Document:

EXHIBIT 10.1

 

SHARE PURCHASE AGREEMENT

 

This Agreement made as
of the 31st day of October, 2012 (“Agreement”), by and between WILLIAM TAY, with an address
at 2000 Hamilton Street, #943, Philadelphia, PA 19130 ("Seller"), HYPERION ACQUISITION CORP., a Delaware corporation
(the “Corporation”), of the same address as the Seller, and MAI TT EM, with
an address at 37 Ton Duc Thang St Room 905 Dist 1 Hochiminh City, Vietnam ("Purchaser").

 

W I T N E S S E T H:

 

WHEREAS, Seller
is the record owner and holder of 31,390,000 Common Shares, par value $.0001 par value (the “Shares”), of HYPERION
ACQUISITION CORP., a Delaware corporation ("Corporation”), SEC FILE & CIK Numbers: 000-54679/ 0001522219, respectively,
which Corporation has 31,390,000 shares of common stock, issued and outstanding as of the date of this Agreement, as more fully
described in the attached Exhibit A.

 

WHEREAS, Purchaser
desires to purchase 31,390,000 of the Shares from Seller, which constitutes 100% of the Corporation’s issued
and outstanding shares as of the date of this Agreement and Seller desires to sell such Shares upon the terms and conditions hereinafter
set forth;

 

NOW, THEREFORE,
in consideration of the foregoing and of the mutual covenants and agreements contained in this Agreement, and in order to consummate
the purchase and sale of the Corporation’s Shares, it is hereby agreed, as follows:

 

1.PURCHASE AND SALE
OF SHARES. Subject to the terms and conditions of this Agreement, Purchaser agrees to purchase at the Closing and the Seller
agrees to sell to Purchaser at the Closing, 31,390,000 of Seller’s Shares for a total price of twenty-nine thousand nine
hundred ninety dollars and no cents ($29,990.00) (the “Purchase Price”).

 

2.GOOD FAITH DEPOSIT.
At the signing of this Agreement, Purchaser agrees to wire transfer to an account
to be designated by Seller, the sum of four thousand dollars and no cents ($4,000.00) as an initial deposit to Seller. At
the Closing, as defined below, Purchaser will pay the balance of the Purchase Price, twenty-five thousand nine hundred ninety dollars
and no cents ($25,990.00) to Seller by wire transfer.

 

3.CLOSING. The
purchase and sale of the Shares shall take place on or before ____________; at such time and place as the Purchaser and Seller
mutually agree upon orally or in writing (which time and place are designated as the “Closing”). At Closing, Purchaser
shall deliver to Seller, in cash, by wire transfer to an account to be designated by Seller, the balance of the Purchase Price
in the amount of twenty-five thousand nine hundred ninety dollars and no cents ($25,990.00), and Seller will immediately deliver
the following to Purchaser: (A) the certificates representing the Shares transferred hereunder, duly endorsed for transfer to the
Purchaser or accompanied by appropriate stock powers, (B) the original of the Certificate of Incorporation and bylaws, (C) all
corporate books and records (including all accounting records and SEC filings to date); and (D) written resignations of incumbent
directors and officers of the Corporation.

 

4.REPRESENTATIONS
AND WARRANTIES OF SELLER. Seller, as sole director and officer of Corporation, hereby represents and warrants to Purchaser
that:

 

		(i)	Corporation is a corporation duly organized and validly existing
and in good standing under the laws of the State of Delaware and has the corporate power and authority to carry on the business
it is now being conducted. Corporation and/or Seller do not require any consent and/or authorization, declaration or filing with
any government or regulatory authority to undertake any actions herein;

		(ii)	Corporation is newly formed with no financial information available
other than the financial information included in its SEC filings, or enclosed herein; 

		(iii)	There are no legal actions, suits, arbitrations, or other administrative,
legal or governmental proceedings threatened or pending against the Corporation and/or Seller or against the Seller or other employee,
officer, director or stockholder of Corporation. Additionally, Seller is not aware of any facts which may/might result in or form
a basis of such action, suit, arbitration or other proceeding on any basis whatsoever; 

		(iv)	The Corporation has no subsidiaries or any direct or indirect ownership
interest in any other corporation, partnership, association, firm or business in any manner;

		(v)	The Corporation and/or Seller does not have in effect nor has any
present intention to put into effect any employment agreements, deferred compensation, pension retirement agreements or arrangements,
options arrangements, bonus, stock purchase agreements, incentive or profit–sharing plans; 

		(vi)	No person or firm has, or will have, any right, interest or valid
claim against the Corporation for any commission, fee or other compensation in connection with the sale of the Shares herein as
a finder or broker or in any similar capacity as a result of any act or omission by the Corporation and/or Seller or anyone acting
on behalf of the Corporation and/or Seller;

		(vii)	The business and operation of the Corporation has and will be conducted
in accordance with all applicable laws, rules, regulations, judgments. Neither the execution, delivery or performance of this Agreement
(A) violates the Corporation’s by-laws, Certificate of Incorporation, Shareholder Agreements or any existing resolutions;
and, (B) will cause the Corporation to lose any benefit or any right or privilege it enjoys under the Securities Act (“Act”)
or other applicable state securities laws; 

		(viii)	Corporation has not conducted any business and/or entered into any
agreements with third-parties; 

		(ix)	This Agreement has been duly executed and delivered by Seller constitutes
a valid and binding instrument, enforceable in accordance with its terms and does not conflict with or result in a breach of or
in violation of the terms, conditions or provisions of any agreement, mortgage, lease or other instrument or indenture to which
Corporation and/or Seller a party or by which they are bound; 

		(x)	Seller is the legal and beneficial owner of the Shares and has good
and marketable title thereto, free and clear of any liens, claims, rights and encumbrances;

		(xi)	Seller warrants that the Corporation being transferred shall be transferred
with no liabilities and little or no assets, and shall defend and hold Purchaser and the Corporation harmless against any action
by any third party against either of them arising out of, or as a consequence of, any act or omission of Seller or the Corporation
prior to, or during the closing contemplated by this contract of sale;

		(xii)	Seller will cause all current officers and directors of the Corporation
to resign at the Closing; and

		(xiii)	Seller will assist with the filing of a 15c2-11 form with FINRA
through a sponsoring market maker after merger; however, all legal cost of this application will be borne by the Purchaser.

 

5.REPRESENTATIONS
AND WARRANTIES OF PURCHASER. Purchaser hereby represents and warrants to Seller that:

 

		(i)	Purchaser has the power and authority to execute and deliver this
Agreement, to perform his obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been
duly executed and delivered by Purchaser and constitutes a valid and binding instrument, enforceable in accordance with its terms;

		(ii)	The execution, delivery and performance of this Agreement is in compliance
with and does not conflict with or result in a breach of or in violation of the terms, conditions or provisions of any agreement,
mortgage, lease or other instrument or indenture to which Purchaser is a party or by which Purchaser is bound;

		(iii)	At no time was Purchaser presented with or solicited by or through
any leaflet, public promotional meeting, television advertisement or any other form of general solicitation or advertising; and,

		(iv)	Purchaser is purchasing the Shares solely for his own account for
the purpose of investment and not with a view to, or for sale in connection with, any distribution of any portion thereof in violation
of any applicable securities law.

		(v)	The Purchaser is an "accredited investor" as defined under
Rule 501 under the Securities Act.

		(vi)	Purchaser hereby agrees that such shares are restricted pursuant
to Rule 144 and therefore subject to Rule 144 resale requirements. 

 

6.NOTICES. Notice
shall be given by certified mail, return receipt requested, the date of notice being deemed the date of postmarking. Notice, unless
either party has notified the other of an alternative address as provided hereunder, shall be sent to the address as set forth
herein:

 

Seller:William
Tay, President and Director

Hyperion Acquisition Corp.

2000
Hamilton Street, #943

Philadelphia,
PA 19130

FAX: (215) 405-8018

Email: william.tay@hotmail.com
or wtay@56k.net

 

Purchaser:Mai
T T Em

37 Ton Duc
Thang Street Room 905

Dist 1, Hochiminh City,
Vietnam

___________________________________________

 

7.GOVERNING LAW.
This Agreement shall be interpreted and governed in accordance with the laws of the State of Delaware. The parties herein waive
trial by jury. In the event that litigation results or arise out of this Agreement or the performance thereof, the parties agree
that the prevailing party is entitled to reimbursement for the non-prevailing party of reasonable attorney’s fee, costs,
expenses, in addition to any other relief to which the prevailing party may be entitled.

 

8.CONDITIONS TO CLOSING. The
Closing is conditioned upon the fulfillment by the Seller of the satisfaction of the representations and warranties made herein
being true and correct in all material respects as of the date of Closing.

 

9.SEVERABILITY.
In the event that any term, covenant, condition, or other provision contained herein is held to be invalid, void or otherwise unenforceable
by any court of competent jurisdiction, the invalidity of any such term, covenant, condition, provision or Agreement shall in no
way affect any other term, covenant, condition or provision or Agreement contained herein, which shall remain in full force and
effect.

 

10.ENTIRE AGREEMENT.
This Agreement contains all of the terms agreed upon by the parties with respect to the subject matter hereof. This Agreement has
been entered into after full investigation.

 

11.INVALIDITY.
If any paragraph of this Agreement shall be held or declared to be void, invalid or illegal, for any reason, by any court of competent
jurisdiction, such provision shall be ineffective but shall not in any way invalidate or effect any other clause, paragraph, section
or part of this Agreement.

 

12.GENDER AND NUMBER;
SECTION HEADINGS. Words importing a particular gender mean and include the other gender and words importing a singular number
mean and include the plural number and vice versa, unless the context clearly indicated to the contrary. The section and other
headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.

 

13.AMENDMENTS.
No amendments or additions to this Agreement shall be binding unless in writing, signed by both parties, except as herein otherwise
provided.

 

14.ASSIGNMENT. Neither party
may assign this Agreement without the express written consent of the other party. Any agreed assignment by the Seller shall be
effectuated by all the necessary corporate authorizations and governmental and/or regulatory filings.

 

15.CLOSING DOCUMENTS. Seller
and Purchaser agree, at any time, to execute, and acknowledge where appropriate, and to deliver any and all documents/instruments,
and take such further action, which may necessary to carry out the terms, conditions, purpose and intentions of this Agreement.
This paragraph shall survive the Closing.

 

16.EXCLUSIVE AGREEMENT;
AMENDMENT. This Agreement supersedes all prior agreements or understandings among the parties with respect to its subject matter
with respect thereto and cannot be changed or terminated orally.

 

17. FACSIMILE SIGNATURES.
Execution of this Agreement and delivery of signed copies thereof by facsimile signatures from the parties hereto or their agents
is acceptable to the parties who waive any objections or defenses based upon lack of an original signature.

 

18.PUBLICITY.
Except as otherwise required by law, none of the parties hereto shall issue any press release or make any other public statement,
in each case relating to, connected with or arising out of this Agreement or the matters contained herein, without obtaining the
prior approval of the other to the contents and the manner of presentation and publication thereof.

 

IN WITNESS WHEREOF,
and intending to be legally bound, the parties hereto have signed this Agreement by their duly authorized officers the day and
year first above written.

 

 

 

__________________________________________________

MAI T T EM

(PURCHASER)

 

 

HYPERION ACQUISITION CORP.

A DELAWARE CORPORATION

 

 

 

__________________________________________________

NAME: WILLIAM TAY

TITLE: PRESIDENT, CEO AND DIRECTOR

 

 

 

__________________________________________________

WILLIAM TAY

(SELLER)2012 Exhibit 10(a)

 Exhibit 10(a)

ARROW ELECTRONICS
SAVINGS PLAN
(As Amended and Restated, Effective January 1, 2012)

Table of Contents

ARTICLE I Definitions    
		
	1.1
	Accounts    

		
	1.2
	Affiliate    

		
	1.3
	Applicable Plan Year    

		
	1.4
	Appropriate Form    

		
	1.5
	Beneficiary    

		
	1.6
	Board of Directors

		
	1.7
	Code    

		
	1.8
	Catch-up Contributions    

		
	1.9
	Committee    

		
	1.10
	Common Stock    

		
	1.11
	Company    

		
	1.12
	Company Representative    

		
	1.13
	Compensation    

		
	1.14
	Compensation Limit    

		
	1.15
	Contribution Agreement    

		
	1.16
	Disability    

		
	1.17
	Discretionary Contribution    

		
	1.18
	Discretionary Contribution Account    

		
	1.19
	Effective Date    

		
	1.20
	Elective Account    

		
	1.21
	Elective Contributions    

		
	1.22
	Elective Deferral Limit    

		
	1.23
	Eligible Employee    

		
	1.24
	Employer    

		
	1.25
	Employer Contribution    

		
	1.26
	Employer Contribution Account    

		
	1.27
	Entry Date    

		
	1.28
	ERISA    

		
	1.29
	ESOP Contributions    

		
	1.30
	Fund or Trust Fund    

		
	1.31
	Highly Compensated Employee    

		
	1.32
	Hour of Service    

		
	1.33
	Investment Adjustments    

		
	1.34
	Investment Fund    

		
	1.35
	Loan Account    

		
	1.36
	Loan Fund    

		
	1.37
	Matching Account    

		
	1.38
	Matching Contributions    

		
	1.39
	Member    

		
	1.40
	Normal Retirement Date    

		
	1.41
	One-Year Break in Service    

		
	1.42
	Plan    

		
	1.43
	Plan Year    

		
	1.44
	Rollover Account    

Table of Contents
(continued)

		
	1.45
	Rollover Contribution    

		
	1.46
	Section 401(k) Member    

		
	1.47
	Termination of Employment    

		
	1.48
	Total Earnings    

		
	1.49
	Trust Agreement    

		
	1.50
	Trustee    

		
	1.51
	Valuation Date    

		
	1.52
	Vested Percentage    

		
	1.53
	Year of Service    

		
	1.54
	“Same-sex Marriages”    

ARTICLE II Membership    
		
	2.1
	Membership    

		
	2.2
	Service with Affiliates    

		
	2.3
	Contribution Agreement    

		
	2.4
	Transfers    

		
	2.5
	Transfers Between Employers    

		
	2.6
	Reemployment    

		
	2.7
	Service with Predecessors or Affiliates, or as an Ineligible Employee    

ARTICLE III Contributions    
		
	3.1
	Elective Contributions    

		
	3.2
	Matching Contributions    

		
	3.3
	Section 401(k) Limit on Elective Contributions    

		
	3.4
	Section 401(m) Limit on Matching Contributions    

		
	3.5
	Special Rules Relating to Elective Contributions and Matching Contributions.    

		
	3.6
	Discretionary Contributions.    

		
	3.7
	Rollovers    

		
	3.8
	Maximum Limit on Allocation    

		
	3.9
	Form and Time of Payment    

		
	3.10
	Contributions May Not Exceed Amount Deductible    

		
	3.11
	Contributions Conditioned on Deductibility    

		
	3.12
	Expenses    

		
	3.13
	No Employee Contributions    

		
	3.14
	Profits Not Required    

		
	3.15
	Contributions for Military Service    

		
	3.16
	Military Service    

ARTICLE IV Vesting    
		
	4.1
	Elective Account and Rollover Account    

		
	4.2
	Employer Contribution Account    

		
	4.3
	Forfeitures    

		
	4.4
	Irrevocable Forfeitures    

		
	4.5
	Application of Forfeitures    

Table of Contents
(continued)

ARTICLE V Accounts and Designation of Investment Funds    
		
	5.1
	Investment of Account Balances    

		
	5.2
	Designation of Investment Funds for Future Contributions    

		
	5.3
	Designation of Investment Funds for Existing Account Balances    

		
	5.4
	Valuation of Investment Funds    

		
	5.5
	Correction of Error    

		
	5.6
	Allocation Shall Not Vest Title    

		
	5.7
	Statement of Accounts    

		
	5.8
	Daily Valuation    

ARTICLE VI Limitation on Maximum Contributions and Benefits Under all Plans    
		
	6.1
	Definitions    

		
	6.2
	Limitation on Annual Additions    

		
	6.3
	Application    

		
	6.4
	Limitation Year    

		
	6.5
	Correlation with Higher ESOP Limit    

ARTICLE VII Distributions, Withdrawals and Loans    
		
	7.1
	Distribution on Termination of Employment    

		
	7.2
	Withdrawals during Employment    

		
	7.3
	Loans during Employment    

		
	7.4
	Loan Requirements    

		
	7.5
	Loan Expenses    

		
	7.6
	Funding    

		
	7.7
	Repayment    

		
	7.8
	Valuation    

		
	7.9
	Allocation among Investment Funds    

		
	7.10
	Disposition of Loan Upon Certain Events    

		
	7.11
	Withdrawals from Plan While Loan is Outstanding    

		
	7.12
	Compliance with Applicable Law    

		
	7.13
	Default    

		
	7.14
	Conversion of Loan to Hardship Distribution    

ARTICLE VIII Payment of Benefits    
		
	8.1
	Payment of Benefits    

		
	8.2
	Death Benefits    

		
	8.3
	Non-Alienation of Benefits    

		
	8.4
	Doubt as to Right to Payment    

		
	8.5
	Incapacity    

		
	8.6
	Time of Commencement of Benefits    

		
	8.7
	Payments to Minors    

		
	8.8
	Identity of Proper Payee    

		
	8.9
	Inability to Locate Distributee/Uncashed Checks    

		
	8.10
	Estoppel of Members and Their Beneficiaries    

		
	8.11
	Qualified Domestic Relations Orders    

Table of Contents
(continued)

		
	8.12
	Benefits Payable Only from Fund    

		
	8.13
	Prior Plan Distribution Forms    

		
	8.14
	Restrictions on Distribution    

		
	8.15
	Direct Rollover of Eligible Rollover Distributions    

		
	8.16
	Receipt of ESOP Beneficiary's Account    

ARTICLE IX Beneficiary Designation    
		
	9.1
	Designation of Beneficiary    

		
	9.2
	Spouse as Presumptive Beneficiary    

		
	9.3
	Change of Beneficiary    

		
	9.4
	Failure to Designate    

		
	9.5
	Effect of Marriage, Divorce or Annulment, or Legal Separation    

		
	9.6
	Proof of Death, etc    

		
	9.7
	Discharge of Liability    

ARTICLE X Administration of the Plan    
		
	10.1
	Committee    

		
	10.2
	Named Fiduciary    

		
	10.3
	Powers and Discretion of the Named Fiduciary    

		
	10.4
	Advisers    

		
	10.5
	Service in Multiple Capacities    

		
	10.6
	Limitation of Liability; Indemnity    

		
	10.7
	Reliance on Information    

		
	10.8
	Subcommittees, Counsel and Agents    

		
	10.9
	Funding Policy    

		
	10.10
	Proper Proof    

		
	10.11
	Genuineness of Documents    

		
	10.12
	Members May Direct Investments    

		
	10.13
	Records and Reports    

		
	10.14
	Recovery of Overpayments    

ARTICLE XI The Trust Agreement    
		
	11.1
	The Trust Agreement    

		
	11.2
	No Diversion of Fund    

		
	11.3
	Duties and Responsibilities of the Trustee    

ARTICLE XII Amendment    
		
	12.1
	Right of the Company to Amend the Plan    

		
	12.2
	Plan Merger    

		
	12.3
	Amendments Required by Law    

		
	12.4
	Right to Terminate    

		
	12.5
	Termination of Trust    

		
	12.6
	Continuation of Trust    

		
	12.7
	Discontinuance of Contributions    

Table of Contents
(continued)

ARTICLE XIII Miscellaneous Provisions    
		
	13.1
	Plan Not a Contract of Employment    

		
	13.2
	Merger    

		
	13.3
	Claims Procedure    

		
	13.4
	Controlling Law    

		
	13.5
	Separability    

		
	13.6
	Captions    

		
	13.7
	Usage    

ARTICLE XIV Leased Employees    
		
	14.1
	Definitions    

		
	14.2
	Treatment of Leased Employees    

		
	14.3
	Exception for Employees Covered by Plans of Leasing Organization    

		
	14.4
	Construction    

ARTICLE XV “Top-Heavy” Provisions    
		
	15.1
	Determination of “Top-Heavy” Status    

		
	15.2
	Provisions Applicable in “Top-Heavy” Plan Years    

ARTICLE XVI Catch-Up Contributions    
		
	16.1
	General    

		
	16.2
	Method of Contribution    

		
	16.3
	Ineligibility for Matching Contributions    

		
	16.4
	Limit on Catch-Up Contribution    

		
	16.5
	Treatment of  Catch-up Contributions    

		
	16.6
	Qualification as Catch-up Contributions    

		
	16.7
	Catch-up Contributions Disregarded for Certain Purposes    

ARTICLE XVII Auto-enrollment    
		
	17.1
	Employees Subject to Auto-enrollment    

		
	17.2
	Auto-enrollment    

		
	17.3
	Initial Notice    

		
	17.4
	Annual Notice    

		
	17.5
	Notice Procedures    

		
	17.6
	Election to Disenroll    

SUPPLEMENT NO. 1    
SUPPLEMENT NO. 2    
SUPPLEMENT NO. 3    
SUPPLEMENT NO. 4    
SUPPLEMENT NO. 5    
SUPPLEMENT NO. 6    
SUPPLEMENT NO. 7    

Table of Contents
(continued)

SUPPLEMENT NO. 8    
SUPPLEMENT NO. 9    
SUPPLEMENT NO. 10    
SUPPLEMENT NO. 11    
SUPPLEMENT NO. 12    
SUPPLEMENT NO. 13    
SUPPLEMENT NO. 14    
SUPPLEMENT NO. 15    
SUPPLEMENT NO. 16    
SUPPLEMENT NO. 17    
SUPPLEMENT NO. 18    
SUPPLEMENT NO. 19    
SUPPLEMENT NO. 20    
SUPPLEMENT NO. 21    
SUPPLEMENT NO. 22    
SUPPLEMENT NO. 23    
SUPPLEMENT NO. 24    
SUPPLEMENT NO. 25    
SUPPLEMENT NO. 26    
SUPPLEMENT NO. 27    
SUPPLEMENT NO. 28    
SUPPLEMENT NO. 29    
SUPPLEMENT NO. 30    

    

ARROW ELECTRONICS SAVINGS PLAN

INTRODUCTION
The Arrow Electronics Savings Plan set forth herein (the “Plan”) was initially adopted effective June 1, 1982 as Part III of the Arrow Electronics ESOP and Capital Accumulation Plan, a stock bonus plan.  A profit sharing plan called the “Arrow Electronics Capital Accumulation Plan” (the “New Plan”) was adopted effective January 1, 1984 and amended effective January 1, 1985 to permit additional contributions pursuant to section 401(k) of the Code.  Membership in Part III of the Arrow Electronics ESOP and Capital Accumulation Plan was closed after the Entry Date of July 1, 1983 and no contributions were made to Part III for any Plan Year ending after December 31, 1983.  Members of the Plan who were eligible became members of the New Plan as of December 31, 1983.  Other eligible individuals subsequently became members of the New Plan in accordance with its terms.
The Plan was amended and restated effective as of the close of business on December 31, 1988 for the following purposes:  (i) to establish the Plan as a separate entity upon its deletion as Part III of the Arrow Electronics ESOP and Capital Accumulation Plan (which was renamed the Arrow Electronics Stock Ownership Plan) and to accept the transfer to the Plan of all assets and liabilities relating to such Part III; (ii) to merge the New Plan into the Plan and to make further changes deemed necessary or advisable in light of the merger, including changing the name of the Plan to the Arrow Electronics Savings Plan; and (iii) to make changes deemed necessary or advisable to comply with changes in applicable law, effective as of such dates as required by law, and to make other changes deemed desirable in order to effect the purposes of the Plan.  Provisions of this document having effective dates prior to December 31, 1988 govern Part III of the Arrow Electronics ESOP and Capital Accumulation Plan as constituted prior thereto and the New Plan.
The Plan was subsequently restated to incorporate further amendments adopted through December 28, 1994 in order to make changes deemed necessary or advisable to comply with changes in applicable law, effective as of such dates as are required by law, and to make other changes deemed desirable in order to effect the purposes of the Plan. 
The Plan was amended and restated on February 15, 2002 to include amendments adopted since the preceding restatement and additional changes, including those deemed necessary or advisable to comply with the provisions of the Uruguay Round Agreements Act (also referred to as GATT), the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the IRS Restructuring and Reform Act of 1998, and the Community Renewal Tax Relief Act of 2000, as well as other amendments determined by the Company to be appropriate to further the purposes of the Plan, effective as the respective dates set forth or as required by law, provided that clarifications of existing provisions were effective as of the same dates as the provisions which they clarify.  The restated Plan also eliminated as “deadwood” provisions no longer necessary, such as those relating to Class Year Accounts (which have all become fully vested and no longer require separate accounting), and Basic Contributions (profit-sharing contributions made under a predecessor plan) all of which are now included in Members' Matching Accounts.  References herein to sections that have been renumbered as a result of any of the foregoing changes shall, where the context requires, include references to corresponding sections of the Plan as previously in effect.  
On March 17, 2003, the Plan was further restated to include amendments adopted since the last restatement and additional changes, including those deemed necessary or advisable to reflect the 

Economic Growth and Tax Relief Reconciliation Act of 2001, or otherwise appropriate to further the purposes of the Plan, and to eliminate provisions no longer applicable, effective as of January 1, 2002 or as otherwise expressly provided or required by law, provided that clarifications of existing provisions are effective as of the same dates as the provisions which they clarify.  The Plan was further amended by action of the Committee on November 25, 2003 and September 21, 2004, and as set forth in Amendment No. 1 executed on March 7, 2005.  The  Plan was thereafter separately amended by action of the Committee to make the changes set forth in Article VII hereof effective August 1, 2006, and in Sections 1.50 and  9.5 (and other provisions of Article IX referring thereto), effective September 1, 2006.  
The Plan was further amended and restated in January 2007 to make additional changes deemed advisable, including changes to reflect the final regulations under section 401(k) of the Code effective January 1, 2006 and expanded definitive language to reflect final regulations under EGTRRA's catch-up provisions, as well as additional design changes, which additional changes were effective January 1, 2006 except as otherwise expressly provided.  
On September 9, 2009 the Plan was further amended and restated to reflect the final regulations under Section 415 and to authorize a direct rollover to a Roth IRA, both effective January 1, 2008, to include gap period income in any corrective distribution of elective deferrals exceeding the applicable dollar limitation for the 2007 Plan Year, to make certain mandatory and discretionary changes pursuant to the Pension Protection Act of 2006, to permit withdrawals of contributions made upon automatic enrollment within a 90-day window period, to suspend mandatory minimum required distributions in respect of the 2009 Plan Year, to comply with the Heroes Earnings Assistance and Relief Tax Act of 2008, effective as of January 1, 2007, to eliminate obsolete language about the historical operation of the Plan, and to make such additional clarifying or simplifying changes as are deemed desirable by the Company, effective as of the date to which the affected provisions relate.  The Plan as so restated is effective generally as of adoption unless otherwise expressly provided or required under the Code.
The Plan is now further amended and restated to include amendments adopted since the last restatement, to permit the Employers to make discretionary contributions and to grant past-service credit to certain individuals in connection with various acquisitions of stock or assets by the Company. 
ARTICLE 1

Definitions

When used in this Plan, the following terms shall have the designated meaning, unless a different meaning is clearly required by the context.

1.1    Accounts. Singly or collectively (as the case may be) a Member's Elective Account, Loan Account, Matching Account, Discretionary Contribution Account and Rollover Account, as applicable.
1.2    Affiliate. Any of the following:

1.2.1    Controlled Group Affiliate.  Any trade or business (other than an Employer), whether or not incorporated, which at the time of reference controls, is controlled by, or is under common control with an Employer within the meaning of section 414(b) or 414(c) of the Code 

(including any division of an Employer not participating in the Plan) and, for purposes of Article VI, section 415(h) of the Code (a “Controlled Group Affiliate”).

1.2.2    Affiliated Service Groups, etc.  Any (a) member of an affiliated service group, within the meaning of section 414(m) of the Code, that includes an Employer, or (b) organization aggregated with an Employer pursuant to section 414(o) of the Code, to the extent required by such sections or section 401(k) or (m) of the Code.
        
1.3    Applicable Plan Year. The current Plan Year.

1.4    Appropriate Form. The form or other method of communication prescribed by the Committee for a particular purpose specified in the Plan, when filed or otherwise effected at the time and in the manner prescribed by the Committee.

1.5    Beneficiary. A person or persons entitled under Article IX to receive any benefits payable upon or after the death of a Member.

1.6    Board of Directors. The Board of Directors of the Company or any duly authorized committee thereof (such as the Compensation Committee).

1.7    Code. The Internal Revenue Code of 1986 as amended from time to time.  Reference to a specific provision of the Code shall include such provision, any valid regulation or ruling promulgated thereunder and any comparable provision of future law that amends, supplements or supersedes such provision.

1.8    Catch-up Contributions. Elective Contributions designated and qualifying as Catch-up Contributions pursuant to Article XVI, or “Excess Contributions” recharacterized as Catch-up Contributions under Section 3.3.4 in order to satisfy ADP nondiscrimination testing.  

1.9    Committee. The Management Pension Investment and Oversight Committee appointed to serve as named fiduciary of the Plan pursuant to Article X, and prior thereto, the Administrator as defined in the Plan as then in effect.

1.10    Common Stock. The common stock of the Company having a par value of one dollar ($1) per share, or any other common stock into which it may be reclassified.

1.11    Company. Arrow Electronics, Inc., a New York corporation, and any company acquiring the business of Arrow Electronics, Inc. and which, within a reasonable time thereafter, adopts this Plan as of the effective date of such acquisition.

1.12    Company Representative. The individuals serving from time to time as members of the Committee, but acting as the representative of the Company in exercising the rights of the Company as settlor and plan sponsor.  Such individuals shall not be deemed to be fiduciaries with respect to the Plan when carrying out responsibilities assigned to the Company Representative under the Plan, even though, where applicable, the same individuals may be fiduciaries when carrying out their responsibilities as members of the Committee.

    

1.13    Compensation. Gross cash compensation paid by an Employer to an individual for services as an Eligible Employee after he becomes  a Member, determined before giving effect to any Contribution Agreement or other cash or deferred arrangement described in section 401(k) of the Code,  or to any similar reduction agreement pursuant to any cafeteria plan (within the meaning of section 125 of the Code) or for purposes of receiving qualified transportation fringe benefits (as described in section 132(f)(4) of the Code), subject to the Compensation Limit.  Compensation shall not include any (a) payments made pursuant to stock appreciation rights or otherwise pursuant to any plan for the grant of stock options, stock, or other stock rights, (b) expense reimbursements other than taxable car allowances (such as but not limited to relocation and tuition expense reimbursements and nontaxable car allowances), or (c) salary continuation or other amounts paid under arrangements entered into on or after December 1, 2006, or under prior arrangements if paid after March 31, 2007, that are effectively in the nature of severance pay however designated.  Effective January 1, 2008, Compensation shall not include (x) parachute payments within the meaning of section 280G of the Code made after termination of employment or (y) other amounts paid after termination of employment, unless paid for services rendered prior to termination and  paid either within the calendar year of termination or no later than 2-1/2 months after the date of termination (but excluding post-severance payments in the nature of unused accrued sick, vacation or other bona fide leave payments).  

1.14    Compensation Limit. Compensation taken into account for any Member for any Plan Year beginning on or after January 1, 2002, shall not exceed two hundred thousand dollars ($200,000) (as adjusted from time to time for increases in the cost of living in accordance with section 401(a)(17) of the Code) (the “Compensation Limit”).  If the period for determining Compensation is a short plan year (i.e., shorter than 12 months), the annual Compensation limit is an amount equal to the otherwise applicable annual Compensation limit multiplied by a fraction, the numerator of which is the number of months in the short plan year and the denominator of which is 12.  Except in the case of a short plan year, the Compensation Limit shall be applied to the Member's aggregate  Compensation for the entire twelve months of the Plan Year, without regard to the percentage contribution elected by the Participant during any particular pay period, provided that the aggregate Elective Contributions for the benefit of a Member for any Plan Year (or Matching Contributions in respect thereof) shall not exceed the maximum amount determined by applying the contribution rate or rates in effect with respect to such contributions from time to time during the year to the total amount of such Compensation not in excess of such Compensation Limit.  

1.15    Contribution Agreement. An agreement by a Section 401(k) Member (set forth on the Appropriate Form) to reduce his Compensation otherwise payable in cash in order to share in Elective Contributions under the Plan, as provided in Section 3.1, and/or any agreement of similar effect deemed to have been made pursuant to the automatic enrollment provisions of Article XVII.

1.16    Disability. A physical or mental condition which would, upon proper application, entitle the Member to disability benefits under the Social Security Act.

1.17    Discretionary Contribution. A contribution made by an Employer for Members pursuant to Section 3.6.

1.18    Discretionary Contribution Account. A separate Account maintained for each Member which reflects his share of the Fund attributable to Discretionary Contributions together with applicable Investment Adjustments.  

1.19    Effective Date. January 1, 1974.

1.20    Elective Account. A separate Account maintained for each Member which reflects his share of the Fund attributable to Elective Contributions plus such other amounts as may be transferred to such Account after December 31, 1988 under the terms of the Arrow Electronics Stock Ownership Plan, together with applicable Investment Adjustments.

1.21    Elective Contributions. Contributions by an Employer for a Section 401(k) Member as provided in Section 3.1, based on the amount by which such Section 401(k) Member elects to reduce his Compensation otherwise payable in cash (which contributions may not exceed the Elective Deferral Limit).

1.22    Elective Deferral Limit. The amount set forth below, reduced by the amount of “elective deferrals” (as defined in section 402(g)(3) of the Code, but excluding catch-up contributions as defined in section 414(v) of the Code) made by a Member during his taxable year (which is presumed to be the calendar year) under any other plans or agreements maintained by an Employer or by a Controlled Group Affiliate (and, in the sole discretion of the Committee, any plans or agreements maintained by any other employer, if reported to the Committee at such time and in such manner as the Committee shall prescribe).  
	
		
	Calendar Year
	Amount

	2002
	$11,000

	2003
	$12,000

	2004
	$13,000

	2005
	$14,000

	Years subsequent to 2006
	$15,000, as adjusted in accordance with section 402(g)(4) of the Code

1.23    Eligible Employee. Any person employed by the Company or any other Employer, subject to such terms and conditions as may apply to such Employer pursuant to Section 1.24 and subject also to the following:

1.23.1    An employee who is employed primarily to render services within the jurisdiction of a union and whose compensation, hours of work, or conditions of employment are determined by collective bargaining with such union shall not be an Eligible Employee unless the applicable collective bargaining agreement expressly provides that such employee shall be eligible to participate in this Plan, in which event, however, he shall be entitled to participate in this Plan only to the extent and on the terms and conditions specified in such collective bargaining agreement.
1.23.2    The board of directors of an Employer may, in its discretion, determine that individuals employed in a specified division, subdivision, plant, location or job classification of such Employer shall not be Eligible Employees, provided that any such determination shall not discriminate in favor of Highly Compensated Employees so as to prevent the Plan from qualifying under section 401(a) of the Code.

1.23.3    An individual who performs services for an Employer under an agreement or arrangement (which may be written, oral, and/or evidenced by the Employer's payroll practice) with such individual or with another organization that provides the services of such individual to the Employer, pursuant to which such individual is treated as an independent contractor or is 

otherwise treated as an employee of an entity other than the Employer, shall not be an Eligible Employee, irrespective of whether such individual is treated as an employee of the Employer under common-law employment principles or pursuant to the provisions of section 414(m), 414(n) or 414(o) of the Code.

1.24    Employer. The Company and any subsidiary of the Company which has adopted the Plan with the approval of the Company, subject to such terms and conditions as may be imposed by the Company upon the participation in the Plan of such adopting Employer.

1.25    Employer Contribution. Contributions made by an Employer pursuant to Sections 3.2 and 3.6.

1.26    Employer Contribution Account. That portion of a Member's Account to which Employer Contributions are credited.

1.27    Entry Date. Effective March 1, 2004, the first day of each calendar month.

1.28    ERISA. The Employee Retirement Income Security Act of 1974, as amended from time to time.  Reference to a specific provision of ERISA shall include such provision, any valid regulation or ruling promulgated thereunder and any comparable provision of future law that amends, supplements or supersedes such provision.

1.29    ESOP Contributions. Contributions made by an Employer to the Arrow Electronics Stock Ownership Plan (or, prior to January 1, 1989, to Part I or Part II of the Arrow Electronics ESOP and Capital Accumulation Plan or to the Arrow Electronics ESOP).

1.30    Fund or Trust Fund. The trust fund held under the Trust Agreement pursuant to Section 11.1.

1.31    Highly Compensated Employee. A “highly compensated employee” as defined in section 414(q) of the Code and applicable regulations.  Effective January 1, 1997, “Highly Compensated Employee” means an employee who received Total Earnings during the prior Plan Year in excess of $80,000 (as adjusted pursuant to section 414(q) of the Code) or who was a five percent (5%) owner (as described in Section 15.1.2(c)) at any time during the current or prior Plan Year.

1.32    Hour of Service. For all purposes of this Plan, “Hour of Service” shall mean each hour includible under any of Sections 1.32.1 through 1.32.4, applied without duplication, but subject to the provisions of Sections 1.32.5 through 1.32.8.

1.32.1    Paid Working Time.  Each hour for which an employee is paid, or entitled to payment, for the performance of duties for an Employer;

1.32.2    Paid Or Other Approved Absence.  Each regularly scheduled working hour during a period for which an employee is paid, or entitled to payment, by an Employer on account of a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability or pregnancy), layoff, jury duty, military duty or leave of absence, or during any other period of 

authorized leave if employee returns to employment with the Employer on the expiration of such leave.

1.32.3    Military Service.  Each regularly scheduled working hour which would constitute an Hour of Service under Section 1.32.1 or 1.32.2 but for the employee's absence for “qualified military service” (as defined in section 414(u) of the Code) (“Military Service”) during a period in which his reemployment rights are protected by law, provided that such employee re-enters the employ of an Employer within the period during which his reemployment rights are protected by law; and

1.32.4    Back Pay Awards.  Each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by an Employer.

1.32.5    Crediting Hour of Service.  Hours of Service shall be credited as follows:

(a)Paid Working Time.  Hours of Service described in Section 1.32.1 shall be credited to the Plan Year in which the duties were performed;

(b)Paid Absence and Military Service.  Hours of Service described in Sections 1.322 and 1.32.3 shall be credited to the Plan Year in which occur the regularly scheduled working hours with respect to which such Hours of Service are determined, beginning with the first such hours;

(c)Back Pay Awards.  Hours of Service described in Section 1.32.4 shall be credited to the Plan Year or Plan Years to which the back pay award or agreement pertains (rather than to the Plan Year in which the award, agreement or payment is made).

