law.

12.7. Document Requirements. 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.

12.8. Deferrals. The Administrator may allow a Participant to elect to defer
receipt of any payment of cash or any delivery of shares of 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, other than Options or Stock Appreciation Rights. If such
election is permitted, the Committee shall establish rules and procedures for such
deferrals, including provisions that the Committee or the Participant determines are
necessary or advisable to comply with, or avoid being subject to, the requirements of
Section 409A of the Code, and provisions for the payment or crediting of dividend
equivalents in respect of deferrals credited in units of Stock.

12.9. Recoupment. Each Award shall be subject to the terms and conditions of
Avnet’s compensation recoupment or clawback policy, as in effect and amended from time
to time, including disgorgement or repayment to the extent required by such policy
(taking into account changes to such policy that are made after the date hereof and
after the date of the applicable Agreement).

12.10. Nontransferability. Except as otherwise provided in Section 7.7 (Foreign
Laws), this Section 12.10, or the applicable Agreement, no Award granted under the Plan,
and no interests therein, may be sold, transferred, pledged, assigned, exchanged,
encumbered or otherwise alienated or hypothecated; and each Award shall be exercisable
during the Participant’s lifetime only by the Participant or his legal guardian or
representative.

(a) An Award may be transferred by testamentary disposition or the laws of
descent and distribution.

(b) The Committee shall have sole discretion to approve, and to establish
terms and conditions for, a transfer of an Option other than an Incentive Stock
Option to (i) the child, step-child, grandchild, parent, stepparent, grandparent,
spouse, former spouse, sibling, niece, nephew, mother-in-law, father-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”); (ii) a
trust in which Immediate Family Members have more than 50% of the beneficial
interest; (iii) a foundation in which Immediate Family Members or the Employee
control the management of the assets; or (iv) any other entity in which Immediate
Family Members or the Employee own more than 50% of the voting interests (each (i)
 — (iv), a “Permitted Transferee”); provided, however, that, without the prior
approval of the Committee, no Permitted Transferee shall further transfer an
Award, either directly or indirectly, other than by testamentary disposition or
the laws of descent and distribution. For example, without prior approval of the
Committee, a Permitted Transferee may not transfer an Award 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).

(c) The Committee shall have discretion to authorize a transfer pursuant to a
domestic relations order; provided, however, that the Committee shall not be
required under any circumstance to accept or approve a transfer pursuant to a
domestic relations order.

(d) An Award may be forfeited or transferred to the extent required to
satisfy a tax levy or judgment under the Mandatory Victims Restitution Act or
similar federal or state law.

12.11. Applicable Law and Severability. 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, without regard to any
conflicts or choice of law rule or principle that might otherwise refer construction or
interpretation of the Plan to the substantive law of another jurisdiction. If any
provision of the Plan is 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 such invalid, illegal or unenforceable
provision (or portion thereof) had never been included in the Plan.

12.12. Special Incentive Compensation. No shares of Stock or other remuneration
provided pursuant to an Award, other than an EIP Award, shall be included in
compensation for purposes of determining the amount payable to any individual under any
pension, savings, retirement, life insurance, or other employee benefits arrangement of
the Company, unless otherwise determined by the Company. Remuneration provided pursuant
to an EIP Award shall be included in compensation to the extent (and only to the extent)
required by the applicable employee benefits arrangement.

12.13. Section 16(b) of the Exchange Act. 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. In addition, with respect to persons subject to Section 16(b) of the
Exchange Act, transactions under the Plan are intended to comply with all applicable
conditions of Rule 16b-3. To the extent that any provision of the Plan or any action by
the Administrator fails to comply with Rule 16b-3, it shall be deemed null and void, to
the extent permitted by law and deemed advisable by the Committee.

12.14. Section 162(m) of the Code. Each Award to a Covered Participant that is
contingent upon the achievement of Performance Objectives shall be deemed to include any
such additional terms, conditions, limitations, and other provisions as are necessary
for such Award to qualify as “other performance-based compensation” within the meaning
of Section 162(m)(4)(C) of the Code, unless the Committee in its discretion determines
that such Award is not intended to qualify as “other performance-based compensation.”
Performance Objectives for each Award granted to a Covered Employee shall be measured
over a stated Performance Period, on an absolute basis or relative to a pre-established
target, as specified by the Committee and reflected in the Agreement. The Performance
Objectives for each Award that is intended to qualify as “other performance-based
compensation” shall be set forth in writing, at a time when achievement of the
Performance Objectives is substantially uncertain, no later than the earlier of (a) 90
days after commencement of the period of service (within the meaning of Treas. Reg.
§ 1.162-27(e)(2)(i)) to which the Performance Objectives relate, or (b) before 25
percent (25%) of such period of service has elapsed. To the extent permitted by Section
162(m)(4)(C) of the Code, the Committee may adjust performance results to take into
account extraordinary, unusual, non-recurring, or non-comparable items, and shall have
discretion to reduce (but not to increase) the amount due upon achievement of any
Performance Objective. No amount shall be paid to a Covered Employee pursuant to an
Award that is contingent upon the achievement of Performance Objectives unless and until
the Committee has certified that the Performance Objectives have been satisfied. To the
extent required by Section 162(m) of the Code, canceled Awards shall continue to be
counted against the limit set forth in Section 3.2 (Individual Limitations) on shares of
Stock available for Awards.

