Document:

DR - 6.30.2013 - Ex 10.7

Exhibit 10.7
EXECUTION VERSION

STOCKHOLDERS’ AGREEMENT
This STOCKHOLDERS’ AGREEMENT (this “Agreement”) is dated as of July 17, 2013, by and among Diamond Resorts International, Inc., a Delaware corporation (the “Company”), and the individuals and entities who will be stockholders of the Company following the LLC Exchange and the IPO (each as defined below) who are party hereto (the “Company Stockholders”), as set forth on the signature pages to this Agreement.

WHEREAS, the Company is contemplating an initial public offering (such an initial public offering, the “IPO”) of its common stock, $0.01 par value per share (the “Common Stock”);

WHEREAS, in contemplation of, and as part of a single transaction with, the IPO, the then-current unitholders of Diamond Resorts Parent, LLC, a Nevada limited liability company (“DRP”), will transfer their respective Class A and/or Class B units of DRP (collectively, the “Units”) to the Company in exchange for shares of Common Stock (the “LLC Exchange”);

WHEREAS, following the LLC Exchange and the IPO, the Company Stockholders will collectively own a majority of the Common Stock;

WHEREAS, in connection with the IPO, the Company, Cloobeck Diamond Parent, LLC (“CDP”) and DRP Holdco, LLC (“DRPH” and, together with CDP, the “Designating Stockholders”) have entered into that certain Director Designation Agreement (the “Director Designation Agreement”), pursuant to which the Company’s Board of Directors (the “Board”) is required to nominate the Company’s then-current Chief Executive Officer and two individuals designated by each of CDP and DRPH, respectively, for election to the Board; and

WHEREAS, the Company Stockholders wish to agree to vote their shares of Common Stock for the individuals nominated for election to the Board pursuant to the Director Designation Agreement, and for all other persons nominated by the Board for election thereto.

NOW THEREFORE, in consideration of the premises and of the mutual agreements, covenants and provisions herein contained and for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

1

ARTICLE I
DEFINITIONS

The following terms shall have the corresponding meanings for purposes of this Agreement:

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by or is under common control with such Person.  As used in this definition, the term “control” means the possession, directly or indirectly, of any other power to direct or cause the direction of the management and policies of such a Person, whether through ownership of voting securities, by contract or otherwise.  

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

“Governmental Authority” means any court, tribunal, arbitrator, authority, agency, commission, official or other instrumentality of the United States, any foreign country, or any domestic or foreign state, province, county, city, other political subdivision or any other similar body or organization exercising similar powers or authority. 

“Law” means the common law of any jurisdiction, or any provision of any foreign, federal, state or local law, statute, rule, regulation, order, Permit, judgment, injunction, decree or other decision of any court or other tribunal or Governmental Authority legally binding on the relevant Person or its properties.

“Lien” means any lien, claim, charge, restriction, option, preemptive right, mortgage, hypothecation, assessment, pledge, encumbrance or security interest of any kind or nature whatsoever.

“NYSE Rules” means the rules of the New York Stock Exchange, as such rules may be amended or supplemented from time to time, or, if the Common Stock is listed on a securities exchange or quotation system other than the New York Stock Exchange, any comparable rule or regulation of the primary securities exchange or quotation system on which the Common Stock is listed or quoted.

“Permit” means any permit, license, certification, approval, consent, notice, waiver, qualification, filing, exemption and authorization by or of, or registration with, any Governmental Authority.

“Person” means any individual, sole proprietorship, general partnership, limited partnership, limited liability company, joint venture, trust, unincorporated association, corporation, Governmental Authority or other entity or group (which term shall include a “group” as such term is defined in Section 13(d)(3) of the Exchange Act and Rule 13d-5 promulgated under the Exchange Act).

2

“Public Sale” means any transfer of shares of Common Stock in accordance with the manner of sale requirements set forth in Rule 144(f), whether pursuant to a transaction effected pursuant to Rule 144, an effective registration statement under the Securities Act or otherwise.

“Rule 144” means Rule 144 promulgated under the Securities Act.

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
ARTICLE II
VOTING AND PROXY

Section 2.1.    Agreement to Vote.  Each Company Stockholder irrevocably and unconditionally agrees that, from and after the effective date of the IPO (the “Effective Date”), at any meeting (whether annual or special, and at each adjourned or postponed meeting) of the Company’s stockholders, however called, at which individuals are to be elected to the Board (any such meeting or other circumstance, a “Stockholders’ Meeting”), such Company Stockholder will (i) appear at each Stockholders’ Meeting or, at such Company Stockholder’s option, otherwise cause all shares of Common Stock owned by such Company Stockholder to be counted as present at each Stockholders’ Meeting, for purposes of calculating a quorum; and (ii) vote, or cause to be voted, in person or by proxy, all of the shares of Common Stock owned by such Company Stockholder to the fullest extent that such shares of Common Stock are entitled to be voted at the time of any vote, “for” any and all nominees recommended by the Board to the Company’s stockholders as set forth in the Company’s definitive proxy statement with respect to such election (including those nominees selected by the Designating Stockholders and nominated pursuant to the Director Designation Agreement).

Section 2.2.    Irrevocable Proxy and Power of Attorney.  Each Company Stockholder hereby appoints Stephen J. Cloobeck and David F. Palmer and any designee of Stephen J. Cloobeck and David F. Palmer, and each of them individually, as its proxies and attorneys-in-fact, with full power of substitution and re-substitution, if a Company Stockholder fails for any reason to be counted as present or to vote such Company Stockholder’s shares of Common Stock in accordance with the requirements of Section 2.1 above, to vote during the term of this Agreement with respect to the shares of Common Stock owned by such Company Stockholder,  in accordance with the provisions of Section 2.1 hereof and for no other purpose. This proxy and power of attorney is given to secure the performance of the duties of the Company Stockholders under this Agreement. Each Company Stockholder shall take such further action or execute such other instruments as may be necessary to effectuate the intent of this proxy. This proxy and power of attorney granted by each Company Stockholder shall be irrevocable while such Company Stockholder owns shares of Common Stock, shall be deemed to be coupled with an interest sufficient in law to support an irrevocable proxy and shall revoke any and all prior proxies granted by any Company Stockholder with respect to the shares of Common Stock owned by such Company Stockholder. The power of attorney granted by each Company Stockholder herein is a durable power of attorney and shall survive the dissolution, bankruptcy, death or incapacity of the Company Stockholder. The proxy and power of attorney granted hereunder shall terminate upon the termination of this Agreement, and, as to any Company Stockholder, upon such Company Stockholder’s transfer of any shares of 

3

Common Stock (but only as to the shares of Common Stock transferred to any person other than another Company Stockholder or an Affiliate of the transferor or another Company Stockholder).

