Document:

exv10w1

 

Exhibit 10.1

CHANGE OF CONTROL AGREEMENT

This Change of Control Agreement (the “Agreement”) is made effective as of the
1st day of March 2001, 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 Harley Feldberg (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
tetras 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

2

 

	 	 	specifically addressed in this Agreement. All other provisions of
any employment agreement between the Company and Officer shall remain in
full force and effect.

	 	 	 	 	 
	Officer
	 
	By

	 	/s/ Harley Feldberg	 	 
	

	 	
 	 	 
	 
	 	 	 	 
	AVNET, INC.
	 
	 	 	 	 
	By

	 	/s/ Raymond Sadowski	 	 
	

	 	
 	 	 
	Its

	 	Senior VP & CFO	 	 

3exv10w2

 

Exhibit 10.2

INDEMNITY AGREEMENT

     AGREEMENT, dated                      ,
between Avnet, Inc., a New York corporation (the “Corporation”) and
                    
                
           (“Indemnitee”).

WITNESSETH:

     WHEREAS, Indemnitee currently serves and performs valuable services for
the Corporation as an officer or director of the Corporation or a subsidiary
thereof and, as such, may be subject to claims, actions, suits or proceedings
arising as a result of such service; and

     WHEREAS, the Corporation (i) has adopted By-Laws providing for the
indemnification and advancement of expenses by the Corporation of any director,
officer or employee to the full extent permitted by the Business Corporation
Law of the State of New York (the “State Statute”) and (ii) the State Statute
is not exclusive of other rights of indemnification or reimbursement when
authorized by an agreement providing for such indemnification; and

     WHEREAS, in order to induce Indemnitee to serve or continue to serve as an
officer or director of the Corporation or a subsidiary thereof, the Corporation
has determined that it is in its best interest to enter into this agreement;

     NOW, THEREFORE, the parties hereto agree as follows:

     FIRST: Indemnification. The Corporation hereby agrees to hold harmless
and indemnify Indemnitee, effective as of the date Indemnitee first became a
director or officer of the Corporation or a subsidiary thereof, or served in
any other capacity of such other corporation, partnership, joint venture,
trust, employee benefit plan or other enterprise at the request of the
Corporation or a subsidiary thereof, from and against any and all judgments,
fines, amounts paid in settlement and expenses, including attorneys’ fees,
incurred as a result of or in connection with any threatened, pending or
completed action, suit or proceeding, whether civil, criminal, administrative
or investigative or as a result of or in connection with any appeal therein,
whether or not such action, suit or proceeding is by or in the right of the
Corporation or any subsidiary thereof to provide a judgment in its favor,
including any action, suit or proceeding by or in the right of any other
corporation of any type or kind, domestic or foreign, or any partnership, joint
venture, trust, employee benefit plan or other enterprise that the Indemnitee
serves in any capacity at the request of the Corporation, to which Indemnitee
is, was or at any time becomes a party, or is threatened to be made a party or
as a result of or by reason of the fact that Indemnitee is, was or at any time,
becomes a director or officer of the Corporation or a subsidiary thereof, or is
or was serving or at any time serves such other corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise, in any capacity,
whether arising out of any breach of Indemnitee’s fiduciary duty, under any
state or federal law or otherwise, as a director or officer of the Corporation
or subsidiary or as a director, officer, employee or agent of such other
corporation, partnership, joint venture, trust, employee benefit plan or other
enterprise; provided, however, that no indemnity pursuant to this Article FIRST
shall be paid by the Corporation

 

 

	(1)	 	except to the extent the aggregate of losses to be indemnified
exceeds the amount of such losses for which Indemnitee is actually paid
pursuant to any insurance purchased and maintained by the Corporation
for the benefit of Indemnitee;
	 
	(2)	 	if judgment or other final adjudication establishes that the
Indemnitee’s acts were committed in bad faith or were the result of
active and deliberate dishonesty and were material to the cause of
action so adjudicated, or that Indemnitee personally gained in fact a
financial profit or other advantage to which Indemnitee was not legally
entitled; or
	 
	(3)	 	if a final judgment by a court having jurisdiction in the matter
shall determine that such indemnification is not lawful.