1.32.6    Limitations on Hours of Service for Paid Absences.  Notwithstanding any provision of this Plan, Hours of Service otherwise required to be credited pursuant to Section 1.32.2 (relating to paid absences) or Section 1.32.4 (relating to an award or agreement for back pay), to the extent the award or agreement described therein is made with respect to a period described in Section 1.32.2, shall be subject to the following limitations and rules:

(a)501 Hour Limitation.  No more than five hundred one (501) of such Hours of Service are required to be credited on account of any single continuous period during which an employee performs no duties (whether or not such period occurs in a single Year);

(b)Payments Required by Law.  An hour for which an employee is directly or indirectly paid, or entitled to payment, on account of a period during which no duties are performed is not required to be credited to the employee if such payment is made or due under a plan maintained solely for the purpose of complying with applicable workmen's compensation, unemployment compensation or disability insurance laws;

(c)Medical and Severance Payments Excluded.  Hours of Service are not required to be credited for a payment which solely reimburses an employee for medical or medically related expenses incurred by an employee, or constitutes a retirement, termination, or other severance pay or benefit, however designated; and

(d)Indirect Payments.  A payment shall be deemed to be made by or due from an Employer regardless of whether such payment is made by or due from the Employer directly, or indirectly through, among others, a trust, fund, or insurer, to which the Employer contributes or pays premiums.

1.32.7    Determinations by Committee.  The Committee shall have the power and final authority:

(a)To determine the Hours of Service of any individual for all purposes of the Plan, and to that end may, in his discretion, adopt such rules, presumptions and procedures permitted by applicable law as it shall deem appropriate or desirable;

(b)Without limiting the generality of the foregoing, to provide that the regularly scheduled working hours to be credited under Sections 1.32.2, 1.32.3 and 1.32.4 to an employee without a regular work schedule shall be determined on the basis of a forty (40)-hour work week, or an eight (8)-hour work day, or on any other reasonable basis which reflects the average hours worked by the employee or by other employees in the same job classification over a representative period of time, provided that the basis so used is consistently applied with respect to all employees within the same job classifications, reasonably defined.

1.32.8    Monthly Equivalency.  An employee who customarily works for an Employer for twenty (20) or more hours per week throughout each Plan Year (except for holidays and vacations) shall be credited with exactly one hundred ninety (190) Hours of Service for each month with respect to which he completes at least one (1) Hour of Service in accordance with the foregoing provisions of this Section 1.32 (regardless of whether the number of Hours of Service actually completed in such month exceeds one hundred ninety (190)), subject to Section 1.32.6.

1.33    Investment Adjustments. The net realized and unrealized gains, losses, income and expenses attributable to a Member's Elective, Matching, Discretionary Contribution, Prior Plan or Rollover Account as a result of its investment in one or more Investment Funds.

1.34    Investment Fund. A portion of the Fund which is separately invested as provided in Section 5.1, or the Loan Fund.

1.35    Loan Account. An Account maintained pursuant to Section 7.6.2.

1.36    Loan Fund. The Investment Fund maintained pursuant to Section 7.6.1.

1.37    Matching Account. A separate Account maintained for each Member which reflects his share of the Fund attributable to Matching Contributions and, effective January 1, 2001, balances formerly credited to his Basic or Class Year Accounts (within the meaning of those terms under the Plan previously in effect), together with applicable Investment Adjustments.

1.38    Matching Contributions. Contributions by an Employer for a Section 401(k) Member as provided in Section 3.2.

1.39    Member. Each Eligible Employee who became a Member of the Plan upon its establishment effective  December 31, 1988 as successor to its predecessors described in the Preamble hereto, or who has become  Member of the Plan pursuant to Article II as in effect from 

time to time, and each  former such Eligible Employee who retains an undistributed Account under the Plan.

1.40    Normal Retirement Date. The sixty-fifth (65th) anniversary of a Member's date of birth.

1.41    One-Year Break in Service. A Plan Year in which the individual has no more than 500 Hours of Service.  For purposes of determining whether a One-Year Break in Service has occurred, an individual who is absent from work by reason of a “maternity or paternity absence” shall receive credit for the Hours of Service which would have been credited to such individual but for such absence, or, in any case in which such Hours cannot be determined, eight Hours of Service per day of such absence, but in no event more than 501 Hours of Service.  Such Hours of Service shall be credited (a) only in the Plan Year in which the absence begins if necessary to prevent a One-Year Break in Service in that Plan Year, or (b) in all other cases, in the following Plan Year.  For purposes of this Section 1.41, “maternity or paternity absence” means an absence from active employment beginning on or after January 1, 1985 by reason of (a) the individual's pregnancy, (b) the birth of a child of the individual, (c) the placement of a child with the individual in connection with the adoption of such child by such individual, or (d) for purposes of caring for any such child for a period beginning immediately following such birth or placement.  Nothing in this Plan shall be construed to give an employee a right to a leave of absence for any reason.

1.42    Plan. The Arrow Electronics Savings Plan, which as currently in effect is set forth herein.

1.43    Plan Year. The period of time commencing with the first day of January and ending with the last day of December.

1.44    Rollover Account. A separate account maintained for an individual attributable to (i) his Rollover Contributions and (ii) balances credited as of November 29, 1994 in respect of amounts previously transferred from Part III of the Arrow Electronics ESOP and Capital Accumulation Plan, together with applicable Investment Adjustments.

1.45    Rollover Contribution. An Eligible Employee's rollover contribution made pursuant to Section 3.7, including the amount of any transfer to this Plan pursuant to the diversification and in-service withdrawal provision of the Arrow Electronics Stock Ownership Plan.

1.46    Section 401(k) Member. A Member who is an Eligible Employee.

1.47    Termination of Employment. A Member's employment shall be treated as terminated on the date that he ceases to be employed by an Employer or Affiliate, subject to Section 2.4.2.

1.48    Total Earnings. Total compensation paid by an Employer or Affiliate to an individual reportable on Form W-2, determined before giving effect to any Contribution Agreement or any other cash or deferred arrangement described in section 401(k) of the Code or to any similar reduction agreement pursuant to any cafeteria plan (within the meaning of section 125 of the Code) or for purposes of receiving qualified transportation fringe benefits (as described in section 132(f)(4) of the Code).  Total Earnings shall exclude salary continuation or other amounts paid under arrangements entered into on or after December 1, 2006, or under prior arrangements if 

paid after March 31, 2007, that are effectively in the nature of severance pay.  For purposes of Sections 3.3.2 and 3.4.2, Total Earnings for any Plan Year may, in the discretion of the Committee, and effective January 1, 2006, shall be limited to such compensation paid by an Employer or Affiliate to an individual during the period that he is a Member for service as an Eligible Employee.  Notwithstanding the foregoing, effective for amounts paid on or after January 1, 2008, Total Earnings shall not include severance pay or parachute payments excludable from Compensation under Section 1.13 above, or other payments or taxable benefits provided after termination of employment unless for services rendered prior to termination  and paid either within the calendar year of termination or no later than 2-1/2 months after the date of termination (but excluding post-severance payments in the nature of unused accrued sick, vacation or other bona fide leave payments).  Total Earnings taken into account for any Member for any Plan Year shall not exceed the Compensation Limit.  If the period for determining Total Earnings is a short plan year (i.e., shorter than 12 months), the annual Total Earnings limit is an amount equal to the otherwise applicable annual Total Earnings limit multiplied by the fraction, the numerator of which is the number of months in the short plan year, and the denominator of which is 12. 
 
1.49    Trust Agreement. The agreement by and between the Committee and the Trustee under which this Plan is funded, as from time to time amended.

1.50    Trustee. The trustee or trustees from time to time designated under the Trust Agreement.

1.51    Valuation Date. A date as of which the Committee revalues and adjusts Accounts in accordance with the daily valuation system described in Section 5.8; provided, however, if any portion of an Account is invested in mutual funds for which the mutual fund sponsor provides a separate accounting for each Member, the Valuation Date for a transaction affecting such portion shall be the date as of which the mutual fund sponsor processes such transaction.

1.52    Vested Percentage. The percentage of a Member's Account or Subaccount which is nonforfeitable pursuant to Article IV.

1.53    Year of Service. A Plan Year during which an employee has not less than one thousand (1,000) Hours of Service, excluding any Plan Year prior to the Plan Year in which the employee attained age 18.  Notwithstanding the foregoing, the term “Year of Service” shall not include any Plan Year not taken into account for vesting purposes as of December 31, 1984 under the predecessor plans then in effect as a result of the application of the break rules of those plans as then in effect nor any other Plan Year which was succeeded by five consecutive One-Year Breaks in Service (“Five-Year Break”), if the number of such One-Year Breaks in Service was equal to or in excess of the individual's Years of Service prior to such Five-Year Break and the individual had no nonforfeitable rights under any such plan at the time of the Five-Year Break.

1.54    “Same-sex Marriages”. In order to ensure compliance with those provisions of the Code that limit the term “spouse” to parties to a marriage of individuals of opposite sex, as required by the Federal Defense of Marriage Act, 1 U.S.C.§ 7, the term “spouse” as used in this Plan shall be limited to an individual of opposite sex from the Member,  effective September 1, 2006.  However, nothing in this Section 1.54 shall limit the ability of any Member to designate a spouse of the same sex as a Beneficiary in accordance with the same rules that permit designation of a non-spouse Beneficiary.

ARTICLE II

Membership

2.1    Membership. Effective March 1, 2004:  

2.1.1    Regular Employees.  An Eligible Employee who is a “Regular Employee” and who has not previously become a Member shall become a Member on the Entry Date coincident with or next following the completion of one full calendar month beginning on or after his Date of Hire, or if later, the first day of the calendar month in which he has first attained age twenty-one (21).  A “Regular Employee” is an employee who is scheduled to customarily work for an Employer for twenty (20) or more hours per week throughout each year (except for holidays and vacations).

2.1.2    Part-Time Employees.  An Eligible Employee who is not a “Regular Employee” shall become a Member on the Entry Date coincident with or next following the later of (a) his completion of a 12-consecutive month period starting on his Date of Hire, or on any January 1 thereafter, in which he has 1,000 Hours of Service, or (b) his twenty-first (21st) birthday. 
 
2.1.3    Date of Hire.  For purposes of this Section 2.1, the term “Date of Hire” means the date on which an employee first performs an Hour of Service described in Section 1.32.1.  An Eligible Employee who starts work on the first business day of a month shall become a Member no later than if he started work on the first day of the month.

2.2    Service with Affiliates. Solely for the purposes of determining (a) whether an employee has met the length of service requirement imposed as a prerequisite for membership in the Plan, or (b) the Hours of Service credited to an employee under the Plan, service with any Affiliate shall be treated as service with an Employer.  Notwithstanding any other provision of this Plan, a Member shall be eligible to share in contributions and forfeitures under the Plan only with respect to Compensation paid by an Employer for service as an Eligible Employee (as distinguished from service for any Affiliate).

2.3    Contribution Agreement. A Section 401(k) Member shall be eligible to share in Elective Contributions under Section 3.1, effective for payroll periods ending after the first Entry Date on which he is a Section 401(k) Member, provided that he completes and returns the Contribution Agreement described in Section 3.1.1 to the Committee within such period as the Committee shall prescribe.  If a rehired Eligible Employee, or Eligible Employee transferred from ineligible employment, commences or resumes participation as a Section 401(k) Member on his date of transfer or date of rehire pursuant to Section 2.4 or Section 2.6, he shall become eligible to share in Elective Contributions upon execution and filing of an appropriate Contribution Agreement within such period as the Committee shall prescribe, effective as of such date as the Committee shall determine to be administratively practicable.  If a Member fails to complete and return a Contribution Agreement within the period prescribed by the Committee, he may begin to share in Elective Contributions under Section 3.1 as of any subsequent Entry Date as of which he is an Eligible Employee, by completing and returning a Contribution Agreement to the Committee within such period as the Committee shall prescribe.

2.4    Transfers.

2.4.1    Transfer to Eligible Employment.  If an individual is transferred to employment under which he is eligible for membership in this Plan from employment with an Affiliate or with an Employer in a position not so eligible, he shall become a Member on the later of (a) the date of such transfer, or (b) the Entry Date on which he would have become a Member if his prior employment by the Employer or Affiliate had been in a position eligible for membership in the Plan.

2.4.2    Transfer to Affiliate or Ineligible Employment.  If a Member is transferred to employment with (a) an Affiliate or (b) an Employer in a position ineligible for membership in the Plan, he shall not be deemed to have retired or terminated his employment for the purposes of the Plan until such time as he is employed neither by an Employer nor by any Affiliate.  Such a Member shall be eligible to share in contributions and forfeitures under the Plan for the Plan Year of such transfer but he shall not be eligible to share in contributions and forfeitures for subsequent Plan Years unless and until he returns to employment as an Eligible Employee.  Upon retirement (at or after Normal Retirement Date) or Termination of Employment of such a Member while so employed other than as an Eligible Employee, distribution shall be made in accordance with the Plan as if such Member had so retired, or terminated his employment, while an Eligible Employee.

2.4.3    Contribution Agreement.  The Contribution Agreement (if any) of a Member described in Section 2.4.2 shall be suspended until he resumes his status as an Eligible Employee (and Section 401(k) Member).

2.5    Transfers Between Employers. If a Member transfers from employment as an Eligible Employee with one Employer to employment as an Eligible Employee with another Employer:  (a) his participation in the Plan shall not be interrupted; and (b) his Contribution Agreement (if any) with his prior Employer shall be deemed to apply to his second Employer in the same manner as it applied to his prior Employer.

2.6    Reemployment. If a Member whose Accounts are not vested in whole or in part, or an employee who has not become a Member, terminates employment and is subsequently rehired as an Eligible Employee after five or more consecutive One-Year Breaks in Service, he shall upon rehire be treated as a new employee for all purposes of this Plan.  In all other cases, (a) a Member who terminates employment and is subsequently rehired as an Eligible Employee shall become a Member immediately upon rehire, and (b) an employee who meets the age and service requirements for Membership in this Plan as of an Entry Date during a period of absence from employment shall become a Member upon termination of such absence if he is then an Eligible Employee.

2.7    Service with Predecessors or Affiliates, or as an Ineligible Employee. 

2.7.1    In determining when an Eligible Employee shall become a Member and such Eligible Employee's Hours of Service and Years of Service, employment with (i) one or more predecessors of an Employer or Affiliate or (ii) a corporation or other entity which was not an Employer or Affiliate at the time of reference but which later became such, shall not be taken into account except as otherwise provided in Section 2.7.2 or any Supplement.

2.7.2    In determining when an Eligible Employee shall become a Member and such Eligible Employee's Hours of Service and Years of Service, employment with or severance from (i) one or more predecessors of an Employer or Affiliate or (ii) a corporation or other entity which was not an Employer or Affiliate at the time of reference but which later became such, shall be treated as employment with or severance from an Employer or Affiliate to the extent required by law or to the extent determined by the Company Representative in its discretion exercised in a manner that does not discriminate in favor of Highly Compensated Employees.

ARTICLE III

Contributions

3.1    Elective Contributions.

3.1.1    Election of Amount.  In order to share in Elective Contributions, a Member must be a Section 401(k) Member and agree in his Contribution Agreement to reduce his Compensation otherwise payable in cash for each payroll period by such whole percentage as he shall elect, which prior to March 1, 2004 shall not exceed ten percent (10%), and thereafter shall not exceed such applicable percentage as the Committee may from time to specify, which may either be a uniform percentage for all Section 401(k) Members, or be determined separately for Highly Compensated Employees or non-Highly Compensated Employees, respectively, as the Committee determines in its discretion; provided, that a whole percentage shall not be required if necessary or appropriate to comply with any applicable limitations on the amount of Elective Contributions permitted.  The Section 401(k) Member's Employer shall contribute to the Plan as Elective Contributions, as soon as reasonably practicable after the close of each payroll period for which such Contribution Agreement is in effect, an amount equal to the elected and applicable reduction in the Section 401(k) Member's Compensation otherwise payable in cash for such payroll period.  Any Elective Contribution in excess of 6% shall not be eligible for Matching Contributions under Section 3.2.  In no event shall the limits under Section 3.3 be exceeded.  The Committee shall decrease the amount of reduction of Compensation under a Section 401(k) Member's Contribution Agreement for any payroll period to the extent the sum of such reduction, the amount of the Section 401(k) Member's deductions for such payroll period for welfare benefits sponsored by the Employer, any withholding from pay required by law and any other deductions requested by the Section 401(k) Member which under the Employer's payroll procedure are treated as a priority claim relative to the contributions to this Plan, exceeds the Section 401(k) Member's Compensation for such payroll period.

3.1.2    Change in Contribution Rate.  A Section 401(k) Member who has a Contribution Agreement in effect may increase or decrease the amount of reduction thereunder of his Compensation otherwise payable in cash within the limits specified in Section 3.1.1 by giving notice on the Appropriate Form to the Committee within such period as the Committee shall prescribe.  Such change shall be effective commencing with the first payroll period for which it can be given effect under the procedures established by the Committee.

3.1.3    Deemed Election. Effective January 1, 2008, a Section 401(k) Member who has not affirmatively entered into a Contribution Agreement as above provided may be deemed to have entered into such an Agreement in accordance with and subject to the auto-enrollment provisions Article XVII.

3.1.4    Voluntary Suspension.  A Member may voluntarily suspend his Contribution Agreement effective as soon as practicable by giving notice to the Committee on the Appropriate Form.

3.1.5    Mandatory Suspension.

3.1.5.1    Hardship Withdrawal from Elective Account.  The Contribution Agreement of a Member who makes a withdrawal pursuant to Section 7.2.4 shall be suspended as of the payroll period in which the withdrawal is made until the next Entry Date that is at least six months after the date of such withdrawal (or January 1, 2002, if later).

3.1.5.2    Reinstatement.  A Member may reinstate his Contribution Agreement under this Plan as of the next Entry Date following a period of mandatory suspension under this Section 3.1.5, or any subsequent Entry Date, by giving written notice to the Committee on the Appropriate Form within such period as the Committee shall prescribe.
3.1.6    Dollar Limitation.  A Section 401(k) Member's Elective Contributions shall be discontinued for the remainder of a Plan Year when in the aggregate they equal the Elective Deferral Limit for such Plan Year, except that Catch-up Contributions may continue to the extent permitted under Article XVI.  Notwithstanding any other provisions of this Plan, except to the extent permitted under Article XVI.  No Section 401(k) Member may elect to reduce his Compensation pursuant to Section 3.1.1 for a Plan Year by an amount in excess of the Elective Deferral Limit, nor shall any such excess be contributed to the Plan as Elective Contributions or allocated to a Section 401(k) Member's Elective Account.  

3.1.7    Determination of Total Excess Deferrals.  The term “Excess Deferrals” shall mean (i)  “elective deferrals” (as defined in section 402(g)(3) of the Code,  but  excluding deferrals qualifying as catch-up contributions under section 414(v) of the Code)  made by a Member during the calendar year under this Plan in excess of the Elective Deferral Limit, plus (ii)  in the event the Member is eligible to make such catch-up contributions under Article XVI  or under any other plan of an Employer or Affiliate (“Controlled Group Plan”), the amount of such catch-up contributions in excess of the limit set forth in Section 16.4 for such year made under this Plan or under such other plan.

3.1.8    Distribution of Excess Deferrals (Regular or Catch-up).  If a Member has made Excess Deferrals for any Plan Year, the Committee shall, after consultation with the named fiduciary of any applicable other Controlled Group Plan, determine the portion of such Excess Deferrals to be assigned to this Plan (which shall be the total Excess Deferrals less the portion thereof assigned to another Controlled Group Plan) and distribute the portion thereof so assigned, adjusted for any (i) income or loss attributable thereto for such Plan Year and, (ii) effective solely for the 2007 Plan Year, “gap period” income or loss from the end of the Plan Year to the date of distribution determined in accordance with such method authorized under applicable regulations as the Committee shall specify.  The amount to be distributed for a Plan Year shall be adjusted to reflect the amount of Elective Contributions previously distributed by the Plan on or after the beginning of such Plan Year in order to comply with the limitations of Section 3.3.  If the Member's Elective Account is invested in more than one Investment Fund, such distribution shall be made pro rata, to the extent practicable, from all such Investment Funds.  In order to receive such excess Elective Contributions, the Member must deliver a written claim to the Committee by March 1 of the Plan Year of distribution.  Such claim must include (i) a statement that the Member's Elective Deferral Limit will be exceeded unless the excess Elective Contributions are distributed and (ii) an agreement to forfeit Matching Contributions made with respect to such excess Elective Contributions and allocated to his Matching Account (if any).  Matching Contributions forfeited pursuant to this Section 3.1.8 shall be applied to reduce contributions by 

the Employer hereunder.  If a Member's has made Excess Deferrals as a result of contributions to this Plan and any other plans or agreements maintained by an Employer or Controlled Group Affiliate, the Committee shall deem such a claim to have been delivered by the Member and distribute the excess no later than April 15 of the following year.

3.2    Matching Contributions.

3.2.1    Amount.  The Employer shall make Matching Contributions to the Plan with respect to each calendar month for which a Section 401(k) Member has a Contribution Agreement in effect, in an amount equal to 50% of such Section 401(k) Member's Elective Contributions for each payroll period ending in such month (but excluding any such Elective Contributions in excess of 6% of the Section 401(k) Member's Compensation for that payroll period).  

3.2.2    Payment.  Matching Contributions for a month shall be paid in cash to the Trustee during or as soon as reasonably practicable after the end of such month.

3.2.3    Matching Contributions Only for Permissible Elective Contributions.  No Matching Contributions shall be made with respect (i) to amounts distributable (or recharacterized as Catch-up Contributions) pursuant to Section 3.3.4, (ii) Elective Contributions in excess of the Elective Deferral Limit as described in Section 3.1.6, or (iii) ) with respect to Catch-up Contributions or Elective Contributions designated as Catch-up Contributions but which  fail to qualify as such as provided in Section 16.6.  Any amounts paid into the Fund with the intention that they constitute Matching Contributions with respect to such amounts shall be retained in the Fund and applied to meet the obligation of the Employer to make contributions under this Article III.

3.3    Section 401(k) Limit on Elective Contributions.

3.3.1    In General.  Notwithstanding anything in this Plan to the contrary, Elective Contributions for any Plan Year for a Section 401(k) Member who is a Highly Compensated Employee for that Plan Year shall be reduced if and to the extent deemed necessary or advisable by the Committee in order that the “average deferral percentage” (as defined in Section 3.3.2) for Section 401(k) Members who are Highly Compensated Employees for that Plan Year shall not exceed the percentage determined in the following schedule, based on the average deferral percentage for the Applicable Plan Year for all Section 401(k) Members who are not Highly Compensated Employees for such Applicable Plan Year:

	
		
	Column 1
	Column 2

	Average Deferral Percentage 
for Section 401(k) Members
Who Are Not Highly Compensated
Employees for the Applicable Plan Year Less than 2%
	Average Deferral Percentage
for Section 401(k) Members
Who Are Highly Compensated
Employees for the Plan Year
Two (2) times the
percentage in Column 1

	2% - 8%
	The percentage in Column 1, 
plus 2%

	More than 8%
	One and one-quarter
(1-1/4) times the
percentage in Column 1

The status of an individual as a non-Highly Compensated Employee for an Applicable Plan Year shall be determined based on the definition of Highly Compensated Employee in effect for such Applicable Plan Year.  
3.3.2    Determination of Average Deferral Percentages.  Notwithstanding anything in this Plan to the contrary, for purposes of this Section 3.3, the average deferral percentage for any group of individuals for a Plan Year (including an Applicable Plan Year) means the average of the individual ratios, for each person in such group, of (i) his share of Elective Contributions (exclusive of Catch-up Contributions) for the Plan Year to (ii) his Total Earnings for such Plan Year (or, if applicable, the portion thereof in which the individual is both a Member and an Eligible Employee).  The individual ratios, and the average deferral percentage for any group of individuals, shall be calculated to the nearest one-hundredth of one percent (0.01%).  For purposes of calculating the average deferral percentage, Qualified Nonelective Contributions under Section 3.5.4 may be taken into account as Elective Contributions if the conditions of the applicable regulations under section 401(k) of the Code (set forth as Treas.  Reg. § 1.401(k)-2(a)(6) effective January 1, 2006, and previously as Treas. Reg. § 1.401(k)-1(b)(5)) and other applicable guidance  are met.  The Committee shall determine, during and as of the end of each Plan Year, the average deferral percentages relevant for purposes of this Section 3.3, based on Members' Contribution Agreements and projected Total Earnings then in effect for Section 401(k) Members.  If, based on such determination, the Committee concludes that a reduction in the Elective Contributions made for any Section 401(k) Member is necessary or advisable in order to comply with the limitations of this Section 3.3, he shall so notify each affected Section 401(k) Member and his Employer of the reduction he deems necessary or desirable for this purpose.  In such event, the allowable Elective Contributions under Section 3.1.1 shall be reduced in accordance with the direction of the Committee, and the Contribution Agreement of each Section 401(k) Member affected by such determination shall be modified accordingly.  Any such reduction may apply either to all Section 401(k) Members, only to Section 401(k) Members who are Highly Compensated Employees, or to any other group as the Committee shall determine, in such manner as the Committee shall determine.

3.3.3    Calculation of Excess Contributions.  Notwithstanding anything in this Plan to the contrary, for purposes of this Section 3.3, the amount of “Excess Contributions” for Highly Compensated Employees means, with respect to any Plan Year, the excess of (a) the aggregate amount of Elective Contributions (exclusive of Catch-up Contributions) actually paid into the Plan on behalf of Highly Compensated Employees for such Plan Year, over (b) the maximum amount of Elective Contributions permitted for such Plan Year under the limitations set forth in Section 3.3.1, 

determined by reducing the amount of Elective Contributions to be permitted on behalf of Highly Compensated Employees in the order of their individual ratios (as determined under Section 3.3.2) beginning with the highest of such ratios.  

3.3.4    Correction by Distribution (or Recharacterization as Catch-up Contributions).The aggregate amount of any Excess Contributions  determined for any Plan Year under Section 3.3.3 shall be distributed in cash to Highly Compensated Employees on the basis of the respective amounts of Elective Contributions (and amounts taken into account as Elective Contributions) made on their behalf, reducing the largest amounts of Elective Contributions first, and successively to the extent necessary until the entire amount of such Excess Contributions is distributed.  Notwithstanding the foregoing,  to the extent that the Highly Compensated Employee (i) is eligible to make Catch-up Contributions under Article XVI and (ii) has failed to make the maximum dollar amount of such Catch-up Contributions permitted for such Plan Year under Section  16.4,  the amount otherwise distributable hereunder shall instead be recharacterized as Catch-up Contributions and retained in the Plan up to the excess of such dollar limit in Section 16.4 over the amount of Catch-up Contributions otherwise made for such year under Article XVI.  

3.3.5    Time and Manner of Corrective Distribution.  The amount of Excess Contributions for any Highly Compensated Employee for any Plan Year not recharacterized as Catch-up Contributions under Section 3.3.4 shall be distributed in cash to such Highly Compensated Employee  no later than March 15 of the following Plan Year if possible, and in any event no later than the close of such following Plan Year.  If such Member's Account is invested in more than one Investment Fund, such distribution shall be made pro rata, to the extent practicable, from all such Investment Funds.  The amount thus distributed shall be adjusted for income or loss attributable thereto for the Plan Year for which such amount was paid into the Plan and, effective for the Plan Years 2006 and 2007, for the period from the last day of the Plan Year to the date of distribution or such date within seven business days prior thereto as the Plan recordkeeper shall determine to be practicable.

3.3.6    Adjustment of Contributions Based on Limit on Annual Additions.  Notwithstanding any of the foregoing provisions to the contrary, a Member may, at such time and in such manner as the Committee may prescribe, suspend or change the amount of reduction in Compensation provided for under any applicable Contribution Agreement in order to avoid an allocation of contributions to his Account which would violate the limitations of this Section 3.3, Section 3.4 or Article VI.

3.4    Section 401(m) Limit on Matching Contributions.

3.4.1    In General.  Notwithstanding anything in this Plan to the contrary, Matching Contributions for any Plan Year for a Section 401(k) Member who is a Highly Compensated Employee for that Plan Year shall be reduced if and to the extent deemed necessary or advisable by the Committee in order that the “contribution percentage” for Section 401(k) Members who are Highly Compensated Employees for that Plan Year shall not exceed the percentage determined in the following schedule, based on the “contribution percentage” for the Applicable Plan Year for all Section 401(k) Members who are not Highly Compensated Employees for the Plan Year:

	
		
	Column 1
Contribution Percentage
for Section 401(k) Members Who
Are Not Highly Compensated
Employees for the Applicable Plan Year
	Column 2
Contribution Percentage
for Section 401(k) Members
Who Are Highly Compensated
Employees for the Plan Year

	Less than 2%
	Two (2) times the
percentage in Column 1

	2% - 8%
	The percentage in Column
1, plus 2%

	More than 8%
	One and one-quarter
(1-1/4) times the per-
centage in Column 1

In determining the permitted Contribution Percentage for Highly Compensated Employees, the Applicable Plan Year for non-Highly Compensated Employees shall be the same as determined under Section 3.3.1.  The status of an individual as a non-Highly Compensated Employee for an Applicable Plan Year shall be determined based on the definition of Highly Compensated Employee in effect for such Applicable Plan Year.
3.4.2    Determination of Contribution Percentages.  Notwithstanding anything in this Plan to the contrary, for purposes of this Section 3.4, the “contribution percentage” for any group of individuals means the average of the individual ratios, for each person in such group, of (a) his share of Matching Contributions for the Plan Year (including an Applicable Plan Year) to (b) his Total Earnings for such Plan Year (or, if applicable, the portion thereof in which the individual is both a Member and an Eligible Employee).  The individual ratios, and the “contribution percentage” for any group of individuals, shall be calculated to the nearest one-hundredth of one percent (0.01%).  For purposes of calculating the contribution percentage, Qualified Nonelective Contributions under Section 3.5.4 and Elective Contributions under Section 3.1.1 may be taken into account as Matching Contributions if the conditions of the applicable regulations under section 401(m)(3) of the Code (which are set forth in Treas. Reg. § 1.401(m)-1(b)(5) prior to January 1, 2006 and thereafter Treas. Reg. § 1.401(m)-2(a)(6)) and other applicable guidance, are met to the extent such contributions are not taken into account for purposes of the average deferral percentage test pursuant to Section 3.3.2.  If, based on a review of Contribution Agreements and projected Total Earnings similar to those described in Section 3.3.2, the Committee shall conclude that a reduction in the Matching Contributions made for any Member is necessary or advisable in order to comply with the limitations of this Section 3.4 for any Plan Year, the amount of such contributions shall be reduced in accordance with the direction of the Committee.  Without limiting the generality of the foregoing, any such reduction may be made applicable to all Section 401(k) Members, only to Section 401(k) Members who are Highly Compensated Employees, or to any other group as the Committee shall determine, and in such manner as the Committee shall determine.

3.4.3    Treatment of Excess Matching Contributions.  Notwithstanding anything in this Plan to the contrary, for purposes of this Section 3.4, the amount of “excess Matching Contributions” for any Highly Compensated Employees means, with respect to any Plan Year, the excess of (a) the total aggregate amount of Matching Contributions actually paid into the Plan on behalf of Highly Compensated Employees for such Plan Year, over (b) the maximum 

amount of Matching Contributions permitted for such Plan Year under the limitations set forth in Section 3.4.2, determined by reducing the amount of Matching Contributions permitted on behalf of the Highly Compensated Employee in the order of their individual ratios (as determined under Section 3.4.2) beginning with the highest such ratio.  The aggregate amount of excess Matching Contributions so determined for any Plan Year shall be attributed to Highly Compensated Employees on the basis of the respective amounts of Matching Contributions made on their behalf, reducing the largest amounts of Matching Contributions first, and successively to the extent necessary until the entire amount of such excess Matching Contributions is allocated.  The amount so attributed to a Highly Compensated Employee shall be forfeited.  Any excess Matching Contributions not so forfeited shall be paid to the Member.  Such payment shall be made in cash no later than March 15 of the following Plan Year if possible, and in any event no later than the close of the following Plan Year.  

3.4.4    Income on Excess Matching Contributions.  The amount of excess Matching Contributions distributed or forfeited pursuant to Section 3.4.3 shall be adjusted for income or loss attributable thereto for the Plan Year for which such excess was paid into the Plan and, effective for the Plan Years 2006 and 2007, for the period from the last day of the Plan Year to the date of distribution or such date within seven business days prior thereto as the Plan recordkeeper shall determine to be practicable.  If any Account from which a distribution or forfeiture is to be made pursuant to this Section 3.4 is invested in more than one Investment Fund, such distribution or forfeiture shall be made pro rata, to the extent practicable, from all such Investment Funds.

3.5    Special Rules Relating to Elective Contributions and Matching Contributions.

3.5.1    Multiple Arrangements for Highly Compensated Employees Combined.  If more than one plan providing a cash or deferred arrangement, or for matching contributions, or employee contributions (within the meaning of sections 401(k) and 401(m) of the Code) is maintained by the Employer or an Affiliate, the individual ratios of any Highly Compensated Employee who participates in more than one such plan or arrangement shall, for purposes of determining the “average deferral percentage” (as defined in Section 3.3.2) and “contribution percentage” (as defined in Section 3.4.2) for all such arrangements, be determined as if all such arrangements were a single plan or arrangement.

3.5.2    Aggregation of Plans.  In the event that this Plan satisfies the requirements of section 410(b) of the Code only if aggregated with one or more other plans, then this Article III shall be applied by determining the “average deferral percentage” and “contribution percentage” of Members as if all such plans were a single plan.  Plans may be aggregated under this Section 3.5.2 only if they have the same plan year.

3.5.3    Status as Section 401(k) Member.  For purposes of Sections 3.3 and 3.4, an individual shall be treated as a Section 401(k) Member for a Plan Year if he so qualifies for any part of the Plan Year, and whether or not his right to share in Elective Contributions has been suspended under Section 3.1.5.  Notwithstanding the foregoing, in applying such Sections an individual shall not be treated as a Section 401(k) Member for an Applicable Plan Year during which he is not a Highly Compensated Employee except for periods after he has met the minimum age and service requirements of section 410(a)(1)(A) of the Code, if (a) the Committee elects to 

exclude all employees who have not met such minimum age and service requirements in accordance with section 410(b)(4)(B) of the Code, and (b) the Plan complies with section 410(b) of the Code on that basis.

3.5.4    Qualified Nonelective Contributions.  For each Plan Year that the Plan is in effect, each Employer may contribute to the Fund, in cash, such additional amounts (if any) as the Board of Directors shall, in its sole discretion, determine to be necessary or desirable in order to meet the requirements of Sections 3.3 and 3.4 for such Plan Year.  The Board of Directors  shall designate any such amounts as “qualified nonelective contributions” within the meaning of section 401(m)(4)(C) of the Code (“QNECs”) and shall determine the group of Members eligible to share in such qualified nonelective contributions, the method of apportionment under which such eligible Members shall share in such contributions and the Accounts under the Plan in which such contributions, together with the Investment Adjustments attributable thereto, shall be maintained.  Such additional contributions shall be credited, as of the last day of the Plan Year for which made, to the Accounts of such eligible Members and shall be paid to the Trust Fund no later than October 15 of the following Plan Year.  Anything in this Plan to the contrary notwithstanding, each Member shall at all times have a fully vested and nonforfeitable right to 100% of the amounts in his Accounts attributable to QNECs at all times, and such contributions shall be treated as Elective Contributions for purposes of determining whether they may be distributed under the Plan except as otherwise provided in Section 7.2.4.  At the direction of the Committee, QNECs may be used to satisfy the Average Deferral Percentage test under Section 3.3.2 if applicable regulations under section 401(k) of the Code (which are set forth in Treas. Reg. § 1.401(k)-2(b)(6) effective January 1, 2006) and other applicable guidance are met, or the Contribution Percentage test under Section 3.4.2 if applicable regulations under section 401(m)(3) of the Code (which are set forth in Treas. Reg. § 1.401(m)-2(a)(6) effective January 1, 2006) and other applicable guidance are met.  QNECs shall be nonforfeitable when made without regard to the age and service of the Members to whom they are allocated, and for Plan Years beginning on or after January 1, 2006, shall not exceed five percent of Total Earnings in the case of Members who are non-Highly Compensated Employees (or, if greater, twice the Plan's representative contribution rate as defined in Treas. Reg. § 1.401(k)-2(a)(6)(iv) or any successor regulation).

3.6    Discretionary Contributions.

3.6.1    Amount of Contributions. For each Plan Year, the Company and each other Employer, shall contribute to the Plan such amount (if any) as the Board of Directors shall determine in its sole discretion.  The Company may make the Discretionary Contribution so determined for any other Employer as agent for and on behalf of such Employer.   Discretionary Contributions shall be allocated to the Accounts of eligible Members in the same proportion that each Member's Compensation for the Plan Year bears to the total Compensation of all such Members for the Plan Year.

