Document:

EX-10.1

Exhibit 10.1

AGREEMENT effective as of July 11, 2005 between AVNET, INC., a New York corporation with a
principal place of business at 2211 South 47th Street, Phoenix, Arizona 85034 (“Avnet”) and Steve
Phillips, having an office at 2211 South 47th Street, Phoenix, Arizona 85034 (“Phillips”).

W I T N E S S E T H

1. Employment, Salary, Benefits.

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

1.2 Term.

Phillips’ employment pursuant to this Agreement shall commence on July 11, 2005 and subject to
earlier termination as provided in Section 2 below, shall continue for a period of one (1) year
(until July 10, 2006, the “Initial Term”). Unless Phillips provides Avnet written notice at least
thirty (30) days prior to the expiration of the Initial Term advising Avnet that Phillips does not
intend to renew the Agreement as hereinafter described, then after July 10, 2006 employment shall
continue until terminated by either party provided, however, that the party desiring to terminate
the employment arrangement gives written notice thereof to the other not less than one (1) year
prior to the date of actual termination of employment (“Notice Period”). By way of example, should
Phillips desire not to renew after the Initial Term, such notice would have to be given no later
than June 10, 2006. Thereafter (if not so terminated by Phillips at the end of the Initial Term),
by way of example, if either Avnet or Phillips should desire to terminate the employment on July
10, 2008 such notice would have to be given not later than July 10, 2007.

1.3 Duties. Phillips is hereby engaged in an executive capacity and shall perform such duties for
Avnet, or Avnet’s subsidiaries, divisions and operating units as may be assigned to him from time
to time by the Chief Operational Excellence Officer. Phillips is currently engaged as Senior Vice
President and Chief Information Officer. If Phillips is elected an officer or a director of Avnet
or any subsidiary or division thereof, he shall serve as such without additional compensation.

1.4 Compensation. For all services to be rendered by Phillips and for all covenants undertaken by
him pursuant to the Agreement, Avnet shall pay and Phillips shall accept such compensation
(including base salary and incentive compensation) as shall be agreed upon in writing from time to
time between Avnet and Phillips. In the event Phillips’s employment hereunder is terminated by the
one (1) year notice provided for in Section 1.2 above and Avnet and Phillips fail to agree upon
compensation during all or any portion of the one (1) year notice period prior to termination, then
Phillips’s compensation (base salary and incentive compensation) during such portion of the notice
period shall be equal to the cash compensation earned by Phillips during the four completed fiscal
quarters preceding the date on which notice is given; and upon such termination (after a one-year
notice) Phillips shall not be entitled to severance payments under any Avnet severance plan. In the
alternative event that at least 30 days prior to the end of the Initial Term, Phillips notifies
Avnet that he intends not to renew as described in 1.2 above, Phillips shall effective July 11,
2006 (the end of the Initial Term) revert to employee at will status (with employment terminable at
any time by either Avnet or Phillips) and the provision in 1.2 above requiring a one-year notice
shall not apply; and upon a subsequent termination of employment, Phillips shall be entitled if
otherwise eligible to payments under any then-applicable Avnet severance plan. Notwithstanding
anything to the contrary, in the event Phillips’s employment is terminated pursuant to 2.1 or 2.2
below, then the one-year notice provided in 1.2 above shall not be applicable and Phillips shall
not be entitled to any severance pay benefit.

1.5 Other Compensation on Termination. Upon termination of this Agreement, Phillips shall be
entitled to receive only such compensation as had accrued and was unpaid to the effective date of
termination. If the termination occurs other than at the end of a fiscal year of Avnet, the
compensation payable to Phillips (including base salary and incentive compensation) shall bear the
same ratio to a full fiscal year’s remuneration as the number of days for which Phillips shall be
entitled to remuneration bears to 365 days.

