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                                                                   EXHIBIT 10.33

March 20, 2006

Mr. Larry Liebenow
President and Chief Executive Officer
Quaker Fabric Corporation
941 Grinnell Street
Fall River, MA  02721

Dear Larry:

     This letter confirms and sets forth the terms and conditions of the
engagement between Alvarez & Marsal, LLC ("A&M") and Quaker Fabric Corporation
(the "Company"), including the scope of the services to be performed and the
basis of compensation for those services. Upon execution of this letter by each
of the parties below and receipt of the retainer described below, this letter
will constitute an agreement between the Company and A&M.

     1.   Description of Services
          -----------------------

          (a)  A&M shall provide consulting services to the Company in
               connection with the Company's evaluation and implementation of
               strategic and tactical alternatives for the restructuring
               process. It is anticipated that A&M's activities shall include
               (but not be limited to) the following:

               (i)   assistance in the preparation of a rolling 13-week cash
                     flow receipts and disbursement forecast and
                     actual-to-forecast variance reports;

               (ii)  assistance in preparation and implementation of revised
                     strategic, financial and operating plans, including
                     assistance in:

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                    -    identification and implementation of cost reductions;
                    -    identification and implementation of operations
                         improvements;
                    -    identification and implementation of improved working
                         capital management;
                    -    identification and implementation of the sale or other
                         disposition of assets; and
                    -    assessment of organizational and operational structure
                         of the Company and evaluation and implementation of
                         potential changes;

               (iii) analysis of strategic alternatives, including assistance in
                     evaluating raising of debt and/or equity financing;

               (iv)  assistance in preparation of reports, communication and
                     meeting with, and negotiation with the Company's lenders
                     and other stakeholders and their advisors; and

               (v)   other activities as are approved by you or the Board of
                     Directors and agreed to by A&M.

               You understand that the services to be rendered by A&M may
               include the preparation of recommendations, projections and other
               forward-looking statements, and that numerous factors can affect
               the actual results of the Company's operations, which may
               materially and adversely differ from those projections. In
               addition, A&M will be relying on information provided by the
               Company in the preparation of those recommendations, projections
               and other forward-looking statements. Further, A&M assumes no
               responsibility for the selection, approval, or implementation of
               any actions which it assists the Company in formulating.

               In rendering its services to the Company, A&M will report
               directly to the Chief Executive Officer and the Board of
               Directors of the Company, and will make recommendations to and
               consult with such senior officers as they direct.

          (b)  The engagement will be staffed as follows:

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               Steven Cohn, a Managing Directors of A&M, will be responsible for
               the overall engagement. George Varughese, a Managing Directors of
               A&M, will be responsible for the financing and sale services.
               Steven and George will be assisted by Daniel Ehrmann, a Senior
               Director, and by other A&M personnel as required by the
               engagement. A&M personnel providing services to the Company may
               also work with other A&M clients in conjunction with unrelated
               matters.

     2.   Compensation
          ------------

          (a)  A&M will receive fees based on the following hourly rates:

                     Steven Cohn            $550
                     George Varughese       $550
                     Daniel Ehrmann         $425

                     Associate/Analyst      $250-300

          (b)  In addition, A&M will be reimbursed for its reasonable
               out-of-pocket expenses incurred in connection with this
               assignment, such as travel, lodging, duplicating, computer
               research, messenger and telephone charges. In addition, A&M shall
               be reimbursed for the reasonable fees and expenses of its counsel
               incurred in connection with the enforcement of this Agreement.
               All fees and expenses will be billed and payable on a monthly
               basis or, at A&M's discretion, more frequently.

          (c)  The Company shall promptly remit to A&M a retainer in the amount
               of $50,000, which shall be credited against any amounts due at
               the termination of this engagement and returned upon the
               satisfaction of all obligations hereunder.

     3.   Term
          ----

          The engagement will commence as of the date hereof and may be
          terminated by either party without cause by giving 20 days' written
          notice to the other party. In the event of any such termination, any
          fees and expenses due to A&M shall be remitted promptly (including
          fees and expenses that accrued prior to but were invoiced subsequent
          to such termination) and all A&M work product including, but not
          limited to reports, analyses, spreadsheets, documents and other such
          materials prepared by A&M in connection with this engagement shall be
          turned over to the Company.