3.6.2    Eligibility for Discretionary Contribution.  A Member shall not be eligible to share in a Discretionary Contribution, to the extent applicable, until the first January 1 or July 1 coincident with or next following the later of (a) his completion of a 12-consecutive month period starting on his Date of Hire, if he renders at least 1,000 Hours of Service during such 12-consecutive month period or, if he does not render at least 1,000 Hours of Service during such 12-consecutive month period, the first Plan Year (beginning after his Date of Hire) during which he has renders at least 1,000 Hours of Service, or (b) his twenty-first (21st) birthday.  In addition, a Member shall not be eligible to share in a Discretionary Contribution for a particular Plan Year if 

he is has not rendered at least 1,000 Hours of Service during such Plan Year and is not an Eligible Employee on the last day of such Plan Year, unless he ceased to be an Eligible Employee during the Plan Year by reason of death, Disability, termination of employment after attaining age 60 with at least 10 Years of Service or retirement at or after his Normal Retirement Date.  A Member's Compensation prior to the Entry Date he is eligible for Discretionary Contributions pursuant to this Section 3.6.2 shall not be taken into account in determining any share in a Discretionary Contribution to which he may become entitled for purposes of the allocation described in 3.6.1 above.
3.7    Rollovers. An Eligible Employee shall be entitled to make a contribution in the form of a direct rollover to the Plan (“Rollover Contribution”) upon furnishing evidence satisfactory to the Committee that such contribution qualifies as an “eligible rollover distribution” from a qualified plan described in section 401(a) or 403(a) of the Code, an annuity contract described in section 403(b) of the Code, an eligible plan under section 457(b) of the Code which is maintained by a state, political subdivision of a state; provided, that no such rollover shall include any after-tax contributions.  All Rollover Contributions shall be received and held in the Fund, and shall be credited to the Eligible Employee's Rollover Account as of such date as the Committee shall specify.  At the time a Rollover Contribution is made, the Eligible Employee shall designate (in a manner consistent with Section 5.3) how that Rollover Contribution is to be allocated among the Investment Funds, without regard to the manner in which his other Accounts (if any) are invested; thereafter, reallocation of Account balances (including the Rollover Account) may be made only in accordance with the provisions of Section 5.3.  An Eligible Employee who makes a Rollover Contribution shall be deemed a Member solely with respect to his Rollover Account until he otherwise becomes a Member in accordance with Section 2.1.

3.8    Maximum Limit on Allocation.  If the allocations to a Member's Accounts otherwise required under this Plan for any Plan Year would cause the limitations of Article VI to be exceeded for that Plan Year, contributions (and forfeitures in lieu thereof) under this Article III shall be reduced to the extent necessary in order to comply with the limitations of Article VI, with such reductions to be made in the following order: (i) first to Elective Contributions which do not relate to Matching Contributions (i.e., Elective Contributions for any payroll period in excess of 6% of the Member's Compensation for such payroll period), (ii) second to the Member's remaining Elective Contributions and Matching Contributions relating thereto and (iii) third to Discretionary Contributions for such Member.

3.9    Form and Time of Payment.  Elective Contributions shall be transferred to the Trust Fund in cash as soon as administratively practicable after they are deducted from the Compensation of the Member and, except as may be occasionally required by bona fide administrative considerations, shall in no event be transferred before the applicable election is made, or before the performance of services with respect to which such Compensation is paid (or when such Compensation would be currently available, if earlier).  QNECs shall be made in cash no later than the time prescribed by Section 3.5.4.  

3.10    Contributions May Not Exceed Amount Deductible.  In no event shall contributions under this Article III for any taxable year exceed the maximum amount (including amounts carried forward) deductible for that taxable year under section 404(a)(3) of the Code.

3.11    Contributions Conditioned on Deductibility.  Notwithstanding any other provision of the Plan, each contribution by an Employer under this Article III is conditioned on the 

deductibility of such contribution under section 404 of the Code for the taxable year for which contributed.

3.12    Expenses.  Except to the extent paid by an Employer, the expenses of the administration of the Plan shall be deemed to be expenses of the Fund and shall be paid therefrom.

3.13    No Employee Contributions.  Other than as provided in Section 3.7, Members shall not be eligible to make contributions under the Plan.  (Elective and Matching Contributions, and qualified nonelective contributions made pursuant to Section 3.5.6, are to be treated solely as contributions made by the contributing Employer, and are not to be treated for any purpose as contributions made by a Member.)

3.14    Profits Not Required.  Each Employer shall, notwithstanding any other provision of the Plan, make all contributions to the Plan without regard to current or accumulated earnings and profits.  Notwithstanding the foregoing, the Plan shall be designated to qualify as a profit-sharing plan for purposes of sections 401(a), 402, 404, 412 and 417 of the Code.

3.15    Contributions for Military Service.  Effective December 12, 1994, notwithstanding any provisions of this Plan to the contrary, contributions and service credit shall be made with respect to a period in which an individual would have been an Eligible Member but for his Military Service (as defined in Section 1.32.3) to the extent required by Chapter 43 of Title 38 of the United States Code (USERRA).  The amount of any such Elective Contributions and of Matching Contributions in respect thereof shall be based upon such individual's election made following his return to employment with the Employer following such Military Service (and within the time during which he had reemployment rights) in accordance with procedures established by the Committee; provided that no such Elective Contributions may exceed the amount the individual would have been permitted to elect to contribute had the individual remained continuously employed by the Employer throughout the period of such Military Service (and Matching Contributions shall be limited accordingly).  Such contributions shall be taken into account as Annual Additions for purposes of Section 3.3.4 and Article VI in the Limitation Year to which they relate, and for purposes of applying the Elective Deferral Limit or limit on Catch-up Contributions in Section 16.4  in the calendar year to which they relate, rather than in the Limitation Year or calendar year in which made, and shall be disregarded for purposes of applying the limits described in Sections 3.3 and 3.4.  Any such contribution shall be made no later than five years from the date of such return to employment or, if less, a period equal to three times the period of such Military Service.

3.16    Military Service.  Notwithstanding any provisions of this Plan to the contrary, contributions shall be made with respect to a period in which an individual would have been an Eligible Employee Member but for his military service to the extent required by Chapter 43 of Title 38 of the United States Code (USERRA) and/or the Heroes Earnings Assistance and Relief Tax Act of 2008 and guidance thereunder (“HEART Act”) and as authorized by section 414(u) of the Code.  In accordance with the foregoing:

3.16.1    Return to Employment.  The amount of any contributions in the nature of elective deferrals shall be based upon such individual's election made following his return to employment with an Employer following such military service and within the time during which he had reemployment rights, in accordance with procedures established by the Plan administrator; provided that no such contributions may exceed the amount the individual would 

have been permitted to elect to contribute had the individual remained continuously employed by the Employer throughout the period of such military service.  Such contributions (and Matching Contributions) shall be taken into account as Annual Additions for purposes of Section 3.3.6 and Article VI in the Limitation Year to which they relate and for purposes of applying the Elective Deferral Limit in the calendar year to which they relate, rather than in the Limitation Year or calendar year in which made, and shall be disregarded for purposes of applying the limits described in Section 3.3 and 3.4. Any such contributions shall be made no later than five years from the date of such return to employment or, if less, a period equal to three times the period of such military service.

3.16.2    Death during Military Service.  Effective January 1, 2007, if a Member dies while performing qualified military service (as defined in section 414(u) of the Code), the beneficiary(ies) of such Member shall be entitled to any additional benefits (other than benefit accruals relating to the period of qualified military service) that would have been available had the Member resumed and then terminated employment on account of death, to be determined in accordance with HEART Act.

3.16.3    Differential Wage Payments.  Effective January 1, 2009, if the Company shall make differential wage payments within the meaning of Code section 3401(h)(2) to an individual who has entered the uniformed services as described therein, the differential wage payment shall be treated as eligible compensation for purposes of the Plan; provided, however, that if the individual elects (after at least 30 days of such service) to receive a distribution in respect of his elective deferrals hereunder, his right to make further elective deferrals hereunder shall be suspended during the six-month period beginning on the date of distribution.

ARTICLE IV

Vesting

4.1    Elective Account and Rollover Account.  A Member's interest in his Elective Account and Rollover Account shall have a Vested Percentage of 100% and be nonforfeitable at all times.

4.2    Employer Contribution Account.
Vesting Schedule.  Upon a Member's Termination of Employment for a reason other than death, retirement at or after his Normal Retirement Date, or Disability, he shall be entitled to a benefit based on his Vested Percentage in his Employer Contribution Account in accordance with the following schedule:

	
		
	Years of Service
	Vested Percentage

	1
	0%

	2
	20%

	3
	40%

	4
	60%

	5 or more
	100%

A Member who had a vested or partially vested account under Part III of the Arrow Electronics ESOP and Capital Accumulation Plan on January 1, 1984 shall have a Vested Percentage of 100%, without regard to his actual Years of Service.
4.2.1    Earlier Vesting.  Notwithstanding any other provision hereof, a Member's interest in his Employer Contribution Account shall have a Vested Percentage of 100% and be nonforfeitable:  (a) on the date of his Termination of Employment by reason of death or Disability; (b) upon his attainment of his Normal Retirement Date (or any higher age) while employed by an Employer or an Affiliate; (c) when and if this Plan shall at any time be terminated for any reason; (d) upon the complete discontinuance of contributions by all Employers hereunder; or (e) upon partial termination of this Plan (within the meaning of section 411(d)(3) of the Code) if such Member is a Member affected by such partial termination.  Effective January 1, 2007, a Member who dies while performing qualified military service (as defined in section 414(u) of the Code) shall receive the same death benefits that would have been payable had he been actively employed at the time of death.  Accordingly, a Member's Account shall be fully vested upon such event irrespective of his Years of Service.

4.3    Forfeitures.  The non-vested portion of a terminated Member's Employer Contribution Account shall be forfeited upon the distribution of the vested portion of the Member's Accounts.  If such a Member is reemployed by an Employer or Affiliate before incurring five consecutive One-Year Breaks in Service, the amount so forfeited shall be restored to his Matching Account and/or Discretionary Account, as applicable, and the Member shall resume his place on the vesting schedule set forth in Section 4.2.  However, if the reemployed Member previously received a distribution from the vested portion of his Matching Account and/or Discretionary Contribution Account, his vested interest in such account or accounts after such restoration of the 

non-vested balance shall be expressed by the formula:

X=P(A + D) - D
where X is the Member's vested interest in the applicable Matching Account and/or Discretionary Contribution Account; P is the Member's Vested Percentage in his Matching Account and/or Discretionary Contribution Account determined under Section 4.2.1.2 without regard to this sentence; A is the amount of the balance of such Account or Accounts after restoration; and D is the amount of the distribution previously made to him in respect of his Matching Account and/or Discretionary Contribution Account.  The restoration of a portion of a Member's Employer Contribution Account shall be made first from available forfeitures and, if necessary, by a special Employer contribution made for that purpose.
4.4    Irrevocable Forfeitures.  Notwithstanding anything to the contrary in this Article IV, the unvested portion of a Member's Employer Contribution Account shall be irrevocably forfeited if he incurs five consecutive One-Year Breaks in Service and shall therefore not be restored for any reason, notwithstanding any subsequent reemployment.

4.5    Application of Forfeitures.  Effective January 1, 2012, all forfeitures, whether pursuant to the foregoing provisions of Sections 4.3 and 4.4 or effected to correct excess or improper contributions or allocations under the Plan, shall be applied (i) to pay administrative expenses of the Plan that the Company does not elect to pay in lieu of payment by the Plan (including reasonable administrative expenses incurred or authorized by the Committee under Section 10.3), and/or  (ii) to reduce future employer contributions under the Plan, including, without limitation, any reinstatement of previously forfeited amounts..

ARTICLE V

Accounts and Designation of Investment Funds

5.1    Investment of Account Balances.  The Committee shall direct the Trustee to divide the Fund into three or more Investment Funds, which shall have such investment objectives and characteristics as the Committee shall determine and in which a Member's Account shall be invested according to the Member's instructions pursuant to Sections 5.2 through 5.4.  Notwithstanding its stated primary investment objectives, any Investment Fund may make or retain investments of such nature, or such cash balances, as may be necessary or appropriate in order to effect distributions or to meet other administrative requirements of the Plan.

5.2    Designation of Investment Funds for Future Contributions.  A Member may designate the percentage of his share of future contributions which is to be allocated to each Investment Fund.  The Committee shall from time to time determine the minimum percentage, and the multiples thereof, that may be invested in any Investment Fund.  Such designation shall be given on the Appropriate Form, and the Member shall have the opportunity to obtain written confirmation of each such designation.  In the event that a Member fails to make such a designation, all contributions for such Member shall be invested in the Investment Fund selected by the Committee in its sole discretion.  Any designation under this Section 5.2 shall be effective as of the first date for which it can be given effect under the procedures established by the Committee, and continue in effect until changed by the filing of a new designation under this Section 5.2.

5.3    Designation of Investment Funds for Existing Account Balances.  A Member may, by giving notice to the Committee on the Appropriate Form designate the percentage of the then existing balance of his Accounts which shall be invested in each Investment Fund.  The Committee may from time to time determine the minimum percentage, and the multiples thereof, that may be invested in any Investment Fund, and may limit transfers among Investment Funds if and to the extent necessary to meet the requirements of any “stable value” or similar Fund that may require such a limitation.  Any designation under this Section 5.3 shall be effective as of the first date for which it can be given effect under the procedures established by the Committee.  A Member shall have the opportunity to obtain written confirmation of each such designation.  Following a Member's death and pending distribution in respect of his Accounts, his Beneficiary shall have the rights provided under this Section 5.3 with respect to the portion of the Accounts from which such Beneficiary will receive a distribution.

5.4    Valuation of Investment Funds.  As of each Valuation Date, the Committee shall determine the net fair market value of the assets of each Investment Fund, and based on such valuation shall proportionately adjust each of a Member's Accounts to reflect its allocable Investment Adjustment; provided, however, that no Account shall share in such allocation after the Valuation Date established for distribution thereof.  A Member's interest in each Investment Fund shall be reduced by the amount of distributions or withdrawals therefrom (including transfers to any other Investment Fund) and by any charges thereto as of such preceding Valuation Date pursuant to Sections 7.2 and 7.3 (relating to withdrawals and loans) and shall be increased by the amount of any transfers thereto from any other Investment Fund, in such manner as the Committee may deem appropriate.

5.5    Correction of Error.  The Committee may adjust the Accounts of any or all Members or Beneficiaries in order to correct errors or rectify omissions, including, without limitation, any allocation to a Member's Elective Account made in excess of the Elective Deferral Limit, in such manner as he believes will best result in the equitable and nondiscriminatory administration of the Plan.

5.6    Allocation Shall Not Vest Title.  The fact that allocation is made and amounts credited to a Member's Account shall not vest in such Member any right, title or interest in and to any assets except at the time or times and upon the terms and conditions expressly set forth in this Plan, nor shall the Trustee be required to segregate physically the assets of the Fund by reason thereof.

5.7    Statement of Accounts.  The Committee shall distribute to each Member a statement showing his interest in the Fund at least quarterly.

5.8    Daily Valuation.  The Plan shall use a daily valuation system, which generally shall mean that Accounts will be updated each Valuation Date to reflect activity for that day, such as new contributions received by the Trustee, withdrawals or other distributions, changes in the Member's investment elections, and changes in the value of the Investment Funds under the Plan.  Such daily valuation shall be dependent upon the Plan's recordkeeper, which may be a mutual fund sponsor, receiving complete and accurate information from a variety of different sources on a timely basis.  It is understood that events may occur that cause a delay or interruption in that process, affecting a single Member or a group of Members, and there shall be no guarantee by the Plan that any given transaction will be processed on a particular anticipated day.  In the event of any such delay or interruption, any affected transaction will be processed as soon as administratively feasible and no attempt will be made to reconstruct events as they would have occurred absent the delay or interruption, regardless of the cause, unless the Committee in its sole discretion directs the Plan's recordkeeper to do so.

ARTICLE VI

Limitation on Maximum Contributions and Benefits Under all Plans

6.1    Definitions.

6.1.1    Annual Addition.  For purposes of this Article VI, “Annual Addition” means the sum for any Plan Year of (a) employer contributions to a plan (or portion thereof) subject to section 415(c) of the Code maintained by an Employer or an Affiliate, (b) forfeitures under all such plans (or portions thereof), if any, credited to employee accounts, (c) employee contributions under all such plans (or portions thereof), and (d) amounts described in section 419A(d)(2) of the Code (relating to post-retirement medical benefits of key employees) or allocated to a pension plan individual medical account described in section 415(l) of the Code to the extent includible for purposes of section 415(c)(2) of the Code.  The employee contributions described in clause (c) shall be determined without regard to (i) any rollover contributions, (ii) any repayments of loans, or (iii) any prior distributions repaid upon the exercise of buy-back rights.  Employer and employee contributions taken into account as Annual Additions shall include “excess contributions” as defined in section 401(k)(8)(B) of the Code, “excess aggregate contributions” as defined in section 401(m)(6)(B) of the Code, and “excess deferrals” as described in section 402(g) of the Code (to the extent such excess deferrals are not distributed to the employee before the April 15 following the taxable year of the employee in which such deferrals were made), regardless of whether such amounts are distributed or forfeited.  

6.1.2    Earnings.  For purposes of this Article VI, “Earnings” for any Plan Year means gross compensation reportable on Form W-2 actually paid or made available by all Employers and Affiliates, determined before giving effect to any Elective Contributions under this Plan (or similar contributions under any other cash or deferred arrangement within the meaning of section 401(k) of the Code) or to any salary reduction arrangement under any cafeteria plan (within the meaning of section 125 of the Code) or, for purposes of receiving qualified transportation fringe benefits (as described in section 132(f)(4) of the Code.  Effective for Plan Years beginning on or after January 1, 2008, Earnings shall not exceed the Compensation Limit.  Effective January 1, 2008, Earnings shall not include amounts paid after termination of employment, unless paid for services rendered prior to termination  and paid either within the calendar year of termination or no later than 2-1/2 months after the date of termination (but excluding post-severance payments in the nature of unused accrued sick, vacation or other bona fide leave payments).   

6.2    Limitation on Annual Additions.  Subject to Section 6.5, the aggregate Annual Additions to this Plan and all other defined contribution plans (including all plans or portions thereof subject to section 415(c) of the Code) maintained by all Employers and Affiliates for any Limitation Year beginning on or after January 1, 2002 shall not exceed the lesser of (a) $40,000 as adjusted pursuant to section 415(d) of the Code, or (b) 100 percent of the Member's Earnings for such year.

6.3    Application.  If the allocations to a Member's Accounts otherwise required under this Plan for any Plan Year would cause the limitations of this Article VI to be exceeded for that Plan Year, contributions otherwise required with respect to such Member under Article III shall be reduced to the extent necessary to comply with those limitations, as provided in Section 3.8.  If such reduction is not effected in time to prevent such allocations for any Limitation Year 

(as defined in Section 6.4) from exceeding such limitations, any such reduction shall be effected first by a distribution to the Member of Elective Contributions that did not receive Matching Contributions, then by (i) a distribution to the Member of additional Elective Contributions and (ii) a transfer to a suspense account of the Matching Contributions made with respect to such additional Elective Contribution.  Any such distribution of Elective Contributions shall be limited to the extent such excess contributions were the result of a reasonable error in determining the amount of Elective Contributions permitted with respect to an individual under the limits of section 415 of the Code after taking into consideration other Annual Additions for the year.  Matching Contributions transferred to such a suspense account shall be used to reduce contributions for such Member in the next Limitation Year and each succeeding Limitation Year if necessary; provided, that if the Member is not covered by the Plan at the end of the current Limitation Year, the portion exceeding the limitation of this Article VI shall be allocated and reallocated to the Accounts of all Members in the next Limitation Year before any other Annual Additions are allocated to the accounts of such Members.  The suspense account will reduce future contributions for all remaining Members in the next Limitation Year, and each succeeding Limitation Year if necessary.  If a suspense account is in existence at any time during the Limitation Year pursuant to this Section 6.3, it will participate in the allocation of the Fund's investment gains and losses.  In the event of a termination of the Plan, unallocated amounts held in such suspense account shall be allocated to the extent possible under this Article VI for the Limitation Year of termination.  Any amount remaining in such suspense account upon termination of the Plan shall then be returned to the Employer, notwithstanding any other provision of the Plan or Trust Agreement.  Reductions in benefits under this Article VI arising by reason of a Member's participation in multiple plans shall be effected as follows:  (a) Annual Additions attributable to Elective Contributions shall be reduced first, (b) any remaining Annual Additions under continuing plans shall be reduced before benefits under any terminated plan, and (c) Annual Additions under continuing plans shall be reduced in the reverse order in which Annual Additions would otherwise accrue, except as any such plan may otherwise expressly provide.  The amount of Elective Contributions distributed under this Section 6.3 shall include any investment earnings allocable thereto, and the amounts so distributed shall be disregarded for purposes of applying the Elective Deferral Limit under Section 3.1.6 and for purposes of determining average deferral percentages under Section 3.3 or contribution percentages under Section 3.4.  Notwithstanding the foregoing, the correction methods under the 1981 regulations set forth above shall not as such apply for limitation years beginning on or after July 1, 2007 (i.e., for Plan Years beginning on or after January 1, 2008), and in lieu thereof, corrections shall if applicable be made under the correction programs of Rev. Proc. 2008-50 or corresponding successor guidance.

6.4    Limitation Year.  All determinations under this Article VI shall be made by reference to the Plan Year.

6.5    Correlation with Higher ESOP Limit.  For any Plan Year in which some part of the Annual Addition for an employee is attributable to ESOP Contributions, the limitations of Section 6.2 shall be applied taking into account the special rule in section 415(c)(6) of the Code.

ARTICLE VII

Distributions, Withdrawals and Loans

7.1    Distribution on Termination of Employment.  When a Member's employment terminates for any reason, the Vested Percentage of the balance of his respective Accounts shall be distributed to him (or, if distribution is being made by reason of death, or after his death following Termination of Employment, to his Beneficiary).  Such distribution shall be made in accordance with the provisions of Article VIII.  Any portion of a Member's Accounts not so distributable shall be treated as provided in Sections 4.3 and 4.4.

7.2    Withdrawals during Employment.  Subject to Section 7.11, a Member may make a withdrawal from his Accounts during employment by an Employer or Affiliate in accordance with the following provisions of this Section 7.2:

7.2.1    Rollover Account.  A Member may elect, no more frequently than once in any twelve-month period nor more than twice in any sixty-month period, to withdraw from the Plan an amount in cash equal to one-half (1/2) of his Rollover Account.

Effective November 11, 2009, a Member may elect to withdraw from the Plan an amount in cash equal to one-half of his Rollover Account without restriction as to the number of such withdrawals that may be made within any timeframe.
7.2.2    Matching Account .  A Member may elect to withdraw from his Matching Account an amount in cash equal to one-half (1⁄2) of the Vested Percentage of the balance of such Account.  Prior to November 11, 2009, such withdrawals from a Member's Matching Account may be made no more frequently than once in any twelve-month period nor more than twice in a sixty-month period.  Effective November 11, 2009, an individual who became a Member on or after November 11, 2009 may only make a withdrawal under this Section 7.2.2 if he has been a Member for at least 60 months. 

7.2.3    Discretionary Contribution Account. A Member who has been a Member for at least 60 months may elect to withdraw from his Discretionary Contribution Account an amount in cash equal to one-half (1⁄2) of the Vested Percentage of the balance of such Account.  

7.2.4    Elective Account - Hardship Withdrawal.  Before attaining age 59-1/2, a Member who is employed by an Employer or Affiliate may withdraw so much of his Elective Account as the Committee shall in a uniform and nondiscriminatory manner determine to be necessary (based on such representations or other information as the Committee may request in his discretion) to meet any condition of hardship affecting such Member, provided that the Member has already received all other amounts available to him as a loan, or a distribution other than on account of “hardship” as herein defined, under this Plan and all other plans maintained by any Employer or Affiliate (such as but not limited to the Arrow Electronics Stock Ownership Plan).  For this purpose, the term “hardship” shall mean any one or more of the following needs:

(a)Effective January 1, 2005, expenses for medical care described in section 213(d) of the Code previously incurred by the Member or the Member's 

spouse or dependents (including a child of divorced parents who together provide over half the child's support) and for which a deduction would be available under section 213 of the Code after disregarding the limitation of deductions to amounts in excess of 7.5% of adjusted gross income, or expenses necessary in order for such persons to obtain such care, provided that such expenses have not been and will not in the future be covered by insurance;

(b)Effective January 1, 2005, payment of tuition and related educational fees, including room and board (but not books), for the next 12 months of post-secondary education for the Member, the Member's spouse, children or dependents (as defined under applicable regulations);

(c)Costs (other than mortgage payments) directly related to the purchase of the principal residence of a Member; or

(d)Effective August 1, 2006, payments necessary to prevent the eviction of the Member from his or her principal residence or foreclosure on the mortgage on that residence;

(e)Effective August 1, 2006, payments for funeral or burial expenses for the Member's deceased parent, spouse, child or dependent (as defined under applicable regulations);

(f)Effective August 1, 2006, expenses to repair damage to a Member's principal residence that would qualify for a casualty loss deduction under section 165 of the Code (determined without regard to whether the loss exceeds 10 percent of adjusted gross income).

(g)Prior to August 1, 2006, an immediate and heavy financial need resulting in an emergency condition in the financial affairs of a Member.

Any withdrawals under this Section 7.2.4 shall be limited to the total amount of Elective Contributions made, and investment earnings allocable thereto as of December 31, 1988, which have not previously been withdrawn, and shall exclude any amounts attributable to “qualified nonelective contributions” as defined in Section 3.5.4.  The amount withdrawn under this Section 7.2.4 shall not exceed the amount necessary to meet the hardship plus the amount necessary to pay any federal, state or local income taxes or penalties that the Member reasonably anticipates will result from the withdrawal. 
7.2.5    Elective Account After Age 59-1/2.  After attaining age 59-1/2, a Member may elect, no more frequently than once in any twelve-month period nor more than twice in any sixty-month period, to withdraw from the Plan all or any portion of his Elective Account.

Effective November 11, 2009, after attaining age 59-1/2, a Member may elect to withdraw from the Plan all or any portion of his Elective Account, without restriction as to the number of such withdrawals that may be made within any timeframe. 

7.2.6    Age 70-1/2 Withdrawal.  A Member may elect to withdraw the entire balance of his Accounts as of April 1 following the calendar year in which he attains age 70-1/2, and thereafter, but no more than once in any calendar year after the year of the first such withdrawal, to withdraw the entire balance of his Accounts attributable to contributions made since the prior such withdrawal.

Effective November 11, 2009, a Member may make a withdrawal under this Subsection 7.2.6 without restriction as to the number of such withdrawals that may be made within any timeframe.
7.2.7    Withdrawal Request.  A withdrawal request shall be made by filing the Appropriate Form with the Committee, which prior to August 1, 2006 may, in the discretion of the Committee require that the spouse of the Member, if any, execute a notarized written consent thereto.  The Appropriate Form in the case of a withdrawal under Section 7.2.4 shall include an agreement by the Member to the suspension of contributions described in Section 3.1.5.1, and to a similar suspension of “elective deferrals” (as defined in section 402(g)(3) of the Code) and of employee contributions under this Plan and all other qualified and nonqualified plans of deferred compensation (excluding mandatory employee contributions under any defined benefit plan), or stock option, stock purchase, or similar plans, of any Employer or Affiliate for six months from the date of such withdrawal (or until January 1, 2002, if later).  Each such other plan shall be deemed amended by reason of this provision and the Member's execution of the Appropriate Form to the extent necessary to give full effect to such agreement.

7.2.8    Home Purchases with Mortgage.  A Member shall be entitled to a hardship withdrawal under Section 7.2.4 if (a) he meets all requirements therefor other than the receipt of all amounts available to him as a loan, (b) the need is for funds to purchase a principal residence of the Member, (c) the obtaining of loans other than the mortgage loan in connection with such purchase would disqualify the Member from obtaining the necessary amount of mortgage loan, and (d) the Member demonstrates to the satisfaction of the Committee that the amount to be withdrawn for the purpose of such purchase cannot be obtained from other resources that are reasonably available to the Member (including assets of the Member's spouse that are reasonably available to the Member).

7.3    Loans during Employment.  Upon the application of a Member who has been a Member for at least twelve months, who is a “party in interest” with respect to the Plan (within the meaning of section 3(14) of ERISA), and who has not applied for a loan during the preceding six months (such six month limitation applying for all loans other than those made between June 28, 2010 and May 19, 2011), the Committee or its delegate (in either case, the “Loan Administrator”) shall instruct the Trustee to make a loan to such Member from his Accounts provided that such loan meets the requirements of Section 7.4.  Notwithstanding the preceding sentence, an Eligible Employee may apply for a loan from his Rollover Account without regard to whether he has become a Member in accordance with Section 2.1 or to the period, if any, for which he has been a Member.  The loan request, which shall specify the use to be made of the loan proceeds, shall be made on the Appropriate Form and submitted to the Loan Administrator, together with such application fee as may be required under procedures adopted by the Loan Administrator.  The Loan Administrator shall notify such Member in writing within a reasonable time of the approval or denial of such loan request, and such notification shall be final.  If a Member obtains a loan under this Section 7.3, his status as a Member in the Plan and his rights with respect to his Plan benefits shall not be affected, except to the extent that the Member has 

assigned his interest in his Accounts pursuant to the various applicable provisions of Section 7.4, and except as provided in Section 7.11.  All loans shall be granted according to rules applicable to all Members on a uniform and nondiscriminatory basis.  No more than two loans may be outstanding at any time.  The Committee may suspend authorization for future loans to Members, but no such suspension shall affect any loan then outstanding under this Section 7.3.

7.3.1    In applying the limitations on the amount of loans permitted under this Article VII, any prior loan that is in default shall be treated as outstanding, and effective March 17, 2003, the number of loans available to a Member shall be reduced by the number of prior loans currently in default.

7.4    Loan Requirements.  A loan pursuant to Section 7.3 shall not be made to a Member unless such loan meets all of the following requirements:

7.4.1    Amount.  Such loan must be in an amount of not less than one thousand dollars ($1,000), and shall not exceed the lowest of (a) fifty thousand dollars ($50,000), (b) one-half of the Vested Percentage of the Member's Account balances, or (c) such lesser amount as may be determined by the Loan Administrator in the event that the Member's Accounts are invested (in whole or in part) in an Investment Fund that prohibits the liquidation of investments to fund Member loans.  The limitation under clause (a) or (b) above shall be reduced by the outstanding balance (if any) of all other loans to the Member from (i) this Plan and (ii) all other “qualified employer plans” (as described in section 72(p)(4) of the Code) which are maintained by the Company or any related employer referred to in section 72(p)(2)(D) of the Code, and (iii) any contract purchased under this Plan or a plan described in the preceding clause (ii) (including any assignment or pledge with respect to such a contract).  The fifty thousand dollars ($50,000) in clause (a) above shall be further reduced by the excess, if any, of the highest outstanding loan balance of all loans described in the preceding sentence during the twelve (12) month period preceding the loan, over the outstanding loan balance of all loans described in the preceding sentence.  If there is a loan from another “qualified employer plan”(as described in clause (ii), above) currently outstanding, one-half the value of the Member's vested interest under the plan from which such loan was made shall be added to the amount determined under clause (b), above, but the limitation under clause (b) shall in no event be less than the limit determined by disregarding both loans from other plans and the value of the Member's vested interest therein.  

7.4.2    Adequate Security.  Such loan must be adequately secured.  No more than one-half of the value of the Member's fully vested Accounts, including his Loan Account, may be assigned as collateral security.  If the Loan Administrator subsequently determines that the loan is no longer adequately secured, additional security may be required.

7.4.3    Interest.  Such loan must bear interest, payable at quarterly intervals (or more frequent intervals, if the Loan Administrator shall so require), at a rate commensurate with the interest rates charged by persons in the business of lending money for loans which would be made under similar circumstances.  The Loan Administrator shall at regular intervals (but not less frequently than quarterly) determine such rate on the basis of a review of pertinent information.

7.4.4    Repayment Term.  Such loan must provide for substantially level amortization (within the meaning of section 72(p)(2)(C) of the Code) with payments made at least quarterly for a period to end no later than the earlier of:

(a)The expiration of a fixed term not to exceed four and one-half (4-1/2) years, or ten (10) years in the case of a loan used to acquire any dwelling unit which within a reasonable time (determined at the time the loan is made) is to be used as the principal residence of the Member (a “principal residence loan”); or

(b)The date on which distribution of the Member's Accounts is made or otherwise commences following the Member's Termination of Employment.

7.4.5    Suspension During Leave of Absence.  Loan repayments may be suspended under the Plan during an authorized leave of absence that is either unpaid or at a rate of pay (after applicable employment tax withholding) that is less than the payments required by the loan, for up to one year, provided that the loan, including interest accrued during the period of absence, must be paid in full within four and one-half (4-1/2) years from the date of the loan (ten years in the case of a principal residence loan).  Notwithstanding the foregoing, loan repayments may be suspended for a period which is greater than a year if the Member is performing service in the uniformed services, as described in section 414(u)(4) of the Code.  The interest rate applied to a suspended loan during such period of military service may not exceed 6%.  After a suspension for military service the loan, including interest accrued during the period of absence must be paid in full within a period that does not exceed four and one-half (4-1/2) years (ten years in the case of a principal residence loan) plus the period of military leave from the date of the loan.  Once repayments begin after any suspension under this Section 7.4.5, the loan may be repaid either (i) in installments in the same amount as the original installments with a balloon payment at the end of the required period, or (ii) by increased level installments which repay the entire amount by the end of the required period.  

7.4.6    Binding Agreement.  Such loan must be evidenced by a legally binding agreement, either written or the legal equivalent thereof (which effective August 1, 2006 may consist of the Member's endorsement of the loan check after notice of the applicable loan terms), containing such terms and provisions as the Loan Administrator shall in its sole discretion determine.  Prior to August 1, 2006, but not thereafter (unless required under the terms of the Plan's QDRO procedures), the Loan Administrator may require a certification or representation from the Member that he is not then legally married, or (b) consent by the Member's spouse at the time of the making of the loan in a notarized writing executed within the 90-day period before the making of the loan.  The Loan Administrator shall be entitled to rely on any such certification or representation with respect to marital status made by a Member in his request for a loan, and the Plan, the Trustee, the Committee, Employers, and their employees and agents shall be fully protected in respect of any action taken or suffered by them in reliance thereon.

7.5    Loan Expenses.  The Loan Administrator may determine to charge any fees, taxes, charges or other expenses (including, without limitation, any asset liquidation charge or similar extraordinary expense) incurred in connection with a loan to the Accounts of the Member obtaining such loan.  Such charges shall be imposed on a uniform and nondiscriminatory basis.
        
7.6    Funding.  

7.6.1    Funding of Loans.  A Member's loan shall be funded solely by reduction of the Member's Account balances as of the effective date of the loan.  Unless the Member specifies a different order, such reduction shall apply to the Member's Accounts in the following order:  (1) Rollover Account; (2) Matching Account; (3) Discretionary Contribution 

Account and (4) Elective Account.  The loan obligation created pursuant to Section 7.4.6 shall be held by the Trustee in a Loan Fund and allocated solely to the Accounts of the Member who receives the loan.  For all purposes hereunder, the value of such loan obligation at any date shall be considered to be the unpaid principal amount of the note plus accrued interest.  Interest attributable to such notes shall be held in the Loan Fund until reallocation pursuant to Section 7.7.    
              
7.6.2    Loan Account.  A Loan Account shall be maintained for each Member who has been granted a loan pursuant to Section 7.3, in which shall be entered the amount of such Member's loan.  Such Loan Account shall remain in effect until such Member's loan has been repaid and the amount in the Loan Fund attributable to his Loan Account transferred to another Investment Fund.

7.7    Repayment.  The total amount of principal and interest payments on a Member's loan shall be allocated to the Member's Accounts in proportion to the share of the loan funded from each Account.  Unless the Member specifies a different order, such payments shall be applied to restore the Accounts in the following order:  (1) Elective Account; (2) Discretionary Contribution Account; (3) Matching Account; and (4) Rollover Account.  Payments of principal and interest on a Member's loan shall be initially deposited in the Loan Fund for allocation to such Member's Loan Account and shall be reallocated as of the first Valuation Date coincident with or next following such deposit to such other Investment Funds as the Member shall have designated for future contributions pursuant to Section 5.2.

7.8    Valuation.  The value of that portion of a Member's Accounts to be withdrawn pursuant to Section 7.2 or that portion of a Member's Accounts to be borrowed pursuant to Section 7.3 shall be determined as of the Valuation Date immediately following the date on which the withdrawal or loan request is received by the Committee or the Loan Administrator, as the case may be (or, if the Committee or Loan Administrator shall so direct, any later Valuation Date prior to the distribution of funds).

7.9    Allocation among Investment Funds.  A Member may direct on the Appropriate Form, at such time coincident with or following his loan or withdrawal request as the Committee or Loan Administrator, as the case may be, may allow, and subject to the Committee's or Loan Administrator's consent, the proportions in which any withdrawal pursuant to Section 7.2 or loan pursuant to Section 7.3 shall be allocated among the Investment Funds; provided, however, that failing such direction or consent, and in all cases on or after August 1, 2006,  the allocation shall be made pro rata among the Investment Funds in which each Account that is reduced to fund the loan is invested.

7.10    Disposition of Loan Upon Certain Events.  Subject to the provision of Section 7.4.4 authorizing prepayment of a loan, in the event of the retirement, Termination of Employment, Disability, or death of a Member before the Member repays all outstanding loans, the unpaid balance of the loan shall be due and payable.  If the loan is not repaid within 60 days following such event, the Trustee shall reduce the value of the Member's Loan Account by the amount of the Member's outstanding loan (including accrued interest), and before making a cash distribution to the Member or his Beneficiary.  Notwithstanding the foregoing, effective October 19, 2005, if a Member ceases to be an employee of the Company or any other Employer as a result of a sale of assets or stock or similar corporate transaction, and the asset or stock purchase agreement or similar agreement so provides, any loan note held in the Account of a Member affected thereby may be transferred or rolled over from the Plan to another qualified plan 

maintained by the purchaser of such stock or assets (or any affiliate thereof) in accordance with such procedures as the Committee may establish therefor.  

7.11    Withdrawals from Plan While Loan is Outstanding.  The amount otherwise available for withdrawal from the Plan under Section 7.2 shall be reduced by the amount of any loan outstanding at the time a withdrawal request is made.

7.12    Compliance with Applicable Law.  The Loan Administrator shall take such actions as he may deem appropriate in order to assure full compliance with all applicable laws and regulations relating to Member loans and the granting and repayment thereof.