1.6 Additional Benefits. In addition to the compensation described in Subsection 1.4, Phillips
shall be entitled to:

	 	a.	 	In addition to the Company recognized holidays, Phillips shall be entitled to
twenty-five (25) working days of paid vacation in each calendar year. Upon termination,
Phillips shall be entitled to payment of any accrued, but unused vacation time,
calculated using base salary rate of pay.

	 	b.	 	Phillips will be eligible to participate in the group insurance, retirement and other
benefits (except for severance pay benefit which the one-year termination notice described
above is intended to replace) as are afforded to personnel of Avnet’s United States based
employees generally and which are in effect from time to time. Phillips is also eligible
to participate in Avnet’s long-term incentive plan and Avnet’s executive health
improvement program. It is understood that Avnet does not by reason of this Agreement
obligate itself to provide any such benefits to such personnel.

2. Early Termination.

2.1 Death or Disability. Phillips’s employment hereunder shall terminate on the date of
Phillips’s death or upon Phillips suffering mental or physical injury, illness or incapacity that
renders him unable to perform his customary duties hereunder on a full-time basis for a period of
365 substantially consecutive days, on the 365th such day. The opinion of a medical doctor licensed
to practice in the State of Arizona (or such other state wherein Phillips then resides) and having
Board certification in his or her field of specialization or the receipt of or entitlement of
Phillips to disability benefits under any policy of insurance provided or made available by Avnet
or under federal Social Security laws, shall be conclusive evidence of such disability.

2.2 Cause. Phillips’s employment hereunder may also be terminated by Avnet at any time prior to
the expiration of the term hereof without notice for cause, including, but not limited to,
Phillips’s gross misconduct, breach of any material term of this Agreement, willful breach,
habitual neglect or wanton disregard of his duties, or conviction of any criminal act.

3. Competitive Employment.

3.1 Full time. Phillips shall devote his full time, best efforts, attention and energies to the
business and affairs of Avnet and shall not, during the term of his employment, be engaged in any
other activity which, in the sole judgment of Avnet, will interfere with the performance of his
duties hereunder.

3.2 Non-Competition. While employed by Avnet or any subsidiary, division or operating unit of
Avnet, Phillips shall not, without the written consent of the Chief Executive Officer of Avnet,
directly or indirectly (whether through his spouse, child or parent, other legal entity or
otherwise): own, manage, operate, join, control, participate in, invest in, or otherwise be
connected with, in any manner, whether as an officer, director, employee, partner, investor,
shareholder, consultant, lender or otherwise, any business entity which is engaged in, or is in any
way related to or competitive with the business of Avnet, provided, however, notwithstanding the
foregoing Phillips shall not be prohibited from owning, directly or indirectly, up to 5% of the
outstanding equity interests of any company or entity the stock or other equity interests of which
is publicly traded on a national securities exchange or on the NASDAQ over-the-counter market.

3.3 Non-Solicitation. Phillips further agrees that he will not, at any time while employed by
Avnet or any subsidiary, division or operating unit of Avnet and for a period of one year after the
termination of employment with Avnet, without the written consent of an officer authorized to act
in the matter by the Board of Directors of Avnet, directly or indirectly, on Phillips’s behalf or
on behalf of any person or entity, induce or attempt to induce any employee of Avnet or any
subsidiary or affiliate of Avnet (collectively the “Avnet Group”) or any individual who was an
employee of the Avnet Group during the one (1) year prior to the date of such inducement, to leave
the employ of the Avnet Group or to become employed by any person other than members of the Avnet
Group or offer or provide employment to any such employee.

4. Definitions:

The words and phrases set forth below shall have the meanings as indicated:

4.1 Confidential Information. That confidential business information of Avnet, whether or not
discovered, developed, or known by Phillips as a consequence of his employment with Avnet. Without
limiting the generality of the foregoing, Confidential Information shall include information
concerning customer identity, needs, buying practices and patterns, sales and management
techniques, employee effectiveness and compensation information, supply and inventory techniques,
manufacturing processes and techniques, product design and configuration, market strategies, profit
and loss information, sources of supply, product cost, gross margins, credit and other sales terms
and conditions. Confidential Information shall also include, but not be limited to, information
contained in Avnet’s manuals, memoranda, price lists, computer programs (such as inventory control,
billing, collection, etc.) and records, whether or not designated, marked or otherwise identified
by Avnet as Confidential Information.

4.2 Developments. Those inventions, discoveries, improvements, advances, methods, practices and
techniques, concepts and ideas, whether or not patentabIe, relating to Avnet’s present and
prospective activities and products.