12.15. Section 409A of the Code. The Plan, any Award granted under the Plan, and
all Agreements evidencing such Awards, shall be interpreted, administered, and construed
consistent with the intent that (a) all options, SARs, and comparable awards shall be
exempt from Section 409A of the Code by reason of the exemption for certain stock rights
set forth in Treas. Reg. § 1.409A-1(b)(5); (b) all Awards of Restricted Stock shall be
exempt from Section 409A of the Code by reason of the exemption for restricted property
governed by Section 83 of the Code set forth in Treas. Reg. § 1.409A-1(b)(6); and (c)
except to the extent that the applicable Agreement clearly sets forth an intent to
provide for nonqualified deferred compensation that is subject to the requirements of
Section 409A, all Restricted Stock Unit Awards, Performance Share Unit Awards, Other
Stock Unit Awards, and EIP Awards shall be exempt from Section 409A of the Code by
reason of the “short-term deferral rule” set forth in Treas. Reg. § 1.409A-1(b)(4).

12.16. Application of Proceeds. The proceeds received by the Company from the sale
of Stock under the Plan shall be used for general corporate purposes.

12.17. Rules of Construction. Whenever used in the Plan, (a) words in the
masculine gender shall be deemed to refer to females as well as to males; (b) words in
the singular shall be deemed to refer also to the plural; (c) the word “include” shall
mean “including but not limited to”; (d) references to a statute or regulation or
statutory or regulatory provision shall refer to that provision (or to a successor
provision of similar import) as currently in effect, as amended, or as reenacted, and to
any regulations and other formal guidance of general applicability issued thereunder;
and (e) references to a law shall include any statute, regulation, rule, court case, or
other requirement established by an exchange or a governmental authority or agency, and
applicable law shall include any tax law that imposes requirements in order to avoid
adverse tax consequences.

12.18. Headings and Captions. The headings and captions in this Plan document are
provided for reference and convenience only, shall not be considered part of the Plan,
and shall not be employed in the construction of the Plan.

12.19. Effective Date. The Plan shall become effective on the date the Plan is
approved by Avnet’s shareholders.

ARTICLE 13

ADJUSTMENTS UPON CHANGES IN CAPITALIZATION

13.1. Share Adjustments. If the Stock is split, divided, or otherwise reclassified
into or exchanged for a greater or lesser number of shares of Stock or into shares of
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,
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 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. If a 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, and the
remaining number of shares of Stock that may thereafter be delivered pursuant to the
exercise of any Awards then outstanding shall be increased by the percentage that the
number of shares of Stock so paid as a dividend bears to the total number of shares of
Stock outstanding immediately before the payment of such dividend. If an extraordinary
cash dividend is paid to the holders of outstanding shares of Stock, the remaining
number of shares of Stock that may, in the aggregate, thereafter be delivered pursuant
to the exercise or grant of Awards and the remaining number of shares of Stock that may
thereafter be delivered pursuant to the exercise of any Awards then outstanding, shall
be equitably adjusted by the Committee.

13.2. Exercise Price Adjustments. If the Stock is split, divided or otherwise
reclassified or exchanged, or that any dividend payable in shares or Stock or
extraordinary cash dividend is paid to the holders of outstanding shares of Stock, in
each case, 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.

13.3. Fractional Shares. Notwithstanding any other provision of this Article 13,
if upon any adjustment made in accordance with Section 13.1 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 other
property in payment therefor or in lieu thereof.

ARTICLE 14

AMENDMENT OR TERMINATION OF THE PLAN

14.1. The Plan shall automatically terminate on November 30, 2023, unless it is
sooner terminated pursuant to Section 14.2, below. No Award shall be granted after the
Plan terminates. All Awards granted before the Plan terminates shall continue in effect
thereafter in accordance with the terms of the applicable Agreements and the Plan.

14.2. Reservation of Rights. The Board of Directors may amend or terminate the
Plan at any time as the Board may deem advisable and in the best interests of Avnet;
provided, however, that—

(i) the terms of an outstanding Award shall not be changed without written
consent of the Participant and,

(ii) 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, shall be required for
any change that (a) affects the composition or functioning of the Committee;
(b) materially increases the aggregate number of shares of Stock that may be
delivered pursuant to the exercise of Awards; (c) materially increases 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) materially
decreases 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; (e) extends the ten-year maximum period within which an Award is
exercisable or the termination date of the Plan; or (f) otherwise triggers a
shareholder approval requirement under an applicable law or listing standard.

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