7.13    Default.  A loan made pursuant to Section 7.3 shall be in default if a scheduled payment of principal or interest is not received by the Loan Administrator within thirty (30) days following the scheduled payment date.  The Loan Administrator may establish a cure period during which repayment of the missing scheduled payment, plus interest, may be made, which cure period shall not continue beyond the last day of the calendar quarter following the calendar quarter in which the payment was due.  Upon default, the outstanding principal amount and accrued interest of the loan shall become immediately due and payable, and the Loan Administrator may execute upon the Plan's security interest in the Member's Accounts to satisfy the debt; provided, however, that the execution shall not occur until such time as the Member's Account(s) against which execution is proposed could be distributed to the Member consistent with the requirements for qualification of the Plan under section 401(a) of the Code.  Furthermore, the Loan Administrator may take any other action he deems appropriate to obtain payment of the outstanding amount of principal and accrued interest, which may include accepting payments of principal and interest that were not made on schedule and permitting the loan to remain outstanding under its original payment schedule.  Any costs incurred by the Loan Administrator in collecting, or attempting to collect, amounts in default shall be charged against the Member's Accounts.  If the Loan Administrator is unable to obtain payment of the outstanding principal and accrued interest (or, in his discretion, payment of only the overdue amount of such principal), the Loan Administrator shall take such further action as he deems appropriate to prevent loss to the Plan as a result of the default.  Any discretion by the Loan Administrator in this regard shall be exercised in a uniform and nondiscriminatory manner.

7.14    Conversion of Loan to Hardship Distribution.  If a Member fails to make timely repayment of a loan, the Loan Administrator, upon application of the Member, shall recharacterize the loan as a hardship distribution, but only if the loan proceeds were used to meet a need set forth in Section 7.2.4 and provided that the suspension requirements referred to in Section 7.2.7 are satisfied.

ARTICLE VIII

Payment of Benefits

8.1    Payment of Benefits.

8.1.1    In General.  The amounts distributable to a Member pursuant to Section 7.1 on Termination of Employment shall be paid in cash in a single sum, except as otherwise provided below.  If the amount so distributable exceeds $5,000, the Member may, in lieu of a single sum payment, elect to receive distribution either (a) in two or more payments, at such times and in such amounts as he may elect, provided that each such payment other than the last shall be not less than $1,000, or (b) in substantially equal installments over 5, 10, 15 or 20 years, to be made monthly, quarterly, or annually as the Member may elect.  A Member may prospectively revoke any election described in clause (a) or (b) above and substitute therefor a different election of any of such forms, or an election of a single sum payment, which shall apply to the then remaining balance in his Vested Accounts.  Any undistributed balance of a Member's Accounts shall continue to be adjusted in accordance with Article V until distribution thereof is completed.  Distribution shall not be made without the Member's consent, in writing or its equivalent, prior to the time that distribution is required under Section 8.6 unless the total vested balance of the Member's Accounts (including his Rollover Account) does not exceed $5,000.  In the event that a Member is ineligible to, and/or does not elect to receive, distribution in two or more payments or in installments as above provided, and the Committee determines that the vested balance of the Member's Accounts does not exceed $5,000, distribution of such vested balance shall be made in a lump sum after (x) the Member has been notified that such a small benefit cashout is to be made and of his right to receive such distribution as a direct rollover, (y) the Member's election to receive cash or a direct rollover is received or the time for making such election has expired, and (z) the amount so distributable does not rise to more than $5,000 as of the date used to review Account values for purposes of distribution under the procedures adopted by the Plan recordkeeper.  Except as the Member otherwise elects, expressly or by failure to request distribution after receipt of notice advising of the right to so elect, distribution shall in all events commence no later than 60 days after the close of the Plan Year in which occurs the later of his most recent Termination of Employment or his Normal Retirement Date, except to the extent a contribution pursuant to Article III of the Plan which the Member is entitled to share in has not yet been acquired by the Fund.

8.1.2    Default Rollover of Small Benefits Cashouts.  Notwithstanding the foregoing, for distributions to a Member on or after March 28, 2005 and prior to the Member's Normal Retirement Date, in the event that the amount of the distribution exceeds $1,000 but does not exceed $5,000, and the Member does not make an election whether or not to directly rollover his distribution within the time and in the manner prescribed by the Committee, such distribution shall be made to an individual retirement account selected by the Committee and meeting the requirements for the “safe harbor” regulations issued by the Department of Labor, 29 C.F.R.  section 2520.404a-2 (or any corresponding successor regulations).

8.1.3    Notice Period.  If a distribution is one to which sections 401(a)(11) and 417 of the Code do not apply, such distribution may commence less than 30 days after the notice required under Treas. Reg. section 1.411(a)-11(c) provided that:  (a) the Committee clearly informs the Member that the Member has a right to a period of at least 30 days after receiving the notice to consider the decision of whether or not to elect a distribution (and, if applicable, a 

particular distribution option), and (b) the Member, after receiving the notice, affirmatively elects a distribution.

8.2    Death Benefits.

8.2.1    In General.  In the event of the death of a Member prior to his Termination of Employment, the balances in his Accounts shall be distributed to his Beneficiary.  If the Beneficiary is the Member's spouse, the spouse shall be entitled to receive distribution beginning within 90 days of the Member's death if reasonably practicable and otherwise as soon as practicable, or, if the Member had attained his Normal Retirement Date prior to his death, beginning not later than 60 days following the close of the Plan Year in which his death occurs.

8.2.2    Installment Payments on Death.  If so elected by the Member prior to his death, or thereafter by his Beneficiary, payments following a Member's death may be paid in substantially equal installments over 5, 10, 15, or 20 years from the Member's death, to be made monthly, quarterly or annually as specified in such election.  Any amount so distributable shall be held in the Member's Accounts, invested pursuant to the provisions of Section 5.4, and adjusted as provided in Section 5.5 until distribution is completed.  Notwithstanding the foregoing, if the total vested account of Member allocable to a Beneficiary does not exceed $5,000, the distribution shall be subject to the small benefit cashout rules set forth in Sections 8.1.1 and 8.1.2 as if the Beneficiary were a Member.

8.3    Non-Alienation of Benefits.  Except as otherwise required by a “qualified domestic relations order” (as defined in section 414(p) of the Code), or by other applicable law recognized as a permitted exception to this provision by section 401(a)(13) of the Code and regulations thereunder, no benefit, interest, or payment under the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance or charge, whether voluntary or involuntary, and no attempt to so anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same shall be valid nor shall any such benefit, interest, or payment be in any way liable for or subject to the debts, contracts, liabilities, engagements or torts of the person entitled to such benefit, interest, or payment or be subject to attachment, garnishment, levy, execution or other legal or equitable process.

8.4    Doubt as to Right to Payment.  In the event that at any time any doubt exists as to the right of any person to any payment hereunder or the amount or time of such payment (including, without limitation, any case of doubt as to identity, or any case in which any notice has been received from any other person claiming any interest in amounts payable hereunder, or any case in which a claim from other persons may exist by reason of community property or similar laws), the Committee shall be entitled, in its discretion, to direct the Trustee to hold such sum as a segregated amount in trust until such right or amount or time is determined or until order of a court of competent jurisdiction, or to pay such sum into court in accordance with appropriate rules of law in such case then provided, or to make payment only upon receipt of a bond or similar indemnification (in such amount and in such form as is satisfactory to the Committee).

8.5    Incapacity.  If any benefits hereunder are due to a legally incompetent person, the Committee may, in its sole discretion, direct that any distribution due such person be made (a) directly to such person, or (b) to his duly appointed legal representative, and any distribution so made shall completely discharge the liabilities of the Plan therefor.

8.6    Time of Commencement of Benefits.

8.6.1    Subject to Sections 8.6.2 through 8.6.5, payment to a Member under this Article VIII shall be made or commenced not later than the 60th day after the close of the Plan Year in which occurs the later of his most recent Termination of Employment or his Normal Retirement Date.

8.6.2    Distribution of the benefits of a Member shall be required hereunder (a) for a Member who is a five percent (5%) owner with respect to the Plan Year in which he attained age 70-1/2, by April 1 following such year, and (b) in any other case, by April 1 following the calendar year in which the Member attains age 70-1/2 or terminates employment, whichever is later.  Distributions shall be made pursuant to this Section 8.6.2 as though the Member had retired.

8.6.3    If a Member receives a single sum distribution pursuant to Section 8.6.2, any contributions made to the Plan subsequently (and any forfeitures in lieu thereof) allocable to the Member's Accounts shall be paid to the Member as soon as practicable after the end of the Plan Year for which such contributions are made.

8.6.4    Notwithstanding any provisions of this Plan to the contrary, in the event that the amount of a payment required to commence on the date otherwise determined under this Plan cannot be ascertained by such date, or if it is not possible to make such payment on such date because the Committee has been unable to locate the Member (or, in the case of a deceased Member, his Beneficiary) after making reasonable efforts to do so, a payment retroactive to such date may be made no later than 60 days after the earliest date on which the amount of such payment can be ascertained under this Plan or the date on which the Member (or Beneficiary) is located, whichever is applicable.

8.6.5    Notwithstanding any provision of the Plan to the contrary, with respect to distributions under the Plan made for calendar years, 2001 and 2002, the Plan will apply the minimum distribution requirements of section 401(a)(9) of the Code, including the incidental death benefit requirement, in accordance with the regulations under section 401(a)(9) that were proposed on January 17, 2001, and  for the calendar year 2003 in accordance with the regulations under section 401(a)(9) published on April 17, 2002, and thereafter in accordance with the final regulations under section 401(a)(9) published on June 15, 2004. 
 
8.6.6    Effective with respect to the 2009 calendar year, no minimum required distribution shall be required or made in respect of such calendar year absent an affirmative election on the Applicable Form by the Member to the contrary in accordance with such procedures as the Committee shall establish.

8.7    Payments to Minors
.  If at any time a person entitled to receive any payment hereunder is a minor, such payment may, in the sole discretion of the Committee, be made for the benefit of such minor to his parent, guardian or the person with whom he resides, or to the minor himself, and the release of any such parent, guardian, person or minor shall be a valid and complete discharge for such payment.
8.8    Identity of Proper Payee.  The determination of the Committee as to the identity of the proper payee of any payment and the amount properly payable shall be conclusive, 

and payment in accordance with such determination shall constitute a complete discharge of all obligations on account thereof.

8.9    Inability to Locate Distributee/Uncashed Checks.  Notwithstanding any other provision of the Plan, in the event that (i) the Committee cannot locate any person to whom a payment is due under this Plan, or (ii) a benefit check mailed to a Distributee remains outstanding for a period of at least six months and the Distributee has not responded to follow-up communications in a timely manner, the benefit in respect of which such payment is to be made shall be forfeited at such time as the Committee shall determine in its sole discretion (but in all events prior to the time such benefit would otherwise escheat under any applicable law); provided, that such benefit shall be reinstated if such person subsequently makes a valid claim for such benefit prior to termination of the Plan.

8.10    Estoppel of Members and Their Beneficiaries.  The Employer, Committee and Trustee may rely upon any certificate, statement or other representation made to them by any employee, Member, spouse or other beneficiary with respect to age, length of service, leave of absence, date of Termination of Employment, marital status or other fact required to be determined under any of the provisions of this Plan, and shall not be liable on account of the payment of any moneys or the doing of any act in reliance upon any such certificate, statement or other representation.  Any such certificate, statement or other representation made by an employee or Member shall be conclusively binding upon such employee or Member and his spouse or other beneficiary, and such employee, Member, spouse or beneficiary shall thereafter and forever be estopped from disputing the truth and correctness of such certificate, statement or other representation.  Any such certificate, statement or other representation made by a Member's spouse or other beneficiary shall be conclusively binding upon such spouse or beneficiary, and such spouse or beneficiary shall thereafter and forever be estopped from disputing the truth and correctness of such certificate, statement or other representation.

8.11    Qualified Domestic Relations Orders.

8.11.1    Definition.  For purposes of this Section 8.11, “Qualified Domestic Relations Order” means any judgment, decree or order (including approval of a property settlement) made pursuant to a state domestic relations law (including a community property law) which relates to the provision of child support, alimony payments or marital property to a spouse, former spouse, child or other dependent of a Member and which creates or recognizes the existence of a right of (or assigns such a right to) such spouse, former spouse, child or other dependent (the “Alternate Payee”) to receive all or a portion of the benefits payable with respect to a Member under the Plan.  A Qualified Domestic Relations Order must clearly specify the amount or percentage of the Member's benefits to be paid to the Alternate Payee by the Plan (or the manner in which such amount or percentage is to be determined).  A Qualified Domestic Relations Order (a) may not require the Plan (i) to provide any form or type of benefits or any option not otherwise provided under the Plan, (ii) to pay benefits to an Alternate Payee under such order which are required to be paid to another Alternate Payee under another such order previously filed with the Plan, or (iii) to provide increased benefits (determined on the basis of actuarial equivalents), but (b) may require payment of benefits to the Alternate Payee under the order (i) at any time after the date of the order, (ii) as if the Member had retired on the date on which such payment is to begin under such order (taking into account only the benefits in which the Member is then vested) and (iii) in any form in which such benefits may be paid to the Member.

8.11.2    Distributions.  The Committee shall recognize and honor any judgment, decree or order entered on or after January 1, 1985 under a state domestic relations law which the Committee determines to be a Qualified Domestic Relations Order in accordance with such reasonable procedures to determine such status as the Committee shall establish.  Without limitation of the foregoing, the Committee shall notify a Member and the person entitled to benefits under a judgment, decree or order which purports to be a Qualified Domestic Relations Order of (a) the receipt thereof, (b) the Plan's procedures for determining whether such judgment, decree or order is a Qualified Domestic Relations Order and (c) any determination made with respect to such status.  During any period during which the Committee is determining whether any judgment, decree or order is a Qualified Domestic Relations Order, any amount which would have been payable to any person pursuant to such order shall be separately accounted for (and adjusted to reflect its appropriate share of the Investment Adjustment as of each Valuation Date pursuant to Article V) pending payment to the proper recipient thereof.  Any such amount, as so adjusted, shall be paid to the person entitled to such payment under any such judgment, decree or order if the Committee determines such judgment, decree or order to be a Qualified Domestic Relations Order within 18 full calendar months commencing with the date on which the first payment would be required to be made under such judgment, decree or order.  If the Committee is unable to make such a determination within such time period, payment under the Plan shall be as if such judgment, decree or order did not exist and any such determination made after such time period shall be applied prospectively only.  Distribution to an Alternate Payee under a Qualified Domestic Relations Order shall be made on a pro rata basis from the Member's Accounts in such manner as the Committee shall direct.

8.11.3    Alternate Payee's Beneficiary.  In the event that an Alternate Payee is entitled under a Qualified Domestic Relations Order to designate a Beneficiary for the Alternate Payee's interest in the Plan and fails to do so or such designation fails to be effective (such as by reason of the prior death of the designated individual and the absence of any effective alternative designation), the Alternate Payee's Beneficiary with respect to such interest shall be the Alternate Payee's estate.

8.12    Benefits Payable Only from Fund.  All benefits payable under this Plan shall be paid or provided solely from the Fund, and neither any Employer nor its shareholders, directors, employees or the Committee shall have any liability or responsibility therefor.  Except as otherwise provided by law, no Employer assumes any obligations under this Plan except those specifically stated in the Plan.

8.13    Prior Plan Distribution Forms.  The portions of the Accounts of Members attributable to balances transferred from prior plans will be eligible for installment or annuity forms of distributions that were available under such plans if distribution in respect thereof is to commence as of a date on or before February 1, 2002, and the Member's vested Accounts at termination of employment exceed $5,000.  Otherwise, all amounts distributable to a Member whose employment terminates for any reason shall be paid in accordance with the foregoing provisions of this Article VIII.

8.14    Restrictions on Distribution.  A Member's Elective Account shall not be distributable prior to his severance from employment, disability, death, or attainment of age 59-1/2 except in cases of (a) hardship to the extent provided in Section 7.2.4 or (b) a lump sum distribution made upon termination of the Plan without establishment or maintenance of another 

defined contribution plan (other than an employee stock ownership plan as defined in section 4975(e)(7) of the Code) within the meaning of applicable regulations.

8.15    Direct Rollover of Eligible Rollover Distributions.  Notwithstanding any provisions of this Plan that would otherwise limit a Distributee's election under this Section 8.15, a Distributee may elect, at the time and in the manner prescribed by the Committee, to have any portion of an Eligible Rollover Distribution paid in a Direct Rollover directly to an Eligible Retirement Plan specified by the Distributee.

8.15.1    Definitions.  For purposes of this Section 8.15, the following terms shall have the meanings specified below:

8.15.1.1  Eligible Rollover Distribution.  Any distribution of all or any portion of the balance to the credit of a Distributee under the Plan, except that an Eligible Rollover Distribution does not include:  any distribution that is one of a series of substantially equal periodic payments (not less frequent than annual) made for the life (or life expectancy) of the Distributee or the joint lives (or life expectancies) of the Distributee and the Distributee's Beneficiary, or for a specified period of ten years or more; any distribution to the extent such distribution is required under section 401(a)(9) of the Code; the portion of any distribution that is not includible in gross income, unless the conditions of Section 8.15.4 are satisfied; any deemed distribution occurring upon the Member's Termination of Employment under which the Member's account balance is offset by the amount of an outstanding Plan loan; and any hardship withdrawal.
8.15.1.2  Eligible Retirement Plan.  An individual retirement account described in section 408(a) of the Code, an individual retirement annuity described in section 408(b) of the Code, an annuity plan described in section 403(a) of the Code, another employer's qualified trust described in section 401(a) of the Code, an annuity contract described in section 403(b) of the Code, or an eligible deferred compensation plan described in section 457(b) of the Code maintained by a State, a political subdivision of a State, or any agency or instrumentality of a State or political subdivision of a State and which agrees to separately account for amounts transferred into such plan from this Plan, that accepts a Distributee's Eligible Rollover Distribution.  Effective for distributions on or after January 1, 2008 an Eligible Retirement Plan shall also include a Roth IRA described in section 408A of the Code and a Distributee may make a Direct Rollover thereto, provided that prior to January 1, 2010, the Distributee meets any applicable income limitations.  
8.15.1.3  Distributee.  A Member, a Member's surviving Spouse or a Member's Spouse or former Spouse who is the Alternate Payee under a Qualified Domestic Relations Order (as defined in section 414(p) of the Code and Section 8.11.1) or a trust treated as such an individual.
8.15.1.4  Direct Rollover.  A payment by the Plan to an Eligible Retirement Plan specified by a Distributee, in the manner prescribed by the Committee.
8.15.1.5  Non-spouse Beneficiary.  Effective September 1, 2007, the term “Distributee” shall include a non-spouse Beneficiary who is an individual or a trust treated as such under applicable regulations, but a direct rollover by such a Beneficiary may be made only to an  individual retirement plan described in section 408(a) or (b) of the Code, and which is established in a manner (including title) that identifies it as an IRA with respect to both the deceased Participant and the individual Beneficiary.

8.15.2    Limitation.  No more than one Direct Rollover may be elected by a Distributee for each Eligible Rollover Distribution.

8.15.3    Default Procedure.  If a Member (or other Distributee, if applicable) does not make a timely election whether or not to directly roll over his Eligible Rollover Distribution within a reasonable period permitted by the Committee for making such election, such distribution shall be made directly to the Member (or other Distributee, if applicable).  Notwithstanding the foregoing, effective March 28, 2005, such Eligible Rollover Distributions made to a Member prior to Normal Retirement Date that exceed $1,000 but do not exceed $5,000 will be automatically rolled over to an individual retirement account, as described in Section 8.1.2.

8.15.4    After-Tax Employee Contributions.  An Eligible Rollover Distribution may include after-tax employee contributions if the Eligible Retirement Plan is either:

(a)an individual retirement account described in section 408(a) of the Code or an individual retirement annuity described in section 408(b) of the Code; or

(b)an annuity plan described in section 403(a) of the Code or, effective January 1, 2007, 403(b) of the Code, or another employer's qualified trust described in section 401(a) of the Code, which agrees to separately account for such after-tax employee contributions (and the earnings thereon).

8.16    Receipt of ESOP Beneficiary's Account.  Effective March 17, 2003, the Plan shall accept a direct trust-to-trust transfer from the Arrow Electronics Stock Ownership Plan (“ESOP”) of the cash proceeds allocable to all or a portion of an account in the ESOP of a deceased member of the ESOP upon election by a beneficiary of such ESOP to make such a transfer in accordance with applicable provisions of the ESOP.  Upon such transfer, the ESOP beneficiary directing such transfer shall be treated as a Beneficiary under this Plan, the amount transferred shall be credited to an Account under this Plan in the name of the deceased Member that is allocable to such Beneficiary, and such Beneficiary shall have same right to direct the initial investment of the amount transferred as applies in the case of amounts received as a direct rollover to a Rollover Account.  Thereafter, the Beneficiary shall have the same rights with respect to such Account that generally apply to Beneficiaries under the Plan, including the right to receive distribution at the times and in the forms available under Section 8.2 and the right to change the investment with respect to such Account as described in Section 5.3.

ARTICLE IX

Beneficiary Designation

9.1    Designation of Beneficiary.  Subject to the further provisions of this Article IX, each Member may designate, at such time and in such manner as the Committee shall prescribe, a Beneficiary or Beneficiaries (who may be any one or more members of his family or any other persons, executor, administrator, any trust, foundation or other entity) to receive any benefits distributable hereunder to his Beneficiary after the death of the Member as provided herein.  Such designation of a Beneficiary or Beneficiaries shall not be effective for any purpose unless and until it has been filed by the Member with the Committee, provided, however, that a designation mailed by the Member to the Committee prior to death and received after his death shall take effect upon such receipt, but prospectively only and without prejudice to any payor or payee on account of any payments made before receipt by the Committee.

9.2    Spouse as Presumptive Beneficiary.  Notwithstanding Section 9.1 (but subject to the provisions of Section 9.5), a Member's sole Beneficiary shall be his surviving spouse, if the Member has a surviving spouse, unless the Member has designated another Beneficiary with the written consent of such spouse (in which consent such Beneficiary is specified by name or class, and the effect of such designation is acknowledged) witnessed by a notary public or Plan representative.  Any such consent shall be irrevocable.  The Committee may, in its sole discretion, waive the requirement of spousal consent if  the Committee is satisfied that the spouse cannot be located, or if the Member can show by court order that he has been abandoned by the spouse within the meaning of local law, or if otherwise permitted under applicable regulations.

9.3    Change of Beneficiary.  A Member may, from time to time in such manner as the Committee shall prescribe, change his designated Beneficiary or Beneficiaries, but any such designation which has the effect of naming a person other than the surviving spouse as sole Beneficiary is subject to the spousal consent requirement of Section 9.2.

9.4    Failure to Designate.  If a Member has failed effectively to designate a Beneficiary to receive the Member's death benefits, or a Beneficiary previously designated has predeceased the Member and no alternative designation has become effective, such benefits shall be distributed to the Member's surviving spouse, if any, or if no spouse survives the Member, to the Member's estate.

9.5    Effect of Marriage, Divorce or Annulment, or Legal Separation.  This Section 9.5 shall be effective in determining the identity of a Participant's Beneficiary at any time on or after September 1, 2006.  In accordance with Section 1.54 but subject to the following provisions of this Section 9.5, the term “spouse” for purposes of this Article IX means the individual to whom the Member is married on the date of reference, determined under applicable state law, except than no individual of the same gender as the Member shall be deemed such a spouse.  Notwithstanding the foregoing:

9.5.1     If a court of competent jurisdiction has issued a legal separation order, the parties to whom that order pertains shall not be deemed to be married to each other, even if their marriage has not been annulled or terminated by divorce; provided, however, that to the extent that a Qualified Domestic Relations Order as defined in Section 8.11 (“QDRO”) specifies 

that a former spouse (or legally separated spouse) of the Member is to be treated as the Member's spouse, such specified former spouse (or legally separated individual) shall be treated as the Member's spouse under the Plan to the extent required in such QDRO, to the exclusion of any subsequent spouse.

9.5.2    Except to the extent otherwise provided in an applicable QDRO, a designation of the Member's spouse as Beneficiary will automatically be cancelled if the marriage terminates by divorce or is annulled or such a legal separation order is issued unless the designation clearly states that the individual named as Beneficiary is to continue as such following termination of the marriage or such separation.

9.5.3    Nothing herein shall prohibit a spouse from disclaiming the benefit to which he or she would otherwise be entitled as the Member's sole Beneficiary, in whole or in part, in which event the Beneficiary with respect to the interest so disclaimed shall be determined as if the spouse had predeceased the Member.

9.5.4    Upon the marriage of a Member, any designation of Beneficiaries made by the Member prior to the date of the marriage shall become null and void as of the date of the marriage.  Subsequent divorce, legal separation or dissolution of the marriage shall not reinstate any designation that became null and void as of the date of such marriage.  Notwithstanding the foregoing, none of the Employer, the Trustee or Committee, nor any other fiduciary, shall be liable for, and each of them shall be fully protected, as to amounts paid to one or more Beneficiary(ies) of the Member subsequent to the marriage of the Member and after the death of the Member, but prior to their receipt of effective written notification of the marriage.

9.6    Proof of Death, etc.  Before making distribution to a Beneficiary, the Committee may require such proof of death and such evidence of the right of any person to receive all or part of the death benefit of a deceased Member as the Committee may deem desirable.  The Committee's determination of the fact of death of a Member and of the right of any person to receive distributions as a result thereof shall be conclusive upon such person or persons having or claiming any right in the Fund on account of such Member.

9.7    Discharge of Liability.  If distribution in respect of a Member's Accounts is made to a person reasonably believed by the Committee or his delegate (taking into account any document purporting to be a valid consent of the Member's spouse, or any representation by the Member that he is not married) to properly qualify as the Member's Beneficiary under the foregoing provisions of this Article IX, the Plan shall have no further liability with respect to such Accounts (or the portion thereof so distributed).

ARTICLE X

Administration of the Plan

10.1    Committee.  The Corporate Governance Committee of the Board of Directors shall appoint a Management Pension Investment and Oversight Committee (the “Committee”), which shall consist of not less than three persons to serve at the pleasure of the Corporate Governance Committee of the Board of Directors.  Any vacancy on the Committee, arising for any reason whatsoever, shall be filled by the Corporate Governance Committee of the Board of Directors.  The Committee shall hold meetings upon such notice, at such place or places, at such time or times and in such manner (including meetings in which members may participate through teleconferencing or similar means) as it may from time to time determine.  A majority of the members of the Committee at the time in office shall constitute a quorum for the transaction of business, and action by a majority of those present at any meeting at which a quorum is present shall constitute action by the Committee.  The Committee may also act without a meeting by instrument in writing signed by a majority of the members of the Committee, or by one or more members to whom the Committee has previously delegated the authority to take such action.  Effective September 21, 2004, the Compensation Committee of the Board of Directors shall succeed to the duties of the Corporate Governance Committee under this Section 10.1.

10.2    Named Fiduciary.  The named fiduciary under the Plan shall be the Committee, which shall have authority to control and manage the operation and administration of the Plan except that the Committee shall have no authority or responsibility with respect to those matters which under any applicable trust agreement, insurance policy or similar contract are the responsibility, or subject to the authority, of the Trustee, any insurance company or similar organization.  The members of the Committee shall have the right, by written instrument executed by them or otherwise, to allocate fiduciary responsibilities among themselves, and any one or more of such members may designate other persons to carry out fiduciary or other responsibilities under the Plan.

10.3    Powers and Discretion of the Named Fiduciary.  The Committee shall have all powers and discretion necessary or helpful for carrying out its responsibilities, including, without limitation, the power and complete discretion: 

(a)to establish such rules or procedures as it may deem necessary or desirable; 

(b)to employ such persons as it shall deem necessary or desirable to assist in the administration of the Plan; 

(c)to determine any question arising in the administration, interpretation and application of the Plan, including without limitation questions of fact and of construction; 

(d)to correct defects, rectify errors, supply omissions, clarify ambiguities, and reconcile inconsistencies to the extent it deems necessary or desirable to effectuate the Plan or preserve qualification of the Plan under section 401(a) of the Code; 

(e)to decide all questions relating to eligibility and payment of benefits hereunder, including, without limitation, the power and discretion to determine the eligibility of persons to receive benefits hereunder;

(f)to establish procedures for determining whether a domestic relations order is a qualified domestic relations order (“QDRO”) as described in Section 8.11 and for complying with any such QDRO; 

(g)to direct the Trustee with respect to benefits payable under the Plan (including, without limitation, the persons to be paid or methods of payment) and all distributions of the assets of the Fund; 

(h)to make a determination as to the rights of any person to a benefit and to afford any person dissatisfied with such determination the right to an appeal;

(i)to determine the character and amount of expenses that are properly payable by the Plan as reasonable administration expenses, and to direct the Trustee with respect to the payment thereof (including, without limitation, the persons to be paid and the method of payment); 

(j)to compromise or settle claims against the Plan and to direct the Trustee to pay amounts required in any such settlements or compromise;

(k)to determine the method of making corrections necessary or advisable as a result of operating defects in order to preserve qualification of the Plan under section 401(a) of the Code pursuant to procedures of the Internal Revenue Service applicable in such cases (such as those set forth in Revenue Procedure 2008-50 and similar guidance); and

(l)to make appropriate provision for the investment and reinvestment of the Fund, including, as named fiduciary with respect to the control and management of the assets of the Plan, to appoint in its discretion an investment manager or managers (as defined in section 3(38) of ERISA) to manage (including the power to acquire and dispose of) any assets of the Plan.

The determinations of the Committee shall be conclusive and binding on all persons to the maximum extent permitted by law.  The expenses of the Committee and all other expenses of the Plan shall be paid by the Fund to the extent not paid by the Company, and such expenses shall include any expenses authorized by the Board of Directors as necessary or desirable in the administration of the Plan.
10.4    Advisers.  Any named fiduciary under the Plan, and any fiduciary designated by a named fiduciary to whom such power is granted by a named fiduciary under the Plan, may employ one or more persons to carry out such responsibilities as may be specified by such fiduciary and to render advice with regard to any responsibility such fiduciary has under the Plan.

        

10.5    Service in Multiple Capacities.  Any person or group of persons may serve in more than one fiduciary capacity with respect to the Plan.

10.6    Limitation of Liability; Indemnity.

10.6.1    Except as otherwise provided by law, if any duty or responsibility of any person serving as a named fiduciary has been allocated or delegated to any other person in accordance with any provision of this Plan, then such fiduciary shall not be liable for any act or omission of such other person in carrying out such duty or responsibility.

10.6.2    Except as otherwise provided by law, no person who is a member of the Committee or is an employee, director or officer of any Employer who is a fiduciary under the Plan or the trust thereunder, or otherwise has responsibility with respect to administration of the Plan or trust, shall incur any liability whatsoever on account of any matter connected with or related to the Plan or trust or the administration thereof, unless such person shall have acted in bad faith or been guilty of willful misconduct or gross negligence in respect of his duties, actions or omissions in respect of the Plan or trust.

10.6.3    The Company shall indemnify and save harmless each Committee member and each employee, director or officer of any Employer serving as a trustee or other fiduciary from and against any and all loss, liability, claim, damage, cost and expense which may arise by reason of, or be based upon, any matter connected with or related to the Plan or trust or the administration thereof (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or in settlement of any such claim whatsoever), unless such person shall have acted in bad faith or been guilty of willful misconduct or gross negligence in respect of his duties, actions or omissions in respect of the Plan or trust.

10.7    Reliance on Information.  The Committee and any Employer and its officers, directors and employees shall be entitled to rely upon all tables, valuations, certificates, opinions and reports furnished by any accountant, trustee, insurance company, counsel or other expert who shall be engaged by an Employer or the Committee, and the Committee and any Employer and its officers, directors and employees shall be fully protected in respect of any action taken or suffered by them in good faith in reliance thereon, and all action so taken or suffered shall be conclusive upon all persons affected thereby.

10.8    Subcommittees, Counsel and Agents.  The Committee may appoint from its members such subcommittees (of one or more such members), with such powers as the Committee shall determine.  The Committee may employ such counsel (including legal counsel, who may be counsel for the Company or an Employer), accountants, and agents and such clerical and other services as it may require in carrying out the provisions of the Plan, and may charge the fees, charges and costs resulting from such employment as an expense to the Fund to the extent not paid by the Company.  Unless otherwise required by law, persons employed by the Committee as counsel, or as its agents or otherwise, may include members of the Committee, or employees of the Company.  Persons serving on the Committee, or on any such subcommittee shall be fully protected in acting or refraining to act in accordance with the advice of legal or other counsel.

10.9    Funding Policy.  The Committee shall establish and carry out, or cause to be established and carried out by those persons (including, without limitation, any trustee) to whom responsibility or authority therefor has been allocated or delegated in accordance with the Plan or the Trust Agreement, a funding policy and method consistent with the objectives of the Plan and the requirements of ERISA.  Without limiting the generality of the foregoing, it is recognized that Members (and their Beneficiaries) have many differing individual financial situations, and the funding policy of the Plan is therefore to allow Members and their Beneficiaries to choose, from a broad range of diversified investment options, the Investment Fund or Investment Funds which they believe best suit their individual objectives.  In the event of the elimination of a preexisting Investment Fund option or a merger or spin-off of assets from another plan into this Plan, the foregoing principle shall not preclude the adoption of mapping rules under which assets previously invested for the benefit of the Member or Beneficiary in one or more investment options that are no longer available are transferred to specific Investment Funds under this Plan, subject to the right of Members (or Beneficiaries) to then reallocate their accounts among Investment Funds.  The Plan is intended to satisfy the requirements of section 404(c) of ERISA with respect to investment elections by Members or their Beneficiaries if reasonably practicable, but (as provided in accordance with applicable law) any failure to meet any of such requirements shall create no adverse inference with respect to the compliance by the Plan and its fiduciaries with such general requirements as prudence and diversification.  To the extent permitted by law, none of the Company, any Employer, the Committee, the Trustee nor any other fiduciary of the Plan shall be liable for any loss resulting from a Member's (or Beneficiary's) exercise of his right to direct the investment of his Accounts.

10.10    Proper Proof.  In any case in which an Employer or the Committee shall be required under the Plan to take action upon the occurrence of any event, they shall be under no obligation to take such action unless and until proper and satisfactory evidence of such occurrence shall have been received by them.

10.11    Genuineness of Documents.  The Committee, and any Employer and its respective officers, directors and employees, shall be entitled to rely upon any notice, request, consent, letter, telegram or other paper or document believed by them or any of them to be genuine, and to have been signed or sent by the proper person, and shall be fully protected in respect of any action taken or suffered by them in good faith in reliance thereon.

10.12    Members May Direct Investments.  The Committee shall permit, pursuant to Sections 5.2 and 5.3, a Member or Beneficiary to exercise control over assets in his Accounts by directing the Trustee with respect to the extent permitted by law and manner of investment of such assets, and if a Member or Beneficiary exercises such control, then notwithstanding any other provision of this Plan or the Trust Agreement:

10.12.1    such Member or Beneficiary shall not be deemed to be a fiduciary under the Plan or this Trust by reason of such exercise, and

10.12.2    no person who is otherwise a fiduciary (including, without limitation, the Trustee and any Committee member) shall be liable for any loss, or by reason of any breach, which results from such Member's or Beneficiary's exercise of control.  

10.13    Records and Reports.  The Committee shall maintain or cause to be maintained such records, as it deems necessary or advisable in connection with the administration of the Plan.

10.14    Recovery of Overpayments.  Without limiting the generality of the Committee's power and discretion under Section 10.3(d) to rectify errors and supply omissions, in the event that the Committee determines that overpayments have been made to a Member or his spouse or Beneficiary, the Committee shall take such steps as it shall deem appropriate under the relevant facts and circumstances to recover such payments, with or without interest, and in case repayment is not otherwise made, to offset the amount to be recovered against subsequent payments otherwise becoming due to or in respect of such Member, spouse or Beneficiary at such time and to such extent as it shall deem appropriate.

ARTICLE XI

The Trust Agreement

11.1    The Trust Agreement.  The Committee, on behalf of the Company and each other Employer, shall have power to appoint and remove a Trustee and to enter into or amend a Trust Agreement with the Trustee providing for the establishment of a Fund hereunder.  The Trust Agreement shall be deemed to form a part of this Plan, and any and all rights which may accrue to any person under this Plan shall be subject to all the terms and provisions of such Trust Agreement.  Copies of the Trust Agreement shall be filed with the Committee and, upon reasonable application and notice, shall be made available for inspection by any Member.

11.2    No Diversion of Fund.  The Fund shall in no event (within the taxable year or thereafter) be used for or diverted to purposes other than for the exclusive benefit of Members and their Beneficiaries (including the payment of the expenses of the administration of the Plan and of the Trust Fund), except that at the Committee's request:

(a)A contribution that is made by an Employer by a mistake of fact may be returned to such Employer within one year after the payment of the contribution; and

(b)A contribution that is conditioned upon its deductibility under section 404 of the Code pursuant to Section 3.10 may be returned to the contributing Employer, to the extent that the contribution is disallowed as a deduction, within one year after such disallowance.

11.3    Duties and Responsibilities of the Trustee.  The Trustee will hold and invest all funds as provided herein and in the Trust Agreement.  The Trustee will make, at the direction of the Committee, all payments to Members and their Beneficiaries.

The Trustee shall not be required to make any payment of benefits or distributions out of the Fund, or to allocate or reallocate any amounts, except upon the written direction of the Committee.  The Trustee shall not be charged with knowledge of any action by the Board of Directors or of the Termination of Employment of any Member, unless it shall be given written notice of such event by the Committee.

ARTICLE XII

Amendment

12.1    Right of the Company to Amend the Plan.  The Company shall have the right at any time and from time to time to amend any or all of the provisions of this Plan by resolution of the Board of Directors, by action of the Compensation Committee of the Board of Directors or by action of the Company Representative, and all Employers and Members (and their Beneficiaries) shall be bound thereby.  Except as provided in Section 12.3, no such amendment shall authorize or permit any part of the Fund to be used for or diverted to purposes other than for the exclusive benefit of the Members and their Beneficiaries, nor shall any amendment reduce any amount then credited to the individual accounts of any Member, reduce any Member's vested interest in his account, or affect the rights, duties and responsibilities of the Trustee without his written consent.