The termination of any such civil or criminal action or proceeding by
judgment, settlement, conviction or upon a plea of nolo contendere, or its
equivalent, shall not create a presumption that Indemnitee acted in bad faith
or was dishonest. For purposes of this Agreement (i) the Corporation shall be
deemed to have requested Indemnitee to serve in a capacity with respect to an
employee benefit plan where the performance by Indemnitee of his duties to the
Corporation or a subsidiary thereof also imposes duties on, or otherwise
involves services by, Indemnitee to the plan or participants or beneficiaries
of the plan; (ii) excise taxes assessed on Indemnitee with respect to any
employee benefit plan pursuant to applicable law shall be considered fines; and
(iii) action taken or omitted by Indemnitee with respect to an employee benefit
plan in the performance of Indemnitee’s duties for a purpose reasonably
believed by Indemnitee to be either in the interest of the Corporation or a
subsidiary or in the interest of the participants and beneficiaries of the plan
shall not be deemed to be in bad faith or dishonest.

     SECOND: Continuation of Indemnity. All agreements and obligations of the
Corporation contained herein shall continue during the period Indemnitee shall
serve as a director or officer of the Corporation or subsidiary thereof and
thereafter so long as Indemnitee shall be subject to any possible claim or
threatened, pending or completed action, suit or proceeding, whether, civil,
criminal or investigative, by reason of the fact that Indemnitee was a director
or officer of the Corporation or subsidiary or served at the request of the
Corporation in any capacity in any other corporation, partnership, joint
venture, trust, employee benefit plan or other enterprise.

     THIRD: Notification and Defense of Claim. Promptly after receipt by
Indemnitee of notice of the commencement of any action, suit or proceeding,
Indemnitee will, if a claim in respect thereof is to be made against the
Corporation under this Agreement, notify the Corporation of the commencement
thereof; but the omission so to notify the Corporation will not relieve it from
any liability that it may have to Indemnitee otherwise than under this
Agreement. With respect to any such action, suit or proceeding as to which
Indemnitee notifies the Corporation of the commencement thereof:

     A. The Corporation or subsidiary will be entitled to participate therein
at its own expense; and,

     B. Except as otherwise provided below, to the extent that it may wish,
the Corporation jointly with any other indemnifying party similarly notified
will be entitled to assume the defense thereof, with counsel satisfactory to
Indemnitee. After notice from the Corporation to Indemnitee of its election so
to assume the defense thereof, the Corporation will not be liable to Indemnitee
under this Agreement for any legal or other expenses subsequently incurred by
Indemnitee in connection with the defense thereof other than reasonable costs
of investigation or as otherwise provided below. Indemnitee shall have the
right to employ his or her own counsel in such action, suit or proceeding but
the fees and expenses of such counsel incurred after notice from the
Corporation of its assumption of the defense thereof shall be at the expense of
Indemnitee unless (1) the employment of counsel by Indemnitee has been
authorized by the Corporation in connection with the defense of such action,
(2) Indemnitee shall

2

 

have reasonably concluded that there may be a conflict of
interest between the Corporation and Indemnitee in the conduct of the defense
of such action, or (3) the Corporation shall not in fact have employed counsel
to assume the defense of such action, in each of which cases the fees and
expenses of counsel shall be borne by the Corporation (it being understood,
however, that the Corporation shall not be liable for the expenses for more
than one counsel for Indemnitee in connection with any action or separate but
similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances). The Corporation shall not be entitled
to assume the defense of any action, suit or proceeding brought by or on behalf
of the Corporation or as to which Indemnitee shall have made the conclusion
provided for in (2) above.

     C. Anything in this Article THIRD to the contrary notwithstanding, the
Corporation shall not be liable to indemnify Indemnitee under this Agreement
for any amounts paid in settlement of any action or claim effected without its
written consent. The Corporation shall not settle any action or claim in any
manner that would impose any penalty or limitation on Indemnitee without
Indemnitee’s written consent. Neither the Corporation nor Indemnitee will
unreasonably withhold their consent to any proposed settlement.