5. Developments, Confidential Information and Related Materials:

5.1 Assignment of Developments. Any and all Developments developed by Phillips (acting alone or
in conjunction with others) during the period of Phillips’s employment hereunder shall be
conclusively presumed to have been created for or on behalf of Avnet (or Avnet’s subsidiary or
affiliate for which Phillips is working) as part of Phillips’s obligations to Avnet hereunder. Such
Developments shall be the property of and belong to Avnet (or Avnet’s subsidiary or affiliate for
which Phillips is working) without the payment of consideration therefor in addition to Phillips’s
compensation hereunder, and Phillips hereby transfers, assigns and conveys all of Phillips’s right,
title and interest in any such Developments to Avnet (or Avnet’s subsidiary or affiliate for which
Phillips is working) and agrees to execute and deliver any documents that Avnet deems necessary to
effect such transfer on the demand of Avnet.

5.2 Restrictions on Use and Disclosure. Phillips agrees not to use or disclose at any time after
the date hereof, except with the prior written consent of an officer authorized to act in the
matter by the Board of Directors of Avnet, any Confidential Information which is or was obtained or
acquired by Phillips while in the employ of Avnet or any subsidiary or affiliate of Avnet,
provided, however, that this provision shall not preclude Phillips from (i) the use or disclosure
of such information which presently is known generally to the public or which subsequently comes
into the public domain, other than by way of disclosure in violation of this Agreement or in any
other unauthorized fashion, or (ii) disclosure of such information required by law or court order,
provided that prior to such disclosure required by law or court order Phillips will have given
Avnet three (3) business days’ written notice (or, if disclosure is required to be made in less
than three (3) business days, then such notice shall be given as promptly as practicable after
determination that disclosure may be required) of the nature of the law or order requiring
disclosure and the disclosure to be made in accordance therewith.

5.3 Return of Documents. Upon termination of Phillips’s employment with Avnet, Phillips shall
forthwith deliver to the Vice President of Human Resources of Avnet all documents, customer lists
and related documents, price and procedure manuals and guides, catalogs, records, notebooks and
similar repositories of or containing Confidential Information and/or Developments, including all
copies then in his possession or control whether prepared by him or others.

6. Miscellaneous:

6.1 Consent to Arbitration. Except for the equitable relief provisions set forth in Section 6.2
below, Avnet and Phillips agree to arbitrate any controversy or claim arising out of this Agreement
or otherwise relating to Phillips’s employment or the termination of employment or this Agreement,
in accordance with the provisions of the Mutual Agreement to Arbitrate Claims, a copy of which is
annexed hereto as Exhibit A.

6.2 Equitable Relief. Phillips acknowledges that any material breach of any of the provisions of
Sections 3 and/or 5 would entail irreparable injury to Avnet’s goodwill and jeopardize Avnet’s
competitive position in the marketplace or Confidential Information, or both, and that in addition
to Avnet’s other remedies, Phillips consents and Avnet shall be entitled, as a matter of right, to
an injunction issued by any court of competent jurisdiction restraining any breach of Phillips
and/or those with whom Phillips is acting in concert and to other equitable relief to prevent any
such actual, intended or likely breach.

6.3 Survival. The provisions of Sections 3.2, 3.3, 4, 5, and 6 shall survive the termination of
Phillips’s employment hereunder.

6.4 Interpretation. If any court of competent jurisdiction or duly constituted arbitration panel
shall refuse to enforce any or all of the provisions hereof because they are more extensive
(whether as to geographic scope, duration, activity, subject or otherwise) than is reasonable, it
is expressly understood and agreed that such provisions shall not be void, but that for the purpose
of such proceedings and in such jurisdiction, the restrictions contained herein shall be deemed
reduced or limited to the extent necessary to permit enforcement of such provisions.

6.5 Succession. This Agreement shall extend to and be binding upon Phillips, his legal
representatives, heirs and distributees and upon Avnet, its successors and assigns.