12.2    Plan Merger.  The Plan may be amended in accordance with Section 12.1 to provide for the merger of the Plan, in whole or in part, or a transfer of all or part of its assets, into or to any other qualified plan within the meaning of section 401(a) of the Code, including such a merger or transfer in lieu of a distribution which might otherwise be required under the Plan.  In the case of any merger or consolidation with, or transfer of assets or liabilities to, any other plan, each Member shall be entitled to a benefit immediately after the merger, consolidation or transfer (if such other plan then terminated) which is equal to or greater than the benefit he would have been entitled to receive immediately before the merger, consolidation or transfer (if the Plan had then been terminated).

12.3    Amendments Required by Law.  All provisions of this Plan, and all benefits and rights granted hereunder, are subject to any amendments, modifications or alterations which are necessary from time to time, (a) to qualify the Plan under section 40l(a) of the Code, (b) to continue the Plan as so qualified, or (c) to comply with any other provision of law.  Accordingly, notwithstanding any other provision of this Plan, the Company may amend, modify or alter the Plan with retroactive effect in any respect or manner necessary to qualify the Plan under section 40l(a) of the Code, to continue the Plan as so qualified, or to comply with any other provision of applicable law.

12.4    Right to Terminate.  The Plan may be terminated at any time by resolution of the Board of Directors, provided that no such action shall permit any part of the corpus or income of the Fund to be used for or diverted to purposes other than for the exclusive benefit of the Members and their beneficiaries under the Plan and for the payment of the administrative costs of the Plan.

12.5    Termination of Trust.  If the Plan is terminated pursuant to Section 12.4, and the Board of Directors determines that the Fund shall be terminated, all of the Members' Accounts shall be nonforfeitable, the Fund shall be revalued as if the termination date were a Valuation Date, and the current value of all Accounts shall be distributed in accordance with Article VII, as if such Plan termination were a Termination of Employment, but only to the extent permitted under Section 8.14; provided, however, that the value of such Accounts shall be adjusted to reflect the expenses of termination to the extent such expenses are not paid by the Company.  Until all Accounts are fully distributed, any remaining Accounts held in the Fund shall continue to be adjusted in accordance with Article V, and to reflect the expenses of termination.

12.6    Continuation of Trust.  If the Plan is terminated by the Board of Directors but the Board of Directors determines that the Fund shall be continued pursuant to its terms and the provisions of this Section 12.6, no further contributions shall be made, the Members' Accounts shall be nonforfeitable, and the Fund shall be administered as though the Plan were otherwise in full force and effect.  If the Fund is subsequently terminated, the provisions of Section 12.5 shall then apply.

12.7    Discontinuance of Contributions.  Any Employer may at any time, by resolution of its board of directors, completely discontinue its participation in and contributions under the Plan, either completely or with respect to any specified group of its employees, and unless otherwise agreed to by the Board of Directors or the Company Representative, shall discontinue its participation and all contributions if it ceases for any reason to be a member of a controlled group of trades or businesses including the Company, within the meaning of section 414(b) or 414(c) of the Code.  The Committee shall make such current or deferred distributions with respect to the Members affected by such discontinuance as it shall deem appropriate and in accordance with the Plan and applicable law, or the Committee may, subject to Section 12.2, direct that the portion of the Trust Fund allocable to such Members be transferred to a successor qualified plan or funding medium covering such Members.  If such Employer completely discontinues contributions under the Plan, either by resolution of its board of directors or for any other reason, and such discontinuance is deemed a partial termination of the Plan within the meaning of section 411(d)(3) of the Code, the amounts credited to the Accounts of all affected Members (other than Members who, in connection with the discontinuance of Employer contributions, transfer employment to an Employer which continues to contribute under the Plan) shall be nonforfeitable.

ARTICLE XIII

Miscellaneous Provisions

13.1    Plan Not a Contract of Employment.  Neither the establishment of the Plan created hereby, nor any amendment thereof, nor the creation of any Fund or Account, nor the payment of any benefits hereunder, shall be construed as giving to any Member or other person any legal or equitable right against any Employer, any officer or employee thereof, the Board of Directors or any member thereof, the Committee or any Trustee, except as provided herein and under no circumstances shall the terms of employment of any Member be in any way affected hereby.

13.2    Merger.  The merger or consolidation of the Company with any other company or the transfer of the assets of the Company to any other company by sale, exchange, liquidation or otherwise, or the merger of this Plan with any other retirement plan, shall not in and of itself result in the termination of the Plan, or be deemed a Termination of Employment of any employee.

13.3    Claims Procedure.  The Committee shall establish a claims procedure in accordance with applicable law, under which any Member or Beneficiary whose claim for benefits has been denied shall have a reasonable opportunity for a full and fair review of the decision denying such claim.

13.4    Controlling Law.  The validity of this Plan or of any of its provisions shall be determined under, and shall be construed and administered according to, the laws of the State of New York (without regard to its choice of law principles), except to the extent preempted by ERISA, or any other applicable laws of the United States of America.  No action (whether at law, in equity or otherwise) shall be brought by or on behalf of any person for or with respect to benefits due under this Plan unless the person bringing such action has timely exhausted the Plan's claim review procedure.  Any action (whether at law, in equity or otherwise) must be commenced within three (3) years from the earlier of (a) the date a final determination denying such benefit, in whole or in part, is issued under the Plan's claim review procedure and (b) the date such person's cause of action first accrued.

13.5    Separability.  If any provision of the Plan or the Trust Agreement is held invalid or unenforceable, its invalidity or unenforceability shall not affect any other provisions of the Plan or the Trust Agreement, and the Plan and Trust Agreement shall be construed and enforced as if such provision had not been included therein.

13.6    Captions.  The captions contained herein are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge or describe the scope or intent of the Plan nor in any way shall affect the Plan or the construction of any provision thereof.

13.7    Usage.  Whenever applicable, the masculine gender, when used in the Plan, shall include the feminine or neuter gender, and the singular shall include the plural.

ARTICLE XIV

Leased Employees

14.1    Definitions.  For purposes of this Article XIV, the term “Leased Employee” means any person (a) who performs or performed services for an Employer or Affiliate (hereinafter referred to as the “Recipient”) pursuant to an agreement between the Recipient and any other person (hereinafter referred to as the “Leasing Organization”), (b) who has performed such services for the Recipient or for the Recipient and related persons (within the meaning of section 144(a)(3) of the Code) on a substantially full-time basis for a period of at least one year, and (c) whose services are (effective January 1, 1997) performed under primary direction or control by the Recipient.

14.2    Treatment of Leased Employees.  For purposes of this Plan, a Leased Employee shall be treated as an employee of an Affiliate whose service for the Recipient (including service during the one-year period referred to in Section 14.1) is to be taken into account in determining compliance with the service requirements of the Plan relating to participation and vesting.  However, the Leased Employee shall not be entitled to share in contributions or forfeitures under the Plan with respect to any service or compensation attributable to the period during which he is a Leased Employee, and shall not be eligible to become a Member eligible to accrue benefits under the Plan unless and except to the extent that he shall at some time, either before or after his service as a Leased Employee, qualify as an Eligible Employee without regard to the provisions of this Article XIV (in which event, status as a Leased Employee shall be determined without regard to clause (b) of Section 14.1, to the extent required by applicable law).

14.3    Exception for Employees Covered by Plans of Leasing Organization.  Section 14.2 shall not apply to any Leased Employee if such employee is covered by a money purchase pension plan of the Leasing Organization meeting the requirements of section 414(n)(5)(B) of the Code and Leased Employees do not constitute more than twenty percent (20%) of the aggregate “nonhighly compensated work force” (as defined in section 414(n)(5)(C)(ii) of the Code) of all Employers and Affiliates.

14.4    Construction.  The purpose of this Article XIV is to comply with the provisions of section 4l4(n) of the Code.  All provisions of this Article shall be construed consistently therewith, and, without limiting the generality of the foregoing, no individual shall be treated as a Leased Employee except as required under such section.

ARTICLE XIV

“Top-Heavy” Provisions

15.1    Determination of “Top-Heavy” Status.

15.1.1    Applicable Plans.  For purposes of this Article XV, “Applicable Plans” shall include (a) each plan of an Employer or Affiliate in which a Key Employee (as defined in Section 15.1.2 for this Plan, and as defined in section 416(i) of the Code for each other Applicable Plan) participates during the five (5)-year period ending on such plan's “determination date” (as described in Section 15.1.4 below) and (b) each other plan of an Employer or Affiliate which, during such period, enables any plan in clause (a) of this sentence to meet the requirements of section 401(a)(4) or 410 of the Code.  Any plan not required to be included under the preceding sentence may also be included, at the option of the Company, provided that the requirements of sections 401(a)(4) and 410 of the Code continue to be satisfied for the group of Applicable Plans after such inclusion.  Applicable Plans shall include terminated plans, frozen plans, and to the extent that benefits are provided with respect to service with an Employer or an Affiliate, multiemployer plans (described in section 414(f) of the Code) and multiple employer plans (described in section 413(c) of the Code) to which an Employer or an Affiliate makes contributions.

15.1.2    Key Employee.  For purposes of this Article XV, “Key Employee” for any Plan Year shall mean an employee (including a former employee, whether or not deceased) of an Employer or Affiliate who, at any time during a given Plan Year (or, for Plan Years beginning prior to January 1, 2002, any of the four (4) preceding Plan Years), is one or more of the following:
(a)An officer of an Employer or Affiliate having Total Earnings greater than:

(i)    for Plan Years ending prior to January 1, 2002, fifty percent (50%) of the dollar amount in effect under section 415(b)(1)(A) of the Code for any such Plan Year; and
(ii)    for Plan Years beginning on or after January 1, 2002, $130,000 (as adjusted under section 416(i) of the Code);
provided that the number of employees treated as officers shall be no more than fifty (50) or, if fewer, the greater of three (3) employees or ten percent (10%) of the employees (exclusive of employees described in section 414(q)(5) of the Code).
(b)For Plan Years ending prior to January 1, 2002, one of the ten (10) employees (i) having Total Earnings from the Employer or Affiliate of more than the dollar amount described in Section 6.2 and (ii) owning (or considered as owning, within the meaning of section 416(i) of the Code), the largest percentage interests in value of an Employer or Affiliate, provided that such percentage interest exceeds one-half percent (.5%) in value.  If two employees have the same interest in the Employer or Affiliate, the employee having greater Total Earnings shall be treated as having a larger interest.

(c)A person owning (or considered as owning, within the meaning of section 416(i) of the Code) more than five percent (5%) of the outstanding stock of the 

Employer or Affiliate, or stock possessing more than five percent (5%) of the total combined voting power of all stock of the Employer or Affiliate (or having more than five percent (5%) of the capital or profits interest in any Employer or Affiliate that is not a corporation, determined under similar principles).

(d)A one percent (1%) owner of an Employer or an Affiliate having Total Earnings of more than one hundred fifty thousand dollars ($150,000).  “One percent (1%) owner” means any person who would be described in paragraph (c) of this Section 15.1.2 if “one percent (1%)” were substituted for “five percent (5%)” in each place where it appears in paragraph (iii).

15.1.3    Top Heavy Condition.  In any Plan Year during which the sum, for all Key Employees (as defined in Section 15.1.2 for this Plan and as defined in section 416(i) of the Code for each other Applicable Plan) of the present value of the cumulative accrued benefits under all Applicable Plans which are defined benefit plans (determined based on the actuarial assumptions set forth in the “top-heavy” provisions of such plans) and the aggregate of the accounts under all Applicable Plans which are defined contribution plans, exceeds sixty percent (60%) of a similar sum determined for all members in such plans (but excluding members who are former Key Employees), the Plan shall be deemed “Top-Heavy.”

15.1.4    Determination Date.  The determination as to whether this Plan is “Top-Heavy” for a given Plan Year shall be made on the last day of the preceding Plan Year (the “Determination Date”); and other plans shall be included in determining whether this Plan is “Top-Heavy” based on the determination date as defined in Code section 416(g)(4)(C) for each such plan which occurs in the same calendar year as such Determination Date for this Plan.

15.1.5    Valuation.  The value of account balances and the present value of accrued benefits for each Applicable Plan will be determined subject to Code section 416 and the regulations thereunder, as of the most recent Valuation Date occurring within the l2-month period ending on the applicable determination date for such plan.

15.1.6    Distribution within Determination Period.  Subject to Section 15.1.7, distributions from the Plan or any other Applicable Plan on account of severance from employment, death, or disability, made during the one (1)-year period ending on the applicable determination date and other distributions from the Plan or any other Applicable Plan during the five (5)-year period ending on the applicable determination date (or, prior to January 1, 2002, all distributions from the Plan during the five (5)-year period ending on the applicable determination date) shall be taken into account in determining whether the Plan is “Top-Heavy.”

15.1.7    No Services within Determination Period.  Benefits and distributions shall not be taken into account with respect to any individual who has not rendered any services to any Employer or Affiliate at any time during the one (1)-year period (or prior to January 1, 2002 during the five (5)-year period) ending on the applicable Determination Date.

15.1.8    Compliance with Code Section 416.  The calculation of the “Top-Heavy” ratio, and the extent to which distributions, rollovers and transfers are taken into account will be made in accordance with Code section 416.

15.1.9    Deductible Employee Contributions.  Deductible employee contributions will not be taken into account for purposes of computing the “Top-Heavy” ratio.

15.1.10 Beneficiaries.  The terms “Key Employee” and “Member” include their beneficiaries.

15.1.11 Accrued Benefit Under Defined Benefit Plans.  Solely for purposes of determining whether this Plan or any other Applicable Plan is “Top-Heavy” for a given Plan Year, the accrued benefit under any defined benefit plan of a Member other than a Key Employee shall be determined under (a) the method, if any, that uniformly applies for accrual purposes under all defined benefit plans maintained by the Employer or an Affiliate, or (b) if there is no such method, as if such benefit accrued not more rapidly than at the slowest accrual rate permitted under the fractional accrual rule of section 411(b)(1)(C) of the Code.

15.2    Provisions Applicable in “Top-Heavy” Plan Years.  For any Plan Year in which the Plan is deemed to be “Top-Heavy,” the following provisions shall apply to any Member who has not terminated employment before such Plan Year:

15.2.1    Required Allocation.  The amount of Employer contributions and forfeitures which shall be allocated to the account of any active Member who (a) is employed by an Employer or Affiliate on the last day of the Plan Year and (b) is not a Key Employee shall be (i) at least three percent (3%) of such Member's Total Earnings for such Plan Year up to the Compensation Limit of the Plan Year (as defined in Section 1.13 hereof), or, (ii) if less, an amount equal to such Total Earnings multiplied by the highest allocation rate for any Key Employee.  For purposes of the preceding sentence, the allocation rate for each individual Key Employee shall be determined by dividing the employer contributions and forfeitures allocated to such Key Employee's account (including Elective Contributions) under all Applicable Plans, considered together by his Total Earnings up to such Compensation Limit; provided, however, that clause (ii) above does not apply if this Plan enables a defined benefit plan required to be so aggregated under Section 15.1.1 above to meet the requirements of section 401(a)(4) or 410 of the Code.  The minimum allocation provisions of this Section 15.2.1 shall, to the extent necessary, be satisfied by special Employer contributions made by the Employer for that purpose.  Notwithstanding the foregoing, the minimum allocations otherwise required by this Section 15.2.1 shall not be required to be made for any Member (y) if such Member is covered under a defined benefit plan maintained by an Employer or an Affiliate which provides the minimum benefit required under section 416(c)(1) of the Code, and/or (z) to the extent that the minimum allocation otherwise required by this Section 15.2.1 is made under another defined contribution plan maintained by an Employer or an Affiliate.  In addition, any minimum allocation required to be made for a Member who is not a Key Employee shall be deemed satisfied to the extent of the benefits provided by any other qualified plan maintained by an Employer or an Affiliate.  Elective Contributions by a non-Key Employee shall be disregarded in determining the amount of contributions required to be allocated for his benefit under this Section 15.2.1 but Matching Contributions (for Plan Years beginning on or after January 1, 2002) and Discretionary Contributions for a non-Key Employee shall be taken into account.

15.2.2    Vesting.  Any Member shall be vested in the aggregate of his Employer Contribution Account on a basis at least as favorable as is provided under the following schedule:

	
		
	Years of Employment
	Percentage Vested

	Less Than 2 Years........................................
	—%

	2 Years But Less Than 3..............................
	20%

	3 Years But Less Than 4..............................
	40%

	4 Years But Less Than 5..............................
	60%

	5 Years But Less Than 6..............................
	80%

	6 Years Or More..........................................
	100%

In any Plan Year in which the Plan is not deemed to be “Top-Heavy,” the minimum vested percentage of any Matching Account and Discretionary Contribution Account shall be no less than that which was determined as of the last day of the last Plan Year in which the Plan was deemed to be “Top-Heavy.”  The minimum vesting schedule set out above shall apply to all benefits within the meaning of Code section 411(a)(7) except those attributable to employee contributions, including benefits accrued before the effective date of this Article XV and benefits accrued before the Plan became “Top-Heavy.”  Any vesting schedule change caused by alterations in the Plan's “Top-Heavy” status shall be deemed to result from a Plan amendment giving rise to the right of election required by Code section 411(a)(10)(B).
15.2.3    Bargaining Unit Employees.  The provisions of Sections 15.2.1 and 15.2.3 shall not apply to any employee included in a unit of employees covered by a collective bargaining agreement if, within the meaning of section 416(i)(4) of the Code, retirement benefits were the subject of good faith bargaining.

ARTICLE XVI

Catch-Up Contributions
16.1    General.  All employees who are eligible to make Elective Contributions under this Plan and who have attained or are projected to attain age 50 before the close of the Plan Year (“Catch-up Eligible Members”) shall be eligible to make catch-up contributions in excess of an otherwise applicable statutory or Plan limit in accordance with, and subject to the limitations of this Article XVI.  

16.2    Method of Contribution.  Contributions intended to qualify as Catch-up Contributions shall be made in accordance with such procedures as the Committee may specify from time to time.  Such procedures shall, without limitation, permit a Catch-up Eligible Member for a calendar year to elect  to make Elective Contributions in excess of any  percentage  limit lower than 75% otherwise applicable under Section 3.1.1,  in an amount for each pay period equal to the total amount of catch-up contributions permitted for the calendar year under Section 16.4 divided by the number of payroll periods (or remaining payroll periods) applicable to the Member in such year, or in any greater amount the Member may specify that the Committee determines is permitted under such procedures, and to suspend and reinstate such elections in accordance with such procedures.  

16.3    Ineligibility for Matching Contributions.  Catch-up Contributions, and any amounts so designated  under Section 16.2 (whether or not they qualify as Catch-up Contributions under Section 16.6) shall not be eligible for Matching Contributions. 

16.4    Limit on Catch-Up Contribution.  The total amount of Catch-up Contributions allowed for any calendar year for any Member under this Plan and any similar contributions under any other plan of an Employer or Affiliate shall not exceed the limit applicable under section 414(v) of the Code, which as adjusted for the calendar years after 2006 is the amount applicable under the following table:

	
				
	Calendar Year
	Limit

	2007
	$
	5,000
	

	2008
	$
	5,000
	

	2009
	$
	5,500
	

The limit for years after 2009 shall be adjusted for cost of living increases in accordance with section 414(v) of the Code.  
16.5    Treatment of  Catch-up Contributions.  Contributions made pursuant to a Member's election under Section 16.2 shall  be credited to the Member's Elective Account and shall be treated as Elective Contributions, except to the extent that a different treatment is specified in this Article XVI.  

16.6    Qualification as Catch-up Contributions.  Elective Contributions made pursuant to Section 16.2 shall be treated as Catch-up Contributions for the Plan Year to the extent that (i) the Member's Elective Contributions for the year exceed the  Elective Deferral Limit for the corresponding calendar year or (ii)  as of the end of the year, the total amount of  Elective 

Contributions made pursuant to such election and under  Section 3.1 exceeds the applicable percentage limit under Section 3.1.1 multiplied by the Member's  total Compensation for the entire Plan Year or portion thereof during which the Member was eligible to make Elective Contributions.  To the extent a Catch-up Eligible Member has not made the maximum amount of Catch-up Contributions permitted for a calendar year, any Excess Contributions otherwise distributable to the Member under Section 3.3 in order to comply with ADP test limits shall be recharacterized as Catch-up Contributions to the maximum extent permitted under Section 16.4.  

16.7    Catch-up Contributions Disregarded for Certain Purposes.  Elective Contributions qualifying as Catch-up Contributions under Section 16.6 shall not be taken into account for purposes of the provisions of the Plan implementing the regular dollar limitations of Code section 402(g) (Sections 1.22 and 3.1.6) and Code section 415 (Section 3.3.5 and Article VI).  The Plan shall not be treated as failing to satisfy the provisions of the Plan implementing the requirements of Code section 401(k)(3) (such as Section 3.3), 410(b), or 416 of the Code, as applicable, by reason of the making of such Catch-up Contributions.  

ARTICLE XVII

Auto-enrollment

17.1    Employees Subject to Auto-enrollment.  This Article XVII applies to each Eligible Employee who is first hired as an Eligible Employee, or returns to employment as an Eligible Employee after a separation from service, or transfers to employment as an Eligible Employee from other employment with an Affiliate or Employer, on or after January 1, 2008.

17.2    Auto-enrollment.  Each Eligible  Employee eligible for auto-enrollment under Section 17.1, on initially qualifying as a Member under Section 2.1,  requalifying as a Member under Section 2.6, or initially or requalifying as a Member under Section 2.4.1,  shall be deemed to have elected to contribute three percent (3%) of his/her Compensation under the Plan as Elective Contributions unless such employee makes an election to have no Elective Contributions made on his behalf, or to contribute a different percentage, prior to the deadline established by the Committee for his electing out of auto-enrollment under this Section 17.2 (his “Auto-enrollment Effective Date).  Such deemed election shall be treated as a Contribution Agreement for all purposes of the Plan and shall continue in effect unless and until such time (if any) as (i) such Member suspends his/her deferrals thereunder or elects another amount or percentage of deferrals in accordance with Plan provisions and procedures for making such changes, or (ii) such deferrals are suspended by reason of any other provision of the Plan.  Unless the Member elects a different Investment Fund in accordance with Plan procedures prior to the Auto-enrollment Effective Date, Elective Contributions made pursuant to this Article XVII shall be invested in such Default Investment Fund or Funds that the Committee shall from time to time designate and shall remain so invested until and unless the Member files an investment election in accordance with Section 5.2 or 5.3, as applicable.  The Committee may establish and adopt rules, regulations and/or administrative guidelines to facilitate the administration and operation of the provisions of this Article XVII as it may deem necessary or advisable in its sole discretion.  

17.3    Initial Notice.  Any Eligible Employee to whom this Article XVII applies shall be provided with an initial notice as soon as practicable in accordance with Treas. Reg. 1.414(w) prior to his Auto-enrollment Effective Date.  Such notice shall describe (i) the level of contributions which will be made absent an affirmative election, (ii) the right to elect a different contribution level or to elect not to make any contributions, (iii) the right to make investment elections under the Plan, and (iv) how contributions and earnings will be invested if no election is made.

17.4    Annual Notice.  Notice shall be given annually to each Covered Employee, at least 30 days prior to each Plan Year or within such other time as may be required under applicable law or regulations, which shall explain (i) the auto-enrollment rules described in this Article XVII, including the default rate of contribution and the right not to make Elective Contributions and (ii) the right of each Member to designate how contributions and earnings under the Plan will be invested, and how they will be invested in the absence of any such investment election.  For purposes of this Section 17.4, a Covered Employee is an Eligible Employee who has been enrolled pursuant to Section 17.2 and has not since made an affirmative election to (i) cease all Elective Contributions, or (ii) change the amount or percentage of Elective Contributions, with respect to his or her Account.  

17.5    Notice Procedures.  Notice shall be treated as duly given or provided for purposes of this Article XVII if it has been mailed by first class mail to the last known address of the Eligible Employee on the records of the Employer and the mailing has not been returned to the Employer, or is furnished by any other form of delivery, including electronic, in conformity with applicable regulations. 

17.6    Election to Disenroll.  Effective, January 1, 2010, and in accordance with Treas. Reg. § 1.414(w)-1, an Eligible Employee who has been enrolled in the Plan pursuant to this Article XVII may elect to disenroll and have the Elective Contributions made on his behalf, unadjusted for losses, returned to him, provided that he notifies the Company of his election to withdraw, on the Appropriate Form within 90 days of the day the first Compensation that was withheld pursuant to this Article XVII would have been paid to him.

IN WITNESS WHEREOF, ARROW ELECTRONICS, INC. has caused this instrument to be executed by its duly authorized officer, and its corporate seal to be hereunto affixed, this 18th day of December 2012.  
ATTEST:                        ARROW ELECTRONICS, INC.
/s/ Gregory Tarpinian                          By    /s/ Peter S. Brown        
Assistant Secretary                        Senior Vice President 

SUPPLEMENT NO. 1

In connection with the acquisition by the Company of the electronics distribution businesses of Ducommun Incorporated (the “Ducommun Acquisition”), the Plan is amended in the following respects:
S1.1    In the case of any individual who became an Eligible Employee on or about January 11, 1988 in connection with the Ducommun Acquisition, and who remained an Eligible Employee continuously from that time through December 31, 1989, the term “Year of Service” shall include, effective on and after January 1, 1990, any Plan Year (i) during which such Eligible Employee was employed by Ducommun and (ii) which would have been a Plan Year of Employment had such Eligible Employee been employed instead by an Employer.  

SUPPLEMENT NO. 2

In connection with the acquisition by the Company of all of the issued and outstanding shares of common stock of Lex Electronics Inc., which at the time of such acquisition owned all of the issued and outstanding shares of common stock of Almac Electronics Corporation, the Plan is amended in the following respects:
S2.1    As used in this Supplement No. 2, the following terms have the meanings set forth in this Section S2.1.  

(a)    “Lex Plan” means the Lex Service (U.S.) Performance Incentive Plan (named the Lex Electronics (U.S.) Performance Incentive Plan prior to September 18, 1991).  
(b)    “Lex Transferee” means an individual who becomes an Eligible Employee on or about September 27, 1991 in connection with the Acquisition.  
S2.2    Any Lex Transferee who on September 27, 1991 was eligible to become a member of the Lex Plan pursuant to section 2.01 thereof shall become a Member of the Plan immediately upon becoming an Eligible Employee.  Any other Lex Transferee shall become a Member of the Plan in accordance with Section 2.1.  For purposes of satisfying the requirements of Section 2.1, the following provisions shall apply:

(a)    A Lex Transferee who would have become eligible for membership in the Lex Plan pursuant to section 2.01 thereof upon completion of a 12-month computation period in which he was credited with 1,000 hours of service shall be credited with Hours of Service under the Plan equal in number to the number of hours of service credited to him under the Lex Plan during the computation period in effect on September 27, 1991.  
(b)    A Lex Transferee who would have become eligible for membership in the Lex Plan pursuant to section 2.01 thereof upon completion of six months of service within the meaning of section 1.35 of the Lex Plan shall be credited under the Plan with the period of service credited to him under the Lex Plan as of September 27, 1991, converted to Hours of Service on the basis that one month equals 190 Hours, one week equals 45 Hours, and one day equals 10 Hours.  
S2.3    For purposes of determining a Lex Transferee's Years of Service, he shall be credited with the number of full years of service credited to him as of September 27, 1991 for purposes of vesting under the Lex Plan and with any fractional year thus credited to him, which fractional year shall be converted to Hours of Service on the basis that one month equals 190 Hours, one week equals 45 Hours, and one day equals 10 Hours.  #4823-1117-2360v5 

SUPPLEMENT NO. 3

In connection with the acquisition by the Company of certain assets of Zeus Components, Inc. (the “Zeus Acquisition”), the Plan is amended in the following respects:
S3.1    In the case of an individual who becomes employed by an Employer or Affiliate on or about May 19, 1993 in connection with the Zeus Acquisition (a “Zeus Transferee”), service with Zeus Components, Inc. shall be treated for purposes of Section 2.1 as though it were service with an Employer or Affiliate.  For this purpose, any service measured in terms of elapsed time shall be converted to Hours of Service on the basis that one month equal 190 Hours, one week equals 45 Hours and one day equals 10 Hours. 
 
S3.2    A Zeus Transferee who, taking account of Section S3.1, satisfies the eligibility requirements set forth in Section 2.1 on May 19, 1993 shall become a Member on such date.  

S3.3    In the case of a Zeus Transferee who continues to be employed by an Employer or Affiliate through December 31, 1994, service with Zeus Components, Inc. shall be treated, on and after January 1, 1995, as service with an Employer or Affiliate for purposes of determining such Zeus Transferee's Years of Service under the Plan.  For this purpose, any service measured in terms of elapsed time shall be converted to Hours of Service on the basis that one month equal 190 Hours, one week equals 45 Hours and one day equals 10 Hours.  

SUPPLEMENT NO. 4

In connection with the acquisition by Arrow Electronics, Inc. of all of the issued and outstanding shares of common stock of Gates/FA Distributing, Inc. (the “Gates Acquisition”), the Plan is amended as follows:
S4.1    In the case of an individual who becomes an employee of an Employer or Affiliate on or about September 23, 1994 in connection with the Gates Acquisition, service with Gates/FA Distributing, Inc. shall be treated, for purposes of Section 2.1 and for purposes of determining such individual's Years of Service under the Plan, as though it were service with an Employer or Affiliate.  For this purpose, any service measured in terms of elapsed time shall be converted to Hours of Service on the basis that one month equals 190 Hours of Service, one week equals 45 Hours of Service and one day equals 10 Hours of Service.  An individual described in this Section S4.1 shall become a Member on the first Entry Date on or after January 1, 1995 on which he has satisfied the requirements of Section 2.1.  

S4.2    On or about March 1,1996, participant accounts in the Gates/FA Distributing, Inc. 401(k) Plan (the “Gates Plan”) shall, to the extent attributable to employee salary deferrals, be transferred to Elective Accounts under the Plan.  Other amounts in participant accounts under the Gates Plan shall, to the extent not distributed to Members, be transferred to Rollover Accounts under the Plan.  

SUPPLEMENT NO. 5

In connection with the acquisition by Arrow Electronics, Inc. of all of the issued and outstanding shares of common stock of Anthem Electronics, Inc. (the “Anthem Acquisition”), the Plan is amended as follows:
S5.1    In the case of an individual who becomes an employee of an Employer or Affiliate on or about November 20, 1994 in connection with the Anthem Acquisition, service with Anthem Electronics, Inc. shall be treated, for purposes of Section 2.1 and for purposes of determining such individual's Years of Service under the Plan, as though it were service with an Employer or Affiliate.  For this purpose, any service measured in terms of elapsed time shall be converted to Hours of Service on the basis that one month equals 190 Hours of Service, one week equals 45 Hours of Service and one day equals 10 Hours of Service.  An individual described in this Section S5.1 shall become a Member on September 1, 1995 if he has then satisfied the requirements of Section 2.1, and otherwise on the first Entry Date thereafter on which he has satisfied such requirements.  

S5.2    On or about October 1, 1995, participant accounts in the Anthem Electronics, Inc. Salary Savings Plan (the “Anthem Plan”) shall, to the extent attributable to employee salary deferrals, be transferred to Elective Accounts under the Plan.  Other amounts in participant accounts in the Anthem Plan shall, to the extent not distributed to Members, be transferred to Rollover Accounts under the Plan.  Amounts required to be distributed in order to satisfy nondiscrimination testing of the Anthem Plan for 1995 may be paid from the Plan.  

SUPPLEMENT NO. 6

TO THE
ARROW ELECTRONICS SAVINGS PLAN
Special Provisions Applicable
to Former Members of the Capstone Electronics Profit-Sharing Plan

Effective as of December 31, 1996, the Capstone Electronics Profit-Sharing Plan (the “Capstone Plan”) merged into this Plan, and the terms of this Plan superseded in all respects the terms of the Capstone Plan.  This Supplement No. 6 provides for such merger (the “Merger”) and sets forth special provisions of the Plan that apply to former members of the Capstone Plan.  
S6.1    Special Definitions.  For purposes of this Supplement 6:

S6.1.1    “Capstone” means Capstone Electronics Corp., a Delaware corporation.  

S6.1.2    “Capstone Account” means the account maintained under the Capstone Plan for each Capstone Member immediately prior to the Merger.  

S6.1.3    “Capstone Member” means a member of the Capstone Plan who had an undistributed Capstone Account immediately prior to the Merger or who was eligible under section 4.2 of the Capstone Plan to share in the Capstone Plan contribution (if any) made with respect to the 1996 Plan Year. 
 
S6.1.4    “Capstone Plan” means the Capstone Electronics Profit- Sharing Plan, as in effect prior to the Merger.  

S6.1.5    “Capstone Trust Fund” means the trust fund maintained under the Capstone Plan immediately prior to the Merger.  

S6.2    Membership in Plan Effective December 31, 1996.  Capstone Members will become Members of the Plan effective on December 31, 1996.  

S6.3    Merger.  Effective as of December 31, 1996, the Capstone Plan and Capstone Trust Fund are merged into this Plan and the trust thereunder, respectively, and the terms of this Plan supersede in all respects the terms of the Capstone Plan with respect to the Capstone Accounts.  All persons (including current and former employees and their beneficiaries) having an interest under the Capstone Plan prior to December 31, 1996 shall, on and after December 31, 1996, be entitled to benefits provided solely from this Plan (including this Supplement No. 6), in lieu of any and all interest which they had or may have had under the Capstone Plan.  

S6.4    Transfer of Capstone Trust Fund.  The assets held by the trustees of the Capstone Trust Fund shall be transferred to the Trustee on December 31, 1996 or as soon as practicable thereafter.  If and to the extent that such transfer is not completed on December 31, 1996, such trustees shall hold such assets, as adjusted for investment gain or loss thereon and expenses attributable thereto, as an additional trustee under this Plan, until such transfer is completed.  

S6.5    Allocation to Accounts.  Funds transferred to the Trustee in respect of a Member's Capstone Account shall be allocated under the Plan to such Member's existing Matching Account (if any) and otherwise to a Matching Account of such Member established to receive the transferred funds.  

S6.6    Investment of Transferred Accounts.  Funds transferred to the Trustee in respect of a Member's Capstone Account pursuant to Section S6.4 shall be invested in the same Investment Funds in the same proportions as the Member's Capstone Account was invested immediately prior to such transfer.  Thereafter, the Member may change the percentage of his Matching Account that is invested in each Investment Fund in accordance with Article V of the Plan.  

S6.7    Credit Under the Plan for Years of Service with Capstone.  A Capstone Member's Years of Service under the Plan shall be the service credited to such Member for vesting purposes under the Capstone Plan as of December 31, 1996 plus any additional service credited under the rules of this Plan for periods before or after January 1, 1997 but without duplication.  

S6.8    Pre-Merger Elections and Designations.  Notwithstanding any other provision of this Plan, (a) elections as to timing or form of benefit made, (b) designations of beneficiaries made, and (c) provisions that became applicable based on a failure to make an available election or designation, under the Capstone Plan on or before December 31, 1996, shall be given effect with respect to Capstone Members who retired or terminated employment under the terms of the Capstone Plan, or died, on or before December 31, 1996, and distribution shall be made in respect of such Members in accordance with the applicable provisions of the Capstone Plan as in effect at the relevant time or times prior to such date.  

S6.9    Beneficiary Designation.  Beneficiary designations made under the Capstone Plan on or before December 31, 1996 by Capstone Members shall be given effect as if made under the Plan, unless and until superseded by a different actual or deemed designation (such as may occur on marriage of a single Member) under this Plan.  

S6.10    Contributions.  Prior to the filing deadline for its 1996 federal income tax return, Capstone may, in its sole discretion, make a contribution to the Capstone Plan with respect to each Capstone Member who was eligible to share in such a contribution under section 4.2 of the Capstone Plan, by paying such contribution into the Plan as the continuation of the Capstone Plan by reason of the Merger.  Such contribution shall be allocated among such Capstone Members in accordance with the provisions of the Capstone Plan governing contributions for the 1996 Year and accounted for under the Plan in the Member's Matching Account.  

S6.11    Capstone Plan Amended.  The provisions of this Supplement 6 shall be treated as an amendment to and part of the Capstone Plan, effective December 31, 1996, to the extent necessary to give full effect to this Supplement

SUPPLEMENT NO. 7

TO
ARROW ELECTRONICS SAVINGS PLAN
Special Provisions Applicable to
Former Employees of Farnell Electronic Services

In connection with the acquisition by the Company of all the issued and outstanding shares of common stock of Farnell Holding, Inc. (the “Farnell Acquisition”), which wholly owns Farnell Electronics, Inc., of which Farnell Electronic Services is a division, the Plan is amended in the following respects:    
S7.1    Special Definitions.  For purposes of this Supplement No. 7:

S7.1.1    “Elective Subaccount” means a subaccount within a Member's Elective Account to which elective deferrals made under the Farnell Plan are transferred.  

S7.1.2    “Farnell” means Farnell Electronic Services.  

S7.1.3    “Farnell Account” means an account maintained under the Farnell Plan immediately prior to the Farnell Plan Termination containing elective deferrals, matching contributions, profit-sharing contributions and rollover contributions, as applicable, for a Farnell Member.  

S7.1.4    “Farnell Member” means a participant in the Farnell Plan who had an undistributed account thereunder immediately prior to the Farnell Plan Termination.  

S7.1.5    “Farnell Plan” means the Farnell Electronic Services 401(k) Savings Plan as in effect prior to the Farnell Plan Termination.  

S7.1.6    “Farnell Plan Termination” means the termination of the Farnell Plan effective March 24, 2000.  

S7.1.7    “Farnell Transferee” means a Farnell Member who becomes employed by an Employer on or about May 26, 1997 in connection with the Farnell Acquisition.  

S7.1.8    “Farnell Trust Fund” means the trust fund maintained under the Farnell Plan immediately prior to the Farnell Plan Termination.  

S7.1.9    “Rollover Subaccount” means a subaccount within a Member's Rollover Account to which, with respect to Farnell Transferees, matching, profit-sharing and rollover contributions but not elective deferrals made under the Farnell Plan were transferred and, with respect to all other Farnell Members, elective deferrals, matching contributions, profit-sharing contributions and rollover contributions made under the Farnell Plan were transferred.  

S7.2    Membership in Plan.  Each Farnell Transferee shall become a Member of the Plan on May 26, 1997.  On March 24, 2000, each other Farnell Member shall also become a 

Member, but solely with respect to such Member's Rollover Subaccount, and shall be treated for all purposes of the Plan as a Member who has terminated employment.  

