Document:

EX-10.3

Exhibit 10.3

AVNET SUPPLEMENTAL

EXECUTIVE OFFICERS’ RETIREMENT PLAN

(Amended and Restated Effective

Generally as of January 1, 2009)

TABLE OF CONTENTS

Page

	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE 1	 	 	 	 	 	HISTORY, PURPOSE AND EFFECTIVE DATE
	 	 	1	 
	ARTICLE 2	 	 	 	 	 	DEFINITIONS
	 	 	2	 
	 	 	 	 	 	2.1	 	 	Definitions
	 	 	2	 
	ARTICLE 3	 	 	 	 	 	PARTICIPATION
	 	 	7	 
	 	 	 	 	 	3.1	 	 	Participation
	 	 	7	 
	ARTICLE 4	 	 	 	 	 	PLAN BENEFITS
	 	 	8	 
	 	 	 	 	 	4.1	 	 	Calculation of Retirement Benefits
	 	 	8	 
	 	 	 	 	 	4.2	 	 	Normal Retirement; Form of Payment
	 	 	8	 
	 	 	 	 	 	4.3	 	 	Early Retirement
	 	 	9	 
	 	 	 	 	 	4.4	 	 	Death Benefit
	 	 	10	 
	 	 	 	 	 	4.5	 	 	Disability Benefit
	 	 	10	 
	ARTICLE 5	 	 	 	 	 	VESTING; NON-COMPETE REQUIREMENTS
	 	 	11	 
	 	 	 	 	 	5.1	 	 	Vesting of Total Retirement Benefit
	 	 	11	 
	 	 	 	 	 	5.2	 	 	Impact of Confidentiality, Non-Compete and Non-Solicitation Provisions11

	ARTICLE 6	 	 	 	 	 	DISTRIBUTION PROCEDURES
	 	 	15	 
	 	 	 	 	 	6.1	 	 	Distribution of Benefits
	 	 	15	 
	 	 	 	 	 	6.2	 	 	No Loans or Financial Hardship or In-Service Withdrawals
	 	 	15	 
	 	 	 	 	 	6.3	 	 	Inability to Locate Participant
	 	 	15	 
	 	 	 	 	 	6.4	 	 	Trust
	 	 	15	 
	ARTICLE 7	 	 	 	 	 	ADMINISTRATION
	 	 	16	 
	 	 	 	 	 	7.1	 	 	Committee
	 	 	16	 
	 	 	 	 	 	7.2	 	 	Committee Action
	 	 	16	 
	 	 	 	 	 	7.3	 	 	Powers and Duties of the Committee
	 	 	16	 
	 	 	 	 	 	7.4	 	 	Construction and Interpretation
	 	 	17	 
	 	 	 	 	 	7.5	 	 	Information
	 	 	17	 
	 	 	 	 	 	7.6	 	 	Compensation, Expenses and Indemnity
	 	 	17	 
	 	 	 	 	 	7.7	 	 	Disputes
	 	 	17	 
	ARTICLE 8	 	 	 	 	 	MISCELLANEOUS
	 	 	20	 
	 	 	 	 	 	8.1	 	 	Unsecured General Creditor
	 	 	20	 
	 	 	 	 	 	8.2	 	 	Restriction Against Assignment
	 	 	20	 
	 	 	 	 	 	8.3	 	 	Withholding
	 	 	20	 
	 	 	 	 	 	8.4	 	 	Amendment, Modification, Suspension or Termination
	 	 	20	 
	 	 	 	 	 	8.5	 	 	Governing Law
	 	 	21	 
	 	 	 	 	 	8.6	 	 	Receipt or Release
	 	 	21	 
	 	 	 	 	 	8.7	 	 	Notices
	 	 	21	 
	 	 	 	 	 	8.8	 	 	Headings and Gender
	 	 	21	 
	 	 	 	 	 	8.9	 	 	Plan Not a Contract of Employment
	 	 	21	 
	 	 	 	 	 	8.10	 	 	Construed as a Whole
	 	 	21	 
	 	 	 	 	 	8.11	 	 	Severability
	 	 	22	 
	 	 	 	 	 	8.12	 	 	Successors
	 	 	22	 

AVNET SUPPLEMENTAL

EXECUTIVE OFFICERS’ RETIREMENT PLAN

(Amended and Restated Effective

Generally as of January 1, 2009)

ARTICLE 1

HISTORY, PURPOSE AND EFFECTIVE DATE

Avnet, Inc., a New York corporation (the “Company”), previously established a program to
provide supplemental life insurance and retirement income benefits for Eligible Executives (as
defined herein), known as the Avnet Executive Officers’ Supplemental Life Insurance and Retirement
Benefits Program (the “Program”) effective January 1, 1998 (the “Original Effective Date”). The
Program is hereby amended and restated to comply with changes made to the Code (as defined below)
through the enactment of Code Section 409A by the American Jobs Creation Act of 2004 and to
incorporate other changes the Company desires to make to the Program. Upon adoption of this
document, the Program shall henceforth be known as the Avnet Supplemental Executive Officer’s
Retirement Plan (Amended and Restated Effective Generally as of January 1, 2009) (the “Plan”).

The Plan is intended to be a nonqualified deferred compensation plan under the Code that
provides supplemental retirement income to a select group of management or highly compensated
employees. Accordingly, the Company intends that the Plan will not be a qualified retirement plan
under Code Section 401(a), and that the Plan will be exempt from the requirements of parts 2, 3 and
4 of Title I of ERISA. Moreover, the Company intends that the terms of this Plan document and the
administration of the Plan shall be in compliance with the applicable requirements under Code
Section 409A. Prior to the Section 409A Effective Date (as defined below), the Company intended
that the Program be administered in accordance with a good faith interpretation of Code Section
409A. Any provision in the Program or the Plan that can be construed to be contrary to such intent
shall automatically be deemed to be severable from the provisions of the Program or this Plan
document and shall have no force or effect.

ARTICLE 2

1

DEFINITIONS

2.1 Definitions.

Whenever the following words and phrases are used in this Plan, with the first letter
capitalized, they shall have the meanings specified below:

(a) “Active Participant” shall mean a Participant who, for a particular Plan Year, is an
Eligible Executive and received Compensation from an Employer.

(b) “Actuarial Equivalent” shall mean the present value of a Participant’s unpaid Total
Retirement Benefit (as defined in Section 4.1) determined by using an annual discount rate of 7%,
an assumed retirement age of 65 and no charge for mortality factors. No actuarial increase will be
provided for benefit payments made after age 65 except as otherwise specifically provided herein.

(c) “Affiliate” means the Company and any other entity that is, or would be, aggregated and
treated as a single employer with the Company under Code sections 414(b) (controlled group of
corporations) or 414(c) (a group of trades or businesses, whether or not incorporated, under common
control); provided, however, that an ownership threshold of at least 50% shall be used hereunder
instead of the 80% minimum ownership threshold that would otherwise apply under such Code sections.

(d) “Avnet Pension Plan” shall mean the Avnet Pension Plan (As Amended and Restated Effective
as of January 1, 1997), as it may be amended from time to time and any successor qualified
retirement plan thereto as designated by the Company from time to time.

(e) “Beneficiary” or “Beneficiaries” shall mean the person or persons, including a trustee,
personal representative or other fiduciary, last designated in writing by a Participant in
accordance with procedures established by the Committee to receive the benefits specified hereunder
in the event of the Participant’s death. No Beneficiary designation shall become effective until
it is filed with the Committee. If there is no Beneficiary designation in effect, then the
Participant’s surviving spouse shall be the Beneficiary. If there is no surviving spouse to
receive any benefits payable in accordance with the preceding sentence, the duly appointed and
currently acting personal representative of the Participant’s estate (which shall include either
the Participant’s probate estate or living trust) shall be the Beneficiary. In any case where
there is no such personal representative of the Participant’s estate duly appointed and acting in
that capacity within 90 days after the Participant’s death (or such extended period as the
Committee determines is reasonably necessary to allow such personal representative to be appointed,
but not to exceed 180 days after the Participant’s death), then a Participant’s Beneficiary shall
mean the person or persons who can verify by affidavit or court order to the satisfaction of the
Committee that they are legally entitled to receive the benefits specified hereunder. In the event
any amount is payable under the Plan to a minor, payment shall not be made to the minor, but
instead shall be paid (a) to that person’s living parent(s) to act as custodian, (b) if that
person’s parents are then divorced, and one parent is the sole or primary custodial parent, to such
custodial parent or (c) if no parent of that person is then living, to a custodian selected by the
Committee to hold the funds for the minor under the Uniform Gifts to Minors Act (or similar
statute) in effect in the jurisdiction in which the minor resides. If no parent is living and the
Committee decides not to select another custodian to hold the funds for the minor, then payment
shall be made to the duly appointed and currently acting guardian of the estate for the minor or,
if no such guardian is duly appointed and currently acting within 60 days after the date the amount
becomes payable, payment shall be deposited with the court having jurisdiction over the estate of
the minor.

(f) “Board of Directors” or “Board” shall mean the Board of Directors of the Company.