ARTICLE III
GROUP AND CONTROLLED COMPANY STATUS

Section 3.1.    Group Status.  Each party hereto hereby acknowledges that, by entering into this Agreement, the Company Stockholders intend to form a “group” (as such term is defined in Section 13(d)(3) of the Exchange Act and Rule 13d-5 promulgated under the Exchange Act), and each Company Stockholder agrees that, to the extent required, such Company Stockholder will make all necessary filings under Section 13(d) and Section 16 of the Exchange Act reflecting such group status.

Section 3.2    Controlled Company Status.  Each party hereto hereby acknowledges that, by entering into this Agreement, and because of the group status of the Company Stockholders resulting therefrom, the Company and the Company Stockholders intend that the Company qualify as a “controlled company” under the NYSE Rules. 

ARTICLE IV
RESTRICTIONS ON TRANSFER

Each Company Stockholder agrees that, in the event of a transfer of any shares of Common Stock by such Company Stockholder to a Person that is (a) an Affiliate of such Company Stockholder, (b) any other Company Stockholder, or (c) an Affiliate of any other Company Stockholder (except in the event of a transfer of any shares of Common Stock by such Company Stockholder pursuant to a Public Sale where such Company Stockholder has no actual knowledge that the purchaser is any such Person), it shall be a condition precedent to such transfer of shares of Common Stock: (i) for such transferee to execute and deliver to the Company a Joinder to this Agreement with respect to such shares of Common Stock, and (ii) for such Joinder to be valid and binding in all respects on such transferee.  Any purported sale or transfer of any shares of Common Stock by any Company Stockholder without compliance with the obligation in the preceding sentence shall be null and void ab initio.

ARTICLE V
REPRESENTATIONS AND WARRANTIES OF THE COMPANY

Section 5.1.    Organization and Authority; Enforceability.  The Company is duly organized, validly existing and in good standing under the laws of the State of Delaware, and has full power, right and authority to enter into and perform its respective obligations under this Agreement and the other documents contemplated hereby to which it is a party; (ii) the execution, delivery and performance of this Agreement and each of the other documents contemplated hereby to which the Company is a party have been duly and properly authorized by all requisite action in accordance with applicable law and with the Certificate of Incorporation and bylaws of the Company; and (iii) each person executing, on behalf of the Company, this Agreement and any of 

4

the other documents contemplated hereby to which the Company is a party has the power and authority to execute and deliver this Agreement and each of the other documents contemplated hereby to which the Company is a party, to consummate the transactions contemplated hereby and thereby and to cause the Company to perform its obligations hereunder and thereunder.

Section 5.2.    No Violations; No Consents.  The execution, delivery and performance of this Agreement and the other documents contemplated hereby, and the consummation of the transactions contemplated hereby and thereby, will not (i) violate or result in a breach of any of the terms, conditions or provisions of the Certificate of Incorporation or bylaws of the Company; (ii) violate or result in a breach of any Law applicable to the Company or by which any of the Company’s property or assets may be bound; (iii) contravene, result in a violation or breach of or default under (with or without the giving of notice or the lapse of time or both), permit any party to terminate, amend or accelerate the provisions of, or result in the imposition of any Lien (or any obligation to create any Lien) upon any of the property or assets of the Company under any contract, agreement, indenture, letter of credit, mortgage, security agreement, pledge agreement, deed of trust, bond, note, guarantee, surety obligation, warranty, license, franchise, permit, power of attorney, lease, instrument or other agreement to which the Company is a party or by which any of the Company’s property or assets may be bound; or (iv) contravene, result in a violation or breach of or default under (with or without the giving of notice or the lapse of time or both) any other agreement to which the Company is a party.  No Permit, authorization, consent or approval of or by, or any notification of or filing with, any Person is required by the Company in connection with the execution, delivery and performance of this Agreement or the consummation by the Company of the transactions contemplated hereby (other than such notifications or filings required under applicable federal or state securities Laws, if any).

ARTICLE VI
REPRESENTATIONS AND WARRANTIES OF THE COMPANY STOCKHOLDERS

As of the date hereof and as of the date of the consummation of the IPO (except as indicated below), each Company Stockholder severally represents and warrants to the Company as follows:

Section 6.1.    Organization and Authority; Enforceability.  

(a) If such Company Stockholder is an individual, such Company Stockholder is of sound mind and has full legal capacity to enter into, execute and deliver this Agreement and the other documents contemplated hereby and perform his or her obligations hereunder and thereunder, and each of this Agreement and the other documents contemplated hereby has been duly executed and delivered by such Company Stockholder and constitutes a legal, valid and binding obligation of such Company Stockholder, enforceable against such Company Stockholder in accordance with its terms, except as such enforceability may be limited by any applicable bankruptcy, insolvency, moratorium or other laws relating to or affecting creditors' rights generally and the exercise of judicial discretion in accordance with general equitable principles.

(b) If such Company Stockholder is an entity, (i) such Company Stockholder is duly organized, validly existing and in good standing under the laws of the state of its organization, and 

5

has full power, right and authority to enter into and perform its respective obligations under this Agreement and the other documents contemplated hereby to which it is a party; (ii) the execution, delivery and performance of this Agreement and each of the other documents contemplated hereby to which such Company Stockholder is a party have been duly and properly authorized by all requisite action in accordance with applicable law and with the organizational documents of such Company Stockholder; and (iii) each person executing, on behalf of such Company Stockholder, this Agreement and any of the other documents contemplated hereby to which such Company Stockholder is a party has the power and authority to execute and deliver this Agreement and each of the other documents contemplated hereby to which such Company Stockholder is a party, to consummate the transactions contemplated hereby and thereby and to cause such Company Stockholder to perform its obligations hereunder and thereunder.