S7.3    Transfer of Farnell Trust Fund.  The assets held by the trustees of the Farnell Trust Fund shall be transferred to the Trustee on March 24, 2000 or as soon as practicable thereafter.  If and to the extent such transfer is not completed on March 24, 2000, such trustees shall hold such assets as adjusted for investment gain or loss thereon and expenses attributable thereto, as an additional trustee under the Plan, until such transfer is completed.  

S7.4    Allocation of Transferred Accounts.  Funds transferred to the Trustee shall be allocated as follows:  in respect of a Farnell Transferee's Farnell Account, to such Farnell Member's Elective or Rollover Subaccounts, as applicable; in respect of all other Farnell Accounts, to a Rollover Subaccount.  

S7.5    Investment of Transferred Assets.  Funds transferred to the Trustee pursuant to Section S7.3 shall be invested in Fidelity Retirement Government Money Market Fund.  Thereafter, the Member may change the portion of his Accounts that are invested in each Investment Fund in accordance with Article V of the Plan.  

S7.6    Credit Under the Plan for Service with Farnell.  Eligibility to participate, Hours of Service and Years of Service under the Plan shall be determined by taking into account employment with Farnell prior to May 26, 1997 as if Farnell had been an Affiliate for the period during which it maintained the Farnell Plan, and any additional period credited for vesting purposes under the Farnell Plan and not disregarded under the break in service rules under the Farnell Plan or this Plan.  The Committee may use and rely upon records maintained by Farnell to compute Hours of Service in order to determine the Years of Service to be credited to such former employee and his eligibility to participate in accordance with Section 2.1 based on his employment with Farnell.  

S7.7    Alternative Forms of Payment Preserved to February 1, 2002.  Any individual who is a Farnell Transferee at the time of his termination of employment, and any other Farnell Member who is not employed by an Employer or Affiliate, who has vested Accounts exceeding $5,000 and who elects on the Appropriate Form to receive a distribution commencing as of a date on or before February 1, 2002 may on such form elect one of the following with respect to the vested amounts held in his Elective and Rollover Subaccounts:

(a)    an annuity, which in the case of a married Member shall, except as provided below, be in the form of a “Joint and Fifty-Percent Survivor Annuity” (i.e., an annuity for the life of the Member with a survivor annuity for the life of his spouse which is fifty percent of the amount of the annuity payable during the joint lives of the Member and his spouse), and which in the case of an unmarried Member, or of a married Member who has waived the Joint and Fifty-Percent Survivor Annuity option with spousal consent in accordance with applicable regulations, shall be in the form of a straight-life annuity, in each case to be provided by the purchase of an annuity contract on a unisex basis;
(b)    a series of installment payments made on a monthly, quarterly, or annual basis over a reasonable fixed period of time not exceeding the life expectancy of the Member;

(c)    a single sum payment.  
S7.8    Withdrawals During Employment.  

S7.8.1    Withdrawals During Employment Irrespective of Age.  A Farnell Transferee who is employed by an Employer or Affiliate may elect, no more frequently than once in any six-month period, to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Rollover Subaccounts (including investment earnings allocable thereto).  

S7.8.2    Withdrawals During Employment After Age 59-1/2.  After attaining age 59-1/2, a Farnell Transferee who is employed by an Employer or Affiliate may elect, no more frequently than once in any six-month period, to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Elective and Rollover Subaccounts (including investment earnings allocable thereto).  

SUPPLEMENT NO. 8

TO
ARROW ELECTRONICS SAVINGS PLAN
Special Provisions Applicable
to Employees of Consan, Incorporated

Effective as of July 3, 2000, the Consan, Incorporated 401(k) Profit Sharing Plan (the “Consan Plan”) merged into this Plan, and the terms of this Plan superseded the terms of the Consan Plan.  This Supplement No.  8 provides for such merger (“Merger”) and sets forth special provisions that apply to employees of Consan, Incorporated on and after its adoption of this Plan effective April 26, 1997.  
S8.1    Special Definitions.  For purposes of this Supplement No. 8:

S8.1.1    “Consan” means Consan, Incorporated.  

S8.1.2    “Consan Account” means an account maintained under the Consan Plan immediately prior to the Merger containing elective deferrals for a Consan Member.  

S8.1.3    “Consan Member” means a participant in the Consan Plan who had an undistributed account thereunder immediately prior to the Merger.  

S8.1.4    “Consan Plan” means the Consan, Incorporated 401(k) Profit Sharing Plan as in effect prior to the Merger.  

S8.1.5    “Consan Trust Fund” means the trust fund maintained under the Consan Plan immediately prior to the Merger.  

S8.1.6    “Elective Subaccount” means a subaccount within a Member's Elective Account to which elective deferrals made under the Consan Plan are transferred.  

S8.2    Continuation of Consan Contributions Under This Plan.  Consan maintained a program of making elective deferral contributions through the Consan Plan through April 25, 1997, and effective April 26, 1997, transferred such program to this Plan by becoming an Employer under this Plan, making contributions herewith in lieu of contributions under the Consan Plan and arranging for the merger of the Consan Plan with this Plan.  

S8.3    Membership in Plan Effective April 26, 1997.  Each Consan Member who is employed by an Employer on April 26, 1997 shall become a Member of the Plan on that date.  Any other employee of Consan who is employed by an Employer on such date who then satisfies the minimum age and 90-day waiting period requirements of Section 2.1 (after giving effect to Section S8.9) shall become a Member on the first date that such employee receives Compensation from such Employer, which date shall constitute the Entry Date for such employee.  Each Consan Member who is not then employed by an Employer shall become a Member on July 3, 2000, but solely with respect to his Consan Account unless he otherwise qualifies as Member under the Plan.  

S8.4    Merger.  Effective July 3, 2000, the Consan Plan and the Consan Trust Fund are merged into this Plan, and the terms of this Plan supersede the terms of the Consan Plan.  All persons (including current and former employees and their beneficiaries) having an interest under the Consan Plan immediately prior to July 3, 2000 shall, on and after July 3, 2000, be entitled to benefits solely from the Plan (including this Supplement No. 8), in lieu of any and all interest which they had or may have had under the Consan Plan.  

S8.5    Transfer of Consan Trust Fund.  The assets held by the trustees of the Consan Trust Fund shall be transferred to the Trustee on July 3, 2000 or as soon as practicable thereafter.  If and to the extent that such transfer is not completed on July 3, 2000, such trustees shall hold such assets as adjusted for investment gain or loss thereon and expenses attributable thereto, as an additional trustee under this Plan, until such transfer is completed.  

S8.6    Allocation of Transferred Accounts.  Funds transferred to the Trustee in respect of a Member's Consan Account shall be allocated under the Plan to such Member's Elective Subaccount.  

S8.7    Investment of Transferred Assets.  Funds transferred to the Trustee pursuant to Section S8.5 shall be invested in accordance with Section S8.8.  Thereafter, a Member may change the portion of his Account that is invested in each Investment Fund in accordance with Article V of the Plan.  

S8.8    Fund Mapping.  The following fund mapping shall become effective upon the transfer pursuant to Section S8.5:
	
		
	From the Consan Plan Funds
	Into Investment Fund

	Janus Fund
	Fidelity Magellan

	Acorn International
	Fidelity Retirement Govt. 
Money Market

	Fidelity Asset Manager
	Fidelity Asset Manager

	Fidelity Short Term Bond
	Fidelity Intermediate Bond

	General American Life Ins
  Contract.
	Fidelity Retirement Govt.
  Money Market

S8.9    Credit Under the Plan for Service with Consan.  Eligibility to participate, Hours of Service and Years of Service under the Plan shall be determined by taking into account employment with Consan prior to April 26, 1997 as if Consan had been an Affiliate for the period during which it maintained the Consan Plan, and any additional period credited for vesting purposes under the Consan Plan and not disregarded under the break in service rules under the Consan Plan or this Plan.  Such employee shall be credited with (i) a number of Years of Service equal to the number of 1-year periods of service that was credited as of April 25, 1997 to him under the elapsed time method employed by the Consan Plan plus (ii) for any additional fractional part of the year credited to him as of April 25, 1997, a number of Hours of Service for the 1997 Plan Year equal to 190 Hours of Service for each month or part of a month during which such employee completes one Hour of Service, for the purposes of determining Years of Service to be credited to him and his eligibility to participate in accordance with Section 2.1 based on his employment with Consan.  

S8.10    Alternative Forms of Payment Preserved to February 1, 2002.  Any individual who is a Consan Member at the time of his termination of employment with an Employer or Affiliate, and any other Consan Member who is not employed by an Employer or Affiliate, who has vested Accounts exceeding $5,000 and who elects on the Appropriate Form to receive a distribution commencing as of a date on or before February 1, 2002 may on such form elect one of the following with respect to the amounts held in his Elective Subaccount:

(a)    an annuity, which in the case of a married Member shall, except as provided below, be in the form of a “Joint and Fifty-Percent Survivor Annuity” (i.e., an annuity for the life of the Member with a survivor annuity for the life of his spouse which is fifty percent of the amount of the annuity payable during the joint lives of the Member and his spouse), and which in the case of an unmarried Member, or of a married Member who has waived the Joint and Fifty-Percent Survivor Annuity option with spousal consent in accordance with applicable regulations, shall be in the form of a straight-life annuity, in each case to be provided by the purchase of an annuity contract on a unisex basis; 
(b)    a series of installment payments made over a fixed period of time not exceeding the life expectancy of the Member; or
(c)    a single sum payment.  
S8.11    Withdrawals During Employment After Age 59-1/2.  After attaining age 59-1/2, a Consan Member who is employed by an Employer or Affiliate may elect, no more frequently than once in any six-month period, to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Elective Subaccount (including investment earnings allocable thereto).  

S8.12    Right to Elect to Defer Distributions Until Age 70-1/2.  A Consan Member who hereunder may elect a distribution of his benefit amounts attributable to his Consan Account (including investment earnings allocable thereto) on account of a separation from service may elect to defer such distribution until he attains age 70-1/2.  

S8.12.1    Consan Plan Amended.  The provisions of this Supplement No. 8 shall be treated as an amendment to and a part of the Consan Plan to the extent necessary to give full effect to this Supplement.  The provisions of this Plan, in its capacity as a continuation and amendment of the Consan Plan, shall apply and be effective with respect to the Consan Plan for periods prior to July 3, 2000 to the extent necessary for the Consan Plan to meet applicable requirements of all provisions of law that became effective since the last determination letter with respect to the Consan Plan, including, without limitation, the Uruguay Round Agreements Act (also referred to as GATT), the Uniformed Services Employment and Reemployment Rights Act, the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the IRS Restructuring and Reform Act of 1998 and the Community Renewal Tax Relief Act of 2000, effective as of their respective effective dates; such Plan provisions include, without limitation, the following:

(a)    Sections 1.13 and 1.44, relating to compensation being determined before giving effect to any salary reductions under section 132(f)(4) of the Code, effective January 1, 2001;

(b)    Section 6.1.2, relating to earnings being determined for purposes of section 415 of the Code before giving effect to any salary reductions under section 132(f)(4) of the Code, effective January 1, 2001;
(c)    Section 1.27, relating to the definition of highly compensated employee, effective January 1, 1997;
(d)    Section 3.3.4, relating to the distributions of aggregate excess deferrals based on the amount of contribution by or on behalf of each highly compensated employee and attributable first to the highly compensated employee with the greatest dollar amount of elective deferrals, effective January 1, 1997;
(e)    Section 3.14, relating to contributions in respect of periods of qualified military service as required under section 414(u) of the Code, effective December 12, 1994;
(f)    Section 6.2, relating to the adjustment under section 415(d) of the Code of the $30,000 annual addition limitation under section 415(c)(1), effective January 1, 1995;
(g)    Section 6.3, relating to limiting the application of section 415(e) of the Code to limitation years beginning before January 1, 2000;
(h)    Section 8.15, relating to exclusion of hardship distributions from the definition of eligible rollover distribution in accordance with section 402(c)(4) of the Code, effective January 1, 1999;
(i)    Section 13.4, relating to the repeal of the family aggregation rules, effective January 1, 1997; and
(j)    Section 14.1, relating to the definition of “leased employee” as defined under section 414(n) of the Code, effective January 1, 1997.  

SUPPLEMENT NO. 9

TO
ARROW ELECTRONICS SAVINGS PLAN

Special Provisions Applicable
to Employees of Richey Electronics, Inc.
Effective as of May 1, 1999, the Richey Electronics, Inc. Employee Retirement Plan (the “Richey Plan”) merged into this Plan, and the terms of this Plan superseded the terms of the Richey Plan.  This Supplement No. 9 provides for such merger (“Merger”) and sets forth special provisions that apply to employees of Richey Electronics, Inc.  
S9.1    Special Definitions.  For purposes of this Supplement No. 9:

S9.1.1    “Elective Subaccount” means a subaccount within a Member's Elective Account to which elective deferrals made under the Richey Plan are transferred.  

S9.1.2    “Matching Subaccount” means a subaccount within a Member's Matching Account to which matching contributions made under the Richey Plan are transferred.  

S9.1.3    “Richey” means Richey Electronics, Inc.  

S9.1.4    “Richey Account” means an account maintained under the Richey Plan immediately prior to the Merger containing elective deferrals, matching contributions, and rollover contributions (as applicable) for a Richey Member.  

S9.1.5    “Richey Member” means a participant in the Richey Plan who had an undistributed account thereunder immediately prior to the Merger.  

S9.1.6    “Richey Plan” means the Richey Electronics, Inc. Employee Retirement Plan as in effect prior to the Merger.  

S9.1.7    “Rollover Subaccount” means a subaccount within a Member's Rollover Account to which rollover contributions made under the Richey Plan are transferred.
  
S9.1.8    “Richey Trust Fund” means the trust fund maintained under the Richey Plan immediately prior to the Merger.  

S9.2    Richey Plan Superseded By This Plan.  Richey maintained a program of making elective deferral contributions and related matching contributions through the Richey Plan.  Effective January 8, 1999, the Company acquired Richey and its employees transferred to the employ of the Company.  As of that date, the Company adopted the Richey Plan and through March 31, 1999 continued the Richey program of making elective deferral contributions and related matching contributions for Richey Members through the Richey Plan.  Effective April 1, 1999, the Company transferred such program to this Plan, by making such contributions hereunder in lieu of contributions under the Richey Plan and by arranging for the merger of the Richey Plan with this Plan as soon as practicable thereafter.  

S9.3    Merger.  Effective May 1, 1999, the Richey Plan and the Richey Trust Fund are merged into this Plan, and the terms of this Plan supersede the terms of the Richey Plan.  All persons (including current and former employees and their beneficiaries) having an interest under the Richey Plan prior to May 1, 1999 shall, on and after May 1, 1999, be entitled to benefits solely from the Plan (including this Supplement No. 9), in lieu of any and all interest which they had or may have had under the Richey Plan.  

S9.4    Transfer of Richey Trust Fund.  The assets held by the trustees of the Richey Trust Fund shall be transferred to the Trustee on May 1, 1999 or as soon as practicable thereafter.  If and to the extent that such transfer is not completed on May 1, 1999, such trustees shall hold such assets as adjusted for investment gain or loss thereon and expenses attributable thereto, as an additional trustee under this Plan, until such transfer is completed.  

S9.5    Allocation of Transferred Accounts.  Funds transferred to the Trustee in respect of a Member's Richey Account shall be allocated under the Plan to such Member's Elective, Matching, and Rollover Subaccounts, as applicable.  

S9.6    Investment of Transferred Assets.  Funds transferred to the Trustee pursuant to Section S9.4 shall be invested in accordance with Section S9.7.  Thereafter, a Member may change the portion of his Account that is invested in each Investment Fund in accordance with Article V of the Plan.  

S9.7    Fund Mapping.  The following fund mapping shall become effective upon the transfer pursuant to Section S9.4:
	
		
	From the Following Richey Plan Funds
	Into Investment Fund

	Fidelity Fund
	Fidelity Spartan U.S. Equity Index Fund

	Fidelity Investment Grade Bond Fund
	Fidelity Intermediate Bond Fund

	Fidelity Retirement Growth Fund
	Same fund

	Fidelity Blue Chip Growth Fund
	Fidelity Magellan

	Fidelity Retirement Gov't Money Market
	Same fund

S9.8    Credit Under the Plan for Service with Richey.  Eligibility to participate, Hours of Service and Years of Service under the Plan shall be determined by taking into account employment with Richey prior to April 1, 1999 as if Richey had been an Affiliate for the period during which it maintained the Richey Plan, and any additional period credited for vesting purposes under the Richey Plan and not disregarded under the break in service rules under the Richey Plan or this Plan.  The Committee may use and rely upon records maintained by Richey to compute Hours of Service in order to determine the Years of Service to be credited to such employee and his eligibility to participate in accordance with Section 2.1 based on his employment by Richey.  

S9.9    Vesting of Matching Subaccounts.  The Matching Subaccount of a Member employed by Richey shall be fully vested and nonforfeitable effective May 1, 1999.  

S9.10    Alternative Forms of Payment Preserved to February 1, 2002.  Any individual who is a Richey Member at the time of his termination of employment with an Employer or Affiliate, and any other Richey Member who is not employed by an Employer or 

Affiliate, who has vested Accounts exceeding $5,000 and who elects on the Appropriate Form to receive a distribution commencing as of a date on or before February 1, 2002 may on such form elect one of the following with respect to the vested amounts held in his Elective, Matching, and Rollover Subaccounts:

(a)    a series of installment payments made over a fixed period of time not exceeding the life expectancy of the Member; or
(b)    a single sum payment.  
S9.11    Withdrawals During Employment After Age 59-1/2.  After attaining age 59-1/2, a Richey Member who is employed by an Employer or Affiliate may elect, no more frequently than once in any six-month period, to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Elective, Matching, and Rollover Subaccounts (including investment earnings allocable thereto). 
 
S9.12    Richey Plan Amended.  The provisions of this Supplement No. 9 shall be treated as an amendment to and a part of the Richey Plan to the extent necessary to give full effect to this Supplement.  The provisions of this Plan, in its capacity as a continuation and amendment of the Richey Plan, shall apply and be effective with respect to the Richey Plan for periods prior to May 1, 1999 to the extent necessary for the Richey Plan to meet applicable requirements of all provisions of law that became effective since the last determination letter with respect to the Richey Plan, including, without limitation, the Uruguay Round Agreements Act (also referred to as GATT), the Uniformed Services Employment and Reemployment Rights Act, the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the IRS Restructuring and Reform Act of 1998 and the Community Renewal Tax Relief Act of 2000, effective as of their respective effective dates; such Plan provisions include, without limitation, the following:

(a)    Sections 1.13 and 1.44, relating to compensation being determined before giving effect to any salary reductions under sections 132(f)(4) of the Code, effective January 1, 2001;
(b)    Section 6.1.2, relating to earnings being determined for purposes of section 415 of the Code before giving effect to any salary reductions under section 132(f)(4) of the Code, effective January 1, 2001;
(c)    Section 1.27, relating to the definition of highly compensated employee, effective January 1,  1998;
(d)    Section 3.14, relating to contributions in respect of periods of qualified military service as required under section 414(u) of the Code, effective December 12, 1994;
(e)    Section 3.3.3, relating to the distributions of aggregate excess deferrals based on the amount of contribution by or on behalf of each highly compensated employee and attributable first to the highly compensated employee with the greatest dollar amount of elective deferrals, effective January 1, 1997;

(f)    Section 6.2, relating to the adjustment under section 415(d) of the Code of the $30,000 annual addition limitation under section 415(c)(1) of the Code, effective January 1, 1995;
(g)    Section 6.3, relating to limiting the application of section 415(e) of the Code to limitation years beginning before January 1, 2000;
(h)    Section 8.15, relating to exclusion of hardship distributions from the definition of eligible rollover distribution in accordance with section 402(c)(4) of the Code, effective January 1, 1999;
(i)    Section 13.4, relating to the repeal of the family aggregation rules, effective January 1, 1997; and
(j)    Section 14.1, relating to the definition of “leased employee” as defined under section 414(n) of the Code, effective January 1, 1997;
provided, however, in determining the permitted actual deferral percentage and contribution percentage for highly compensated employees for plan years beginning on or after January 1, 1997 for periods prior to May 1, 1999, the applicable plan year for non-highly compensated employees shall be the immediately preceding plan year.  
    

SUPPLEMENT TO
TO
ARROW ELECTRONICS SAVINGS PLAN

Special Provisions Applicable
to Employees of Scientific & Business Minicomputers, Inc.

Effective as of August 1, 2000, the Scientific & Business Minicomputers, Inc. 401(k) Profit Sharing Plan (the “SBM Plan”) merged into this Plan, and the terms of this Plan superseded the terms of the SBM Plan.  This Supplement No. 10 provides for such merger (“Merger”) and sets forth special provisions that apply to employees of Scientific & Business Minicomputers, Inc. on or after its adoption of this Plan effective July 1, 1999.  
S10.1    Special Definitions.  For purposes of this Supplement No. 10:

S10.1.1    “Elective Subaccount” means a subaccount within a Member's Elective Account to which elective deferrals made under the SBM Plan are transferred. 
 
S10.1.2    “Matching Subaccount” means a subaccount within a Member's Matching Account to which matching contributions made under the SBM Plan are transferred.  

S10.1.3    “Rollover Subaccount” means a subaccount with a Member's Rollover Account to which rollover contributions made under the SBM Plan are transferred.  

S10.1.4    “SBM” means Scientific & Business Minicomputers, Inc.  

S10.1.5    “SBM Account” means an account maintained under the SBM Plan immediately prior to the Merger containing elective deferrals, matching contributions and rollover contributions (as applicable) for an SBM Member.  

S10.1.6    “SBM Member” means a participant in the SBM Plan who had an undistributed account thereunder immediately prior to the Merger.  

S10.1.7    “SBM Plan” means the Scientific & Business Minicomputers, Inc. 401(k) Profit Sharing Plan as in effect prior to the Merger.  

S10.1.8    “SBM Trust Fund” means the trust fund maintained under the SBM Plan immediately prior to the Merger. 
 
S10.2    Continuation of SBM Contributions Under This Plan.  SBM maintained a program of making elective deferral contributions and related matching contributions through the SBM Plan through June 30, 1999, and effective July 1, 1999, transferred such program to this Plan by becoming an Employer under this Plan, making contributions herewith in lieu of contributions under the SBM Plan and arranging for the merger of the SBM Plan with this Plan as soon as practicable thereafter.  

S10.3    Membership in Plan Effective July 1, 1999.  Each SBM Member who is employed by an Employer on July 1, 1999 shall become a Member of the Plan on that date.  Any other employee of SBM who is employed by an Employer on such date who then satisfies the minimum age and 90-day waiting period requirements of Section 2.1 (after giving effect to Section S10.9) shall become a Member on the first date that such employee receives Compensation from such Employer, which date shall constitute the Entry Date for such employee.  Each SBM Member who is not then employed by an Employer shall become a Member on August 1, 2000, but solely with respect to his SBM Account unless he otherwise qualifies as Member under the Plan.
  
S10.4    Merger.  Effective August 1, 2000, the SBM Plan and the SBM Trust Fund are merged into this Plan, and the terms of this Plan supersede the terms of the SBM Plan.  All persons (including current and former employees and their beneficiaries) having an interest under the SBM Plan prior to August 1, 2000 shall, on and after August 1, 2000, be entitled to benefits solely from the Plan (including this Supplement No. 10), in lieu of any and all interest which they had or may have had under the SBM Plan.  

S10.5    Transfer of SBM Trust Fund.  The assets held by the trustees of the SBM Trust Fund shall be transferred to the Trustee on August 1, 2000 or as soon as practicable thereafter.  If and to the extent that such transfer is not completed on August 1, 2000 such trustees shall hold such assets as adjusted for investment gain or loss thereon and expenses attributable thereto, as an additional trustee under this Plan, until such transfer is completed.  

S10.6    Allocation of Transferred Accounts.  Funds transferred to the Trustee in respect of a Member's SBM Account shall be allocated under the Plan to such Member's Elective, Matching, and Rollover Subaccounts, as applicable.  

S10.7    Investment of Transferred Assets.  Funds transferred to the Trustee pursuant to Section S10.5 shall be invested in accordance with Section S10.8.  Thereafter, the Member may change the portion of his Account that is invested in each Investment Fund in accordance with Article V of the Plan.  

S10.8    Fund Mapping.  The following fund mapping shall become effective upon the transfer pursuant to Section S10.5:

	
		
	From the Following SBM Plan Funds
	Into Investment Fund

	Guaranteed Certificate
	Fidelity Retirement Gov't. Money Market

	Short Term Fund I
	Fidelity Retirement Govt. Money Market

	Maxim Bond Index
	Fidelity Intermediate Bond

	Maxim Loomis Sayles Corp. Bond
	Fidelity Intermediate Bond

	Maxim US Govt. Mortgage Sec.
	Fidelity Retirement Govt. Money Market

	Maxim Global Bond
	Fidelity Retirement Govt. Money Market

	Maxim Money Market
	Fidelity Retirement Govt. Money Market

	
		
	Maxim Index European
	Fidelity Retirement Govt. Money Market

	Fidelity Advisor Overseas
	Fidelity Retirement Govt. Money Market

	Maxim Invesco ADR
	Fidelity Retirement Govt. Money Market

	Putnam Global Growth
	Fidelity Retirement Govt. Money Market

	AIM Charter
	Fidelity Magellan

	Orchard Index 500
	Fidelity Spartan US Equity Index

	Maxim Founder's Growth & Income
	Fidelity Spartan US Equity Index

	American Century Ultra
	Fidelity Magellan

	AIM Weingarten
	Fidelity Retirement Growth

	Maxim Growth Index
	Fidelity Magellan

	Fidelity Advisor Equity Income
	Fidelity Equity Income

	Fidelity Advisor Growth Opp.
	Fidelity Magellan

	Putnam Fund for Growth & Income
	Fidelity Equity Income

	Maxim Value Index
	Fidelity Equity Income

	AIM Constellation
	Fidelity Retirement Growth

	Maxim T. Rowe Price Mid-Cap Growth
	Fidelity Retirement Growth

	Profile Series I
	Fidelity Magellan

	Profile Series II
	Fidelity Asset Management: Growth

	Profile Series III
	Fidelity Asset Management.

	Profile Series IV
	Fidelity Asset Management:

	Profile Series V
	Fidelity Asset Management: Income

	Orchard Index 600
	Fidelity Retirement Growth

	Maxim Ariel Small-Cap Value
	Fidelity Value

	Maxim Loomis Sayles Small-Cap Value
	Fidelity Value

S10.9    Credit Under the Plan for Service with SBM Eligibility to Participate.  Eligibility to participate, Hours of Service and Years of Service under the Plan shall be determined by taking into account employment with SBM prior to July 1, 1999 as if SBM had been an Affiliate for the period during which it maintained the SBM Plan, and any additional period credited for vesting purposes under the SBM Plan and not disregarded under the break in service rules under the SBM Plan or this Plan.  The Committee may use and rely upon records maintained by SBM to compute Hours of Service in order to determine Years of Service to be credited to such employee and his eligibility to participate in accordance with Section 2.1 based on his employment with SBM.  

S10.10    Vesting of Matching Subaccount.  The Matching Subaccount of a Member employed by SBM shall be fully vested and nonforfeitable effective August 1, 2000.  

S10.11    Alternative Forms of Payment Preserved to February 1, 2002.  Any individual who is a SBM Member at the time of his termination of employment with an Employer or Affiliate, and any other SBM Member who is not employed by an Employer or Affiliate, who has vested Accounts exceeding $5,000 and who elects on the Appropriate Form to receive a distribution commencing as of a date on or before February 1, 2002 may on such form elect one of 

the following with respect to the vested amounts held in his Elective, Matching, and Rollover Subaccounts:

(a)    an annuity, which in the case of a married Member shall, except as provided below, be in the form of a “Joint and Fifty-Percent Survivor Annuity” (i.e., an annuity for the life of the Member with a survivor annuity for the life of his spouse which is fifty percent of the amount of the annuity payable during the joint lives of the Member and his spouse), and which in the case of an unmarried Member, or of a married Member who has waived the Joint and Fifty-Percent Survivor Annuity option with spousal consent in accordance with applicable regulations, shall be in the form of a straight-life annuity, in each case to be provided by the purchase of an annuity contract on a unisex basis;
(b)    a series of installment payments made on a monthly, quarterly, or annual basis over a reasonable fixed period of time not exceeding the life expectancy of the Member; or
(c)    a single sum payment.  
S10.12    Withdrawals During Employment.  

S10.12.1    Withdrawals During Employment Irrespective of Age.  An SBM Member who is employed by an Employer or Affiliate may elect, no more frequently than once in any six-month period, to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Rollover Subaccount (including investment earnings allocable thereto).  

S10.12.2    Withdrawals During Employment After Age 59-1/2.  After attaining age 59-1/2, an SBM Member who is employed by an Employer or Affiliate may elect, no more frequently than once in any six-month period, to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Elective and Matching Subaccounts (including investment earnings allocable thereto). 

S10.12.3    SBM Plan Amended.  The provisions of this Supplement No. 10 shall be treated as an amendment to and a part of the SBM Plan to the extent necessary to give full effect to this Supplement.  The provisions of this Plan, in its capacity as a continuation and amendment of the SBM Plan, shall apply and be effective with respect to the SBM Plan for periods prior to August 1, 2000 to the extent necessary for the SBM Plan to meet applicable requirements of all provisions of law that became effective since the last determination letter with respect to the SBM Plan, including, without limitation, the Uruguay Round Agreements Act (also referred to as GATT), the Uniformed Services Employment and Reemployment Rights Act, the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the IRS Restructuring and Reform Act of 1998 and the Community Renewal Tax Relief Act of 2000, effective as of their respective effective dates; such Plan provisions include, without limitation, the following:
(a)    Sections 1.13 and 1.44, relating to compensation being determined before giving effect to any salary reductions under section 132(f)(4) of the Code, effective January 1, 2001;
(b)    Section 6.1.2, relating to earnings being determined for purposes of section 415 of the Code before giving effect to any salary reductions under section 132(f)(4) of the Code, effective January 1, 2001;

(c)    Section 1.27, relating to the definition of highly compensated employee, effective January 1, 1997;
(d)    Section 3.3.3, relating to the distributions of aggregate excess deferrals based on the amount of contribution by or on behalf of each highly compensated employee and attributable first to the highly compensated employee with the greatest dollar amount of elective deferrals, effective January 1, 1997;
(e)    Section 3.14, relating to contributions in respect of periods of qualified military service as required under section 414(u) of the Code, effective December 12, 1994;
(f)    Section 6.2, relating to the adjustment under section 415(d) of the Code of the $30,000 annual addition limitation under section 415(c)(1), effective January 1, 1995;
(g)    Section 6.3, relating to limiting the application of section 415(e) of the Code to limitation years beginning before January 1, 2000;
(h)    Section 8.15, relating to exclusion of hardship distributions from the definition of eligible rollover distribution in accordance with section 402(c)(4) of the Code, effective January 1, 1999;
(i)    Section 13.4, relating to the repeal of the family aggregation rules, effective January 1, 1997; and
(j)    Section 14.1, relating to the definition of “leased employee” as defined under section 414(n) of the Code, effective January 1, 1997.

SUPPLEMENT NO. 11

TO
ARROW ELECTRONICS SAVINGS PLAN
Special Provisions Applicable
to Employees of Support Net, Inc.

Effective as of April 1, 2000, the Support Net, Inc. 401(k) Plan (the “Support Net Plan”) merged into this Plan, and the terms of this Plan superseded the terms of the Support Net Plan. This Supplement No. 11 provides for such merger (“Merger”) and sets forth special provisions that apply to employees of Support Net, Inc. on and after its adoption of this Plan effective January 1, 2000.
S11.1    Special Definitions.  For purposes of this Supplement No. 11:

S11.1.1    “Elective Subaccount” means a subaccount within a Member's Elective Account to which elective deferrals made under the Support Net Plan are transferred.

S11.1.2    “Matching Subaccount” means a subaccount within a Member's Matching Account to which matching contributions made under the Support Net Plan are transferred.

S11.1.3    “Rollover Subaccount” means a subaccount within a Member's Rollover Account to which rollover contributions made under the Support Net Plan are transferred.

S11.1.4    “Support Net” means Support Net, Inc.

S11.1.5    “Support Net Account” means an account maintained under the Support Net Plan immediately prior to the Merger containing elective deferrals, matching contributions and rollover contributions (as applicable) for a Support Net Member.

S11.1.6    “Support Net Member” means a participant in the Support Net Plan who had an undistributed account thereunder immediately prior to the Merger.

S11.1.7    “Support Net Plan” means the Support Net, Inc. 401(k) Plan as in effect prior to the Merger.

S11.1.8    “Support Net Trust Fund” means the trust fund maintained under the Support Net Plan immediately prior to the Merger.

S11.2    Continuation of Support Net Contributions Under This Plan.  Support Net maintained a program of making elective deferral contributions and related matching contributions through the Support Net Plan through December 31, 1999, and effective January 1, 2000, transferred such program to this Plan by becoming an Employer under this Plan, making contributions herewith in lieu of contributions under the Support Net Plan and arranging for merger of the Support Net Plan with this Plan as soon as practicable thereafter.

S11.3    Membership in Plan Effective January 1, 2000.  Each Support Net Member who is employed by an Employer on January 1, 2000 shall become a Member of the Plan on that date. Any other employee of Support Net who is employed by an Employer on such date who then satisfies the 

minimum age and 90-day waiting period requirements of Section 2.1 (after giving effect to Section S11.9) shall become a Member on the first date that such employee receives Compensation from such Employer, which date shall constitute the Entry Date for such employee. Each Support Net Member who is not then employed by an Employer shall become a Member on April 1, 2000, but solely with respect to his Support Net Account unless he otherwise qualifies as a Member under the Plan.

S11.4    Merger.  Effective April 1, 2000, the Support Net Plan and the Support Net Trust Fund are merged into this Plan and the trust thereunder, and the terms of this Plan supersede the terms of the Support Net Plan.  All persons (including current and former employees and their beneficiaries) having an interest under the Support Net Plan immediately prior to April 1, 2000 shall, on and after April 1, 2000, be entitled to benefits solely from this Plan (including this Supplement No. 11), in lieu of any and all interest which they had or may have had under the Support Net Plan.

S11.5    Transfer of Support Net Trust Fund.  The assets held by the trustees of the Support Net Trust Fund shall be transferred to the Trustee on April 1, 2000 or as soon as practicable thereafter.  If and to the extent that such transfer is not completed on April 1, 2000, such trustees shall hold such assets as adjusted for investment gain or loss thereon and expenses attributable thereto, as an additional trustee under this Plan, until such transfer is completed.

S11.6    Allocation of Transferred Accounts.  Funds transferred to the Trustee in respect of a Member's Support Net Account shall be allocated under the Plan to such Member's Elective, Matching, and Rollover Subaccounts, as applicable.

S11.7    Investment of Transferred Assets.  Funds transferred to the Trustee pursuant to Section S11.5 shall be invested in accordance with Section S11.8.  Thereafter, a Member may change the portion of his Account that is invested in each Investment Fund in accordance with Article V of the Plan.

S11.8    Fund Mapping.  The following fund mapping shall take place upon the transfer pursuant to Section S11.5:

	
		
	From the Support Net Plan Funds
	Into Investment Fund

	EuroPacific Growth
	Fidelity Retirement Govt
Money Market

	The Growth Fund of America
	Fidelity Retirement Growth

	The Investment Co. of America
	Fidelity Magellan Fund

	Capital Income Builder
	Fidelity Asset Manager Income

	Cash Management Trust of America
	Fidelity Retirement Govt.
Money Market

	Washington Mutual Investors
	Fidelity Equity Income Fund

	The Bond Fund of America
	Fidelity Intermediate Bond Fund

S11.9    Credit Under the Plan for Service with Support Net.  Eligibility to participate, Hours of Service and Years of Service under the Plan shall be determined by taking into account employment with Support Net prior to January 1, 2000 as if Support Net had been an Affiliate for the 

period during which it maintained the Support Net Plan, and any additional period credited for vesting purposes under the Support Net Plan and not disregarded under the break in service rules under the Support Net Plan or this Plan. The Committee may use and rely upon records maintained by Support Net to compute Hours of  Service in order to determine Years of Service to be credited to such employee and his eligibility to participate in accordance with Section 2.1 based on his employment with Support Net.

S11.10    Vesting of Matching Subaccount.  The Matching Subaccount of a Member employed by Support Net shall be fully vested and nonforfeitable effective April 1, 2000.

S11.11    Withdrawals During Employment.

S11.11.1    Withdrawals During Employment Irrespective of Age.  A Support Net Member who is employed by an Employer or Affiliate may elect, no more frequently than once in any six-month period, to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Rollover Subaccount (including investment earnings allocable thereto).

S11.11.2    Withdrawals During Employment After Age 59-1/2.  After attaining age 59-1/2, a Support Net Member who is employed by an Employer or Affiliate may elect, no more frequently than once in any six-month period, to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Elective and Matching Subaccounts (including investment earnings allocable thereto).