(g) “Change of Control” means the date of the earliest to occur of the following events:

(1) the acquisition by any individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (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 members of the Board of Directors;
provided, however, that the following transactions shall not constitute a Change of Control
under this subsection (1): (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 Affiliate;

(2) the individuals who, as of the Effective Date, constitute the Board (the “Incumbent
Board”) are replaced during any twelve- (12-) month period by new Board members whose
appointment or nomination was not endorsed by a majority of the Incumbent Board; provided,
however, that any individual becoming a director subsequent to the Effective Date 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 was a member of the Incumbent Board, but excluding for
this purpose any such individual whose appointment or nomination to the Board occurs as a
result of an actual or threatened election contest with respect to the election or removal
of any member of the Board, or other actual or threatened solicitation of proxies or
consents, by or on behalf of a Person other than a majority of the then Incumbent Board; or

(3) 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 (in one or more transactions) and, in either case, the
consummation of such transaction.

(h) “Code” shall mean the Internal Revenue Code of 1986, as amended.

(i) “Committee” shall mean the Committee appointed by the Board to administer the Plan in
accordance with Article 7. As of the date hereof, the Committee is the Avnet Finance Committee of
the Board.

(j) “Company” shall mean Avnet, Inc., a New York corporation, any successor corporation or
entity (or successor thereto) and its (or their) assigns.

(k) “Compensation” shall mean a Participant’s Incentive Compensation, if any, and Salary, if
any.

(l) “Covered Compensation” means the average of the highest two (2) out of the most current
five (5) full Fiscal Years of Compensation earned by a Participant, as determined on the last day
of the Fiscal Year on or prior to the date that he ceases to be an Active Participant.

(m) “Death Benefit Earnings” shall mean the total amount of a Participant’s Compensation for
the last full Fiscal Year, as determined on or prior to the date of the Participant’s death.

(n) “Disability” means an event that would enable an Active Participant to become eligible for
a Disability Retirement Date under subsection 4.4 of the Avnet Pension Plan or a similar provision
of an amended version of such plan. For purposes of this Plan, the term “Section 409A Disability”
means a Disability that also qualifies as a “disability” under the Section 409A Rules.

(o) “Early Retirement Date” means, for those Participants who have complied with the election
requirements in Section 4.3 of the Plan, the date when a Participant has incurred a Separation From
Service after age 60 and before age 65 and who has retired from the Company (or an Affiliate) with
the expectation that the Participant will no longer be an active full-time member of the workforce
and will not work or perform services for another business or entity that is designated by the
Chief Executive Officer of the Company or the Board as a competitor of the Company or an Affiliate.
For the avoidance of doubt, a Participant who Terminates Employment with the Company at age 62 and
becomes a consultant to a competitor of the Company on a part-time basis has not qualified for
(and, accordingly, has not incurred) an Early Retirement Date under the Plan.

(p) “Effective Date” means the date when this Plan document is adopted by the Board.

(q) “Eligible Executive” means an executive officer of the Company who has been designated as
eligible to participate in the Plan by action of the Board, the Committee or the Avnet, Inc.
Executive Committee. If requested by the Committee, such an officer will be an Eligible Executive
only if he or she agrees, in writing, to terminate any prior or existing obligation of an Employer
providing supplemental life insurance and/or nonqualified retirement benefits other than pursuant
to the Avnet Deferred Compensation Plan.

(r) “Employer” shall mean the Company and any Affiliate.

(s) “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

(t) “Final Section 409A Effective Date” shall mean the date when a rule or requirement under
the final regulations issued by the Secretary of the Treasury became effective under Code Section
409A, and shall generally refer to January 1, 2009.

(u) “Inactive Participant” shall have the meaning set forth in Section 3.1.

(v) “Incentive Compensation” shall mean any cash incentive compensation or bonus payable to a
Participant by an Employer in addition to the Participant’s Salary, but determined prior to
reduction for any salary deferral contributions to either a plan described under Code Section 125
or 401(k) or the Avnet Deferred Compensation Plan.

(w) “Interim Section 409A Effective Date” shall mean the date when a particular provision or
rule promulgated under Code Section 409A became effective, and shall generally mean January 1,
2005. The term “Interim Section 409A Period” means the period beginning on or after the Interim
Section 409A Effective Date and ending immediately before the Final Section 409A Effective Date.

(x) “Normal Retirement Date” shall mean the date when a Participant attains age 65 and has
incurred a Separation From Service.

(y) “Offset Plan Amount” shall mean the aggregate amount of a Participant’s lump sum
distributions under all Offset Plans (as defined below) determined when the Participant’s
retirement benefits first becomes payable under this Plan and in accordance with the following:
(i) if the Offset Plan is the Avnet Pension Plan, then the Offset Amount shall be determined based
on the amount (actual or projected) of the Participant’s Cash Balance Account under (and as defined
in) the Avnet Pension Plan assuming that the Participant elected to receive a lump sum distribution
thereunder payable on the same date when his or her retirement benefits first become payable under
this Plan and (ii) if the Offset Plan is a Nonqualified Offset Plan, the amount of the
Participant’s lump sum distribution payable thereunder.

(z) “Offset Plan” or “Offset Plans” shall mean the Pension Plan and any other nonqualified
deferred compensation plan designated by the Committee (other than the Avnet Deferred Compensation
Plan) that provides for benefits to Participants in amounts in excess of the benefit limitation
provisions under the Pension Plan that are required by the Code; provided, however, that the
Pension Plan shall constitute an Offset Plan only after such a nonqualified plan is established by
the Company; and provided, further, that such other nonqualified plan shall constitute an Offset
Plan only if it is provides for substantially identical distribution provisions to those that apply
under this Plan. A “Nonqualified Offset Plan” means an Offset Plan that is considered to be a
nonqualified deferred compensation plan under the Section 409A Rules.

(aa) “Original Effective Date” shall mean January 1, 1998.

(bb) “Participant” shall mean any Eligible Executive who becomes an Active Participant in
accordance with Section 3.1.

(cc) “Plan” shall mean this Avnet Supplemental Executive Officers’ Retirement Plan (Amended
and Restated Effective Generally as of January 1, 2009) as set forth herein, now in effect, or as
amended from time to time.

(dd) “Plan Year” shall mean the fiscal year of the Company.

(ee) “Salary” shall mean the Participant’s base salary payable by an Employer, but determined
prior to reduction for any salary deferral contributions to a plan described under Code Sections125
or 401(k) or the Avnet Deferred Compensation Plan.

(ff) “Section 409A Change in Control” means either a “change in the ownership” of the Company,
“change in effective control” of the Company or “change in the ownership of a substantial portion
of the assets” of the Company as determined in accordance with the Section 409A Rules. To the
extent required under the Section 409A Rules, a Section 409A Change in Control shall be determined
by reference to an Affiliate instead of the Company.

(gg) “Section 409A Rules” mean regulations issued under Code Section 409A or other official
and general guidance issued by the Secretary of the Treasury, the Commissioner of the Internal
Revenue Service or either of their delegates interpreting Code Section 409A.

(hh) “Separation From Service” means the date when an Active Participant resigns or is
dismissed from the employment of the Company and all of its Affiliates and has incurred a
“separation from service” in accordance with the Section 409A Regulation.

(ii) “Six-Month Payment Delay Rule” means the requirement under Code Section 409A that a
Specified Employee must delay his or her distribution from a “nonqualified deferred compensation
plan” (within the meaning of the Section 409A Rules) for six (6) months after Separation From
Service, but subject to applicable exceptions under the Section 409A Rules for distributions due to
death, a Section 409A Disability or a Section 409A Change in Control.

(jj) “Specified Employee” means a Participant who is considered to be a “key employee” under
Code Section 416(i) determined in accordance with procedures consistent with the Section 409A
Rules. Without limiting the generality of the foregoing, a Participant’s status as a key employee
shall be based on a calendar year, beginning with the calendar year preceding the Interim Section
409A Effective Date and, if the Participant is then a key employee, the Participant shall be
considered to be a Specified Employee for the 12-month period beginning on the April 1st following
the end of the calendar year when he or she was determined to be a key employee.

(kk) “Termination of Employment” means the date on which a Participant leaves active service
with all Employers under the employment policies of the Company.

(ll) “Trust” shall mean any irrevocable rabbi trust that may be established from time to time
relating to the Plan; provided, however, that the terms of such trust may provide that after all
liabilities to Participants have been satisfied under this Plan, as certified in writing by all
Participants, any remaining assets under the trust may be returned to the Company.

(mm) “Years of Service” means, except as otherwise specifically provided herein, each full
12-month period (based on a Participant’s anniversary date of hire) that a Participant has worked
for an Employer, but excluding service with an entity that has been acquired or purchased by an
Employer. If a Participant incurs a Termination of Employment, is then rehired by an Employer and
again becomes an Active Participant, he or she will be given credit for all full Years of Service
completed prior to the Termination of Employment. If a Participant ceases to be an Active
Participant prior to incurring a Termination of Employment, he or she will not accumulate any
additional Years of Service under the Plan prior to becoming an Active Participant again.