Section 6.2.    Title.  Following the LLC Exchange, such Company Stockholder will be the sole owner, beneficially and of record, of the shares of Common Stock issued to such Company Stockholder in the LLC Exchange, and shall have the sole power to vote such shares of Common Stock at any Stockholders’ Meeting.

Section 6.3.    No Violations; No Consents.  The execution, delivery and performance of this Agreement and the other documents contemplated hereby, and the consummation of the transactions contemplated hereby and thereby, will not (i) violate or result in a breach of any of the terms, conditions or provisions of the organizational documents of such Company Stockholder, if such Company Stockholder is an entity; (ii) violate or result in a breach of any Law applicable to such Company Stockholder or by which any of such Company Stockholder’s property or assets may be bound; or (iii) contravene, result in a violation or breach of or default under (with or without the giving of notice or the lapse of time or both), permit any party to terminate, amend or accelerate the provisions of, or result in the imposition of any Lien (or any obligation to create any Lien) upon any of the property or assets of such Company Stockholder under any contract, agreement, indenture, letter of credit, mortgage, security agreement, pledge agreement, deed of trust, bond, note, guarantee, surety obligation, warranty, license, franchise, Permit, power of attorney, lease, instrument or other agreement to which such Company Stockholder is a party or by which any of such Company Stockholder’s property or assets may be bound.  No Permit, authorization, consent or approval of or by, or any notification of or filing with, any Person is required by such Company Stockholder in connection with the execution, delivery and performance of this Agreement or the consummation by such Company Stockholder of the transactions contemplated hereby.

Section 6.4.    No Inconsistent Arrangements.  Except as contemplated by this Agreement or the other agreements to be entered into in connection with the IPO, such Company Stockholder has not (i) entered into any contract, option or other agreement or understanding with respect to any transfer of any shares of Common Stock held by such Company Stockholder or any interest therein, (ii) granted any proxy, power-of-attorney or other authorization in or with respect to such shares of Common Stock, (iii) deposited any such shares of Common Stock into a voting trust or entered into a voting agreement or arrangement with respect to any such shares of Common Stock, or (iv) taken any other action that would in any way restrict, limit or interfere with the performance of its obligations hereunder or the transactions contemplated hereby or in connection with the IPO.

6

ARTICLE VII
MISCELLANEOUS

Section 7.1.    Amendment and Modification; Waiver.  This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  

Section 7.2.    Expenses.  Each party hereto shall be responsible for all expenses of such party incurred in connection with the transactions contemplated by this Agreement. In addition, each party shall be responsible for any and all expenses incurred by any other party in enforcing the provisions of this Agreement against such party.

Section 7.3.    Notices.

(a)  All notices, requests, demands, waivers and other communications to be given by any party hereunder shall be in writing and shall be (i) mailed by first-class, registered or certified mail, postage prepaid, (ii) sent by hand delivery or reputable overnight delivery service or (iii) transmitted by fax or electronic mail (provided that a copy is also sent by reputable overnight delivery service) addressed, in the case of the Company, to 10600 West Charleston Boulevard, Las Vegas, Nevada 89135, Attention: Chief Administrative Officer, with a copy provided to the attention of the Office of General Counsel at the same address, and in the case of each Company Stockholder, to the address set forth for such Company Stockholder on the books and records of the Company or, in each case, to such other address as may be specified in writing to the other parties hereto.

(b)  All such notices, requests, demands, waivers and other communications shall be deemed to have been given and received (i) if by personal delivery, fax or electronic mail, on the day of such delivery, (ii) if by first-class, registered or certified mail, on the fifth business day after the mailing thereof, or (iii) if by reputable overnight delivery service, on the first business day after the deposit therewith.

Section 7.4.    Representatives, Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their respective legatees, legal representatives, successors and assigns.

Section 7.5.    Benefit.  Nothing in this Agreement, express or implied, is intended or shall be construed to confer upon or give to any Person (other than the Company Stockholders or the Company) any remedy or claim under or by reason of this Agreement or any term, covenant or 

7

condition hereof, all of which shall be for the sole and exclusive benefit of the parties mentioned above in this Section.

Section 7.6.    Governing Law; Consent to Jurisdiction.  THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.  Each party hereby irrevocably consents to the jurisdiction and venue of the courts of the State of Delaware for all purposes in connection with any proceeding or cause of action that arises out of or relates to this Agreement and agree that any proceeding instituted under this Agreement shall be commenced, prosecuted and continued only in the courts of the State of Delaware.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT.

Section 7.7.    Further Assurances. Each Company Stockholder agrees to execute such additional documents and take such further action as may be reasonably requested by the Company to effect the provisions of this Agreement.

Section 7.8.    Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument. To the extent signed and delivered by means of a fax or other electronic transmission (including .pdf), this Agreement shall be treated in all manner and respect as an original agreement and shall be considered to have the same binding legal effects as if it were the original signed version thereof delivered in person.

Section 7.9.    Entire Agreement. This Agreement supersedes all prior negotiations, agreements and understandings, both written and oral, among the parties with respect to the subject matter hereof. 

Section 7.10.  Interpretation.  Article titles and headings to sections are inserted for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation hereof.  As used herein, “include,” “includes” and “including” are deemed to be followed by “without limitation” whether or not they are in fact followed by such words or words of like import; “writing,” “written” and comparable terms refer to printing, typing, lithography and other means of reproducing words in a visible form; references to a Person are also to its successors and permitted assigns; “hereof,” “herein,” “hereunder” and comparable terms refer to the entirety hereof and not to any particular article, section or other subdivision hereof or an attachment hereto;  references to any gender include references to the plural and vice versa; references to this Agreement or other documents are as amended or supplemented from time to time; and references to “Article,” “Section” or another subdivision or to an attachment are to an article, section or subdivision hereof or an attachment hereto. 

* * *

8

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

COMPANY:

DIAMOND RESORTS INTERNATIONAL, INC.