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     4.   Relationship of the Parties
          ---------------------------

          The parties intend that an independent contractor relationship will be
          created by this engagement letter. Neither A&M nor any of its
          personnel or subcontractors is to be considered an employee or agent
          of the Company and the personnel and subcontractors of A&M are not
          entitled to any of the benefits that the Company provides for the
          Company employees. The Company acknowledges that A&M's engagement
          shall not constitute an audit, review or compilation, or any other
          type of financial statement reporting engagement that is subject to
          the rules of the AICPA, SEC or other state or national professional or
          regulatory body.

     5.   No Third Party Beneficiary
          --------------------------

          The Company acknowledges that all advice (written or oral) given by
          A&M to the Company in connection with this engagement is intended
          solely for the benefit and use of the Company (limited to its Board of
          Directors and management) in considering the matters to which this
          engagement relates. The Company agrees that no such advice shall be
          used for any other purpose or reproduced, disseminated, quoted or
          referred to at any time in any manner or for any purpose other than
          accomplishing the tasks referred to herein without A&M's prior
          approval (which shall not be unreasonably withheld), except as
          required by law. Notwithstanding the foregoing, the parties hereto
          hereby agree that the advice, analysis, opinions, reports and other
          work product of A&M will be shared with the Company's senior lenders
          in accordance with the terms of the Company's senior loan arrangements
          (including, without limitation, the confidentiality provisions
          thereof), provided, however that prior to the receipt of such
          information such senior lenders shall be informed, that their use of
          such advice, analysis, opinions, reports and other work product of A&M
          shall be without representation or warranty by A&M.

     6.   Conflicts
          ---------

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          A&M is not currently aware of any relationship that would create a
          conflict of interest with the Company or those parties-in-interest of
          which you have made us aware. Because A&M is a consulting firm that
          serves clients on a national basis in numerous cases, both in and out
          of court, it is possible that A&M may have rendered services to or
          have business associations with other entities or people which had or
          have or may have relationships with the Company, including creditors
          of the Company.

     7.   Confidentiality / Non-Solicitation
          ----------------------------------

          A&M shall keep as confidential all non-public information received
          from the Company in conjunction with this engagement, except: (i) as
          requested by the Company or its legal counsel, (ii) as required by
          legal proceedings, or (iii) as may be provided to the Company's senior
          lenders in accordance with Paragraph 5 hereof. All obligations as to
          non-disclosure shall cease as to any part of such information to the
          extent that such information is or becomes public other than as a
          result of a breach of this provision. The Company, on behalf of itself
          and its affiliates and any person which may acquire all or
          substantially all of its assets agrees that, until one (1) year
          subsequent to the termination of this engagement, it will not solicit,
          recruit, hire or otherwise engage any employee of A&M who worked on
          this engagement while employed by A&M ("Solicited Person"); provided
          that this restriction shall not apply with respect to any general
          solicitation for new employees which is not targeted at the Solicited
          Person. Should the Company or any of its affiliates or any person who
          acquires all or substantially all of its assets extend an offer of
          employment to or otherwise engage any Solicited Person and should such
          offer be accepted, A&M shall be entitled to a fee from the party
          extending such offer equal to the Solicited Person's hourly client
          billing rate at the time of the offer multiplied by 2,000 hours. The
          fee shall be payable at the time of the Solicited Person's acceptance
          of employment or engagement.

     8.   Indemnification
          ---------------

          The attached indemnification agreement is incorporated herein by
          reference and shall be executed upon the acceptance of this Agreement.
          Termination of this engagement shall not affect these indemnification
          provisions, which shall remain in full force and effect.

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     9.   Miscellaneous
          -------------

          This engagement letter (together with the attached indemnity
          provisions): (a) shall be governed and construed in accordance with
          the laws of the State of New York, regardless of the laws that might
          otherwise govern under applicable principles of conflict of laws
          thereof; (b) incorporates the entire understanding of the parties with
          respect to the subject matter hereof; and (c) may not be amended or
          modified except in writing executed by both parties hereto. The
          Company and A&M agree to waive trial by jury in any action, proceeding
          or counterclaim brought by or on behalf of the parties hereto with
          respect to any matter relating to or arising out of the engagement or
          the performance or non-performance of A&M hereunder

          If the foregoing is acceptable to you, kindly sign the enclosed copy
          to acknowledge your agreement with its terms.