ARTICLE 3

2

PARTICIPATION

3.1 Participation.

An Eligible Executive shall become an Active Participant in the Plan by completing such forms
or agreements that the Committee, in its sole discretion, may require, and passing any physical
examination required for a life insurance policy relating to the Participant. A Participant who no
longer meets the definition of an Eligible Executive shall become an “Inactive Participant” in the
Plan if he or she is vested under Section 5.1. Notwithstanding any provision contained herein to
the contrary, an Inactive Participant who incurs a Termination of Employment or Disability may not
continue participation in the Plan with respect to the Death Benefit described in Section 4.4.

ARTICLE 4

3

PLAN BENEFITS

4.1 Calculation of Retirement Benefits.

Subject to the vesting and other requirements of Article 5 hereof and the provisions of
Sections 4.2 and 4.3, a Participant’s “Total Retirement Benefit” means either (A) or (B), whichever
is applicable: (A) the Participant’s Basic Annual Retirement Benefit (as defined below) payable
over a ten (10) year period or (B) if an Offset Plan exists, the Actuarial Equivalent of the
Participant’s Basic Annual Retirement Benefit payable over a ten (10) year period less the
Participant’s Offset Plan Amount. Notwithstanding any provision contained herein to the contrary,
the Actuarial Equivalent of a Participant’s Total Retirement Benefit determined immediately before
the date when an Offset Plan first becomes applicable shall not be reduced by the application of
the Offset Plan (determined by comparing the Participant’s Total Retirement Benefit immediately
before such date as if the Participant had then incurred a Termination of Employment (and without
regard to Section 5.1) against the Participant’s Total Retirement Benefit on his or her applicable
retirement date)

A Participant’s “Basic Annual Retirement Benefit” shall mean an amount determined under the
following formula:

(a) First, the Participant’s age (based on years and full months) at Termination of Employment
plus Years of Service at Termination of Employment shall be divided by 80; provided
that this shall not exceed one (1). Partial Years of Service shall be included for a year only
when an Active Participant becomes Disabled, incurs his or her Normal Retirement or Early
Retirement Date or dies; and

(b) Second, the figure determined in subparagraph (a) above shall be multiplied by 36% of a
Participant’s Covered Compensation.

For the avoidance of doubt, a Participant’s Basic Annual Retirement Benefit is calculated as the
total amount payable over a 12-month period. The timing and methods of paying a Participant’s
Total Retirement Benefit shall be determined in accordance with the foregoing applicable provisions
of this Plan document.

4.2 Normal Retirement; Form of Payment.

Subject to the provisions and requirements of Article 6 of the Plan, a Participant will begin
receiving payment of his or her Total Retirement Benefit effective on the first business day of the
month after the Participant’s Normal Retirement Date; provided, however, that, if the Participant
is subject to the Six-Month Payment Delay Rule, payment will not commence until on or after the
first business day of the seventh (7th) month following the date when the Participant has incurred
a Separation From Service for reasons other than death or a Section 409A Disability. Payment of a
Participant’s Total Retirement Benefit shall be made in accordance with the following:

(a) Retirement Before Final Section 409A Effective Date. If a Participant retires
before the Final Section 409A Effective Date (including during the Interim Section 409A Period),
then his or her Total Retirement Benefit will be made in 120 equal monthly installments effective
with the first month for which payment is made after the Participant’s retirement date and ending
on the 120th month thereafter; provided, however, that the first payment made to a Specified
Employee will include payments that would have otherwise been made but for the Six-Month Payment
Delay Rule. If a Participant dies after becoming an Inactive Participant, but prior to receiving
120 monthly payments, the Actuarial Equivalent of the remaining portion of his or her Total
Retirement Benefit shall be paid to the Participant’s Beneficiary in a lump sum within 90 days
following the Participant’s death.

(b) Retirement on or After the Final Section 409A Effective Date. If a Participant
retires on or after the Final Section 409A Effective Date, then his or her Total Retirement
Benefit, first, will be made in 24 equal monthly installments equal to 120th of the Participant’s
Total Retirement Benefit; provided, however, that the first payment made to a Specified Employee
will include payments that would have otherwise been made but for the Six-Month Payment Delay Rule
and, second, the Actuarial Equivalent of the remaining 96 monthly payments will be paid in a lump
sum within 90 days after the first business day of the 25th month following the Participant’s
retirement date. If a Participant dies after becoming an Inactive Participant, but prior to
receiving his or her 24 monthly payments or lump sum payment, as the case may be, the Actuarial
Equivalent of the remaining portion of a Participant’s Total Retirement Benefit shall be paid to
the Participant’s Beneficiary in a lump sum within 90 days following the Participant’s death.

4.3 Early Retirement.

A Participant will begin receiving payment of his or her Total Retirement Benefit on the first
business day of the month coincident with, or next following, his or her Early Retirement Date if
the Participant filed a written election with the Committee to begin receiving benefits hereunder
after his or her Early Retirement Date no later than before the Final Section 409A Effective Date
or, if applicable, within thirty (30) days from the date when the Participant first became eligible
either under this Plan or a Nonqualified Offset Plan; provided, however, that, if the Participant
is subject to the Six-Month Payment Delay Rule, payment will not commence until the first business
day of the seventh (7th) month on or after the date when the Participant has incurred a Separation
From Service for reasons other than death or a Section 409A Disability. Any such election made
under this Plan shall also apply under the Nonqualified Offset Plan. A Participant may make one
written election with the Committee to defer payments beyond his or her Early Retirement Date
provided that the election is filed with the Committee at least one year before the Participant’s
Early Retirement Date, payments are delayed for at least five (5) years after that date and the
election applies to both this Plan and any Nonqualified Offset Plan. A Participant’s Total
Retirement Benefit payable in connection with his or her Early Retirement Date shall be payable in
accordance with the applicable provisions of subparagraph (a) or (b) of Section 4.2 above and shall
be reduced by 0.25% for each month by which the commencement of retirement payments precede the
first business day of the month coincident with or next following the Participant’s 65th birthday.

4.4 Death Benefit.

If an Active Participant dies before incurring a Termination of Employment, his or her
Beneficiary shall be entitled to receive (in addition to any remaining payment required under
subparagraph (a) or (b) of Section 4.1 above) a lump sum payment equal to 200% of the amount of the
Participant’s Death Benefit Earnings (the “Death Benefit”) within 90 days following the
Participant’s death. The Company will take all action necessary within its control to maintain an
insurance policy (or policies) on the life of the Participant to pay the Death Benefit, and to
assure that the proceeds of the insurance policy will be payable to the Participant’s Beneficiary.

4.5 Disability Benefit.

An Active Participant who incurs a Termination of Employment due to Disability may be eligible
to receive a Disability Pension (as defined below). To be eligible to receive a Disability
Pension, a Participant must have:

(a) completed at least five (5) Years of Service as a full-time employee of an Employer;

(b) incurred a Termination of Employment due to Disability before his or her Normal Retirement
Date or, if applicable, Early Retirement Date; and

(c) filed an application for disability benefits under the Avnet Pension Plan, any other
disability plan sponsored or maintained by an Employer or, for Participants who are not covered
under any such plan and reside in a country other than the United States of America, a disability
program established or maintained under the national laws of his or her resident country.

A Participant’s annual “Disability Pension” shall be equal to 13% of his or her Death Benefit
(determined as if the Participant had died on the date he or she is first considered to be Disabled
under the Plan). Disability Pension payments will be made over a ten (10) year period (120 monthly
payments) effective with the later of: (i) the first business day of the month on or after the
date when the date when the Participant’s Disability application is approved under subparagraph (c)
above or (ii) if the Participant’s Disability does not qualify as a Section 409A Disability, the
first business day of the month on or after the date when the Participant Separates From Service
due to his or her Disability (but subject to the Six-Month Payment Delay Rule for a Specified
Employee if a Participant’s Disability does not qualify as a Section 409A Disability). If a
Participant dies prior to receiving 120 monthly payments, the Actuarial Equivalent of the remaining
monthly payments of the Participant’s Disability Pension shall be paid to the Participant’s
Beneficiary in a lump sum within 90 days following the Participant’s death. Payments made under
this Section 4.5 shall be in lieu of any payment that a Participant or Beneficiary may otherwise be
entitled to under the preceding Sections of this Article 4.

ARTICLE 5

4

VESTING; NON-COMPETE REQUIREMENTS

5.1 Vesting of Total Retirement Benefit.

Subject to Section 5.2, a Participant will be 100% vested in his or her Total Retirement
Benefit by meeting the requirements set forth in this Section 5.1 (a), (b) or (c) and Section
5.1(d). Alternatively, if a Participant fails to meet the requirements set forth in this Section
5.1, he or she will be 0% vested in his or her Total Retirement Benefit and, accordingly, not
entitled to receive retirement payments in connection with his or her a Normal Retirement Date or
Early Retirement Date. The requirements of this Section 5.1 are as follows:

(a) If the Participant incurs a Termination of Employment before attaining age 50, he or she
must have completed at least 20 Years of Service;

(b) If the Participant incurs a Termination of Employment after attaining age 50, but prior to
attaining age 55, he or she must have completed at least 15 Years of Service; or

(c) If the Participant incurs a Termination of Employment on or after attaining age 55, he or
she must have completed 10 Years of Service; and

(d) The Participant has completed at least 5 Years of Service as an Eligible Executive.