S11.11.3    Support Net Plan Amended.  The provisions of this Supplement No. 11 shall be treated as an amendment to and a part of the Support Net Plan to the extent necessary to give full effect to this Supplement. The provisions of this Plan, in its capacity as a continuation and amendment of the Support Net Plan, shall apply and be effective with respect to the Support Net Plan for periods prior to April 1, 2000 to the extent necessary for the Support Net Plan to meet applicable requirements of all provisions of law that became effective since the last determination letter with respect to the Support Net Plan, including, without limitation, the Uruguay Round Agreements Act (also referred to as GATT), the Uniformed Services Employment and Reemployment Rights Act, the Small Business Job Protection Act of 1996, the Taxpayer Relief Act of 1997, the IRS Restructuring and Reform Act of 1998 and the Community Renewal Tax Relief Act of 2000, effective as of their respective effective dates; such Plan provisions include, without limitation, the following:

(a)    Sections 1.13 and 1.44, relating to compensation being determined before giving effect to any salary reductions under section 132(f)(4) of the Code, effective January 1, 2001;
(b)    Section 6.1.2, relating to earnings being determined for purposes of section 415 of the Code before giving effect to any salary reductions under section 132(f)(4) of the Code, effective January 1, 2001;
(c)    Section 1.27, relating to the definition of highly compensated employee, effective January 1, 1997;
(d)    Section 3.3.3, relating to the distributions of aggregate excess deferrals based on the amount of contribution by or on behalf of each highly compensated employee and attributable first to the highly compensated employee with the greatest dollar amount of elective deferrals, effective January 1, 1997;

(e)    Section 3.14, relating to contributions in respect of periods of qualified military service as required under section 414(u) of the Code, effective December 12, 1994;
(f)    Section 6.2, relating to the adjustment under section 415(d) of the Code of the $30,000 annual addition limitation under section 415(c)(1), effective January 1, 1995;
(g)    Section 6.3, relating to limiting the application of section 415(e) of the Code to limitation years beginning before January 1, 2000;
(h)    Section 8.15, relating to exclusion of hardship distributions from the definition of eligible rollover distribution in accordance with section 402(c)(4) of the Code, effective January 1, 1999;
(i)    Section 13.4, relating to the repeal of the family aggregation rules, effective January 1, 1997; and
(j)    Section 14.1, relating to the definition of “leased employee” as defined under section 414(n) of the Code, effective January 1, 1997;
provided, however, in determining the permitted actual deferral percentages and contribution percentages for highly compensated employees for plan years beginning on or after January 1, 1997 for periods prior to April 1, 2000, the applicable plan year for non-highly compensated employees shall be the immediately preceding plan year.
    

SUPPLEMENT NO. 12

TO
ARROW ELECTRONICS SAVINGS PLAN
Special Provisions Applicable
to Former Participants in the VEBA Electronics Inc. 401(k) Plan

Effective as of April 2, 2001, the VEBA Electronics Inc. 401(k) Plan (the “VEBA Plan”) merged into this Plan, and the terms of this Plan superseded the terms of the VEBA Plan. This Supplement No. 12 provides for such merger (“Merger”) and sets forth special provisions that apply to former participants in the VEBA Plan.
S12.1    Special Definitions.  For purposes of this Supplement No. 12:

S12.1.1    “Elective Subaccount” means a subaccount within a Member's Elective Account to which elective deferrals made under the VEBA Plan are transferred.

S12.1.2    “Matching Subaccount” means a subaccount within a Member's Matching Account to which matching contributions made under the VEBA Plan are transferred.

S12.1.3    “Rollover Subaccount” means a subaccount with a Member's Rollover Account to which rollover contributions and after-tax contributions made under the VEBA Plan are transferred.

S12.1.4    “VEBA” means Atlas Business Services, VEBA Electronics, Inc., Atlas Systems, Wyle Electronics and Wyle Systems.

S12.1.5    “VEBA Account” means an account maintained under the VEBA Plan immediately prior to the Merger containing elective deferrals, matching contributions, rollover contributions and after-tax contributions (as applicable) for a VEBA Member.

S12.1.6    “VEBA Member” means a participant in the VEBA Plan who had an undistributed account thereunder immediately prior to the Merger.

S12.1.7    “VEBA Plan” means the VEBA Electronics Inc. 401(k) Plan as in effect prior to the Merger.

S12.1.8    “VEBA Trust Fund” means the trust fund maintained under the VEBA Plan immediately prior to the Merger.

S12.2        VEBA Plan Superseded By This Plan.  VEBA maintained a program of making elective deferral contributions and related matching contributions through the VEBA Plan.  The Company acquired VEBA effective January 16, 2000.  During the period commencing on that date and through December 31, 2000, a number of VEBA employees transferred to the employ of the Company.  The remainder of VEBA employees transferred to the employ of the Company effective January 1, 2001.  As of January 16, 2000 and through December 31, 2000, the Company adopted the VEBA Plan with respect to those VEBA Members who transferred to its employ and continued the VEBA program of 

making elective deferral contributions and related matching contributions for them through the VEBA Plan.  Effective January 1, 2001, the Company adopted the VEBA Plan with respect to all VEBA Members and effective the same date transferred the above-described program of contributions to this Plan, by making such contributions hereunder in lieu of contributions under the VEBA Plan and by arranging for the merger of the VEBA Plan with this Plan as soon as practicable thereafter.

S12.3    Membership in Plan Effective January 1, 2001.  Each VEBA Member who is employed by an Employer on January 1, 2001 shall become a Member of the Plan on that date.  Any other employee of VEBA who is employed by an Employer on such date who then satisfies the minimum age and 90-day waiting period requirements of Section 2.1 (after giving effect to Section S12.9) shall become a Member on the first date that such employee receives Compensation from such Employer, which date shall constitute the Entry Date for such employee.  Each VEBA Member who is not then employed by an Employer shall become a member on April 2, 2001, but solely with respect to his VEBA Account unless he otherwise qualifies as a Member under the Plan.

S12.4    Merger.  Effective April 2, 2001, the VEBA Plan and the VEBA Trust Fund are merged into this Plan, and the terms of this Plan supersede the terms of the VEBA Plan. All persons (including current and former employees and their beneficiaries) having an interest under the VEBA Plan prior to April 2, 2001 shall, on and after April 2, 2001, be entitled to benefits solely from the Plan (including this Supplement No. 12), in lieu of any and all interest which they had or may have had under the VEBA Plan.

S12.5    Transfer of VEBA Trust Fund.  The assets held by the trustees of the VEBA Trust Fund shall be transferred to the Trustee on April 2, 2001 or as soon as practicable thereafter. If and to the extent that such transfer is not completed on April 2, 2001 such trustees shall hold such assets as adjusted for investment gain or loss thereon and expenses attributable thereto, as an additional trustee under this Plan, until such transfer is completed.

S12.6    Allocation of Transferred Accounts.  Funds transferred to the Trustee in respect of a Member's VEBA Account shall be allocated under the Plan to such Member's Elective, Matching, and Rollover Subaccounts, as applicable.

S12.7    Investment of Transferred Assets.  Funds transferred to the Trustee pursuant to Section S12.5 shall be invested in accordance with Section S12.8. Thereafter, the Member may change the portion of his Account that is invested in each Investment Fund in accordance with Article V of the Plan.

S12.8    Fund Mapping.  The following fund mapping shall become effective upon the transfer pursuant to Section S12.5:

	
		
	From the Following VEBA Plan Funds
	Into Plan Investment Funds

	BT Investment Equity 500 Index
	Spartan U.S. Equity Index

	Dreyfus Premier Tech. Growth Fund
	OTC Portfolio

	GIC Account 1 - VEBA
	Retirement Gov't M.M.

	Mass Investors Growth Stock Fund
	Magellan

	Massachusetts Investors Trust
	Magellan

	MFS Bond Fund
	Inter. Bond

	MFS Capital Opportunities Fund
	Magellan

	MFS Emerging Growth Fund
	OTC Portfolio

	MFS Equity Income Fund
	Equity Income

	MFS Global Governments Fund
	Retirement Gov't M.M.

	MFS Global Growth Fund
	Retirement Gov't M.M.

	MFS Government Securities Fund
	Inter. Bond

	MFS High Income Fund
	Retirement Gov't M.M.

	MFS Institutional Fixed Fund
	Retirement Gov't M.M.

	MFS Midcap Growth Fund
	OTC Portfolio

	MFS Money Market Fund
	Retirement Gov't M.M.

	MFS New Discovery Fund
	OTC Portfolio

	MFS Research Fund
	Magellan

	MFS Total Return Fund
	Asset Manager

S12.9    Credit Under the Plan for Service with VEBA.  Eligibility to participate, Hours of Service and Years of Service under the Plan shall be determined by taking into account employment with VEBA prior to January 1, 2001 as if VEBA had been an Affiliate for the period during which it maintained the VEBA Plan, and any additional period credited for vesting purposes under the VEBA Plan and not disregarded under the break in service rules under the VEBA Plan or this Plan. The Committee may use and rely upon records maintained by VEBA to compute Hours of Service in order to determine Years of Service to be credited to such employee and his eligibility to participate in accordance with Section 2.1 based on his employment with VEBA.  

S12.10    Vesting of Matching Subaccount.  The Matching Subaccount of a Member employed by VEBA shall be fully vested and nonforfeitable effective April 2, 2001.

S12.11    Alternative Forms of Payment Preserved to February 1, 2002.  Any individual who is a VEBA Member at the time of his termination of employment with an Employer or Affiliate, and any other VEBA Member who is not employed by an Employer or Affiliate, who was a participant in the Wyle Electronics Capital Accumulation Plan on or before June 30, 1996, who has vested Accounts exceeding $5,000 and who elects on the Appropriate Form to receive a distribution commencing as of a date on or before February 1, 2002 may on such form elect one of the following with respect to the vested amounts held in his Elective, Matching, and Rollover Subaccounts:

(a)    an annuity, which in the case of a married Member shall, except as provided below, be in the form of a “Joint and Fifty-Percent Survivor Annuity” (i.e., an annuity for the life of the Member with a survivor annuity for the life of his spouse which is fifty percent of the amount of the 

annuity payable during the joint lives of the Member and his spouse), and which in the case of an unmarried Member, or of a married Member who has waived the Joint and Fifty-Percent Survivor Annuity option with spousal consent in accordance with applicable regulations, shall be in the form of a straight-life annuity, in each case to be provided by the purchase of an annuity contract on a unisex basis; 
(b)    a series of installment payments over a reasonable fixed period of time not exceeding the life expectancy of the Member; or
(c)    a single sum payment.
S12.12    Withdrawals During Employment.  

S12.12.1    Withdrawals During Employment Irrespective of Age.  A VEBA Member who is employed by an Employer or Affiliate may elect, no more frequently than once in any one-year period, to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Rollover Subaccount (including investment earnings allocable thereto).

S12.12.2    Withdrawals During Employment After Age 59-1/2.  After attaining age 59-1/2, an VEBA Member who is employed by an Employer or Affiliate may elect, no more frequently than once in any one-year period, to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Elective and Matching Subaccounts (including investment earnings allocable thereto). 

S12.12.3    VEBA Plan Amended.  The provisions of this Supplement No. 12 shall be treated as an amendment to and a part of the VEBA Plan to the extent necessary to give full effect to this Supplement. 

SUPPLEMENT NO. 13

TO
ARROW ELECTRONICS SAVINGS PLAN
Special provisions applicable to
Residents of the Commonwealth of Puerto Rico

S13.1    Purpose and Effect.  This Supplement 13, effective as of  May 13, 1991, is intended to comply with the requirements of the applicable provisions of the tax code of Puerto Rico, currently Section 1165(a) and (e) of the Puerto Rico Internal Revenue Code of 1994 (the “PRIRC”).  The provisions of this Supplement 13 shall only apply to any resident of the Commonwealth of Puerto Rico (“Supplement 13 Participant”) who is employed by an Employer.

S13.2    Type of Plan.  It is the intent of the Company that the Plan be a profit sharing plan as defined in Article 1165-1 of the Puerto Rico Income Tax Regulations and that it include a qualified cash or deferred arrangement pursuant to Section 1165(e) of PRIRC.

S13.3    Compensation.  Compensation received from sources in Puerto Rico and which is excludable from the gross income of a Supplement 13 Member under Section 933 of the Code shall be considered Compensation under Section 1.13 of the Plan.

S13.4    Elective Contributions.  A Supplement 13 Participant's Elective Contributions under the Plan may not in any event exceed the lesser of ten percent (10%) of the Supplement 13 Participant's Compensation or $7,500, as adjusted under PRIRC ($8,000 as of January 1, 1998).

S13.5    Average Deferral Percentage Limits.  In addition to the limitations described in Section 3.3 of the Plan, the “average deferral percentage” (as defined in Section 3.3.2 of the Plan) for Highly Compensated Supplement 13 Participants (as defined below) for each Plan Year shall not exceed the limitations of Section 3.3 of the Plan applied by substituting the terms “Highly Compensated Supplement 13 Participants” and “Not Highly Compensated Supplement 13 Participants” for the terms “Highly Compensated Employees” and “not Highly Compensated Employees,” respectively.

S13.5.1    The average deferral percentage under this Section S13.5 shall be calculated without regard to the limitations of Section 401(a)(17) of the Code.

S13.5.2    For purposes of this Section S13.5, the term “Highly Compensated Supplement 13 Participant” means any Supplement 13 Member who is eligible to participate in the Plan and is more highly compensated than two-thirds of all other Supplement 13 Participants eligible to participate in the Plan and employed by the same Employer.  Any other Supplement 13 Member is a “Not Highly Compensated Supplement 13 Participant.

S13.5.3    For purposes of this Section S13.5, if more than one plan providing a cash or deferred arrangement (within the meaning of Section 1165(e) of PRIRC) is maintained by the Employer or an Affiliate, the “average deferral percentage” (as defined in Section 3.3.2 of the Plan) of any Highly Compensated Supplement 13 Member who participates in more than one such plan or arrangement shall be determined as if all such arrangements were a single plan or arrangement.

S13.5.4    If two or more plans are aggregated for purposes of Sections 1165(a)(3) or 1165(a)(4) of PRIRC, such plans shall be aggregated for purposes of determining the “average deferral percentage” of Supplement 13 Participants as if all such plans were a single plan.

S13.6    Distribution of Puerto Rico Excess Contributions.  Puerto Rico Excess Contributions shall be determined by reducing the amount of Elective Contributions (and the amounts taken into account as Elective Contributions) to be permitted on behalf of Highly Compensated Supplement 13 Participants in the order of the average deferral percentages, beginning with the highest of such percentages.  To the extent permitted under applicable laws and regulations, Puerto Rico Excess Contributions for a Plan Year, plus any income or minus any loss allocable thereto, shall be distributed no later than the close of the following Plan Year.  For purposes of this Section S13.6, the term “Puerto Rico Excess Contributions” means the Elective Contributions by Highly Compensated Supplement 13 Participants in excess of the limitations of Section 3.3 of the Plan, as modified by Section S13.5.

S13.7    Matching Contributions Only for Permissible Elective Contributions.  To the extent permitted by applicable laws and regulations, no Matching Contributions shall be made with respect to Puerto Rico Excess Contributions distributable pursuant to Section S13.6 or Elective Contributions in excess of the limitations of Section S13.4.

S13.8    Contributions May Not Exceed Amount Deductible.  In no event shall Employer contributions under Article III of the Plan for any taxable year exceed the maximum amount (including amounts carried forward) deductible for that taxable year under Section 1023(n) of PRIRC.

S13.9    Contributions Conditioned on Deductibility and Savings Plan Qualification.  Each contribution by an Employer under Article III of the Plan is conditioned on the deductibility of such contribution under Section 1023(n) of PRIRC for the taxable year for which contributed, and on the initial qualification of the Plan under Section 1165(a) of PRIRC.

S13.10    Rollover Contributions.  Contributions by a Supplement 13 Member under Section 3.6 of the Plan are limited to amounts distributed from an employee retirement plan that also qualifies under Section 1165(a) of PRIRC.

S13.11    Payment of Contributions.  Contributions to the Plan by an Employer engaged in business in Puerto Rico shall be paid to the Trustee not later than the due date for filing its Puerto Rico Income Tax Return for the taxable year in which such payroll period falls, including any extension thereof.

S13.12    Use of Terms.  All terms and provisions of the Plan shall apply to this Supplement 13, except that where the terms and provisions of the Plan and this Supplement 13 conflict, the terms and provisions of this Supplement 13 shall govern.
    

SUPPLEMENT NO. 14

TO
ARROW ELECTRONICS SAVINGS PLAN
Special Provisions Applicable to
Former Employees of Pioneer-Standard Electronics, Inc.

The following special provisions have been adopted in connection with the acquisition by the Company of substantially all of the assets of Pioneer-Standard's Industrial Electronics Division of Pioneer-Standard Electronics, Inc. (“Pioneer”) and the resulting transfer of certain employees of Pioneer to the employ of the Company effective March 1, 2003.
S14.1    Date of Membership. In the case of a Pioneer employee who became an Eligible Employee as of March 1, 2003, in connection with the above-described acquisition (a “Pioneer Employee”): 

(a)    A Pioneer Employee who had been continuously employed at Pioneer for at least three months immediately prior to his transfer to the Company will become a Member effective March 1, 2003 if he is then age 21 or older, and otherwise on the first Entry Date on which he is at least age 21 (and remains an Eligible Employee).
(b)    Any other Pioneer Employee who qualifies as a “Regular Employee” as defined in Section 2.1 will become a Member effective July 1, 2003 if he is then an Eligible Employee who is age 21 or older, and otherwise on the first Entry Date on which he is at least age 21 (and remains an Eligible Employee).
(c)    A Pioneer Employee who is not described in paragraph (a) above and is not a Regular Employee shall be entitled to become a Member only upon satisfying the requirements of the second sentence of Section 2.1, applied without regard to his prior employment with Pioneer.
S14.2    Vesting. Years of Service for a Pioneer Employee described in paragraph (a) or (b) of Section S14.1 shall take into account his employment with Pioneer prior to March 1, 2003, as follows:

(a)    The Pioneer Employee shall be credited with 190 Hours of Service for each of January and February of 2003 if he had any paid working hour with Pioneer in such month.
(b)    A Pioneer Employee shall be credited with Years of Service for periods prior to January 1, 2003 equal to the number of full years of his most recent continuous period of employment with Pioneer prior to January 1, 2003 plus any fraction of such a year in excess of 6 months.
(c)    A Pioneer Employee who was employed by the Company within 90 days prior to the commencement of employment with Pioneer shall be entitled to reinstatement of his Years of Service prior to such employment with Pioneer, whether or not such Years of Service would otherwise be disregarded under any break rule of the Plan.
S14.3    Pioneer Records. The Committee may use and rely upon records maintained by Pioneer and apply such conventions it deems necessary or desirable to determine Years of Service to be 

credited to such Pioneer Employee and his eligibility to participate in accordance with Section 2.1 and this Supplement 14 based on his employment with Pioneer.

S14.4    Rollover to Plan of After-Tax Contributions.  Notwithstanding Section 3.6 of the Plan, in connection with the above acquisition, Pioneer Employees may make Rollover Contributions to the Plan from the Retirement Plan of Pioneer-Standard Electronics Inc. that include after-tax employee contributions.

S14.5    Rollovers of Loans.  A Pioneer Employee's Rollover Contribution may include a loan note if such note is transferred in a direct rollover to the Plan from the Retirement Plan of Pioneer-Standard Electronics Inc., subject to any rules adopted by the Committee to ensure that any such loan note has complied with the rules and regulations governing participant loans under Code section 4975 and ERISA section 408(b)(1).  Any loan note rolled over to the Plan pursuant to this Section S14.5 shall be regarded as an outstanding loan for purposes of Section 7.3.  For purposes of this section, the term “loan note” includes any legally enforceable obligation to repay a participant loan from another qualified plan.

    

SUPPLEMENT NO. 15

TO
ARROW ELECTRONICS SAVINGS PLAN
Special Provisions Applicable to Eligible Employees of RAD Technologies
Effective October 19, 2005, and without limiting the generality of Members' rights otherwise to make rollovers of eligible rollover distributions in accordance with  Section 8.15, Members who are Eligible RAD Employees shall have the opportunity to transfer the assets in their respective Accounts, including any loan note therein, in a direct rollover to the RAD Technologies 401(k) Plan and Trust.  
S15.1     Special Definitions.  For purposes of this Supplement No. 15 
            
S15.1.1    “Eligible RAD Employee” means a former employee of the Company who became an employee of RAD Technologies in connection with the sale of certain Company assets to RAD Technologies effective May 31, 2005.

S15.1.2    “RAD Plan” shall mean the RAD Technologies 401(k) Plan and Trust, as amended from time to time.

S15.1.3    “RAD Technologies” means RAD Technologies LLC.
A transfer of assets in connection with this Supplement 15 to the RAD Plan shall be made in accordance with such procedures as the Committee shall establish for the purpose in accordance with Sections 8.15 and 12.2.    

SUPPLEMENT NO. 16 

TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable
to Former Employees of Alternative Data Technology, Inc.
Effective as of March 1, 2007, the Alternative Data Technology, Inc. Profit Sharing & 401(k) Plan (the “ADT Plan”) shall merge into this Plan, and the terms of the Plan shall supersede the terms of the ADT Plan. This Supplement No. 16 provides for such merger (“Merger”) and sets forth special provisions that apply to former employees of Alternative Data Technologies, Inc. (“ADT”).
S16.1    Special Definitions.  For purposes of this Supplement No. 16:
S16.1.1    “Elective Subaccount” means a subaccount within a Member's Elective Account to which elective deferrals made under the ADT Plan are transferred.
S16.1.2    “Rollover Subaccount” means a subaccount with a Member's Rollover Account to which rollover contributions made under the ADT Plan are transferred.
S16.1.3    “ADT” means Alternative Data Technology, Inc., a Colorado corporation acquired by the Company on November 30, 2006.
S16.1.4    “ADT Account” means an account maintained under the ADT Plan immediately prior to the Merger containing elective deferrals and rollover contributions, if any, for an ADT Member.
S16.1.5    “ADT Employee” means an individual who was employed by ADT on or before November 30, 2006 and was thereafter employed by an Employer.
S16.1.6    “ADT Member” means a participant in the ADT Plan who had an undistributed account thereunder immediately prior to the Merger.
S16.1.8    “ADT Plan” means the Alternative Data Technology, Inc. Profit Sharing & 401(k) Plan as in effect prior to the Merger.
S16.1.9    “ADT Trust Fund” means the trust fund maintained under the ADT Plan immediately prior to the Merger.
S16.2    Membership in Plan, Generally Effective January 1, 2007.  Each ADT Employee who was employed by ADT on November 30, 2006 and was an Eligible Employee on January 1, 2007 shall become a Member of the Plan on that date without respect to the Plan's age and service requirements for participation.  Each ADT Member who is not then employed by an Employer shall become a member on March 1, 2007, but solely with respect to his ADT Account unless he otherwise qualifies as a Member under the Plan.
S16.3    Merger.  Effective March 1, 2007, the ADT Plan and the ADT Trust Fund are merged into this Plan and the trust fund thereunder, and the terms of this Plan supersede the terms of the 

ADT Plan. All persons (including current and former employees and their beneficiaries) having an interest under the ADT Plan prior to March 1, 2007 shall, on and after March 1, 2007, be entitled to benefits solely from the Plan, including this Supplement No. 16, in lieu of any and all interest which they had or may have had under the ADT Plan.
S16.4    Transfer of ADT Trust Fund.  The assets held by the trustees of the ADT Trust Fund shall be transferred to the Trustee on March 1, 2007 or as soon as practicable thereafter.  If and to the extent that such transfer is not completed on March 1, 2007 such trustees shall hold such assets, as adjusted for investment gain or loss thereon and expenses attributable thereto, as an additional trustee under this Plan, until such transfer is completed.
S16.5    Allocation of Transferred Accounts.  Funds transferred to the Trustee in respect of a Member's ADT Account shall be allocated under the Plan to such Member's Elective and Rollover Subaccounts, as applicable.
S16.6    Investment of Transferred Assets.  Funds transferred to the Trustee pursuant to Section S16.4 shall be invested in accordance with Section S16.8. Thereafter, the Member may change the portion of his Account that is invested in each Investment Fund in accordance with Article V of the Plan.
S16.7    Fund Mapping.  The following fund mapping shall become effective upon the transfer pursuant to Section S16.4:  
	
		
	From the Following ADT Plan Funds
	Into Plan Investment Funds

	SSgA Government Money Market
	Fidelity Retirement Govt. MMKT

	PIMCO Total Return Fund - Class A
	Fidelity Intermediate Bond

	DWS High Inc. Plus Fund - Class S
	Fidelity Intermediate Bond

	SSgA S&P 500 Index Fund
	Fidelity Spartan US Equity Index Inv

	SSgA Russell 2000 Index Strategy
	Laudus Rosenberg U.S. Discovery Instl.

	SSgA S&P MidCap 400 Index
	Laudus Rosenberg U.s. Discovery Instl.

	AllianceBenstein Growth and Inc -A
	Fidelity Equity Income

	DWS Large Cap Value Fund - A
	Fidelity Equity Income

	Allianz NFJ Small-Cap Value - A
	Laudus Rosenberg U.S. Discovery Instl

	DWS Small Cap Growth Fund - A
	Laudus Rosenberg U.S. Discovery Instl

	Neuberger Berman P'ners - Advisor
	Cap Guardian

	Oppenheimer Capital Apprec - A
	Cap Guardian

	Fidelity Advisor Equity Growth - T
	T. Rowe Price

	Franklin Rising Dividends
	Fidelity Value

	Alger MidCap Growth Inst'l - I
	Laudus Rosenberg U.S. Discovery Instl.

	Am. Century Intl. Growth - Advisor
	JP Morgan Intl Equity S

	Templeton Growth Inc - R
	JP Morgan Intl Equity S

	SSgA Life Solutions Inc. & Growth
	Fidelity Freedom 2005

	SSgA Life Sol. Balanced Growth
	Fidelity Freedom 2015

	SSgA Life Solutions Growth
	Fidelity Freedom 2025

S16.8    Credit Under the Plan for Service with ADT.  Effective on and after January1, 2007, and ADT Employees' eligibility to participate, Hours of Service and Years of Service under the Plan shall be determined by taking into account (a) employment with ADT prior to November 30, 2006 as if ADT had been an Affiliate for the period during which it maintained the ADT Plan, and (b) any additional period credited for vesting purposes under the ADT Plan and not disregarded under the break in service rules under the ADT Plan or this Plan. The Committee may use and rely upon records maintained by ADT to compute Hours of Service in order to determine Years of Service to be credited to such employee and his eligibility to participate in accordance with Section 2.1 based on his employment with ADT.  
S16.9    Withdrawals During Employment.  
S16.9.1    Withdrawals During Employment Irrespective of Age.  An ADT Member who is employed by an Employer or Affiliate may elect to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Rollover Subaccount (if any) (including investment earnings allocable thereto) at any time. 
S16.9.2    Withdrawals During Employment After Age 59-1/2.  After attaining age 59-1/2, an ADT Member who is employed by an Employer or Affiliate may elect to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Elective and Rollover Subaccounts (including investment earnings allocable thereto) at any time. 
S16.10    ADT Plan Amended.  The provisions of this Supplement No. 16 shall be treated as an amendment to and a part of the ADT Plan to the extent necessary to give full effect to this Supplement. 

SUPPLEMENT NO. 17

TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable
to Former Employees of Keylink Systems
Effective as of April 1, 2007, Arrow Electronics, Inc., Arrow Electronics Canada LTD and Support Net, Inc. purchased certain assets of the Keylink Systems business unit from Agilysys, Inc. and Agilysys Canada Inc., pursuant to an asset purchase agreement dated January 2, 2007.  This Supplement No. 17  sets forth special provisions that apply to certain employees of the Keylink Systems business unit who became employed by the Company or another Employer as a result of the above transaction.
S17.1    Special Definitions.  For purposes of this Supplement No. 17:
S17.1.3    “Keylink” means the business unit acquired by the Company and its above referenced subsidiaries pursuant to an asset purchase on April 1, 2007.
S17.1.5    “Keylink Employee” means an individual who was employed by Keylink immediately prior to April 1, 2007, other than an employee employed by Agilysys Canada, and who became employed by an Employer or Affiliate on April 1, 2007.
S17.1.6    “Agilysys Member” means a Keylink Employee who is a participant in the Agilysys Plan with an undistributed account thereunder.
S17.1.8    “Agilysys Plan” means the Retirement Plan of Agilysys, Inc., a section 401(k) plan sponsored by Agilysys, Inc.
S17.2    Rollovers from the Agilysys Plan.  Keylink Employees shall be eligible to roll over their accounts from the Agilysys Plan to the Plan on and after June 2, 2007.
S17.2.1    Allocation of Rollovers.  Funds rolled over to the Trustee in respect of a Member's Agilysys Plan account shall be allocated under the Plan to such Member's Rollover Account.
S17.2.2    Rollovers of Loans.  A Keylink Employee's Rollover Contribution may include a loan note if such note is transferred in a direct rollover to the Plan from the Agilysys Plan, subject to any rules adopted by the Committee to ensure that any such loan note has complied with the rules and regulations governing participant loans under Code section 4975 and ERISA section 408(b)(1).  Any loan note rolled over to the Plan pursuant to this Section S17.2.2 shall be regarded as an outstanding loan for purposes of Section 7.3.  For purposes of this section, the term “loan note” includes any legally enforceable obligation to repay a participant loan from another qualified plan.
S17.3    Waiver of Applicable Waiting Period - Credit Under the Plan for Service with Keylink.  Effective on and after April 1, 2007, Keylink Employees shall be eligible to participate in the Plan without regard the applicable waiting period of Section 2.1.  Hours of Service and Years of Service under the Plan for such Keylink Employees shall be determined by taking into account the most recent 

period of employment with Keylink and its predecessors, based on dates of hire furnished by Agilysys, Inc.  The Committee may use and rely upon records maintained by Agilysys, Inc., and may use such equivalencies as the Committee determines is appropriate, to compute Hours of Service in order to determine Years of Service to be credited to such employee based on his employment with Keylink.  

SUPPLEMEMENT NO. 18

TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable to
Former Employees of ACI Electronics, Inc.

The following special provisions have been adopted in connection with the acquisition by the Company of the operating assets of ACI Electronics, LLC, (“ACI”) and the resulting transfer of certain employees of ACI to the employ of the Company effective March 1, 2008.
S18.1    “ACI” means ACI Electronics, LLC, a Delaware limited liability company.
S18.2    Membership in Plan.  Each individual who was employed by ACI on February 29, 2008 and was an Eligible Employee on March 1, 2008 (an “ACI Employee”) shall become a Member of the Plan on that date without respect to the Plan's age and service requirements for participation.
S18.3    Credit Under the Plan for Service with ACI.  Effective on and after March 1, 2008, an ACI Employee's Hours of Service and Years of Service under the Plan shall be determined by taking into account employment with ACI prior to March 1, 2008 as if ACI had been an Affiliate prior to such date. The Committee may use and rely upon records maintained by ACI to compute Hours of Service in order to determine Years of Service to be credited to each ACI Employee.

SUPPLEMENT NO. 19
TO 
ARROW ELECTRONICS
SAVINGS PLAN

Special Provisions Applicable
to Former Employees of A.E. Petsche Company. Inc.

Effective as of May 3, 2010, the A. E. Petsche Co., Inc. 401(k) Profit Sharing Plan (the “Petsche Plan”) shall merge into this Plan, and the terms of the Plan shall supersede the terms of the Petsche Plan.  This Supplement No. 19 provides for such merger (“Merger”) and sets forth special provisions that apply to certain current and former employees of A. E. Petsche Company, Inc. (“Petsche”).
S19.1    Special Definitions.  For purposes of this Supplement No. 19:
S19.1.1    “Elective Subaccount” means a subaccount within a Member's Elective Account to which elective deferrals made under the Petsche Plan are transferred.
S19.1.2    “Matching Subaccount” means a subaccount within a Members Account to which matching contributions made under the Petsche Plan are transferred.
S19.1.3    “Discretionary Subaccount” means a subaccount within a Members Account to which discretionary profit sharing contributions made under the Petsche Plan are transferred.
S19.1.4    “Rollover Subaccount” means a subaccount with a Member's Rollover Account to which rollover contributions made under the Petsche Plan are transferred.
S19.1.5    “Petsche” means A. E. Petsche Company, Inc., a Texas corporation acquired by the Company pursuant to a Stock Purchase Agreement dated as of November 16, 2009, and effected December 20, 2009.
S19.1.6    “Petsche Account” means an account maintained under the Petsche Plan immediately prior to the Merger containing elective deferrals, matching, discretionary, and rollover contributions, if any, for a Petsche Member.
S19.1.7    “Petsche Employee” means an individual who was employed by Petsche on or before December 20, 2009 and remained employed by an Employer as of March 6, 2010.
S19.1.8    “Petsche Member” means a participant in the Petsche Plan who had an undistributed account thereunder immediately prior to the Merger.
S19.1.9    “Petsche Plan” means the Petsche 401 (k) Plan as in effect prior to the Merger.
S19.1.10    “Petsche Trust Fund” means the trust fund maintained under the Petsche Plan immediately prior to the Merger.
S19.2    Membership in the Plan.  Each Petsche Employee who was employed by Petsche on December 20, 2009 and was an Eligible Employee on March 6, 2010 shall become a Member of the 

Plan on that date without respect to the Plan's service requirements for participation.  The Plan's age requirement shall continue to apply.  Each Petsche Member who is not then employed by an Employer shall become a member on or about May 3, 2010, but solely with respect to his Petsche Account unless he otherwise qualifies as a Member under the Plan.
S19.3    Merger.  Effective on or about May 3, 2010, the Petsche Plan and the Petsche Trust Fund are merged into this Plan and the trust fund thereunder, and the terms of this Plan supersede the terms of the Petsche Plan.  All persons (including current and former employees and their beneficiaries) having an interest under the Petsche Plan prior to the merger date shall, on and after the merger date, be entitled to benefits solely from the Plan, including this Supplement No. 19, in lieu of any and all interest which they had or may have had under the Petsche Plan.
S19.4    Transfer of Petsche Trust Fund.  The assets held by the trustees of the Petsche Trust Fund shall be transferred to the Trustee on or about May 3, 2010 or as soon as practicable thereafter.  If and to the extent that such transfer is not completed on May 3, 2010 such trustees shall hold such assets, as adjusted for investment gain or loss thereon and expense attributable thereto, as an additional trustee under this Plan, until such transfer is completed.
S19.5    Allocation of Transferred Accounts.  Funds transferred to the Trustee in respect of a Member's Petsche Account shall be allocated under the Plan to such Member's Elective, Matching, Discretionary, and Rollover Subaccounts, as applicable.
S19.6    Investment of Transferred Assets.  Funds transferred to the Trustee pursuant to Section S19.4 shall be invested in accordance with Section S19.7. Thereafter, the Member may change the portion of his Account that is invested in each Investment Fund in accordance with Article V of the Plan.
S19.7    Fund Mapping.  The following fund mapping shall become effective upon the transfer pursuant to Section S19.4:

	
		
	From the Following Petsche Plan Funds
	Into Plan Investment Funds

	Fidelity Cash Management Prime Fund:  Daily Money Class
	Vanguard Prime Money Market Fund

	Fidelity Advisor Government Income Fund
	Vanguard Total Bond Market Index Fund

	Fidelity Advisor Strategic Income Fund
	Vanguard Total Bond Market Index Fund

	Janus Balance Fund
	Vanguard Target Retirement Fund based on age of participant

	Fidelity Advisor Freedom Income Fund
	Vanguard Target Retirement Income Fund

	Fidelity Advisor Freedom 2005 Fund
	Vanguard Target Retirement 2005 Fund

	Fidelity Advisor Freedom 2010 Fund
	Vanguard Target Retirement 2010 Fund

	Fidelity Advisor Freedom 2015 Fund
	Vanguard Target Retirement 2015 Fund

	Fidelity Advisor Freedom 2020 Fund
	Vanguard Target Retirement 2020 Fund

	Fidelity Advisor Freedom 2025 Fund
	Vanguard Target Retirement 2025 Fund

	Fidelity Advisor Freedom 2030 Fund
	Vanguard Target Retirement 2030 Fund

	Fidelity Advisor Freedom 2035 Fund
	Vanguard Target Retirement 2035 Fund

	Fidelity Advisor Freedom 2040 Fund
	Vanguard Target Retirement 2040 Fund

	Fidelity Advisor Freedom 2045 Fund
	Vanguard Target Retirement 2045 Fund

	Fidelity Advisor Freedom 2050 Fund
	Vanguard Target Retirement 2050 Fund

	Dreyfus S&P 500 Index Fund
	Vanguard 500 Index Fund

	Fidelity Advisor Growth & Income Fund
	T. Rowe Price Blue Chip Growth Fund

	Fidelity Advisor Equity Income Fund
	Vanguard Windsor II Fund

	Fidelity Advisor Equity Growth Fund
	T. Rowe Price Blue Chip Growth Fund

	Fidelity Advisor Strategic Growth Fund
	T. Rowe Price Blue Chip Growth Fund

	Fidelity Advisor Value Strategies Fund
	Vanguard Extended Market Index Fund

	Fidelity Advisor Mid Cap Fund
	AXA Rosenberg US Small/Mid Cap Fund

	Janus Overseas Fund
	JP Morgan International Equity Fund

	Janus Worldwide Fund
	JP Morgan International Equity Fund

S19.8    Credit Under the Plan for Service with Petsche.  Effective on and after March 6, 2010, a Petsche Employees' eligibility to participate, Hours of Service and Years of Service under the Plan shall be determined by taking into account (a) employment with Petsche for periods prior to December 20, 2010 as if Petsche had then been an Affiliate prior to such date, and (b) any additional period credited for vesting purposes under the Petsche Plan and not disregarded under the break in service rules under the Petsche Plan or this Plan.  The Committee may use and rely upon records maintained by Petsche to compute Hours of Service in order to determine Years of Service to be credited to such employee and his eligibility to participate in accordance with Section 2.1 based on his employment with Petsche.
S19.9    Vesting Under the Plan for Matching and Discretionary Subaccounts.  Funds in a Petsche Member's Matching Subaccount and Discretionary Subaccount will remain subject to the vesting schedule under the Petsche Plan which was in effect prior to the Merger.
S19.10    Withdrawals During Employment Irrespective of Age.  A Petsche Member who is employed by an Employer or Affiliate may elect to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Rollover Subaccount (if any) (including investment earnings allocable 

thereto) at any time.  In addition, a Petsche Member who is employed by an Employer or Affiliate may elect to withdraw from the Plan an amount in cash equal to one-half (1/2) of the Vested Percentage of the balance of his Matching Subaccount.  Such withdrawal is only available if the Petsche Member has at least 60 months of participation at the time the request is made, including participation under the former Petsche Plan.
S19.11    Grandfathered Disability Definition.  A Petsche Member is Disabled with respect to his Elective Subaccount, Matching Subaccount, Discretionary Subaccount, and Rollover Subaccount if he or she is determined to be disabled by a physician approved by the Company.
S19.12    Petsche Plan Amended.  The provisions of this Supplement No. 19 shall be treated as an amendment to and a part of the Petsche Plan to the extent necessary to give full effect to this Supplement.