                                                   Very truly yours,

                                                   Alvarez & Marsal, LLC

                                                   By:  ____________________
                                                        Steven J. Cohn
                                                        Title: Managing Director

          Accepted and agreed:

          Quaker Fabric Corporation

          By:  _____________________
               Larry A. Liebenow
               President & CEO

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                            INDEMNIFICATION AGREEMENT
                            -------------------------

This indemnity is made part of an agreement, dated January 26, 2006 (which
together with any renewals, modifications or extensions thereof, is herein
referred to as the "Agreement") by and between Alvarez & Marsal, LLC ("A&M") and
Quaker Fabric Corporation (the "Company"), for services to be rendered to the
Company by A&M.

A. The Company agrees to indemnify and hold harmless each of A&M, its affiliates
and their respective shareholders, members, managers, employees, agents,
representatives and subcontractors (each, an "Indemnified Party" and
collectively, the "Indemnified Parties") against any and all losses, claims,
damages, liabilities, penalties, obligations and expenses, including the costs
for counsel or others (including employees of A&M, based on their then current
hourly billing rates) in investigating, preparing or defending any action or
claim, whether or not in connection with litigation in which any Indemnified
Party is a party, or enforcing the Agreement (including these indemnity
provisions), as and when incurred, caused by, relating to, based upon or arising
out of (directly or indirectly) the Indemnified Parties' acceptance of or the
performance or nonperformance of their obligations under the Agreement;
provided, however, such indemnity shall not apply to any such loss, claim,
damage, liability or expense to the extent it is found in a final judgment by a
court of competent jurisdiction (not subject to further appeal) to have resulted
primarily and directly from such Indemnified Party's gross negligence, material
breach of contract resulting in damages in excess of $300,000 or willful
misconduct. The Company also agrees that no Indemnified Party shall have any
liability (whether direct or indirect, in contract or tort or otherwise) to the
Company for or in connection with the engagement of A&M, except to the extent
that any such liability for losses, claims, damages, liabilities or expenses are
found in a final judgment by a court of competent jurisdiction (not subject to
further appeal) to have resulted primarily and directly from such Indemnified
Party's gross negligence, material breach of contract resulting in damages in
excess of $300,000 or willful misconduct. The Company further agrees that it
will not, without the prior consent of an Indemnified Party, settle or
compromise or consent to the entry of any judgment in any pending or threatened
claim, action, suit or proceeding in respect of which such Indemnified Party
seeks indemnification hereunder (whether or not such Indemnified Party is an
actual party to such claim, action, suit or proceedings) unless such settlement,
compromise or consent includes an unconditional release of such Indemnified
Party from all liabilities arising out of such claim, action, suit or
proceeding.

B. These indemnification provisions shall be in addition to any liability which
the Company may otherwise have to the Indemnified Parties. In the event that, at
any time whether before or after termination of the engagement or the Agreement,
as a result of or in connection with the Agreement or A&M's and its personnel's
role under the Agreement, A&M or any Indemnified Party is required to produce
any of its personnel (including former employees) or for examination, deposition
or other written, recorded or oral presentation, or A&M or any of its personnel
(including former employees) or any other Indemnified Party is required to
produce or otherwise review, compile, submit, duplicate, search for, organize or
report on any material within such Indemnified Party's possession or control
pursuant to a subpoena or other legal (including administrative) process, the
Company will reimburse the Indemnified Party for its out of pocket expenses,
including the reasonable fees and expenses of its counsel, and will compensate
the Indemnified Party for the time expended by its personnel based on such
personnel's then current hourly rate; provided, however, that this Clause B
shall not apply to any proceeding or other legal action between A&M and the
Company.