5.2 Impact of Confidentiality, Non-Compete and Non-Solicitation Provisions.

(a) Application of Employment Agreement Provisions. If at any time before or after
Termination of Employment, the Committee determines that a Participant has violated any of the
terms and conditions of an employment agreement that is in place between the Company (or an
Affiliate) and a Participant prohibiting the Participant from disclosing any confidential
information of the Company (or an Affiliate), competing with the Company (or an Affiliate) or
soliciting employees of the Company (or an Affiliate), then all of the Participant’s benefits under
the Plan (including his or her Total Retirement Benefit, Disability Pension and Death Benefit)
shall be forfeited. In such case, no payments, or further payments, will be made to the
Participant or his or her Beneficiary under the Plan. To the maximum extent permitted under
applicable law, the Company shall have the right to recover (in equity or at law) any payments made
to, or on behalf of, a Participant if this Section 5.2 is violated including, but not limited to,
an action for restitution for unjust enrichment for improperly paid benefits under the Plan, and
any payments made to the Participant shall be deemed to be held in a constructive trust until
recovered by the Company.

(b) Provisions Not Contained in Employment Agreement. If a Participant does not have
an employment agreement with the Company (or an Affiliate), or if such as agreement does not
contain a prohibition on disclosing confidential information of the Company (or an Affiliate),
competing with the Company (or an Affiliate) or soliciting employees or customers of the Company
(or an Affiliate), then the benefit forfeiture and benefit payment restoration provisions of
subparagraph (a) above shall apply if the Committee determines that the Participant has violated
one of the following provisions that is not otherwise addressed in Participant’s employment
agreement:

(1) Non-Competition. While employed by the Company or an Affiliate, the
Participant shall not, without the written consent of the Chief Executive Officer of the
Company (the “CEO”), 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
the Company or any of its Affiliates; provided, however, notwithstanding the foregoing the
Participant 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.

(2) Non-Solicitation. The Participant will not, at any time while employed by
the Company or an Affiliate and for a period of one year after Termination of Employment,
without the written consent of directly or indirectly, on the Participant’s behalf or on
behalf of any person or entity, induce or attempt to induce any employee of the Company or
an Affiliate, or any individual who was an employee of the Company or an Affiliate, during
the one (1) year period prior to the date of such inducement, to leave the employ of the
Company or an Affiliate, or to become employed by any person other than the Company or an
Affiliate, or offer or provide employment to any such individual.

(3) Use and Nondisclosure of Confidential Information.

(A) For purposes of this subparagraph 5.2(b)(3), the following terms shall
apply:

(i) “Confidential Information” means that confidential business
information of the Company or an Affiliate, whether or not
discovered, developed, or known by the Participant as a consequence
of his employment with the Company or an Affiliate. 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 manuals,
memoranda, price lists, computer programs (such as inventory control,
billing, collection, etc.) and records prepared by, or on behalf of,
the Company (or an Affiliate), whether or not designated, legended or
otherwise identified by the Company (or an Affiliate) as Confidential
Information.

(ii) “Developments” mean those inventions, discoveries,
improvements, advances, methods, practices and techniques, concepts
and ideas, whether or not patentable, relating to present and
prospective activities and products of the Company (or an Affiliate).

(B) A Participant will be in violation of this subparagraph 5.2(b)(3) if he
violates or does not comply with either (i), (ii) or (iii) below:

(i) Assignment of Developments. Any and all
Developments developed by the Participant (acting alone or in
conjunction with others) during the period of the Participant’s
employment with the Company (or an Affiliate) shall be conclusively
presumed to have been created for or on behalf of the Company (or an
Affiliate) as part of the Participant’s obligations to the Company
(or an Affiliate). Such Developments shall be the property of and
belong to the Company (or an Affiliate) without the payment of
consideration therefor in addition to the Participant’s Compensation
or benefits hereunder, and the Participant hereby transfers, assigns
and conveys all of the Participant’s right, title and interest in any
such Developments to the Company (or an Affiliate) and shall execute
and deliver any documents that the Company deems necessary to effect
such transfer on the demand of the Company.

(ii) Restrictions on Use and Disclosure. The
Participant shall not to use or disclose at any time, except with the
prior written consent of the CEO, any Confidential Information which
is or was obtained or acquired by the Participant while in the employ
of the Company (or an Affiliate); provided, however, that this
provision shall not preclude the Participant from (y) 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 provision or in any
other unauthorized fashion, or (z) disclosure of such information
required by law or court order; provided that prior to such
disclosure required by law or court order the Participant will have
given the Company at least three (3) business days’ written notice
(or, if disclosure is required to be made in fewer 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.

(iii) Return of Documents. Upon Termination of
Employment with the Company (and all of its Affiliates), the
Participant shall forthwith deliver to the CEO 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.

ARTICLE 6

5

DISTRIBUTION PROCEDURES

6.1 Distribution of Benefits.

A Participant or Beneficiary will be entitled to receive his or her applicable Plan benefits
as soon as practicable on or after the first business day of the month following the Participant’s
Normal Retirement Date, Early Retirement Date, Disability retirement or death, as the case may be
and, except as otherwise specifically provided herein, no later than 90 days thereafter. However,
the actual payment will not be made until the Participant or Beneficiary files any written
distribution forms required by the Committee with the Company, and the Committee approves the
distribution. If such forms are not timely filed or there is an administrative delay in making the
payment, then payment will be made at a later date within the same taxable year as the originally
scheduled payment date under the Plan (and, if this occurs after a Participant’s Normal Retirement
Date and was not due to the fault of the Participant or Beneficiary, he or she will receive
retroactive payments with interest at a 7% annual rate). Payments delayed due to an administrative
delay on behalf of the Company or the Committee will commence no later than the 15th day of the
third calendar month following the originally scheduled payment date under the Plan (and the first
payment will include the delayed payments adjusted for interest at a 7% annual rate except as
provided in Section 6.3 below); provided, however, that if the calculation of the amount of payment
under the Plan is not administratively practicable (due to events beyond the control of the
Participant or Beneficiary), the payment will be made in the first calendar year in which the
calculation of the amount of the payment is administratively practicable (and the first payment
will include the delayed payments adjusted for interest at a 7% annual rate except as provided in
Section 6.3 below). No provision of this Section 6.1 shall be construed as permitting a
Participant or Beneficiary to directly or indirectly designate the taxable year of a payment
described in this Section.

	 	 	 	 	 
	 	6.2	 	 	No Loans or Financial Hardship or In-Service Withdrawals.

	 	 	 	 	 

	 	6.3	 	 	The Plan does not permit loans or financial hardship or in-service distributions.

Inability to Locate Participant.

	 	 	 	 	 

In the event that the Committee is unable to locate a Participant or Beneficiary within two
(2) years following the Participant’s 65th birthday, no payment will be made of his or her Total
Retirement Benefit. However, if Participant or Beneficiary later claims such benefit prior to the
expiration of a ten (10) year period from the Participant’s 65th birthday, such benefit shall be
reinstated without interest or earnings.

6.4 Trust.

In the event that a Change of Control occurs (or is imminent), a Participant may direct that
the Company establish a Trust with a financial institution or trust company and deposit into the
Trust cash, marketable securities or insurance policies in an amount sufficient to fund his or her
vested Total Retirement Benefit. The Company may establish separate Trusts for each Participant or
one Trust for all Participants, in its discretion.

ARTICLE 7

6

ADMINISTRATION

7.1 Committee.

A Committee shall be appointed by, and serve at the pleasure of, the Board of Directors to
administer the Plan. The number of members comprising the Committee shall be determined by the
Board which may from time to time vary the number of members. A member of the Committee may resign
by delivering a written notice of resignation to the Board. The Board may remove any member by
delivering a certified copy of its resolution of removal to such member. Upon his or her
Termination of Employment or affiliation with the Company, as the case may be, a person shall
automatically cease being a Committee member. Vacancies in the membership of the Committee shall
be filled promptly by the Board.

7.2 Committee Action.

The Committee shall act at meetings by affirmative vote of a majority of the members of the
Committee. Any action permitted to be taken at a meeting may be taken without a meeting if, prior
to such action, a written consent to the action is signed by all members of the Committee and such
written consent is filed with the minutes of the proceedings of the Committee. A member of the
Committee shall not vote or act upon any matter which relates solely to himself or herself as a
Participant. The Chairman or any other member or members of the Committee designated by the
Chairman may execute any certificate or other written direction on behalf of the Committee.
Notwithstanding the foregoing, the Committee may delegate specific functions or duties to a
specific Committee member or members.