6.6 Entire Agreement. This Agreement and the Exhibits hereto contain the entire agreement of the
parties with respect to their subject matter and no waiver, modification or change of any
provisions hereof shall be valid unless in writing and signed by the parties against whom such
claimed waiver, modification or change is sought to be enforced.

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

6.8 Notices. All notices pursuant to this Agreement shall be in writing and shall be given by
registered or certified mail, or the equivalent, return receipt requested, addressed to the parties
hereto at the addresses set forth above, or to such address as may hereafter be specified by notice
in writing in the same manner by any party or parties.

6.9 Headings. Except for the headings in Section 4, the headings of the sections and subsections
are inserted for convenience only and shall not be deemed to constitute a part hereof or to affect
the meaning thereof.

6.10 Choice of Law. This Agreement shall be governed by the laws of Arizona, without regard to
the conflict of laws provisions thereof.

IN WITNESS WHEREOF, parties have executed this Agreement effective as of the day and year first
above written.

AVNET, INC.

By /s/ Roy Vallee

Roy Vallee

Chief Executive Officer

/s/ Steve Phillips

STEVE PHILLIPS

1

EXHIBIT A

MUTUAL AGREEMENT TO ARBITRATE CLAIMS

I recognize that differences may arise between Avnet, Inc. (“the Company”) and me during or
following my employment with the Company, and that those differences may or may not be related to
my employment. I understand and agree that by entering into this Agreement to Arbitrate Claims
(“Agreement”), I anticipate gaining the benefits of a speedy, impartial dispute-resolution
procedure.

Except as provided in this Agreement, the Federal Arbitration Act shall govern the interpretation,
enforcement and all proceedings pursuant to this Agreement. To the extent that the Federal
Arbitration Act is inapplicable, applicable state law pertaining to agreements to arbitrate shall
apply.

I understand that any reference in this Agreement to the Company will be a reference also to all
divisions, subsidiaries and affiliates of the Company. Additionally, except as otherwise provided
herein, any reference to the Company shall also include all benefit plans; the benefit plans’
sponsors, fiduciaries, administrators, affiliates; and all successors and assigns of any of them.

CLAIMS COVERED BY THE AGREEMENT

The Company and I mutually consent to the resolution by arbitration of all claims or controversies
(“claims”), whether or not arising out of my employment (or its termination), which the Company may
have against me or that I may have against the Company or against its officers, directors,
employees or agents in their capacity as such or otherwise. The claims covered by this Agreement
include, but are not limited to, claims for wages or other compensation due; claims for breach of
any contract or covenant (express or implied); tort claims; claims for discrimination and
harassment (including, but not limited to, race, sex, sexual orientation, religion, national
origin, age, marital status, medical condition, handicap or disability); claims for benefits
(except where an employee benefit or pension plan specifies that its claims procedure shall
culminate in an arbitration procedure different from this one); and claims for violation of any
federal, state, or other governmental law, statute, regulation, or ordinance, except claims
excluded in the section entitled “Claims Not Covered by the Agreement.”

Except as otherwise provided in this Agreement, both the Company and I agree that neither of us
shall initiate nor prosecute any lawsuit or administrative action (other than an administrative
charge of discrimination) in any way related to any claim covered by this Agreement.

CLAIMS NOT COVERED BY THE AGREEMENT

Claims I may have for workers’ compensation or unemployment compensation benefits are not covered
by this Agreement.

Also not covered are claims by the Company for injunctive and/or other equitable relief including,
but not limited to, claims for injunctive and/or other equitable relief for unfair competition
and/or the use and/or unauthorized disclosure of trade secrets or confidential information, as to
which I understand and agree that the Company may seek and obtain relief from a court of competent
jurisdiction.

REQUIRED NOTICE OF ALL CLAIMS AND STATUTE OF LIMITATIONS

The Company and I agree that the aggrieved party must give written notice of any claim to the other
party within one (1) year of the date the aggrieved party first has knowledge of the event giving
rise to the claim; otherwise the claim shall be void and deemed waived, even if there is a federal
or state statute of limitations which would have given more time to pursue the claim.

Written notice to the Company, or its officers, directors, employees or agents, shall be sent to
its President at the Company’s then-current address. I will be given written notice at the last
address recorded in my personnel file.