By:    /s/ David F. Palmer                
Name: David F. Palmer 
Title:   President and CEO

[Signature Page to Stockholders Agreement]

COMPANY STOCKHOLDERS:

CLOOBECK DIAMOND PARENT, LLC

By:    /s/ Stephen J. Cloobeck            
Name: Stephen J. Cloobeck
Title:   Manager

[Signature Page to Stockholders Agreement]

TRIVERGANCE DIAMOND SUB, LLC

By:    /s/ Lowell D. Kraff                
Name: Lowell D. Kraff
Title:   Authorized Person

[Signature Page to Stockholders Agreement]

LDK HOLDCO, LLC

By:    /s/ Lowell D. Kraff                
Name: Lowell D. Kraff
Title:  Manager

[Signature Page to Stockholders Agreement]

DRP FRIENDS HOLDING, LLC

By:    /s/ Howard S. Lanznar                
Name: Howard S. Lanznar
Title:   Manager

[Signature Page to Stockholders Agreement]

DRP HOLDCO, LLC

By:    /s/ Zachary D. Warren                
Name: Zachary D. Warren
Title:  Authorized Person

[Signature Page to Stockholders Agreement]

PRAESUMO PARTNERS, LLC

By:    /s/ Lowell D. Kraff            
Name: Lowell D. Kraff
Title:   Managing Member

[Signature Page to Stockholders Agreement]

DEIFIK RESORTS, LLC

By:    /s/ Bruce Deifik                
Name: Bruce Deifik
Title:   Manager

[Signature Page to Stockholders Agreement]

BEST AMIGOS PARTNERS, LLC

By:    /s/ Lowell D. Kraff                
Name: Lowell D. Kraff
Title:   Manager
 

[Signature Page to Stockholders Agreement]

DIAMOND OURSURANCE, LLC

By:    /s/ Lowell D. Kraff                
Name: Lowell D. Kraff
Title:   Manager

[Signature Page to Stockholders Agreement]

CHAUTAUQUA IIA, LLC

By:    /s/ David F. Palmer                
Name: David F. Palmer
Title:   Manager

[Signature Page to Stockholders Agreement]

CHAUTAUQUA IIB, LLC

By:    /s/ Anne Palmer                
Name: Anne Palmer
Title:   Manager

[Signature Page to Stockholders Agreement]

CHAUTAUQUA MANAGEMENT, LLC

By:    /s/ David F. Palmer                
Name: David F. Palmer
Title:   Manager

[Signature Page to Stockholders Agreement]

BYRON DIAMOND INVESTMENTS, LLC

By:    /s/ Marc Byron                
Name: Marc Byron
Title:   Manager

[Signature Page to Stockholders Agreement]

JSTONE, INC.

By:    /s/ Jerry Stone                    
Name: Jerry Stone
Title:   President

[Signature Page to Stockholders Agreement]

ELI FIELD DISCRETIONARY TRUST FOR SANDRA U/A/D 11/21/78

By:    /s/ Carey Cooper                
Name: Carey Cooper
Title:   Trustee

[Signature Page to Stockholders Agreement]

/s/ Steven Bell                        
Steven Bell

[Signature Page to Stockholders Agreement]

/s/ Howard S. Lanznar                    
Howard S. Lanznar

[Signature Page to Stockholders Agreement]

/s/ Brian Garavuso                    
Brian Garavuso

[Signature Page to Stockholders Agreement]

/s/ C. Alan Bentley                    
C. Alan Bentley

[Signature Page to Stockholders Agreement]

/s/ Michael Flaskey                    
Michael Flaskey

[Signature Page to Stockholders Agreement]

/s/ David J. Berkman                    
David J. Berkman

[Signature Page to Stockholders Agreement]

/s/ Richard M. Daley                    
Richard M. Daley

[Signature Page to Stockholders Agreement]

/s/ Robert Wolf                    
Robert Wolf

[Signature Page to Stockholders Agreement]

/s/ David F. Palmer                    
David F. Palmer

[Signature Page to Stockholders Agreement]

/s/ Stephen J. Cloobeck                
Stephen J. Cloobeck

[Signature Page to Stockholders Agreement]

/s/ Zachary D. Warren                    
Zachary D. Warren

[Signature Page to Stockholders Agreement]

/s/ B. Scott Minerd                    
B. Scott Minerd

[Signature Page to Stockholders Agreement]

/s/ Lowell D. Kraff                    
Lowell D. Kraff

[Signature Page to Stockholders Agreement]

/s/ Lisa M. Gann                    
Lisa M. Gann

[Signature Page to Stockholders Agreement]

1818 PARTNERS, LLC

By:    /s/ David F. Palmer                
Name: David F. Palmer
Title:   Authorized Person

[Signature Page to Stockholders Agreement]

THE 2006 BERKMAN TRUST FOR DAVID J. BERKMAN FAMILY UAD 11/01/06

By:    /s/ David J. Berkman                
Name: David J. Berkman
Title:    Trustee

[Signature Page to Stockholders Agreement]

THE RMD FAMILY GIFT TRUST UAD 09/10/11

By:    /s/ Terry Newman                
Name: Terry Newman
Title:    Trustee

[Signature Page to Stockholders Agreement]AVT-2013.06.29-10K-Exh10.3

Exhibit 10.3
EMPLOYMENT AGREEMENT

This Employment Agreement (“Agreement”) is made by and between _________ (“Executive”), and AVNET, INC., a New York corporation, with its principal executive offices at 2211 South 47th Street, Phoenix, AZ  85034 (the “Company”), effective as of this ____ day of ____, ____ (the “Effective Date”).
WHEREAS, the Company wishes to provide for the continued employment of Executive; and
WHEREAS, Executive wishes to accept such continued responsibilities and employment and to render services to the Company in accordance with the provisions of this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the parties agree as follows:
		
	1.
	Employment, Duties and Responsibilities

a.Employment.  The Company hereby employs Executive, and Executive hereby accepts employment upon the terms and conditions set forth in this Agreement.

b.Position.  On and after the Effective Date, for the term of this Agreement, Executive shall serve as ___________ of the Company.  In addition, if requested by the Company's Chief Executive Officer, Executive shall serve, without additional compensation, as an officer or director of subsidiaries, divisions, or affiliates of the Company.

c.Performance of Duties.  Executive agrees to devote her full-time attention and best efforts to the business and affairs of the Company.  Executive shall perform all duties and responsibilities commensurate with her position(s) and shall follow the reasonable directions of the Company's Chief Executive Officer.  Executive may serve on civic, charitable or corporate boards or committees, fulfill speaking engagements, and manage her personal affairs, so long as the Company reasonably determines that such activities do not interfere, compete with, or otherwise pose a conflict of interest with respect to, the performance of Executive's duties and responsibilities.  Executive shall comply with Company policies and procedures as adopted from time to time, including the Company's Code of Conduct.