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C. If any action, proceeding or investigation is commenced to which any
Indemnified Party proposes to demand indemnification hereunder, such Indemnified
Party will notify the Company with reasonable promptness; provided, however,
that any failure by such Indemnified Party to notify the Company will not
relieve the Company from its obligations hereunder, except to the extent that
such failure shall have actually prejudiced the defense of such action or
increased the cost of defending such action. The Company shall promptly pay
expenses reasonably incurred by any Indemnified Party in defending,
participating in, or settling any action, proceeding or investigation in which
such Indemnified Party is a party or is threatened to be made a party or
otherwise is participating in by reason of the engagement under the Agreement
and to which it is entitled to indemnification under Clause A, upon submission
of invoices therefor, whether in advance of the final disposition of such
action, proceeding, or investigation or otherwise; provided, however, that this
Clause C shall not apply to any proceeding or other legal action between A&M and
the Company. Each Indemnified Party hereby undertakes, and the Company hereby
accepts its undertaking, to repay any and all such amounts so advanced if it
shall ultimately be determined that such Indemnified Party is not entitled to be
indemnified therefor. If any such action, proceeding or investigation in which
an Indemnified Party is a party is also against the Company, the Company may, in
lieu of advancing the expenses of separate counsel for such Indemnified Party,
provide such Indemnified Party with legal representation by the same counsel who
represents the Company, provided such counsel is reasonably satisfactory to such
Indemnified Party, at no cost to such Indemnified Party; provided, however, that
if such counsel or counsel to the Indemnified Party shall determine that due to
the existence of actual or potential conflicts of interest between such
Indemnified Party and the Company such counsel is unable to represent both the
Indemnified Party and the Company, then the Indemnified Party shall be entitled
to use separate counsel of its own choice, and the Company shall promptly
advance its reasonable expenses of such separate counsel upon submission of
invoices therefor. Nothing herein shall prevent an Indemnified Party from using
separate counsel of its own choice at its own expense. The Company will be
liable for any settlement of any claim against the Indemnified Party for which
the Indemnified Party is entitled to indemnification hereunder made with the
Company's written consent, which consent will not be unreasonably withheld.

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D. In order to provide for just and equitable contribution if a claim for
indemnification pursuant to these indemnification provisions is made but it is
found in a final judgment by a court of competent jurisdiction (not subject to
further appeal) that such indemnification may not be enforced in such case, even
though the express provisions hereof provide for indemnification, then the
relative fault of the Company, on the one hand, and the Indemnified Parties, on
the other hand, in connection with the statements, acts or omissions which
resulted in the losses, claims, damages, liabilities and costs giving rise to
the indemnification claim and other relevant equitable considerations shall be
considered and further provided that in no event will the Indemnified Parties'
aggregate contribution for all loses, claims, damages, liabilities and expenses
with respect to which contribution is available hereunder exceed $450,000. No
person found liable for a fraudulent misrepresentation shall be entitled to
contribution hereunder from any person who is not also found liable for such
fraudulent misrepresentation.

E. The rights provided herein shall not be deemed exclusive of any other rights
to which the Indemnified Parties may be entitled under the certificate of
incorporation or bylaws of the Company, any other agreements, any vote of
stockholders or disinterested directors of the Company, any applicable law or
otherwise.

QUAKER FABRIC CORPORATION                          ALVAREZ & MARSAL, LLC

By:  ____________________                          By:  ____________________
     Larry A. Liebenow                                  Steven J. Cohn
     President & Chief Executive                        Managing Director
     Officer

                                       11EXHIBIT 10-0

                             Arrow Electronics, Inc.

                          Stock Option Award Agreement

Grant Recipient: ________________

Date of Grant: __________________

Number of Shares Covered by this Option: ___________

Exercise Price Per Share: _________

Expiration Date: __________

          THIS AGREEMENT, effective as of the date of the grant, sets out the
terms of Arrow's grant to you of a non-qualified stock option (the "option")
under the Arrow Electronics, Inc. 2004 Omnibus Incentive Plan (the "plan").

          The plan and this agreement together provide a complete description of
the terms and conditions governing this option. If there is any inconsistency
between the terms of this agreement and the terms of the plan, the plan's terms
will replace the conflicting terms of this agreement. You can only accept and
receive the option by signing this agreement and returning it to us by
___________. By signing this agreement, you accept all of its terms. If you do
not sign and return this agreement by the date indicated, your stock option will
be forfeited.

1.        The Option. Arrow hereby grants you an option to purchase the number
of shares set forth above, at the stated exercise price per share, which is 100%
of the fair market value of a share on the date of the grant.

2.        Term. Except as expressly provided below, the term of this option
begins as of the date of grant and continues through the 90-day period following
your termination of employment. In no event may this option be exercised after
the expiration date stated above.