The written notice shall identify and describe the nature of all claims asserted and the facts upon
which such claims are based. The notice shall be sent to the other party by certified or registered
mail, return receipt requested.

DISCOVERY

Each party shall have the right to take the deposition of one individual and any expert witness
designated by another party. Each party also shall have the right to propound requests for
production of documents to any party. Additional discovery may be had only where the panel of
arbitrators selected pursuant to this Agreement so orders, upon a showing of substantial need.

At least thirty (30) days before the arbitration, the parties must exchange lists of witnesses,
including any expert, and copies of all exhibits intended to be used at the arbitration.

SUBPOENAS

Each party shall have the right to subpoena witnesses and documents for the arbitration.

ARBITRATION PROCEDURES

The Company and I agree that, except as provided in this Agreement, any arbitration shall be in
accordance with the then-current Model Employment Arbitration Procedures of the American
Arbitration Association (“AAA”) before a panel of three arbitrators who are licensed to practice
law in the state where the arbitration is to take place (“the Panel”). The arbitration shall take
place in or near the city in which I am or was last employed by the Company.

The Panel shall apply the substantive law (and the law of remedies, if applicable) of the state in
which the claim arose, or federal law, or both, as applicable to the claim(s) asserted: The Federal
Rules of Evidence shall apply. The Panel, and not any federal, state, or local court of agency,
shall have exclusive authority to resolve any dispute relating to the interpretation,
applicability, enforceability or formation of this Agreement, including but not limited to any
claim that all or any part of this Agreement is void or voidable. The Panel shall render an award
and opinion in the form typically rendered in labor arbitrations. The arbitration shall be final
and binding upon the parties.

The Panel shall have jurisdiction to hear and rule on pre-hearing disputes and is authorized to
hold pre-hearing conferences by telephone or in person, as the Panel deems necessary. The Panel
shall have the authority to entertain a motion to dismiss and/or a motion for summary judgment by
any party and shall apply the standards governing such motions under the Federal Rules of Civil
Procedure.

Either party, at its expense, may arrange for and pay the cost of a court reporter to provide a
stenographic record of proceedings.

ARBITRATION FEES AND COSTS

The Company and I shall equally share the fees and costs of the Panel. Each party shall pay for
its own costs and attorneys’ fees, if any. However, if any party prevails on a statutory claim that
affords the prevailing party attorneys’ fees, or if there is a written agreement providing for
fees, the Panel may award reasonable fees to the prevailing party.

INTERSTATE COMMERCE

I understand and agree that the Company is engaged in transactions involving interstate commerce
and that my employment involves such commerce.

REQUIREMENTS FOR MODIFICATION OR REVOCATION

This Agreement to arbitrate shall survive the termination of my employment. It can only be revoked
or modified by a writing signed by me and an officer of the Company that specifically states an
intent to revoke or modify this Agreement.

SOLE AND ENTIRE AGREEMENT

This is the complete agreement of the parties on the subject of arbitration of disputes, except for
any arbitration agreement in connection with any pension or benefit plan. This Agreement supersedes
any prior or contemporaneous oral or written understanding on the subject. No party is relying on
any representations, oral or written, on the subject of the effect, enforceability or meaning of
this Agreement, except as specifically set forth in this Agreement.

CONSTRUCTION

If any provision of this Agreement is adjudged to be void or otherwise unenforceable, in whole or
in part, such adjudication shall not affect the validity of the remainder of the Agreement.

CONSIDERATION

The promises by the Company and by me to arbitrate differences, rather than litigate them before
courts or other bodies, provide consideration for each other.

NOT AN EMPLOYMENT AGREEMENT

This Agreement is not, and shall not be construed to create, any contract of employment, express or
implied. Nor does this Agreement in any way alter the “at-will” status of my employment.

VOLUNTARY AGREEMENT

I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THIS AGREEMENT, THAT I UNDERSTAND ITS TERMS, THAT ALL
UNDERSTANDINGS AND AGREEMENTS BETWEEN THE COMPANY AND ME RELATING TO THE SUBJECTS COVERED IN THE
AGREEMENT ARE CONTAINED IN IT, AND THAT I HAVE ENTERED INTO THE AGREEMENT VOLUNTARILY AND NOT IN
RELIANCE ON ANY PROMISES OR REPRESENTATIONS BY THE COMPANY OTHER THAN THOSE CONTAINED IN THIS
AGREEMENT ITSELF.