		
	2.
	Term of Agreement

This Agreement shall be effective beginning on the Effective Date, and continuing for one (1) year thereafter.  The Agreement shall automatically be extended for successive one (1) year terms unless the Company or Executive notifies the other party of its intent not to extend the Agreement at least one (1) year before the end of the then-current term.  Either party may terminate the Agreement before the end of the term in accordance with Section 5, below.  
		
	3.
	Compensation

For all services to be rendered by Executive and for all covenants undertaken by her, the Company shall pay and Executive shall accept the following compensation:
a.Base Salary.  For all services to be rendered by Executive and for all covenants undertaken by her pursuant to the Agreement, Company shall pay and Executive shall accept such compensation (including base salary and incentive compensation) as shall be agreed upon from time to time between the Company and Executive.  If Executive is elected or reelected as an officer or a 

director of the Company or any subsidiary, division or affiliate thereof, she shall serve as such without additional compensation.

b.Incentive Programs and Bonuses.  
(i)Incentive Programs.  For each fiscal year of the Company during the term of the Agreement, Executive shall be eligible to receive incentive payments for services rendered during the fiscal year pursuant to the Company's Executive Incentive Plan (the “Incentive Plan”).  The actual amount, if any, of Executive's incentive payment for each fiscal year shall be determined by the Compensation Committee (the “Compensation Committee”) of the Board of Directors of the Company (the “Board of Directors”) based on (and subject to) the Company's performance against goals established in accordance with the Incentive Plan, and may range from zero to any maximum established pursuant to the Incentive Plan.  If Executive is employed for only part of a fiscal year, Executive's incentive payment (if any) for such fiscal year shall be pro-rated for the number of days during the fiscal year during which she was employed, and shall be paid at the end of the performance period based upon (and subject to) actual achievement of performance goals.  In the event of a “change of ownership or control,” within the meaning of Treas. Reg. § 1.162-27(e)(2)(v) (an “Ownership Change”), in which the Company has not been the acquiring and/or surviving entity, the Board or Compensation Committee of the surviving entity shall modify the performance objectives for the fiscal year in which the Ownership Change occurs to the extent necessary (if at all) to ensure that Executive's incentive opportunity for such fiscal year is at least comparable to the incentive opportunity that was expected when the performance objectives for such fiscal year were first established.  In the event of a dispute regarding the extent of the modification, such dispute shall be resolved by an independent compensation consultant who is acceptable to both Executive and the Company.  Such compensation consultant shall be engaged and paid by the Company.  If the compensation consultant determines that (A) the existing performance objectives are no longer consistent with the intended incentive opportunity and (B) it is not practicable to revise the applicable performance objectives, Executive's incentive payment for the applicable fiscal year shall be no less than the target amount for such fiscal year.  For purposes of this paragraph, the fiscal year of the Company shall be determined without regard to any Ownership Change.

(ii)Bonus Payments.  In addition to any incentive payments under the Incentive Plan, Executive shall be eligible to receive such additional bonuses as may be awarded by the Committee or the Board.  

(iii)Clawback Policy.  Any incentive or bonus payment made to Executive shall be subject to the terms and conditions of the Company's clawback policy, as in effect and amended from time to time, including disgorgement or repayment to the extent required by such policy. 

c.Participation in Equity Plans.  Executive shall participate in the Company's various stock option and other equity incentive plans as in effect from time to time, subject to the terms of such plans and, to the extent applicable, Executive's executing and not revoking the restrictive covenant agreement described in Section 3.d(ii), below.

d.Employee Benefits.  Executive shall be entitled to participate, on terms no less favorable than the terms offered to other senior executives of the Company, in any group and/or executive life, hospitalization or disability insurance plan, health program, profit sharing, deferred compensation plan, employee stock 

purchase plan, 401(k) plan, pension plan, and similar benefit plans (qualified, non-qualified, and supplemental) and other fringe benefits of the Company in effect from time to time; provided, however, that-

(i)Executive shall not be entitled to participate in or receive benefits under any severance or similar plan or program maintained by the Company (other than this Agreement and Executive's COC (as described in Section 5.h, below)); and

(ii)Executive's rights to post-termination vesting and benefits under any stock option or other equity incentive plan maintained by the Company shall be contingent on Executive executing and not revoking a mutually acceptable restrictive covenant agreement.  It is anticipated that such agreement will include restrictions comparable to the restrictions set forth in Section 4, below (Restrictive Covenants), and will apply for the period during which Executive is receiving equity incentive benefits, and/or continuing to vest in equity incentive or stock option benefits.

e.Vacation and Other Absences.  Executive shall be entitled to paid vacations each year in accordance with the Company's then-current vacation policy for senior executives.  Executive shall be subject to the policies and procedures relating to other absences from regular duties for holidays, sick or disability leave, leave of absence without pay, or leave for other reasons, as those customarily provided to the Company's senior executives.

f.Expenses.  The Company shall reimburse Executive's travel, entertainment, and other business expenses that are reasonably and necessarily incurred by her in the course of performing her duties and properly documented, all in accordance with the Company's policies as in effect from time to time.  