3.        Vesting Period. You do not have any rights or interests in this option
until it vests. Except as expressly provided in this Agreement, your option will
vest in accordance with the following schedule:

     (a) Twenty-five percent (25%) of the option (rounded to a whole share) will
     vest on each of the first, second, third, and fourth anniversaries of the
     date of grant, but only if you are still employed by Arrow (or one of its
     subsidiaries or affiliates) on the applicable anniversary.

<PAGE>

     (b) Any unvested part of this option will vest immediately upon your death,
     disability, or retirement, and the entire option will remain exercisable
     until the expiration date, but only if you are still employed by Arrow (or
     one of its subsidiaries or affiliates) at the time of your death,
     disability or retirement.

4.        Alternative Provisions Governing Vesting and Term of Exercise.

     (a) Termination on account of Change of Control. Any unvested portion of
     this option will vest immediately, and the entire option will remain
     exercisable until the Expiration Date, upon the termination of your
     employment by Arrow, or by you for good reason, within two years after a
     change of control of Arrow.

     (b) Termination on account of Death, Disability or Retirement. Upon your
     death, disability, or retirement, (i) any unvested part of this option will
     vest immediately and (ii) the entire option will remain exercisable until
     the Expiration Date, but in either case only if you are still employed by
     Arrow (or one of its subsidiaries or affiliates) at the time of your death,
     disability or retirement.

     (c) Termination by Arrow for Cause. Notwithstanding any other provision of
     this agreement to the contrary, including sections 4(a) and 4(b) above, if
     your employment is terminated by Arrow for cause, any portion of this
     option, whether vested or unvested, which remains unexercised will
     immediately be forfeited.

     (d) Change in Affiliation. Except as provided in section 4(b) above, if
     your employer or former employer ceases to be a subsidiary or affiliate of
     Arrow, the unexercised portion of your option, whether vested or unvested,
     will be forfeited.

     (e) Definitions. The terms, "cause", "change of control", "disability",
     "good reason", and "retirement", as used in this Section 4, are defined in
     Section 10 below.

5.        Exercise. You (or your representative, upon your death), may exercise
any vested portion of this option at any time during its term by giving written
notice to Arrow's stock administrator and making payment to Arrow in an amount
equal to the per share exercise price times the number of shares you wish to
exercise, plus applicable taxes.

6.        Military Leave. Your option will continue to vest and any vested
portion will remain exercisable during its term while you are on any military
leave of absence (as that term is defined in the then current applicable Arrow
Employee Handbook).

7.        No Transfers or Pledges. This option may only be transferred or
assigned by will or by the laws of descent and distribution. No other assignment
or transfer, or pledge or sale of any kind, whether voluntary or involuntary, by
operation of law or otherwise, will vest in the assignee, buyer or transferee
any right, title or interest whatsoever, except as the committee may, in their
discretion, expressly permit.

<PAGE>

8.        Changes to this Agreement, the Plan, or Your Rights Under Them. This
agreement and your rights under it are subject to all the terms and conditions
of the plan, and the rules and regulations the Compensation Committee may adopt
to administer it, as both the plan and those rules or regulations may be amended
by the Committee from time to time. You expressly acknowledge that the Committee
is authorized to administer, construe, and make all determinations necessary or
appropriate to the administration of the plan and this agreement, all of which
will be binding upon you. With the approval of Arrow's Board of Directors, the
Committee may terminate, amend, or modify the plan itself, but no such
termination, amendment, or modification of the plan may in any way adversely
affect your rights under this Agreement without your written consent. In the
event there is a change to Arrow's stock, whether as a result of dividend
payments, recapitalization, stock splits, merger, consolidation, exchange of
shares, or otherwise, the number and class of shares subject to this option, as
well as the exercise price, may (but need not be) equitably adjusted by the
Committee, in its sole discretion, to prevent dilution or enlargement of rights.

9.        Miscellaneous.

     (a) All of Arrow's obligations under the plan and this agreement will be
     binding on any successor to Arrow, whether the succession is the result of
     a direct or indirect purchase, merger, consolidation, a transfer of all or
     substantially all of the business and/or assets of Arrow, or otherwise.

     (b) Arrow may deduct or withhold, or require you to remit to Arrow as part
     of the exercise process, funds sufficient to satisfy federal, state, and
     local taxes (including your FICA obligation) required by law to be withheld
     in connection with any grant or exercise under this agreement.