SUPPLEMENT NO. 20

TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable to
 Current and Former Employees of Nu Horizons Electronics Corp.
Effective as of May 16, 2011 (the “Merger Date”), the Nu Horizons Electronics Corp. 401(k) Plan shall merge into this Plan, and the terms of the Plan shall supersede the terms of the Nu Horizons Plan. This Supplement No. 20 provides for such merger (“Plan Merger”) and sets forth special provisions that apply to certain current and former employees of Nu Horizons Electronics Corp.
S20.1    Special Definitions.  For purposes of this Supplement No. 20:
S20.1.1    “Elective Subaccount” means a subaccount within a Member's Elective Account to which elective deferrals made under the Nu Horizons Plan are transferred.  
S20.1.2    “Matching Subaccount” means a subaccount within a Members Account to which matching contributions made under the Nu Horizons Plan are transferred.
S20.1.3    “Rollover Subaccount” means a subaccount within a Member's Rollover Account to which rollover contributions made under the Nu Horizons Plan are transferred.
S20.1.4    “Roth 401(k) Contributions” means amounts deferred under the Nu Horizons Plan prior to April 1, 2011 that were included in gross income at the time of deferral at the election of the Nu Horizons Member, pursuant to Code Section 402A.  
S20.1.5    “Roth 401(k) Contributions Subaccount” means the subaccount within a Nu Horizon Member's Elective Subaccount which holds Roth 401(k) Contributions.  
S20.1.6    “Nu Horizons” means Nu Horizons Electronics Corp, a Delaware corporation acquired by the Company pursuant to a Stock Purchase Agreement dated as of September 19, 2010, and effected January 3, 2011.
S20.1.7    “Nu Horizons Account” means an account maintained under the Nu Horizons Plan immediately prior to the Plan Merger containing elective deferrals, matching, and rollover contributions, if any, for a Nu Horizons Member.
S20.1.8    “Nu Horizons Member” means a participant in the Nu Horizons Plan who had an undistributed account thereunder immediately prior to the Plan Merger.
S20.1.9    “Nu Horizons Plan” means the Nu Horizons Electronics Corp. 401(k) Plan as in effect prior to the Plan Merger.
S20.1.10    “Nu Horizons Trust Fund” means the trust fund maintained under the Nu Horizons Plan immediately prior to the Plan Merger.

S20.2    Membership in the Plan.  Each person who was employed by Nu Horizons and was an Eligible Employee on April 1, 2011 shall become a Member of the Plan, subject to the Plan's age and service requirements, taking into account past service with Nu Horizons in accordance with Section S20.8 hereof.   Each Nu Horizons Member who was not an Eligible Employee on April 1, 2011 shall become a Member on the Merger Date, but solely with respect to amounts transferred to the Plan in respect of such person's Nu Horizons Account, unless he otherwise qualifies as a Member under the Plan.
S20.3    Plan Merger.  Effective on the Merger Date, the Nu Horizons Plan and the Nu Horizons Trust Fund are merged into this Plan and the trust fund hereunder, and the terms of this Plan supersede the terms of the Nu Horizons Plan. All persons (including current and former employees and their beneficiaries) having an interest under the Nu Horizons Plan prior to the Merger Date shall, on and after the Merger Date, be entitled to benefits solely from the Plan, including this Supplement No. 20, in lieu of any and all interest which they had or may have had under the Nu Horizons Plan.
S20.4    Transfer of Nu Horizons Trust Fund.  The assets held by the trustees of the Nu Horizons Trust Fund shall be transferred to the Trustee on or about the Merger Date.  
S20.5    Allocation of Transferred Accounts.  Funds transferred to the Trustee in respect of a Nu Horizon Member's Nu Horizons Account shall be allocated under the Plan to such Member's Elective Subaccount, Matching Subaccount, and Rollover Subaccount, as applicable.
S20.6    Investment of Transferred Assets.  Funds transferred to the Trustee pursuant to Section S20.4 shall be invested in accordance with Section S20.7. Thereafter, the Member may change the portion of his Account that is invested in each Investment Fund in accordance with Article V of the Plan.
S20.7    Fund Mapping.  The following fund mapping shall become effective upon the transfer pursuant to Section S20.4:  

	
		
	From the Following Nu Horizons Plan Funds
	Into Plan Investment Funds

	PIMCO Total Return Fund
	Vanguard Total Bond Market Index Fund

	Oppenheimer International Bond Fund
	Vanguard Total Bond Market Index Fund

	Fidelity Freedom Income Fund
	Vanguard Target Retirement Income Fund

	Fidelity Freedom 2005 Fund
	Vanguard Target Retirement 2005 Fund

	Fidelity Freedom 2010 Fund
	Vanguard Target Retirement 2010 Fund

	Fidelity Freedom 2015 Fund
	Vanguard Target Retirement 2015 Fund

	Fidelity Freedom 2020 Fund
	Vanguard Target Retirement 2020 Fund

	Fidelity Freedom 2025 Fund
	Vanguard Target Retirement 2025 Fund

	Fidelity Freedom 2030 Fund
	Vanguard Target Retirement 2030 Fund

	Fidelity Freedom 2035 Fund
	Vanguard Target Retirement 2035 Fund

	Fidelity Freedom 2040 Fund
	Vanguard Target Retirement 2040 Fund

	Fidelity Freedom 2045 Fund
	Vanguard Target Retirement 2045 Fund

	Fidelity Freedom 2050 Fund
	Vanguard Target Retirement 2050 Fund

	JP Morgan Equity Index Fund
	Vanguard 500 Index Fund

	American Century Equity Income Fund
	Vanguard Windsor II Fund

	Fidelity Advisor New Insights Fund
	T. Rowe Price Blue Chip Growth Fund

	JPM Highbridge Statistical Market Neutral Fund
	Vanguard Prime Money Market Fund

	BlackRock International Opportunity Fund
	JP Morgan International Equity Fund

	Fidelity Advisor Government Income Fund
	Vanguard Total Bond Market Index Fund

	Fidelity Advisor Industrials Fund
	Vanguard 500 Index Fund

	Fidelity Advisor International Discovery Fund
	JP Morgan International Equity Fund

	Fidelity Advisor Mid Cap II Fund
	Eaton Vance Atlanta Capital SMID-Cap Fund

	Fidelity Advisor Small Cap Fund
	Eaton Vance Atlanta Capital SMID-Cap Fund

	Fidelity Advisor Utilities Fund
	Vanguard 500 Index Fund

	Invesco Energy Fund
	Vanguard 500 Index Fund

	Invesco Global Health Care Fund
	Vanguard 500 Index Fund

	Invesco Van Kampen Small Cap Value Fund
	Vanguard Extended Market Index Fund

	Oppenheimer Developing Markets Fund
	Vanguard Total International Stock Index Fund

	Oppenheimer Gold & Special Minerals Fund
	Vanguard 500 Index Fund

	Oppenheimer Real Estate Fund
	Vanguard 500 Index Fund

	Perkins Mid Cap Value Fund
	Vanguard Extended Market Index Fund

	Fidelity Daily Money Market Fund
	Vanguard Prime Money Market Fund

S20.8    Credit Under the Plan for Service with Nu Horizons.  Effective on and after April 1, 2011, a Nu Horizons employee's eligibility to participate, Hours of Service and Years of Service under the Plan shall be determined by taking into account (a) employment with Nu Horizons for periods prior to January 3, 2011 as if Nu Horizons had then been an Employer prior to such date, and (b) any additional period credited for vesting purposes under the Nu Horizons Plan and not disregarded under the break in service rules under the Nu Horizons Plan or this Plan.  The Committee may use and rely upon records maintained by Nu Horizons to compute Hours of Service in order to determine Years of Service to be 

credited to such employee and his eligibility to participate in accordance with Section 2.1 of the Plan based on his employment with Nu Horizons.  
S20.9    Vesting Under the Plan for Matching Subaccounts.  Funds in a Nu Horizons Member's Matching Subaccount will remain subject to the vesting schedule under the Nu Horizons Plan which was in effect prior to the Plan Merger.
S20.10    Withdrawals During Employment.  A Nu Horizons Member who is employed by an Employer or Affiliate may elect to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Rollover Subaccount (including investment earnings allocable thereto) at any time.  A Nu Horizons Member who is employed by an Employer or Affiliate may elect to withdraw from the Plan all or any portion of any of his benefit amounts attributable to the vested percentage of the balance of his Elective Subaccount, and Matching Subaccount (if any) (including investment earnings allocable thereto) upon attainment of age 59-1/2.  
S20.11    Grandfathered Disability Definition.  A Nu Horizons Member is Disabled with respect to his Matching Subaccount if he or she either (i) satisfies the requirements for benefits under the company's long-term disability plan, (ii) satisfies the requirements for Social Security disability benefits, or (iii) is determined to be disabled by a physician approved by the Company; provided that such Nu Horizons Member shall not be considered disabled until he or she terminates employment with the Employer.
S20.12    Special Provisions Relating to Roth 401(k) Contributions.  
S20.12.1.  Accounting.  Roth 401(k) Contributions shall be separately maintained in a Nu Horizons Member's Roth 401(k) Contribution Subaccount, and gains, losses and other credits or charges will be separately allocated on a reasonable and consistent basis thereto. 
S20.12.2.  Loans.  Effective as of the Merger Date, loans shall not be permitted from a Nu Horizon Member's Roth 401(k) Contributions Subaccount, although amounts from such subaccount shall be aggregated with amounts in such Member's other Accounts in applying the maximum loan limitations under the Plan.  
S20.12.3.    Rollover Distributions.    Notwithstanding Section 8.25 of the Plan, a direct rollover of a distribution from a Roth 401(k) Contribution Subaccount can only be made to another Roth elective deferral account under an applicable retirement plan described in Code Section 402A(e)(1) or to a Roth IRA described in Code Section 408A, and only to the extent the rollover is permitted under the rules of Code Section 402(c). 
S20.12.4.  Correction of Excess Contributions.  The distribution of any excess contributions made with respect to the 2011 Plan Year shall first be made from elective deferrals other than a Nu Horizons Member's Roth 401(k) Contributions then from his Roth 401(k) Contributions.
S20.13    Nu Horizons Plan Amended.  The provisions of this Supplement No. 20 shall be treated as an amendment to and a part of the Nu Horizons Plan to the extent necessary to give full effect to this Supplement. 

SUPPLEMMENT NO. 21

TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable to
 Current and Former Employees of PCG Trading, LLC, d/b/a Converge
Effective as of May 16, 2011 (the “Merger Date”), the Converge 401(k) Savings Plan shall merge into this Plan, and the terms of the Plan shall supersede the terms of the Converge Plan. This Supplement No. 21 provides for such merger (“Plan Merger”) and sets forth special provisions that apply to certain current and former employees of Converge.
S21.1    Special Definitions.  For purposes of this Supplement No. 21:
S21.1.1    “Elective Subaccount” means a subaccount (or subaccounts) within a Member's Elective Account to which elective deferrals made under the Converge Plan are transferred.   
S21.1.2    “Discretionary Subaccount” means a subaccount within a Member's Account to which discretionary profit sharing contributions made under the Converge Plan are transferred.
S21.1.3    “Matching Subaccount” means a subaccount within a Member's Account to which matching contributions made under the Converge Plan are transferred.
S21.1.4    “Rollover Subaccount” means a subaccount within a Member's Rollover Account to which rollover contributions made under the Converge Plan are transferred.
S21.1.5    “Roth 401(k) Contributions” means amounts deferred under the Converge Plan prior to April 2, 2011 that were included in gross income at the time of deferral at the election of the Converge Member, pursuant to Code Section 402A.  
S21.1.6    “Roth 401(k) Contributions Subaccount” means the subaccount within a Converge Member's Elective Subaccount which holds Roth 401(k) Contributions.  
S21.1.7    “Converge” means PCG Trading, LLC, d/b/a Converge, a Delaware limited liability company, acquired by the Company pursuant to a Stock Purchase Agreement dated as of April 5, 2010, and effected June 1, 2010.
S21.1.8    “Converge Account” means an account maintained under the Converge Plan immediately prior to the Plan Merger containing elective deferrals, discretionary, matching and rollover contributions, if any, for a Converge Member.
S21.1.9    “Converge Member” means a participant in the Converge Plan who had an undistributed account thereunder immediately prior to the Plan Merger.
S21.1.10    “Converge  Plan” means the Converge 401(k) Savings Plan as in effect prior to the Plan Merger.

S21.1.11    “Converge Trust Fund” means the trust fund maintained under the Converge Plan immediately prior to the Plan Merger.
S21.2    Membership in the Plan.  Each person who was employed by Converge and was an Eligible Employee on April 2, 2011 shall become a Member of the Plan, subject to the Plan's age and service requirements, taking into account past service with Converge in accordance with Section S21.8 hereof.  Each Converge Member who was not an Eligible Employee on April 2, 2011 shall become a Member on the Merger Date, but solely with respect to amounts transferred to the Plan in respect of such person's Converge Account, unless he otherwise qualifies as a Member under the Plan.
S21.3    Plan Merger.  Effective on the Merger Date, the Converge Plan and the Converge Trust Fund are merged into this Plan and the trust fund hereunder, and the terms of this Plan supersede the terms of the Converge Plan. All persons (including current and former employees and their beneficiaries) having an interest under the Converge Plan prior to the Merger Date shall, on and after the Merger Date, be entitled to benefits solely from the Plan, including this Supplement No. 21, in lieu of any and all interest which they had or may have had under the Converge Plan.
S21.4    Transfer of Converge Trust Fund.  The assets held by the trustees of the Converge Trust Fund shall be transferred to the Trustee on or about the Merger Date.  
S21.5    Allocation of Transferred Accounts.  Funds transferred to the Trustee in respect of a Member's Converge Account shall be allocated under the Plan to such Member's Elective Subaccount, Discretionary Subaccount, Matching Subaccount and Rollover Subaccount, as applicable.
S21.6    Investment of Transferred Assets.  Funds transferred to the Trustee pursuant to Section S21.4 shall be invested in accordance with Section S21.7. Thereafter, the Member may change the portion of his Account that is invested in each Investment Fund in accordance with Article V of the Plan.
S21.7    Fund Mapping.  The following fund mapping shall become effective upon the transfer pursuant to Section S21.4:  

	
		
	From the Following Converge Plan Funds
	Into Plan Investment Funds

	Fidelity Retirement Money Market Trust
	Vanguard Prime Money Market Fund

	Fidelity Intermediate Bond Fund
	Vanguard Total Bond Market Index Fund

	PIMCO Total Return Fund
	Vanguard Total Bond Market Index Fund

	Fidelity Freedom Income Fund
	Vanguard Target Retirement Income Fund

	Fidelity Freedom 2000 Fund
	Vanguard Target Retirement Income Fund

	Fidelity Freedom 2005 Fund
	Vanguard Target Retirement 2005 Fund

	Fidelity Freedom 2010 Fund
	Vanguard Target Retirement 2010 Fund

	Fidelity Freedom 2015 Fund
	Vanguard Target Retirement 2015 Fund

	Fidelity Freedom 2020 Fund
	Vanguard Target Retirement 2020 Fund

	Fidelity Freedom 2025 Fund
	Vanguard Target Retirement 2025 Fund

	Fidelity Freedom 2030 Fund
	Vanguard Target Retirement 2030 Fund

	Fidelity Freedom 2035 Fund
	Vanguard Target Retirement 2035 Fund

	Fidelity Freedom 2040 Fund
	Vanguard Target Retirement 2040 Fund

	Fidelity Freedom 2045 Fund
	Vanguard Target Retirement 2045 Fund

	Fidelity Freedom 2050 Fund
	Vanguard Target Retirement 2050 Fund

	Fidelity Fund
	Vanguard 500 Index Fund

	Fidelity Spartan 500 Index Fund
	Vanguard 500 Index Fund

	Lord Abbett Mid-Cap Value Fund
	Eaton Vance Atlanta Capital SMID-Cap Fund

	Fidelity Contrafund
	T. Rowe Price Blue Chip Growth Fund

	Fidelity Growth Company Fund
	T. Rowe Price Blue Chip Growth Fund

	Fidelity OTC Portfolio
	T. Rowe Price Blue Chip Growth Fund

	Royce Low-Priced Stock Fund
	Vanguard Extended Market Index Fund

	RS Small Cap Growth Fund
	Vanguard Extended Market Index Fund

	Fidelity Equity-Income II Fund
	Vanguard Windsor II Fund

	Fidelity Diversified International Fund
	JP Morgan International Equity Fund

	Janus Worldwide Fund
	JP Morgan International Equity Fund

	Templeton World Fund
	JP Morgan International Equity Fund

S21.8    Credit Under the Plan for Service with Converge.  Effective on and after April 2, 2011, a Converge Employee's eligibility to participate, Hours of Service and Years of Service under the Plan shall be determined by taking into account (a) employment with Converge for periods prior to June 1, 2010 as if Converge had then been an Employer prior to such date, and (b) any additional period credited for vesting purposes under the Converge Plan and not disregarded under the break in service rules under the Converge Plan or this Plan.  The Committee may use and rely upon records maintained by Converge to compute Hours of Service in order to determine Years of Service to be credited to such employee and his eligibility to participate in accordance with Section 2.1 of the Plan based on his employment with Converge.    
S21.9    Vesting Under the Plan for Discretionary Subaccounts and Matching Subaccounts.  Funds in a Converge Member's Discretionary Subaccount will remain subject to the vesting schedule under the Converge Plan which was in effect prior to the Plan Merger.  Funds in a Converge Member's Matching Subaccount are fully vested.
S21.10    Withdrawals During Employment.  A Converge Member who is employed by an Employer or an Affiliate may elect to withdraw from the Plan all or any portion of any of his benefit 

amounts attributable to his Rollover Subaccount (including investment earnings allocable thereto) at any time.  A Converge Member who is employed by an Employer or an Affiliate may elect to withdraw from the Plan all or any portion of any of his benefit amounts attributable to the vested percentage of the balance of his Elective Subaccount, Matching Subaccount (if any) and Discretionary Subaccount (if any) (including investment earnings allocable thereto) upon attainment of age 59-1/2.  
S21.11    Grandfathered Disability Definition.  A Converge Member is Disabled with respect to his Discretionary Subaccount if he or she satisfies the requirements for benefits under the company's long-term disability plan; provided that such Converge Member shall not be considered disabled until he or she terminates employment with the Employer.
S21.12    Special Provisions Relating to Roth 401(k) Contributions.  
S21.12.1.  Accounting.  Roth 401(k) Contributions shall be separately maintained in a Converge Member's Roth 401(k) Contribution Subaccount, and gains, losses and other credits or charges will be separately allocated on a reasonable and consistent basis thereto. 
S21.12.2.  Loans.  Effective as of the Merger Date, loans shall not be permitted from a Converge Member's Roth 401(k) Contributions Subaccount, although amounts from such subaccount shall be aggregated with amounts in such Member's other Accounts in applying the maximum loan limitations under the Plan.  
S21.12.3.  Rollover Distributions.  Notwithstanding Section 8.25 of the Plan, a direct rollover of a distribution from a Roth 401(k) Contribution Subaccount can only be made to another Roth elective deferral account under an applicable retirement plan described in Code Section 402A(e)(1) or to a Roth IRA described in Code Section 408A, and only to the extent the rollover is permitted under the rules of Code Section 402(c). 
S21.12.4.  Correction of Excess Contributions.  The distribution of any excess contributions made with respect to the 2011 Plan Year shall first be made from elective deferrals other than a Converge Member's Roth 401(k) Contributions then from his Roth 401(k) Contributions.
S21.13    Converge Plan Amended.  The provisions of this Supplement No. 21 shall be treated as an amendment to and a part of the Converge Plan to the extent necessary to give full effect to this Supplement. 

SUPPLEMENT NO. 22

TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable
to Former Employees of Richardson Electronics, Ltd.
Effective as of March 1, 2011, the Company purchased certain assets of Richardson Electronics, Ltd., pursuant to an asset purchase agreement dated October 1, 2010.  This Supplement No. 22  sets forth special provisions that apply to certain former employees of the Richardson Electronics, Ltd. who became employed by the Company or another Employer as a result of the such transaction.
S22.1    Special Definitions.  For purposes of this Supplement No. 22:
S22.1.1    “Richardson” means the business unit acquired by the Company or its subsidiary pursuant to an asset purchase on March 1, 2011.
S22.1.2    “Richardson Employee” means an individual who was employed by Richardson immediately prior to March 1, 2011 who became employed by the Company or another Employer on such date.
S22.2    Date of Membership.  Each Richardson Employee shall become a Member of the Plan, subject to the Plan's age and service requirements, taking into account past service with Richardson in accordance with Section S22.3 hereof, provided that no such employee shall become a Member of the Plan prior to March 4, 2011.
S22.3    Credit Under the Plan for Service with Richardson.  Hours of Service and Years of Service under the Plan for Richardson Employees shall be determined by taking into account the most recent period of employment with Richardson and its predecessors, based on dates of hire furnished by Richardson.  The Committee may use and rely upon records maintained by Richardson, and may use such equivalencies as the Committee determines is appropriate, to compute Hours of Service in order to determine Years of Service to be credited to such employee based on his employment with Richardson.  

SUPPLEMENT NO. 23

TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable
to Former Employees of Intechra Group LLC
Effective as of December 16, 2010, the Company purchased certain assets of Intechra Group LLC., and effective as of April 16, 2011, the Company purchased certain other assets of Intechra Group LLC, each pursuant to an asset purchase agreement dated November 22, 2010.   This Supplement No. 23 sets forth special provisions that apply to certain former employees of Intechra Group LLC. who became employed by the Company or another Employer as a result of such transactions.
S23.1    Special Definitions.  For purposes of this Supplement No. 23:
S23.1.1    “Intechra” means the business unit acquired by the Company or its subsidiary pursuant to an asset purchase on December 16, 2010.
S23.1.2    “Intechra Employee” means an individual who was employed by Intechra immediately prior to December 16, 2010 who became employed by the Company or another Employer on such date, or, as applicable, an individual who was employed by Intechra immediately prior to April 16, 2011 who became employed by the Company or another Employer on such date.
S23.2    Date of Membership.  Each Intechra Employee shall become a Member of the Plan, subject to the Plan's age and service requirements, taking into account past service with Intechra in accordance with Section S23.3 hereof, provided that no such employee shall become a Member of the Plan prior to February 11, 2011.  
S23.3    Credit Under the Plan for Service with Intechra.  Hours of Service and Years of Service under the Plan for Intechra Employees shall be determined by taking into account the most recent period of employment with Intechra and its predecessors, based on dates of hire furnished by Intechra.  The Committee may use and rely upon records maintained by Intechra., and may use such equivalencies as the Committee determines is appropriate, to compute Hours of Service in order to determine Years of Service to be credited to such employee based on his employment with Intechra.  
SUPPLEMENT NO. 24

TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable to
 Employees of Transim Technology Corporation

Effective as of August 11, 2010, the Company acquired all of the issued and outstanding stock of Transim pursuant to a share purchase agreement dated August 11, 2010.  The following sets forth special provisions that apply to certain employees of Transim.
S24.1    Special Definitions.  For purposes of this Supplement No. 24:
S24.1.1    “Transim” means Transim Technology Corporation, a California company, acquired by the Company pursuant to a share purchase agreement dated as of August 11, 2010, and effected August 11, 2010.
S24.1.2    “Transim Employee” means an individual who was employed by Transim immediately prior to August 11, 2010 and who became employed by the Company or otherwise continued in employment with Transim immediately following such date.
S24.2  Membership in the Plan.  Each Transim Employee shall become a Member of the Plan, subject to the Plan's age and service requirements, taking into account past service with Transim in accordance with Section S24.3 hereof, provided that no such employee shall become a Member prior to February 11, 2011.
S24.3    Credit Under the Plan for Service with Transim.  Hours of Service and Years of Service under the Plan for Transim Employees shall be determined by taking into account the most recent period of employment with Transim and its predecessors, based on dates of hire furnished by Transim.  The Committee may use and rely upon records maintained by Transim, and may use such equivalencies as the Committee determines is appropriate, to compute Hours of Service in order to determine Years of Service to be credited to such employee based on his employment with Transim.  

SUPPLEMENT NO. 25
TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable to
Employees of Dicopel Inc.
Effective as of January 1, 2011, all of the U.S.-based employees of Dicopel Inc. became employees of the Company.  The following sets forth special provisions that apply to certain employees of Dicopel.
S25.1    Special Definitions.  For purposes of this Supplement No. 25:
S25.1.1    “Dicopel” means Dicopel Inc.
S25.1.2    “Dicopel Employee” means an individual who was employed in the United States by Dicopel immediately prior to January 1, 2011 and who became employed by the Company immediately following such date.
S25.2  Membership in the Plan.  Each Dicopel Employee shall become a Member of the Plan, subject to the Plan's age and service requirements, taking into account past service with Dicopel in accordance with Section S25.3 hereof, provided that no such employee shall become a Member prior to February 11, 2011.
S25.3    Credit Under the Plan for Service with Dicopel.  Hours of Service and Years of Service under the Plan for Dicopel Employees shall be determined by taking into account employment with Dicopel and its predecessors, based on dates of hire furnished by Dicopel.  The Committee may use and rely upon records maintained by Dicopel, and may use such equivalencies as the Committee determines is appropriate, to compute Hours of Service in order to determine Years of Service to be credited to such employee based on his employment with Dicopel.  

SUPPLEMENT NO. 26

TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable to
 Employees of Eshel Technology Group, Inc.
Effective as of October 1, 2010, the Company acquired all of the issued and outstanding stock of ETG pursuant to a share purchase agreement dated October 1, 2010.  The following sets forth special provisions that apply to certain employees of ETG.
S26.1    Special Definitions.  For purposes of this Supplement No. 26:
S26.1.1    “ETG” means Eshel Technology Group, Inc., a California company, acquired by the Company pursuant to a share purchase agreement dated as of October 1, 2010, and effected October 1, 2010.
S26.1.2    “ETG Employee” means an individual who was employed by ETG immediately prior to October 1, 2010 and who became employed by the Company or otherwise continued in employment with ETG immediately following such date.
S26.2  Membership in the Plan.  Each ETG Employee shall become a Member of the Plan, subject to the Plan's age and service requirements, taking into account past service with ETG in accordance with Section S26.3 hereof, provided that no such employee shall become a Member prior to February 11, 2011.
S26.3    Credit Under the Plan for Service with ETG.  Hours of Service and Years of Service under the Plan for ETG Employees shall be determined by taking into account the most recent period of employment with ETG and its predecessors, based on dates of hire furnished by ETG.  The Committee may use and rely upon records maintained by ETG, and may use such equivalencies as the Committee determines is appropriate, to compute Hours of Service in order to determine Years of Service to be credited to such employee based on his employment with ETG.  

SUPPLEMENT NO. 27

TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable
to Former Employees of InScope International, Inc.
Effective as of August 5, 2011, the Company purchased certain assets of InScope International, Inc., pursuant to an asset purchase agreement dated August 5, 2011.  This Supplement No. 27  sets forth special provisions that apply to certain former employees of InScope who became employed by the Company or another Employer as a result of the such transaction.
S27.1    Special Definitions.  For purposes of this Supplement No. 27:
S27.1.1    “InScope” means the business unit acquired by the Company or its subsidiary pursuant to an asset purchase on August 5, 2011.
S27.1.2    “InScope Employee” means an individual who was employed by InScope immediately prior to August 5, 2011 who became employed by the Company or another Employer on such date.
S27.2    Date of Membership.  Each InScope Employee shall become a Member of the Plan, subject to the Plan's age and service requirements, taking into account past service with InScope in accordance with Section S27.3 hereof, provided that no such employee shall become a Member of the Plan prior to September 9, 2011.
S27.3    Credit Under the Plan for Service with InScope.  Hours of Service and Years of Service under the Plan for InScope Employees shall be determined by taking into account the most recent period of employment with InScope and its predecessors, based on dates of hire furnished by InScope.  The Committee may use and rely upon records maintained by InScope, and may use such equivalencies as the Committee determines is appropriate, to compute Hours of Service in order to determine Years of Service to be credited to such employee based on his employment with InScope.  

SUPPLEMENT NO. 28

TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable to
 Employees of Verical, Incorporated
Effective as of April 5, 2010, the Company acquired all of the issued and outstanding stock of Verical pursuant to a merger agreement dated as of April 5, 2010.  The following sets forth special provisions that apply to certain employees of Verical.
S28.1    Special Definitions.  For purposes of this Supplement No. 28:
S28.1.1    “Verical” means Verical, Incorporated, a Delaware company, acquired by the Company pursuant to a merger agreement dated as of April 5, 2010, and effected as of April 5, 2010.
S28.1.2    “Verical Employee” means an individual who was employed by Verical immediately prior to April 5, 2010 and who became employed by the Company or otherwise continued in employment with Verical immediately following such date.
S28.2  Membership in the Plan.  Each Verical Employee shall become a Member of the Plan, subject to the Plan's age and service requirements, taking into account past service with Verical in accordance with Section S28.3 hereof, provided that no such employee shall become a Member prior to June 16, 2010.
S28.3    Credit Under the Plan for Service with Verical.  Hours of Service and Years of Service under the Plan for Verical Employees shall be determined by taking into account the most recent period of employment with Verical and its predecessors, based on dates of hire furnished by Verical.  The Committee may use and rely upon records maintained by Verical, and may use such equivalencies as the Committee determines is appropriate, to compute Hours of Service in order to determine Years of Service to be credited to such employee based on his employment with Verical.  

SUPPLEMENT NO. 29
TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable to
 Current and Former Employees of Shared Technologies Inc.
Effective as of February 2, 2012 (the “Merger Date”), the Shared Technologies. 401(k) Plan (the “Shared Technologies Plan”) shall merge into this Plan, and the terms of the Plan shall supersede the terms of the Shared Technologies Plan. This Supplement No. 29 provides for such merger (“Plan Merger”) and sets forth special provisions that apply to certain current and former employees of Shared Technologies Inc.
S29.1    Special Definitions.  For purposes of this Supplement No. 29:
S29.1.1    “Elective Subaccount” means a subaccount within a Member's Elective Account to which elective deferrals made under the Shared Technologies Plan are transferred.
S29.1.2    “Discretionary Subaccount” means a subaccount within a Member's Account to which discretionary profit sharing contributions made under the Shared Technologies Plan are transferred.
S29.1.3    “Matching Subaccount” means a subaccount within a Members Account to which matching contributions made under the Shared Technologies Plan are transferred.
S29.1.3    “Rollover Subaccount” means a subaccount within a Member's Rollover Account to which rollover contributions made under the Shared Technologies Plan are transferred. 
S29.1.6    “Shared Technologies” means Shared Technologies Inc., a Delaware corporation acquired by the Company pursuant to an Agreement and Plan of Merger dated as of August 5, 2010, and effected September 8, 2010.
S29.1.7    “Shared Technologies Account” means an account maintained under the Shared Technologies Plan immediately prior to the Merger Date containing elective deferrals, discretionary, matching, and rollover contributions, if any, for a Shared Technologies Member.
S29.1.8    “Shared Technologies Member” means a participant in the Shared Technologies Plan who had an undistributed account thereunder immediately prior to the Plan Merger.
S29.1.9    “Shared Technologies Plan” means the Shared Technologies 401(k) Plan as in effect prior to the Plan Merger.
S29.1.10    “Shared Technologies Trust Fund” means the trust fund maintained under the Shared Technologies Plan immediately prior to the Plan Merger.
S29.2    Membership in the Plan.  Each person who was employed by Shared Technologies or Cross Telecom Corporation (“Cross Telecom”) and was an Eligible Employee on January 1, 2012 shall 

become a Member of the Plan, subject to the Plan's age and service requirements, taking into account past service credited under the Shared Technologies Plan in accordance with Section S29.8 hereof.  Each Shared Technologies Member who was not an Eligible Employee on January 1 2012 shall become a Member on the Merger Date, but solely with respect to amounts transferred to the Plan in respect of such person's Shared Technologies Account, unless he otherwise qualifies as a Member under the Plan.
S29.3    Plan Merger.  Effective on the Merger Date, the Shared Technologies Plan and the Shared Technologies Trust Fund are merged into this Plan and the trust fund hereunder, and the terms of this Plan supersede the terms of the Shared Technologies Plan.  All persons (including current and former employees and their beneficiaries) having an interest under the Shared Technologies Plan prior to the Merger Date shall, on and after the Merger Date, be entitled to benefits solely from the Plan, including this Supplement No. 29, in lieu of any and all interest which they had or may have had under the Shared Technologies Plan.
S29.4    Transfer of Shared Technologies Trust Fund.  The assets held by the trustees of the Shared Technologies Trust Fund shall be transferred to the Trustee on or about the Merger Date.  
S29.5    Allocation of Transferred Accounts.  Funds transferred to the Trustee in respect of a Shared Technologies Member's Shared Technologies Account shall be allocated under the Plan to such Member's Elective Subaccount, Discretionary Subaccount, Matching Subaccount, and Rollover Subaccount, as applicable.
S29.6    Investment of Transferred Assets.  Funds transferred to the Trustee pursuant to Section S29.4 shall be invested in accordance with Section S29.7. Thereafter, the Member may change the portion of his Account that is invested in each Investment Fund in accordance with Article V of the Plan.
S29.7    Fund Mapping.  The following fund mapping shall become effective upon the transfer pursuant to Section S29.4:  
	
		
	From the Following Shared Technologies Plan Funds
	Into Plan Investment Funds

	Invesco Stable Value Fund
	Vanguard Retirement Savings Trust

	Merrill Lynch's Goal Manager Portfolios
	Age appropriate Vanguard Target Retirement Fund

	Mutual Global Discover A Fund
	Vanguard Total International Stock Index Fund

	Sentinel Government Securities A Fund
	Vanguard Total Bond Market Index Fund

	PIMCO Total Return Fund A
	Vanguard Total Bond Market Index Fund

	BlackRock S&P 500 Index Instl Fund
	Vanguard 500 Index Fund

	Invesco Diversified Dividend A Fund
	Vanguard Windsor II Fund

	JP Morgan Large Cap Growth A Fund
	T. Rowe Price Blue Chip Growth Fund Retail Class

	ASTON/Fairpointe Mid Cap N Fund
	Vanguard Extended Market Index Fund

	AllianceBern Small-Mid Cap Value A Fund
	Vanguard Extended Market Index Fund

	BlackRock US Opportunities Inv. A Fund
	Vanguard Extended Market Index Fund

	Allianz NFJ Small Cap Value A Fund
	Vanguard Extended Market Index Fund

	Columbia Seligman Global Technology A Fund
	Vanguard 500 Index Fund

	Thornburg International Value A Fund
	Vanguard Total International Stock Index Fund

S29.8    Credit Under the Plan for Service with Shared Technologies and Cross Telecom.  Effective on and after January 1, 2012, in determining a Shared Technologies or Cross Telecom 

employee's eligibility to participate, Hours of Service and Years of Service under the Plan, (a) service credit for any period of service credited to him as of the Merger Date for comparable purposes under the Shared Technologies Plan shall be into account and (b) any additional period credited for vesting purposes under the Shared Technologies Plan and not disregarded under the break in service rules under the Shared Technologies Plan or this Plan.  The Committee may use and rely upon records maintained by Shared Technologies to compute Hours of Service in order to determine Years of Service to be credited to such employee and his eligibility to participate in accordance with Section 2.1 of the Plan. 
S29.9    Vesting Under the Plan for Matching and Discretionary Subaccounts.  Funds in a Shared Technologies Member's Matching Subaccount and Discretionary Subaccount will remain subject to the vesting schedule under the Shared Technologies Plan which was in effect prior to the Plan Merger.
S29.10    Withdrawals During Employment.  A Shared Technologies Member who is employed by an Employer or Affiliate may elect to withdraw from the Plan all or any portion of any of his benefit amounts attributable to his Rollover Subaccount (including investment earnings allocable thereto) at any time.  A Shared Technologies Member who is employed by an Employer or Affiliate may elect to withdraw from the Plan all or any portion of any of his benefit amounts attributable to the vested percentage of the balance of his Elective Subaccount, Discretionary Subaccount, Rollover Subaccount and Matching Subaccount (if any) (including investment earnings allocable thereto) upon attainment of age 59-1/2.  
S29.11    Grandfathered Disability Definition.  A Shared Technologies Member is Disabled with respect to his Matching Subaccount and Discretionary Subaccount if he or she is determined to be unable to engage in any substantial gainful activity by reason of any medically determined physical or mental impairment which can be expected to result in death or to be of long-continued and indefinite duration.  
S29.12    Shared Technologies Plan Amended.  The provisions of this Supplement No. 29 shall be treated as an amendment to and a part of the Shared Technologies Plan to the extent necessary to give full effect to this Supplement. 

SUPPLEMENT NO. 30

TO
ARROW ELECTRONICS
SAVINGS PLAN
Special Provisions Applicable to
 Employees of SiliconExpert Technologies, Inc.
Effective as of March 21, 2012, the Company acquired all of the issued and outstanding stock of SiliconExpert Technologies, Inc. pursuant to a share purchase agreement dated as of March 21, 2012.  The following sets forth special provisions that apply to certain employees of SiliconExpert Technologies, Inc.
S30.1    Special Definitions.  For purposes of this Supplement No. 30:
S30.1.1    “SilconExpert” means SilconExpert Technologies, Inc. a California company, acquired by the Company pursuant to a stock purchase agreement dated as of March 21, 2012, and effected as of such date.
S30.1.2    “SiliconExpert Employee” means an individual who was employed by SiliconExpert immediately prior to March 21, 2012 and who became employed by the Company or otherwise continued in employment with SiliconExpert immediately following such date.
S30.2  Membership in the Plan.  Each SiliconExpert Employee shall become a Member of the Plan, subject to the Plan's age and service requirements, taking into account past service with SiliconExpert in accordance with Section S30.3 hereof, provided that no such employee shall become a Member prior to May 1, 2012.
S30.3    Credit Under the Plan for Service with SiliconExpert.  Hours of Service and Years of Service under the Plan for SiliconExpert Employees shall be determined by taking into account the most recent period of employment with SiliconExpert and its predecessors, based on dates of hire furnished by SiliconExpert.  The Committee may use and rely upon records maintained by SiliconExpert, and may use such equivalencies as the Committee determines is appropriate, to compute Hours of Service in order to determine Years of Service to be credited to such employee based on his employment with SiliconExpert.

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