		
	4.
	Restrictive Covenants

Executive acknowledges and recognizes (i) her possession of Confidential Information (as defined in Section 4.b, below), (ii) the highly competitive nature of the business of the Company and its affiliates and subsidiaries, which is worldwide in scope, and (iii) that reasonable restrictions on Executive's future business endeavors and Executive's ability to disclose Confidential Information are necessary to protect valuable client and customer relationships of the Company.  Accordingly, in consideration of the premises contained herein, Executive agrees to the restrictions set forth in this Section 4.
a.Non-Competition.  Executive agrees that during the term of this Agreement Executive shall not, either individually or as an officer, director, stockholder, member, partner, agent, employee, consultant, principal, or committee-member of another business firm or sole proprietorship, (i) engage in, or be connected in any manner with, any business operating anywhere in the world that is in direct or indirect competition with any active business of the Company or any of its affiliates or subsidiaries, or any planned business of the Company or any of its affiliates or subsidiaries of which Executive is aware (each a “Competitive Business”); (ii) be employed by an entity or person that controls a Competitive Business; or (iii) directly or indirectly solicit any customer or client of the Company or any of its affiliates or subsidiaries; provided, however, that the restrictions set forth in this Section 4.a shall not prohibit Executive from being a passive shareholder of a public company if Executive owns less than one percent (1%) of such company.

b.Confidential Information.  Executive agrees that she shall not, at any time during the term of this Agreement or thereafter, disclose to another, or use for any purpose other than performing her duties and responsibilities under this Agreement, any Confidential Information.  For purposes of this Agreement, Confidential Information includes all trade secrets and confidential information of the Company and its 

affiliates and subsidiaries including, but not limited to, the Company's unique business methods, processes, operating techniques and “know-how” (all of which have been developed by the Company or its affiliates and subsidiaries through substantial effort and investment), profit and loss results, market and supplier strategies, customer identity and needs, information pertaining to employee effectiveness and compensation, inventory strategy, product costs, gross margins, and other information relating to the affairs of the Company and its affiliates and subsidiaries that Executive shall have acquired during her employment with the Company.

c.Non-Solicitation of Employees.  Executive agrees that she shall not, at any time during the term of this Agreement, including all renewals, and for five (5) years thereafter, directly or indirectly solicit or induce any of the employees of the Company or any of its affiliates or subsidiaries to terminate employment with their employer.

		
	5.
	Termination Rights and Responsibilities

The Company may terminate Executive's employment with or without cause, and Executive may voluntarily terminate her employment, at any time during the term of this Agreement, subject to the provisions of this Section 5.

a.Executive Voluntary Termination.  Except to the extent otherwise provided in subsection b, below (Executive Termination Upon Change in Office and Duties), if Executive wishes to terminate her employment under this Agreement, she must provide written notice of such intent at least one (1) year before her intended termination date.  For the period from when she provides such notice through her termination date, Executive shall continue to be paid her base salary and other compensation required by Section 3, above.  Any annual incentive payment for such period shall be paid at the end of the performance period, at the time prescribed by the Incentive Plan, based on (and subject to) actual achievement of the applicable performance goals, and pro-rated if Executive's employment terminates before the end of the performance period.  If Executive fails to provide one (1) year's advance written notice, and there is not mutual agreement, she shall not be eligible for any bonus or annual incentive payments for any partial fiscal year worked and may also be liable for damages and/or subject to injunctive relief pursuant to Section 6, below; provided, however, that if such failure is due to the Company's request that Executive stop providing services (for a reason other than Cause, as defined in subsection g, below), Executive shall be entitled to the payments and benefits prescribed by subsection f, below (“Company Termination Without Cause,” taking into account the Six-Month Delay Rule described in Section 7.c, below, and the Company's right to pay cash in lieu of continued benefits, in accordance with Section 7.f, below), through the first (1st) anniversary of the date on which Executive provided written notice of her intent to terminate employment (but not for any period thereafter).

b.Executive Termination Upon Change in Office and Duties.  If during the term hereof the Executive suffers an Adverse Action, as such term is defined in the Change of Control Agreement separately entered into between the Company and Executive (the “COC”), Executive may terminate her employment under this Agreement, subject to the following procedures:

(i)Within ninety (90) days after the Adverse Action, Executive shall notify the Company in writing of her desire to terminate employment on account of such Adverse Action;

(ii)Following its receipt of such notice, the Company shall have thirty (30) days to remedy the Adverse Action; and

(iii)If the Company fails to remedy the Adverse Action by the end of such thirty (30) day period and Executive's termination of employment occurs no later than two (2) years after 

the Adverse Action, the Adverse Action shall be treated as a one (1)-year written notice of the Company's intent to terminate Executive's employment without Cause and Executive's termination of employment shall be treated as a “Company Termination Without Cause” under subsection f, below.  For the avoidance of doubt, the notice period and any right to continued compensation shall run from the date of the Adverse Action, and not from any later date.

c.Retirement.  Executive's termination of her employment under this Agreement by reason of retirement shall be treated as a voluntary termination by Executive pursuant to, and subject to the requirements of, subsection a, above.

d.Death of Executive.  This Agreement shall terminate immediately in the event of the death of Executive.  Upon such termination, the Company shall pay to Executive's legal representative as soon as practicable all accrued and unpaid base salary and a pro-rated portion of any other compensation otherwise due under Section 3, above.  Such amounts shall be paid within ninety (90) days after Executive's death, on a date determined by the Company; provided, however, that any pro-rated incentive payment shall be paid at the end of the performance period, at the time prescribed by the Incentive Plan, based on (and subject to) actual achievement of the applicable performance goals.  The Company shall also pay any benefits that are payable pursuant to the terms of the plans and programs described in Section 3.d, above.

e.Disability of Executive.  If Executive becomes Disabled (as defined below) during the term of this Agreement, Executive shall be entitled to any disability benefits payable under Company-sponsored disability benefit plans made available to Company employees generally, and her employment hereunder shall terminate.  Executive shall be entitled to a pro-rated incentive payment for the fiscal year in which her employment terminates; such incentive payment shall be paid at the end of the performance period, at the time prescribed by the Incentive Plan, based on (and subject to) actual achievement of the applicable performance goals. “Disabled” and “Disability” shall mean that Executive has been totally disabled by injury or illness, mental or physical, as a result of which she is prevented from further performance of the duties required by this Agreement, and that such disability is likely to be permanent and continuous during the remainder of Executive's life.
In the event of a dispute over whether Executive has become Disabled, such dispute shall be resolved through arbitration under American Arbitration Association rules, in Phoenix, Arizona. 
f.Company Termination Without Cause.  If the Company wishes to terminate Executive's employment under this Agreement for a reason other than “Cause” (as defined in subsection g, below), or death or Disability (as defined in subsection e, above), the Company shall provide to Executive written notice of such intent at least one (1) year before the intended termination date.  During the period from such written notice through the first anniversary of the date on which such written notice was provided, Executive shall continue to be paid her base salary and other compensation required by Section 3, above, each at a rate no less than the rate in effect immediately before the notice date; provided, however, that if Executive's employment terminates before the end of such period, her right to continued salary and other compensation shall be subject to the Six-Month Delay Rule described in Section 7.c, below, and the provisions of Section 7.g (Cash in Lieu of Benefits), below.  Executive shall continue to be eligible for annual incentive payments after the Company has provided notice of its intent to terminate Executive's employment hereunder.  Any annual incentive payments due shall be paid at the end of the performance period, at the time prescribed by the Incentive Plan, based on (and subject to) actual achievement of the applicable performance goals and pro-rated if Executive's employment terminates before the end of the performance period.