7.3 Powers and Duties of the Committee.

The Committee shall enforce the Plan in accordance with its terms, shall be charged with the
general administration of the Plan and shall have all powers necessary to accomplish its purposes,
including, but not by way of limitation, the following:

(a) to construe and interpret the terms and provisions of this Plan and to remedy or correct
any ambiguities, omissions or inconsistencies contained therein;

(b) to compute and certify to the amount and kind of benefits payable to Participants and
their Beneficiaries;

(c) to maintain all records that may be necessary for the administration of the Plan;

(d) to provide for the disclosure of all information and the filing or provision of all
reports and statements to Participants, Beneficiaries or governmental agencies as shall be required
by applicable law;

(e) to promulgate, administer and enforce such rules for the regulation of the Plan and
procedures for the administration of the Plan as are not inconsistent with the terms hereof;

(f) to appoint an administrator or any other agent, and to delegate to them such powers and
duties in connection with the administration of the Plan as the Committee may from time to time
prescribe;

(g) to take all actions, and provide any necessary consents or directions, with respect to any
insurance policies obtained by an Employer relating to the Plan; and

(h) to take all actions set forth in a Trust agreement.

7.4 Construction and Interpretation.

The Committee shall have full discretion to construe and interpret the terms and provisions of
this Plan, which interpretation or construction shall be final and binding on all parties,
including but not limited to an Affiliate or any Participant or Beneficiary. The Committee shall
administer such terms and provisions of the Plan in accordance with any and all laws applicable to
the Plan.

7.5 Information.

To enable the Committee to perform its functions, the Company shall supply full and timely
information to the Committee on all matters relating to the Compensation of all Participants, their
death or other cause of termination, and such other pertinent facts as the Committee may require.

7.6 Compensation, Expenses and Indemnity.

(a) The members of the Committee shall serve without compensation for their services
hereunder.

(b) The Committee is authorized at the expense of the Company to employ such legal counsel as
it may deem advisable to assist in the performance of its duties hereunder. Expenses and fees in
connection with the administration of the Plan shall be paid by the Company, to the extent that the
Committee does not authorize payment from a Trust (in accordance with the terms of a Trust).

(c) The Company shall indemnify and hold harmless the Committee and each member thereof, the
Board of Directors and any delegate of the Committee who is an employee of the Company against any
and all expenses, liabilities and claims, including legal fees to defend against such liabilities
and claims arising out of their discharge in good faith of responsibilities under, or incident to,
the Plan, other than expenses and liabilities arising out of willful misconduct. This indemnity
shall not preclude such further indemnification as may be available under insurance purchased by
the Company or provided by the Company under any bylaw, agreement or otherwise, as such
indemnification is permitted under applicable law.

7.7 Disputes.

(a) Initial Claim and Decision.

A person who believes that he or she is being denied a benefit to which he or she is entitled
under this Plan (hereinafter referred to as “Claimant”) may file a written request for such benefit
with the Committee, setting forth his or her claim.

Upon receipt of a claim, the Committee shall advise the Claimant that a reply will be
forthcoming within ninety (90) days and shall, in fact, deliver such reply within such period. The
Committee may, however, extend the reply period for an additional ninety (90) days for special
circumstances.

If the claim is denied in whole or in part, the Committee shall inform the Claimant in
writing, using language calculated to be understood by the Claimant, setting forth: (1) the
specified reason or reasons for such denial; (2) the specific reference to pertinent provisions of
the Plan or Plan rules on which such denial is based; (3) a description of any additional material
or information necessary for the Claimant to perfect his or her claim and an explanation why such
material or such information is necessary; (4) appropriate information as to the steps to be taken
if the Claimant wishes to submit the claim for review; and (5) the time limits for requesting a
review under paragraph (b) below.

(b) Request for Appeal of Initial Claim Decision.

Within sixty (60) days after the receipt by the Claimant of the written denial of his or her
claim under paragraph (a) above, the Claimant may request in writing to the Committee or, if the
Committee does not consist primarily of outside members of the Board of Directors, then to the full
Board (in either case, the body designated to handle the appeal is referred to as the “Appeals
Committee”) an appeal of its prior determination with respect to the Claimant. Such request must
be addressed directly to the Appeals Committee or to a senior executive officer of the Company
designated to act on behalf of the Appeals Committee (and who is a person other than the Claimant).
The Claimant or his or her duly authorized representative may, but need not, review the pertinent
Plan documents and submit issues and comments in writing for consideration by the Appeals
Committee. If the Claimant does not request a review within such sixty (60) day period, he or she
shall be barred and estopped from challenging the Committee’s determination, which shall then
become final and conclusive.

Within sixty (60) days after the Appeals Committee has received a request for review, after
considering all materials presented by the Claimant, the Appeals Committee will inform the Claimant
in writing, in a manner calculated to be understood by the Claimant, of its decision setting forth
the specific reasons for the decision and containing specific references to the pertinent
provisions of the Plan or Plan rules on which the decision is based. If special circumstances
require that the sixty (60) day time period be extended, the Appeals Committee will so notify the
Claimant and will render the decision as soon as possible, but no later than one hundred twenty
(120) days after receipt of the request for review.

(c) Limitations on Bringing a Legal Action.

A legal action relating to a claim or right to benefits under the Plan may be brought by, or
on behalf of, a Participant or Beneficiary only during a certain period. This period begins after
the appeal process has ended under paragraph (b) above and ends 120 days thereafter. However, in
no event may a legal action be brought later than one (1) year after the earlier of the date when
the Participant, Beneficiary or other person: (i) knows (or should have known) of the existence
of, or the underlying facts allegedly supporting the claim or right which is the basis of his or
her claim or assertion for benefits or payments under, or relating to, the Plan or (ii) receives a
lump sum distribution under the Plan; provided, however, that, if the formal claim or appeal is
pending under paragraph (a) or (b) above at the end of the one (1) year period, then such 120-day
limitation rule shall apply.

(d) Impact of Delayed Payments under Code Section 409A.

Notwithstanding the foregoing, if a Claimant files a claim within 90 days after the latest
date on which a payment could be made to him or her under the Plan and the Section 409A Rules, and
the claim or appeal has not been resolved favorable to the Claimant by the 160th day after such
latest date, the Claimant may take further enforcement measures to collect payments which the
Claimant asserts are owed to him or her under the Plan; provided, however, that, if such action is
not taken within 180 days after such latest date, the Claimant’s action will not be presumed to be
prompt under the Section 409A Rules and this paragraph (d) shall not apply.

ARTICLE 8

7

MISCELLANEOUS

8.1 Unsecured General Creditor.

Participants and their Beneficiaries, heirs, successors, and assigns shall have no legal or
equitable rights, claims, or interests in any specific property or assets of the Company. No
assets of the Company shall be held under any trust (other than a Trust), or held in any way as
collateral security for the fulfilling of the obligations of the Company under this Plan. Except
as provided in a Trust, any and all of the Company’s assets relating to the Plan shall be, and
remain, the general unpledged, unrestricted assets of the Company. The Company’s obligation under
the Plan shall be merely that of an unfunded and unsecured promise of the Company to pay money in
the future, and the rights of the Participants and Beneficiaries shall be no greater than those of
unsecured general creditors. It is the intention of the Company that this Plan (and any Trust) be
unfunded for purposes of the Code and Title I of ERISA.

8.2 Restriction Against Assignment.

The Company shall pay all amounts payable hereunder only to the person or persons designated
by the Plan and not to any other person or corporation. No part of a Participant’s benefits
hereunder shall be liable for the debts, contracts or engagements of any Participant, his or her
Beneficiary, or successors in interest. Except as may be required by a valid and recognizable
qualified domestic relations order under ERISA, a Participant’s benefits hereunder shall not be
subject to execution by levy, attachment, or garnishment or by any other legal or equitable
proceeding. A Participant or Beneficiary shall not have any right to alienate, anticipate, sell,
transfer, commute, pledge, encumber or assign any benefits or payments hereunder in any manner
whatsoever. If any Participant, Beneficiary or successor in interest is adjudicated bankrupt or
purports to anticipate, alienate, sell, transfer, commute, assign, pledge, encumber or charge any
distribution or payment from the Plan, voluntarily or involuntarily, the Committee, in its
discretion, may cancel such distribution or payment (or any part thereof) to or for the benefit of
such Participant, Beneficiary or successor in interest in such manner as is consistent with
applicable law.

8.3 Withholding.

There shall be deducted from each payment made under the Plan or Trust or any other
Compensation payable to the Participant (or Beneficiary) all taxes which are required to be
withheld by the Company in respect to such payment or this Plan. The Company shall have the right
to reduce any payment (or Compensation) by the amount of cash sufficient to provide the amount of
said taxes.

8.4 Amendment, Modification, Suspension or Termination.

The Board of Directors may amend, modify, suspend or terminate the Plan in whole or in part by
adopting a written instrument, except that no amendment, modification, suspension or termination
shall have any retroactive effect to reduce the amount of a Participant’s vested Total Retirement
Benefit that has accrued as of the date of the amendment. In addition, the Committee has the right
to amend any Plan provision as long as any such amendment does not cause a material increase in the
costs incurred by the Company in connection with the Plan. In the event that this Plan is
terminated, a Participant’s vested Total Retirement Benefit shall be distributed to the Participant
under the terms of the Plan in existence as of the date of termination and in compliance with the
Section 409A Rules.