I UNDERSTAND THAT BY SIGNING THIS AGREEMENT I AM GIVING UP MY RIGHT TO A JURY TRIAL.

I FURTHER ACKNOWLEDGE THAT I HAVE BEEN GIVEN THE OPPORTUNITY TO DISCUSS THIS AGREEMENT WITH MY
PRIVATE LEGAL COUNSEL AND HAVE AVAILED MYSELF OF THAT OPPORTUNITY TO THE EXTENT I WISH TO DO SO.

	 	 	 
	EMPLOYEE

	 	AVNET, INC.
	     

Steve Phillips

Date:

	 	     

Roy Vallee

Chief Executive Officer

Date:

2EX-10.2

Exhibit 10.2

CHANGE OF CONTROL AGREEMENT

This Change of Control Agreement (the “Agreement”) is made effective as of the 1st day
of December, 2006, between Avnet, Inc., a New York corporation with its principal place of business
at 2211 South 47th Street, Phoenix, Arizona 85034 Arizona (“Avnet” or “the Company”) and
Steven R. Phillips (the “Officer”). Avnet and the Officer are collectively referred to in this
Agreement as “the Parties.”

WHEREAS, the Officer holds the position of Vice President with the Company; and

WHEREAS, the Parties wish to provide for certain payments to the Officer in the event of a Change
of Control of the Company and the subsequent termination of the Officer’s employment without cause
or the Constructive Termination of the Officer’s employment, as those capitalized terms are defined
below;

NOW, THEREFORE, the Parties agree as follows:

	1.	 	Definitions.

	 	(a)	 	“Change of Control” means the happening of any of the following events:

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

	 	(ii)	 	individuals who, as of the effective date hereof, constitute the
Board of Directors of the Company (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board; provided, however, that any
individual becoming a director subsequent to the effective date hereof whose
election, or nomination for election by the Company’s stockholders, was approved
by a vote of at least a majority of the directors then comprising the Incumbent
Board shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of either an actual or threatened election
contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under
the Exchange Act) or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or

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

	 	(b)	 	“Constructive Termination” means the happening of any of the following
events:

	 	(i)	 	a material diminution of Officer’s responsibilities, including,
without limitation, title and reporting relationship;

	 	(ii)	 	relocation of the Officer’s office greater than 50 miles from its
location as of the effective date of this Agreement without the consent of the
Officer;

	 	(iii)	 	a material reduction in Officer’s compensation and benefits.

	 	(c)	 	The “Exchange Act” shall mean the 1934 Securities Exchange Act, as amended.

	2.	 	Constructive Termination or Termination after Change of Control. If, within 24
months following a Change of Control, the Company or its successor terminates Officer’s
employment without cause or by Constructive Termination, Officer will be paid, in lieu of any
other rights under any employment agreement between the Officer and the Company, in a lump sum
payment, an amount equal to 1.5 times the sum of (i) the Officer’s annual salary for the year
in which such termination occurs and (ii) the Officer’s incentive compensation equal to the
average of such incentive compensation for the highest two of the last five full fiscal years.
All unvested stock options shall accelerate and vest in accordance with the early vesting
provisions under the applicable stock option plans and all incentive stock program shares
allocated but not yet delivered will be accelerated so as to be immediately deliverable.
Officer shall receive his or her accrued and unpaid salary and any accrued and unpaid pro rata
bonus (assuming target payout) through the date of termination, and Officer will continue to
participate in the medical, dental, life, disability and automobile benefits in which Officer
is then participating for a period of two years from the date of termination.

	3.	 	Miscellaneous. This Agreement modifies any employment agreement between Officer and
the Company only with respect to such terms and conditions that are specifically addressed in
this Agreement. All other provisions of any employment agreement between the Company and
Officer shall remain in full force and effect.

AVNET, INC.

By

Raymond Sadowski

Its: Senior VP and CFO

Officer

Steven R. Phillips

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