g.Company Termination With Cause.  If the Company terminates Executive's employment hereunder for “Cause” (as defined in this subsection g), the Company shall not be required to provide any advance notice.  In the event of a termination for Cause, the Company shall pay to Executive any salary due pursuant to Section 3.a, above, for service through the date of termination, within thirty (30) days thereafter, and Executive shall forfeit any right to receive incentive compensation or a bonus pursuant to Section 3.b, above.  For purposes of this Agreement, “Cause” means, but is not limited to, Executive's gross misconduct, breach of any material term of this Agreement, willful breach, habitual neglect or wanton disregard of her duties, or conviction of any criminal act.  

h.Executive Termination Upon Change of Control.  Upon a Change of Control as defined in the COC, the provisions of the COC shall apply.  If Executive becomes eligible to receive any payment or payments under the COC, such payments shall be in lieu of any right to payments or benefits under this Section 5 and she shall not be entitled to receive any payments or benefits under this Section 5. 

		
	6.
	Specific Performance

Executive acknowledges that (a) the services to be rendered under this Agreement and the obligations of Executive assumed herein are of a special, unique and extraordinary character; (b) it would be difficult or impossible to replace such services and obligations; (c) the Company, its subsidiaries and affiliates will be irreparably damaged if the provisions hereof are not specifically enforced; and (d) the award of monetary damages will not adequately protect the Company, its subsidiaries and affiliates in the event of a breach hereof by Executive.  As a result, Executive agrees and consents that if she violates any of the provisions of this Agreement, the Company shall, without any bond or other security being required and without the necessity of proving monetary damages, be entitled to a temporary and/or permanent injunction to be issued by a court of competent jurisdiction restraining Executive from committing or continuing any violation of this Agreement, or any other appropriate decree of specific performance.  Such remedies shall not be exclusive and shall be in addition to any other remedy (including monetary damages) that the Company may have.
		
	7.
	Section 409A and Cash in Lieu of Benefits

a.Intent to Comply With Section 409A. This Agreement shall be interpreted consistent with the intent to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), such that there are no adverse tax consequences, interest, or penalties as a result of any amount paid or payable under this Agreement.  Any ambiguity or inconsistency in the provisions of this Agreement shall be resolved consistent with such intent.  In addition, to the extent permitted by law, the parties agree to make a good faith effort to modify this Agreement to the extent that either party determines is necessary to comply with Section 409A.

b.Separation From Service.  Except as otherwise expressly provided, references in this Agreement to Executive's termination of employment, termination date, and similar terms related to Executive's termination of employment or separation from service shall refer to the date of Executive's “separation from service” within the meaning of Section 409A(a)(2)(A)(i) of the Code, as determined by the Company.

c.Six-Month Delay Rule.  If, as of her termination date, Executive is a “specified employee” (as determined by the Company in accordance with its guidelines established pursuant to Treas. Reg. § 1.409A-1(i)), any amount payable to Executive upon or by reason of her termination of employment (including expense reimbursements and in-kind benefits that are includible in income) shall be subject to the six (6) month delay required by Section 409A(a)(2)(B)(i) of the Code; provided, however, that such six (6) month delay shall 

not be required with respect to any payment that the Company determines is not subject to Section 409A by reason of the “short-term deferral” rule described in Treas. Reg. § 1.409A-1(b)(4), the “two-year, two-time” rule described in Treas. Reg. § 1.409A-1(b)(9)(iii), or any other exemption.  If payment of any amount is delayed by reason of this six (6) month delay, such amount shall be paid with interest on the Company's first pay date for the seventh (7th) month that starts after Executive's termination date (or, if earlier, within 90 days after Executive's death).  Except as otherwise provided in a governing document for an applicable benefit plan, program, or other arrangement, interest shall be calculated using the prime rate of interest in effect at Bank of America, N.A. (or another bank designated by the Company that is one of its principal banks) on Executive's termination date.

d.Installments Treated as Separate Payments.  For purposes of Section 409A of the Code, except as otherwise expressly provided, each installment of payments and benefits due under this Agreement shall be treated as a separate payment.

e.Payment Date.  To the extent that any payment under this Agreement may be made during a payment window, the date of payment shall be determined by the Company, in its sole discretion, and not by Executive or any other individual entitled to receive the payment.

f.Expense Reimbursements and In-Kind Benefits.  To the extent that any expense reimbursement or in-kind benefit is subject to Section 409A (e.g., the expense reimbursement is includible in income and is not required to be paid by the end of the “applicable 21⁄2-month period” described in Treas. Reg. § 1.409A-1(b)(4)(i)(A)), such reimbursement or benefit shall be subject to the conditions set forth in Treas. Reg. § 1.409A-3(i)(1)(iv).  Accordingly:

(i)The amount of such expenses eligible for reimbursement, or in-kind benefits provided, during a taxable year of Executive shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year; 

(ii)The reimbursement of each such expense shall be paid no later than the last day of Executive's taxable year next following the taxable year in which the expense was incurred; and

(iii)The right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit.

g.Cash in Lieu of Benefits.  Executive's right to receive (I) tax-qualified retirement and savings and (II) health benefits under this Agreement is subject to the terms of the applicable plans and satisfying all applicable tax-qualification, nondiscrimination, and similar requirements.  In lieu of any benefit that the Company determines may not be provided by reason of the immediately preceding sentence, the Company shall pay to Executive cash as follows:

(i)In lieu of tax-qualified retirement and savings benefits that the Company determines may not be provided, the Company shall pay to Executive an amount equal to the Company-provided contributions or benefit accruals that would have otherwise accumulated under the applicable retirement or savings plan if not for the Company's determination.  Such amount shall not include any payment with respect to any lost opportunity to make pre-tax or after-tax deferrals or contributions.  However, the amount of any matching contribution that Executive would otherwise have been entitled to receive shall be calculated based on the assumption that Executive would have deferred or contributed the amount required to be 

eligible for the maximum matching contribution payable for the applicable period.  Subject to the Six-Month Delay Rule described in subsection c, above, such amount shall be paid within thirty (30) days after the end of the period for which such retirement or savings benefits would otherwise have been provided.