     (c) You will have no rights as a stockholder of Arrow with respect to any
     of the shares subject to this option agreement unless and until you have
     exercised the option as to those shares and the shares have been issued and
     delivered to you.

     (d) This is not an employment contract, and it does not create or evidence
     any right to continued employment by Arrow. Unless you have a separate,
     specific agreement, in writing, expressly on the subject, you remain
     employed at will, which means that either you or Arrow can terminate your
     employment at any time

     (e) The provisions of this agreement are severable and if any one or more
     provisions are determined to be illegal or otherwise unenforceable, in
     whole or in part, the remaining provisions will nevertheless be binding and
     enforceable, and the unenforceable provision may be modified by a court of
     competent jurisdiction to most nearly effectuate its intent.

     (f) To the extent not preempted by federal law, this agreement will be
     governed by, and construed in accordance with the internal laws of the
     State of New York (without regard to principles of conflict of laws). The

<PAGE>

     parties to this agreement (including any successor, assignee or heir)
     hereby waive to the fullest extent permitted by applicable law any right to
     a trial by jury with respect to any litigation directly or indirectly
     arising out of, under, or in connection with the plan or this agreement.

10.       Definitions. For purposes of this agreement, the following terms will
have the meanings set forth below:

     (a) It will be deemed to have been for "cause" if the committee determines,
     in its sole discretion, that you are terminated because you: (i)
     intentionally fail to perform your duties for Arrow and that failure
     continues after you receive written warning concerning your failure to
     perform (this does not mean a mere failure to attain financial goals); (ii)
     engage in illegal conduct or gross misconduct which is significantly and
     demonstrably injurious to Arrow; or (iii) you have violated any provision
     of Arrow's Worldwide Code of Business Conduct and Ethics or of any other
     written agreement you may have with Arrow. With respect to Non-employee
     Directors, "cause" is as defined by Arrow's bylaws.

     (b) "Change of control" means any of the following events: (i) any Person
     (as defined in the plan) is or becomes the "beneficial owner" (as defined
     in Rule 13d-3 under the Exchange Act), directly or indirectly, of 30% or
     more of the combined voting power of Arrow's outstanding shares or other
     securities ordinarily having the right to vote at elections of the
     directors of Arrow ("Voting Securities"), without the prior express
     approval of Arrow's then incumbent Board of Directors; or (ii) individuals
     who constitute the Board on the date of this agreement (and/or individuals
     whose subsequent nomination or election received the approval of at least
     three quarters of the then incumbent Board) cease for any reason to
     constitute at least a majority of the Board. In no event, however, will a
     change of control be deemed to have occurred for purposes of this Agreement
     by virtue of any transaction which results in one or more executive
     officers of Arrow (as defined in Rule 3b-7 under the Exchange Act), or a
     group of Persons which includes one or more executive officers of Arrow,
     acquiring, directly or indirectly, 30% or more of the combined voting power
     of Arrow's Voting Securities.

     (c) For purposes of clause 4(b)(i) "Disability" means your total and
     permanent disability as determined by the Committee; for purposes of clause
     4(b)(ii) "disability" means you qualify either for Social Security
     disability benefits or for long term disability benefits under a plan
     sponsored by Arrow or one of its subsidiaries or affiliates, either as
     determined by the Committee.

     (d) Arrow may add to, subtract from, or otherwise change your duties and
     responsibilities, or change your title, or relocate you at any time. You
     will have "good reason" to terminate your employment only if such action is
     taken during the two year period following a Change of Control and only if
     any such action substantially lessens your responsibilities or
     compensation, or involves a move of more than 50 miles, and Arrow does not
     rescind any such changes within thirty days after your written request

<PAGE>

     (e) "Retirement" means your retirement under a retirement plan of Arrow, or
     one of its subsidiaries or affiliates, at or after your normal retirement
     age or at an early retirement date, provided that the written consent of
     the Committee to your early retirement shall be required for the unvested
     portion of your option to vest under clause 4(b)(i) of this agreement on
     account of such early retirement.

          The parties acknowledge their acceptance of all of the terms of this
agreement by signing where indicated below.

Arrow Electronics, Inc.           Grant Recipient

By:                                By:
   ------------------------           ---------------------------

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