8.5 Governing Law.

This Plan shall be construed, governed and administered in accordance with the laws of the
State of Arizona, without regard to its conflict of law provisions and except to the extent that
its laws are preempted by the laws of the United States of America and, where applicable, the
Section 409A Rules.

8.6 Receipt or Release.

Any payment to a Participant or the Participant’s Beneficiary in accordance with the
provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims against
the Committee and the Company (including claims unrelated to this Plan). The Committee may require
such Participant or Beneficiary, as a condition precedent to such payment, to execute a receipt and
release to such effect.

8.7 Notices.

All notices or other communications by a Participant to the Company in connection with the
Plan shall be deemed to have been duly given when received by the Secretary of the Company or by
any other person designated by the Company for the receipt of such notices or other communications,
in the form and at the location specified by the Company.

8.8 Headings and Gender.

The headings to Sections in the Plan have been included for convenience of reference only.
The masculine pronoun shall include the feminine and the singular the plural, whenever appropriate.
Except as otherwise expressly indicated, all references to Sections in the Plan shall be to
Sections of the Plan.

8.9 Plan Not a Contract of Employment.

The Plan does not constitute a contract of employment and participation in the Plan does not
give any Eligible Executive or Participant the right to be retained in the employ of, or in a
particular position with, an Employer or a right or claim to any benefit under the Plan, unless
such right or claim was specifically achieved under the terms of the Plan.

8.10 Construed as a Whole.

The provisions of the Plan shall be construed as a whole in such manner as to carry out the
provisions thereof and shall not be construed separately without relation to the context.

8.11 Severability.

If any provision of this Plan unrelated to its status under Title I of ERISA as an unfunded
plan maintained for a select group of management or highly compensated employees is held to be
invalid or unenforceable by a court of competent jurisdiction, such holding shall not impact the
validity or enforceability of the remaining provisions of the Plan.

8.12 Successors.

The terms and condition of the Plan and any Trust shall be binding on the Employers and their
successors and assigns.

CHICAGO/#511928.6

8EX-10.4

Exhibit 10.4

AVNET, INC.

2003 STOCK COMPENSATION PLAN

(Amended and Restated Effective Generally as of January 1, 2009)

ARTICLE I

PURPOSE OF THE PLAN

The Avnet, Inc. 2003 Stock Compensation Plan was adopted effective September 19, 2003 with the
intent to advance the interests of the Company by assisting Avnet and its Subsidiaries in
attracting high caliber persons to serve as Eligible Employees and Non-Employee Directors, and
inducing such persons to remain as Eligible Employees and Non-Employee Directors, by virtue of the
additional incentive to promote the Company’s success that results from the ownership of shares of
Avnet’s Common Stock. The Original Plan was amended and restated effective generally as of January
1, 2009 primarily to make changes corresponding to Section 409A (as defined below). On or after
such date, the Original Plan shall be known as the “Avnet, Inc. 2003 Stock Compensation Plan
(Amended and Restated Effective Generally as of January 1, 2009).”

ARTICLE II

DEFINITIONS

The following words and phrases used herein shall, unless the context otherwise indicates,
have the following meanings:

1. “Avnet” shall mean Avnet, Inc.

2. “Agreement” shall mean the agreement evidencing any Award granted hereunder, including any
addendum to an Option Agreement relating to Stock Appreciation Rights, which agreement shall be in
such form as prescribed or approved by the Committee (in the case of an Award Agreement with an
Eligible Employee) or by the Board of Directors (in the case of an Award Agreement with a
Non-Employee Director).

3. “Award” shall mean, individually or collectively, a grant under this Plan of an Option,
Stock Appreciation Right, Restricted Stock, Restricted Stock Unit or Other Stock Unit Award.

4. “Board of Directors” and “Director” shall mean, respectively, the Board of Directors of
Avnet and any member thereof.

5. “Change in Control” means the happening of any of the following:

	 	(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 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 such
acquisitions shall not constitute a Change of Control under this subsection (i): (w)
any such acquisition that is authorized by the Board of Directors as constituted prior
to the effective date of the acquisition; (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 date of the 2003 annual meeting of the Company’s
stockholders (the “Determination Date”), constitute the Board of Directors (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the Board
of Directors; provided, however, that any individual becoming a director subsequent to
the Determination Date 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
solicitation of proxies or consents by or on behalf of a Person other than the Board;
or

	 	(iii)	 	approval by the shareholders 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.

6. “Code” shall mean the Internal Revenue Code of 1986, as amended.

7. “Committee” shall mean the Compensation Committee of the Board of Directors, which
Committee shall consist of three or more Non-Employee Directors appointed by the Board of
Directors; provided, however, that any member of the Compensation Committee who is not both a
“non-employee director” within the meaning of Rule 16b-3, and an “outside director” within the
meaning of Section 162(m) shall not serve as a Committee member hereunder unless there would
otherwise be less than two (2) members of the Committee.

	 	8.	 	“Company” shall mean Avnet and all its Subsidiaries.

9. “Covered Participant” means a Participant who is a “covered employee” under Code Section
162(m).

10. “Eligible Employee” shall mean any regular full-time employee of Avnet or of any of its
Subsidiaries (including any Director who is also such regular full-time employee), and may include,
in appropriate circumstances relating to the granting of Awards hereunder, any person who is under
consideration for employment by the Company and any person employed by a business which is then to
be acquired by Avnet. The term “Eligible Employees” shall also include any person employed or
retained by Avnet or any of its Subsidiaries to render services as a consultant or advisor other
than services in connection with the offer or sale of securities in capital-raising transaction or
services that directly or indirectly promote or maintain a market for Avnet’s securities.

11. “Exchange Act” shall mean the Securities Exchange Act of 1934.

12. “Executive Officer” shall mean any employee designated by the Company as an executive
officer under Rule 16b-3 of the Exchange Act.

13. “Fair Market Value” when used with respect to a particular date, shall mean the average
of the high and low sale prices (as reported for New York Stock Exchange Composite Transactions) at
which shares of the Stock shall have been sold on such date or, if such date is a date for which no
trading is so reported, on the next preceding date for which trading is so reported.

14. “Incentive Stock Option” or “ISO” shall mean an Option intended to qualify under Section
422 of the Code.

15. “Non-Employee Director” shall mean a Director who is not an Eligible Employee.

16. “Option” shall mean any option granted or held pursuant to the provisions of this Plan.

17. “Optionee” shall mean any person who at the time in question holds any Option which then
remains unexercised in whole or in part, has not been surrendered for complete termination and has
not expired or terminated, and shall include any Successor Optionee.

18. “Other Stock Unit Award” means awards granted pursuant to Article VIII, of Stock or other
securities that are payable in, valued in whole or in part by reference to, or are otherwise based
on Stock or other securities of the Company.

19. “Participant” shall mean an Eligible Employee or Non-Employee Director who has been
granted an Award hereunder.

20. “Period of Restriction” means the period during which the transfer of shares of Restricted
Stock or shares of Stock issued upon vesting of Restricted Stock Units is restricted, pursuant to
Article VII hereof.

21. “Person” shall mean “person” as defined in Section 3(a)(9) of the Exchange Act and as
used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) of the
Exchange Act but excluding the Company and any Subsidiary and any employee benefit plan sponsored
or maintained by the Company or any subsidiary (including any trustee of such plan acting as
trustee).

22. “Plan” shall mean the Avnet, Inc. 2003 Stock Compensation Plan, as set forth herein and as
amended from time to time.

23. “Restricted Stock” shall mean an Award of Stock granted pursuant to Article VII.

24. “Restricted Stock Unit” shall mean a notional share of Stock granted pursuant to Article
VII of the Plan.

25. “Rule 16b-3” shall mean Rule 16b-3 promulgated under the Exchange Act.

26. “Section 16” shall mean Section 16 of the Exchange Act.

27. “Section 162(m) shall mean Section 162(m) of the Internal Revenue Code of 1986, as
amended.

28. “Section 409A shall mean Section 409A of the Internal Revenue Code of 1986, as amended.

29. “Securities Act” shall mean the Securities Act of 1933, as amended.

30. “Stock” shall, subject to the anti-dilution provisions set forth in Article X hereof, mean
the Common Stock of Avnet, as presently constituted.

31. “Stock Appreciation Right” or “SAR” shall mean any right granted under this Plan which
entitles a Participant to receive (a) shares of Stock having a Fair Market Value at the date of
exercise of such SAR, or (b) cash in the amount of such Fair Market Value, or (c) a combination of
shares of Stock and cash equal in the aggregate to such Fair Market Value, equivalent to all or
part of the difference between the aggregate exercise price of the portion of the related Option
which is being surrendered for termination and the Fair Market Value at such date of the shares of
Stock for which such SAR is being exercised. An SAR may be granted by the Committee either
free-standing or with respect to any Option simultaneously or previously granted under this Plan to
an Eligible Employee, and an SAR may be granted by the Board of Directors either free-standing or
with respect to any Option simultaneously or previously granted under this Plan to a Non-Employee
Director; and, when granted, may be granted by the Committee or the Board of Directors upon such
terms and subject to such conditions as the Committee or the Board of Directors may in its
discretion prescribe or approve; provided that an SAR shall only be exercisable by the grantee
and/or Optionee to whom such SAR was initially granted.