(ii)In lieu of health benefits that the Company determines may not be provided, the Company shall pay to Executive the amount described in this Section 7.g(ii) for each applicable month for which Executive would otherwise be entitled to health benefits.  The amount for each month shall be equal to 167 percent of the excess of (A) the COBRA premium for the applicable coverage under the Company's plan for such month (without regard to whether Executive is eligible for COBRA coverage) over (B) the premium that an active senior executive of the Company would be required to pay for such coverage under the Company's plan for such month.  Subject to the Six-Month Delay Rule described in subsection c, above, such amount shall be paid monthly in arrears. 

h.Limited Indemnity for Company Error.  If (and only if) Executive becomes subject to adverse tax consequences under Section 409A of the Code as a result of (i) the Company's failure to administer this Agreement in accordance with its terms; (ii) the Company's failure to administer any “nonqualified deferred compensation plan” (within the meaning of Section 409A of the Code) other than this Agreement in accordance with its terms or the requirements of Section 409A; or (iii) the Company's failure to satisfy the Section 409A document requirements for any nonqualified deferred compensation plan other than this Agreement, the Company shall pay to Executive an amount such that after all required income and employment tax withholding, the net amount paid to Executive is equal to the tax imposed under Section 409A of the Code as a result of the applicable error.  Such amount shall be calculated by a certified public accounting firm selected and paid by the Company (the “Accounting Firm”), and shall be paid no later than the last day of Executive's taxable year next following the taxable year in which Executive remits the applicable taxes to the U.S. Treasury.  Any determination by the Accounting Firm shall be binding upon the Company and Executive.

		
	8.
	Governing Law

This Agreement shall be construed, interpreted and governed by the law of the State of Arizona, without giving effect to Arizona principles regarding conflict of laws.  Reference to any provision of the Code or other law shall include all regulations and other guidance of general applicability issued thereunder, and shall be deemed to include any successor provision.
		
	9.
	Miscellaneous Provisions

a.Tax Withholding.  All amounts payable under this Agreement are subject to withholding for all federal, state, and local taxes, and all other amounts relating to tax or other payroll deductions, as the Company may reasonably determine should be withheld.  Regardless of the amount withheld, Executive shall be solely responsible for paying all required taxes (other than the employer's share of employment taxes) on all payments and other compensation (including imputed compensation) and benefits provided under this Agreement.

b.Succession.  This Agreement shall extend to and be binding upon Executive, her legal representatives, heirs, and distributees, and upon the Company, its successors and assigns.

c.Entire Agreement.  Other than the COC Agreement, this Agreement is the entire agreement of the parties with respect to its subject matter and no waiver, modification, or amendment of any of its provisions shall be valid unless in writing and signed by both parties.  

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

e.Severability.  Each substantive provision of this Agreement is a separate agreement, independently supported by good and adequate consideration, and is severable from the other provisions of the Agreement.  If any provision of this Agreement is held to be invalid, illegal, or unenforceable, such provision shall be reformed to resolve the applicable issue while still achieving the intent of the provision to the maximum extent possible, and no other provision of the agreement shall be affected or impaired in any way.  With respect to any restrictive covenant, it is understood and agreed that if a court of competent jurisdiction or a duly constituted arbitration panel refuses to enforce any part of such restrictive covenant because it is unreasonable (whether as to geographic scope, duration, activity, subject, or otherwise), the unenforceable provision shall not be void but rather shall be deemed reduced or limited to the minimum extent necessary to permit enforcement of the covenant.  For this purpose, the geographic scope, duration, activity, and subject are divisible.

f.Forfeiture of Certain Parachute Payments.

(i)Notwithstanding any other provision of this Agreement, if paragraph (ii), below, applies, Executive shall forfeit amounts payable to Executive under this Agreement to the extent that a certified public accounting firm selected and paid by the Company (the “Accounting Firm”) determines is necessary to ensure that Executive is not reasonably likely to receive a “parachute payment” within the meaning of Section 280G(b)(2) of the Code.  The Accounting Firm's determination shall be conclusive and binding upon the Company and Executive.

(ii)This paragraph (ii) shall apply if (and only if) (A) any payment to be made under this Agreement is reasonably likely to result in Executive receiving a “parachute payment” (as defined in Section 280G(b)(2) of the Code), and (B) Executive's forfeiture of payments due under this Agreement would result in the aggregate after-tax amount that Executive would receive being greater than the aggregate after-tax amount that Executive would receive if there were no such forfeiture. 

(iii)Neither the Company nor Executive shall have any discretion to determine which payments are forfeited.  The forfeiture shall apply in reverse chronological order-e.g., the last payment in any series of payments shall be forfeited before any part of an earlier payment is forfeited.

g.Survival.  The provisions of Sections 4 (Restrictive Covenants), 5 (Termination Rights and Responsibilities), 6 (Specific Performance), 7 (Section 409A and Cash in Lieu of Benefits), 8 (Governing Law), and 9 (Miscellaneous Provisions) of this Agreement shall survive the termination of Executive's employment hereunder.

h.Headings.  The headings of the sections and subsections are inserted for convenience only and shall not be deemed to constitute a part hereof or to affect the meaning thereof.

IN WITNESS WHEREOF, the parties have executed this Agreement to be effective as of the Effective Date.

	
		
	AVNET, INC.
	EXECUTIVE

	By:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00220-of-00352.parquet"}]]