     FOURTH: Advancement and Repayment of Expenses. In the event of any
threatened or pending action, suit or proceeding that may give rise to a right
of indemnification from the Corporation to Indemnitee pursuant to this
Agreement, the Corporation shall pay on demand, in advance of the final
disposition thereof expenses, other than (a) those expenses for which
Indemnitee is not entitled to indemnification pursuant to clause (3) of the
proviso to Article FIRST hereof or pursuant to Article THIRD hereof and (b)
those expenses for which Indemnitee has been paid under any insurance purchased
and maintained by the Corporation for the benefit of Indemnitee. The
Corporation shall make such payments upon receipt of (1) a written request by
Indemnitee for payment of such expenses, (2) an undertaking by or on behalf of
Indemnitee to repay such amount if it shall ultimately be determined that he or
she is not entitled to be indemnified by the Corporation hereunder, and (3)
satisfactory evidence as to the amount of such expenses. Indemnitee’s written
certification together with a copy of the statement paid or to be paid by
Indemnitee shall constitute satisfactory evidence as to the amount of such
expenses.

     FIFTH: Enforcement.

     A. The Corporation expressly confirms and agrees that it has entered into
this Agreement and assumed the obligations imposed on the Corporation hereby in
order to induce Indemnitee to become or continue as an officer or director of
the Corporation or any subsidiary and acknowledges that Indemnitee is relying upon this Agreement in
accepting such position or continuing in such capacity.

     B. In the event Indemnitee is required to bring any action to enforce
rights or to collect moneys due under this Agreement and is successful in such
action, the Corporation shall reimburse
Indemnitee for all costs and expenses, including attorneys’ fees, incurred by
Indemnitee in connection with such action.

     SIXTH: Indemnification Hereunder Not Exclusive. The rights to
indemnification and advancement of expenses granted to Indemnitee under this
Agreement shall not be deemed exclusive of, or in limitation of, any rights to
which Indemnitee may now or hereafter be entitled under the State Statute, the
Corporation’s Restated Certificate of Incorporation or By-Laws, as now in
effect or as may hereafter be amended, any agreement, any vote of shareholders
or directors, or otherwise.

3

 

     SEVENTH: Miscellaneous.

     A. All communications hereunder shall
be in writing and shall be sent by registered or
certified mail, return receipt requested; if intended
for the Corporation, shall be addressed to it, attention
of its General Counsel, David R. Birk, Esq., at Avnet,
Inc., 2211 South 47th Street, Phoenix, AZ 85034, or at
such other address of which the Corporation shall have
given notice to Indemnitee in the manner herein
provided; and if intended for Indemnitee shall be
addressed to Indemnitee at the address set forth below
under his or her signature, or at such other address of
which Indemnitee shall have given notice to the
Corporation in the manner herein provided.

     B. In the event that any provision of this Agreement is invalid, illegal
or unenforceable, the balance of this Agreement shall remain in effect, and if
any provision is inapplicable to any party or circumstances, it shall
nevertheless remain applicable to all other parties and circumstances.

     C. This Agreement constitutes the entire understanding among the parties
with respect to the subject matter hereof and no waiver or modification of the
terms hereof shall be valid unless in writing signed by the party to be charged
and only to the extent therein set forth.

     D. This Agreement shall be binding upon Indemnitee and upon the
Corporation, its successors and assigns and shall inure to the benefit of
Indemnitee, his or her heirs, personal representatives and assigns and to the
benefit of the Corporation, its successors and assigns.

     E. The captions appearing in this Agreement are inserted only as a matter
of convenience and for reference and in no way define, limit or describe the
scope and intent of this Agreement or any of the provisions hereof.

     F. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of New York applicable to contracts made and to be
performed wholly within the State without giving effect to conflict of laws
principles thereof.

     IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement
to be effective as of the day and year first above written.

	 	 	 	 	 
	AVNET, INC.	 	INDEMNITEE
	 
	 	 	 	 
	By:

	 	

	 	

	

	 	David R. Birk	 	 
	

	 	Senior Vice President and	 	 
	

	 	General Counsel
	 	Address:
	 
	 	 	 	 
	

	 	 	 	

	

	 	 	 	

	

	 	 	 	

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]