32. “Subsidiary” shall mean any corporation 51% of the total combined voting power of all
classes of capital stock of which shall at the time in question be owned by Avnet and/or any of its
subsidiaries.

33. “Successor Optionee” shall mean any person who, under the provisions of Article V hereof,
shall have acquired from an Optionee the right to exercise any Option.

ARTICLE III

SHARES RESERVED FOR THE PLAN

1. Subject to the anti-dilution provisions set forth in Article X hereof, the maximum number
of shares of Stock which may be delivered by Avnet pursuant to the exercise of Awards shall be
6,000,000, all of which can be Options and/or SARs, but no more than 2,000,000 of which can be
Awards of Restricted Stock, Restricted Stock Units or Other Stock Awards. In addition, no Covered
Participant may be granted Awards for more than 1,000,000 shares of Stock in any calendar year, and
no Participant may be granted Options for more than 500,000 shares of Stock in any calendar year.
At no time shall there be outstanding Awards for the purchase of more than 6,000,000 shares of
Stock (subject to said anti-dilution provisions) less the aggregate of the number of shares of
Stock previously delivered pursuant to the exercise of Options, the number of shares of Stock
previously covered by Options terminated upon surrender in connection with the exercise of Stock
Appreciation Rights, and the number of shares of Stock previously delivered pursuant to the vesting
of Restricted Stock, Restricted Stock Units and other Stock Awards.

2. The shares of Stock subject to Awards may consist of authorized but unissued shares of
Stock and/or shares of Stock held in the treasury of Avnet.

1

3. If any Award shall be surrendered and terminated or for any other reason shall terminate
or expire, whether in whole or in part (except for terminations of Options in connection with
exercises of Stock Appreciation Rights), the number of shares of Stock covered by such Award
immediately prior to such termination or expiration shall thereupon be added to the number of
shares of Stock otherwise available for further grants of Awards hereunder. However,
notwithstanding the above, to the extent required by Sections 162(m) or 422, Participants may not
be granted Options, SARs, or other Awards which exceed the maximum number of shares of Stock for
which such Options, SARs, or Awards may be granted to such Participants hereunder, and cancelled
Awards shall continue to be counted against such maximum limits.

4. If a Participant pays for any Option or other Award with previously owned Stock, the
number of shares of Stock available for Awards shall be increased by the number of shares
surrendered by the Participant.

5. Notwithstanding any other provision of the Plan to the contrary, in no event shall the
number of Options with a price per share of less than 100% of the Fair Market Value of the Stock at
the date of grant exceed five percent (5%) of the Stock authorized pursuant to Article III(1) (as
adjusted pursuant to Article X), provided that this limitation shall not apply in the case of
Options assumed or granted in substitution for other options in a merger, acquisition, or similar
corporate transaction context.

ARTICLE IV

ADMINISTRATION OF THE PLAN

1. This Plan shall be administered by the Committee with respect to Awards granted to Eligible
Employees, and shall be administered by the Board of Directors with respect to Awards granted to
Non-Employee Directors. The Committee and the Board of Directors each shall have full and exclusive
power to construe and interpret the Plan, and to establish and amend rules and regulations for the
administration of the Plan, in connection with Awards granted to the persons within their
respective spheres of administrative responsibility as provided in the preceding sentence. Subject
to Section 6 of this Article IV, the Committee and/or Board of Directors may delegate their
authority hereunder to one or more Company officers to the extent permitted by and not inconsistent
with any requirements of applicable law.

2. In addition to paragraph 1 of this Article IV (and without limiting the generality
thereof), the Committee shall have plenary authority (subject to the provisions hereof) in its
discretion to determine the time or times at which Awards shall be granted to Eligible Employees,
the Eligible Employees to whom Awards shall be granted, the number of shares of Stock to be covered
by each such Award, and (to the extent not inconsistent with the provisions of this Plan) the terms
and conditions upon which each such Award may be exercised. The granting of Awards by the
Committee shall be entirely discretionary; the terms and conditions (not inconsistent with this
Plan) prescribed or approved for any Agreement with an Eligible Employee shall similarly be within
the discretion of the Committee; and nothing in this Plan shall be deemed to give any Eligible
Employee any right to receive Awards. Without limiting the generality of the foregoing, the
Committee, in its discretion, may grant Options to any Eligible Employee upon such terms and
conditions as may be necessary for such Options to qualify as incentive stock options within the
meaning of section 422 of the Internal Revenue Code of 1986, as amended.

2

2a. In addition to paragraph 1 of this Article IV (and without limiting the generality
thereof), the Board of Directors shall have plenary authority (subject to the provisions hereof) in
its discretion to determine the time or times at which Awards shall be granted to Non-Employee
Directors, the Non-Employee Directors to whom Awards shall be granted, the number of shares of
Stock to be covered by each such Award, and (to the extent not inconsistent with the provisions of
this Plan) the terms and conditions upon which each such Award may be exercised; provided that the
members of the Committee shall abstain from participating in any action taken by the Board of
Directors with respect to Awards granted or to be granted to any such members. The granting of
Awards by the Board of Directors shall be entirely discretionary; the terms and conditions (not
inconsistent with this Plan) prescribed or approved for any Agreement with a Non-Employee Director
shall similarly be within the discretion of the Board of Directors; and nothing in this Plan shall
be deemed to give any Non-Employee Director any right to receive Awards.

3. The Committee is also specifically authorized, in the event of a public solicitation, by
any person, firm or corporation other than Avnet, of tenders of 50% or more of the then outstanding
Stock (known conventionally as a “tender offer”), to accelerate exercisability of and lift any
restrictions with respect to any or all Awards held by Participants then employed as an Eligible
Employee, so that such Awards will immediately become exercisable, vested, and transferable in
full; provided that such accelerated exercisability and lifting of restrictions shall continue in
effect only until expiration, termination or withdrawal of such tender offer, whereupon such Awards
will be (and continue thereafter to be) exercisable, vested, and transferable only to the extent
that they would have been if no such acceleration of exercisability and lifting of restrictions
had been authorized.

3a. The Board of Directors is also specifically authorized, in the event of a tender offer, by
any person, firm or corporation other than Avnet, for 50% or more of the then outstanding Stock, to
accelerate exercisability of and lift any restrictions with respect to any or all Awards held by
Participants then serving as Non-Employee Directors, so that such Awards will immediately become
exercisable, vested, and transferable in full; provided that such accelerated exercisability and
lifting of restrictions shall continue in effect only until expiration, termination or withdrawal
of such tender offer, whereupon such Awards will be (and continue thereafter to be) exercisable,
vested, and transferable only to the extent they would have been if no such acceleration of
exercisability and lifting of restrictions had been authorized.

4. A majority of the members of the Committee (but not less than two) shall constitute a
quorum, and all acts, decisions or determinations of the Committee shall be by majority vote of
such of its members as shall be present at a meeting duly held at which a quorum is so present. Any
act, decision, or determination of the Committee reduced to writing and signed by a majority of its
members (but not less than two) shall be fully effective as if it had been made, taken or done by
vote of such majority at a meeting duly called and held.

5. The Committee shall deliver a report to the Board of Directors with reasonable promptness
following the taking of any action(s) in the administration of this Plan, which report shall set
forth in full the action(s) so taken. The Committee shall also file such other reports and make
such other information available as may from time to time be prescribed by the Board of Directors.

3

6. The Committee (and, with respect to Non-Employee Directors, the Board of Directors), shall
have sole and complete discretion in determining those Eligible Employees who shall participate in
the Plan. The Committee may request recommendations for individual Awards from the Chief Executive
Officer of the Company and, to the extent permitted by applicable law, may delegate to the Chief
Executive Officer of the Company the authority to make Awards to Participants who are not Executive
Officers of the Company or Covered Participants, subject to a fixed maximum Award amount for such a
group and a maximum Award amount for any one Participant, as determined by the Committee. Awards
made to the Executive Officers or Covered Participants shall be determined by the Committee.

7. All determinations and decisions made by the Committee and Board of Directors pursuant to
the provisions of the Plan shall be final, conclusive, and binding upon all persons, including the
Company, its stockholders, employees, Participants, and designated beneficiaries, except when the
terms of any sale or award of shares of Stock or any grant of rights or Options under the Plan are
required by law or by the Articles of Incorporation or Bylaws of the Company to be approved by the
Company’s Board of Directors or stockholders prior to any such sale, award or grant.

8. Notwithstanding any other provision of the Plan, the Committee may impose such conditions
on any Award, and the Board may amend the Plan in any such respects, as may be required to satisfy
the requirements of Rule 16b-3, Section 162(m) or Section 409A.

9. Notwithstanding any other provision of the Plan to the contrary, no Award shall be granted
to a Non-Employee Director unless such grant is approved by a majority of the Non-Employee
Directors.

ARTICLE V

AWARD AND MODIFICATION OF OPTIONS

1. Options may be granted by the Committee to Eligible Employees, and may be granted by the
Board of Directors to Non-Employee Directors, from time to time in their discretion prior to
September 18, 2013 or the earlier termination of the Plan as provided in Article XI.

2. During the period when any Option granted by the Committee to an Eligible Employee is
outstanding, the Committee may, for such consideration (if any) as may be deemed adequate by it and
with the prior consent of the Optionee, modify the terms of such Option, with respect to the
unexercised portion thereof, except that such Option may not be repriced, replaced or regranted
through cancellation, or by lowering the exercise price of said Option, without shareholder
approval. During the period when any Option granted by the Board of Directors to a Non-Employee
Director is outstanding, the Board of Directors may, for such consideration (if any) as may be
deemed adequate by it and with the prior consent of the Optionee, modify the terms of the Option,
with respect to the unexercised portion thereof, except that such Option may not be repriced,
replaced or regranted through cancellation, or by lowering the exercise price of said Option,
without shareholder approval.

3. The price per share at which Stock subject to any Option may be purchased shall be
determined by the Committee (in the case of any Option granted to an Eligible Employee) or by the
Board of Directors (in the case of any Option granted to a Non-Employee Director) at the time such
Option is granted, but shall be no less than 100% of the Fair Market Value of the Stock at the date
of grant in the case of ISOs, and no less than 85% of the Fair Market Value of the Stock at the
date of grant in the case of nonqualified Options (except in the case of Options assumed or granted
in substitution for other options in a merger, acquisition, or similar corporate transaction
context); provided, however, that the purchase price per share of Stock shall in no event be less
than the par value per share of the Stock. The “date of grant” shall be the date on which the
Committee or Board of Directors, as appropriate, completes its action constituting the making of an
Award, regardless of whether or not such Award is subject to future shareholder approval or other
conditions. Notwithstanding the foregoing, Options with a price per share of less than 100% of the
Fair Market Value of the Stock at the date of grant shall be granted only in connection with either
(a) a new hire (or rehire) of an employee by the Company or a Subsidiary or (b) a merger,
acquisition, disposition, reorganization, or similar corporate transaction.

4. The term of each Option granted under the Plan shall be such period of time as the
Committee (in the case of an Option granted to an Eligible Employee) or the Board of Directors (in
the case of an Option granted to a Non-Employee Director) shall determine but in no event shall an
Option be exercisable after the day prior to the tenth anniversary of the granting thereof. Unless
sooner forfeited or otherwise terminated pursuant to the terms hereof or of the applicable
Agreement, each Option granted under the Plan shall expire at the end of its term. Notwithstanding
any other provision in this Plan to the contrary, no Option granted hereunder may be exercised
after the expiration of its term.

5. Each Option granted under the Plan shall become exercisable, in whole or in part, at such
time or times during its term as the Agreement evidencing the grant of such Option shall specify;
provided, however, that the exercisability of any Option may be accelerated in whole or in part, at
any time, by the Committee (in the case of an Option granted to an Eligible Employee) or by the
Board of Directors (in the case of an Option granted to a Non-Employee Director). Each option
granted under the Plan that has become exercisable pursuant to the preceding sentence shall remain
exercisable thereafter for such period of time prior to the expiration of its term (including
during any period subsequent to the Optionee’s termination of employment with the Company for any
reason, if the Optionee is an Eligible Employee, or subsequent to the Optionee’s ceasing to be a
Director for any reason, if the Optionee is a Non-Employee Director) as the Option Agreement
evidencing the grant of such Option shall provide. An Option may be exercised, at any time or from
time to time during its term, as to any or all shares as to which the Option has become and remains
exercisable.

6. The aggregate number of shares of Stock with respect to which Options may be granted
hereunder to any Optionee in any calendar year may not exceed 500,000.

7. Except as may otherwise be provided in paragraph 10 of Article IX of the Plan or the
Agreement evidencing the grant of any Option hereunder, the Option so granted shall not be
assignable or transferable by the Optionee other than by will or the laws of descent and
distribution upon the death of such Optionee, nor shall any Option be exercisable during the
lifetime of the Optionee except by such Optionee.

8. Options shall be exercised by the delivery of a written notice from the Participant to the
Company in the form prescribed by the Committee setting forth the number of Shares with respect to
which the Option is to be exercised, accompanied by full payment of the exercise price for the
shares. The exercise price shall be payable to the Company in full in cash, or its equivalent, or,
to the extent permitted by applicable law and not in violation of any instrument or agreement to
which the Company is a party, by delivery of Shares (not subject to any security interest or
pledge) valued at Fair Market Value at the time of exercise, or by a combination of the foregoing,
or in any other form of payment acceptable to the Committee. The Committee reserves the right to
require any Shares delivered by the Participant in full or partial payment of the exercise price to
be limited to those Shares already owned by the Participant for at least six (6) months. In
addition, at the request of the Participant, and subject to applicable laws and regulations, the
Company may (but shall not be required to) cooperate in a cashless exercise of the Option. As soon
as practicable, after receipt of written notice and payment, but subject to the terms and
conditions of Article IX, the Company shall deliver to the Participant stock certificates in an
appropriate amount based upon the number of Shares with respect to which the Option is exercised,
issued in the Participant’s name.

ARTICLE VI

STOCK APPRECIATION RIGHTS

1. Stock Appreciation Rights may be granted to Eligible Employees in the discretion of the
Committee and to Non-Employee Directors in the discretion of the Board of Directors, upon such
terms and conditions as the Committee or the Board of Directors may prescribe. Each SAR may be free
standing, or granted in connection with and relate to all or part of a specific Option
simultaneously or previously granted under the Plan. In the discretion of the Committee or the
Board of Directors, an SAR may be granted at any time prior to the exercise, expiration or
termination of the Option related thereto, and may be modified at any time the related Option is
modified.

2. Upon exercise of a Stock Appreciation Right, the grantee or Optionee shall be entitled to
receive (a) shares of Stock having a Fair Market Value at the date of exercise, or (b) cash in the
amount of such Fair Market Value, or (c) a combination of shares of Stock and cash equal in the
aggregate to such Fair Market Value, equivalent to all or part of the difference between the
aggregate exercise price of the portion of the SAR or the related Option which is being surrendered
for termination and the Fair Market Value at such date of the shares of Avnet’s Common Stock for
which such SAR is being exercised.

3. Each Stock Appreciation Right granted to an Eligible Employee shall be exercisable on such
dates or during such periods as may be determined by the Committee, and each Stock Appreciation
Right granted to a Non-Employee Director shall be exercisable on such dates or during such periods
as may be determined by the Board of Directors, provided that if an SAR relates to all or part of a
specific Option, such SAR shall not be exercisable at a time when the Option related thereto could
not be exercised nor may it be exercised with respect to a number of shares in excess of the number
for which such Option could then be exercised.

4. A Stock Appreciation Right related to all or part of a specific Option may be exercised
only upon surrender by the Optionee, for termination, of the portion of the related Option, which
is then exercisable to purchase the number of shares for which the Stock Appreciation Right is
being exercised. Shares covered by the terminated Option or portion thereof shall not be available
for further grants of Options under the Plan.

5. The Committee may impose any other conditions upon the exercise of Stock Appreciation
Rights granted to Eligible Employees, and the Board of Directors may impose any other conditions
upon the exercise of Stock Appreciation Rights granted to Non-Employee Directors, which conditions
may include a condition that any particular SARs or any class of SARs may only be exercised in
accordance with rules adopted by the Committee or the Board of Directors, as appropriate, from time
to time. Such rules may govern the right to exercise SARs granted prior to the adoption or
amendment of such rules as well as SARs granted thereafter.

6. The Committee or the Board of Directors may at any time amend, terminate or suspend any
Stock Appreciation Right theretofore granted by it under this Plan, provided that the terms of any
SAR after any amendment shall conform to the provisions of the Plan. Each SAR related to all or
part of a specific Options shall terminate and cease to be exercisable upon the termination (other
than a termination required in connection with exercise of the SAR) or expiration of the Option
related thereto.

ARTICLE VII

RESTRICTED STOCK AND

RESTRICTED STOCK UNITS

1. Subject to the terms and provisions of the Plan and applicable law, the Committee (or, with
respect to Non-Employee Directors, the Board of Directors), at any time and from time to time, may
grant shares of Restricted Stock or Restricted Stock Units under the Plan to such Participants, and
in such amounts and with such vesting periods, Period of Restriction and/or conditions for removal
of restrictions as it shall determine. Participants receiving shares of Restricted Stock or
Restricted Stock Units are not required to pay the Company cash therefor (except for applicable tax
withholding). Notwithstanding any other provision of the Plan to the contrary, with respect to a
Restricted Stock or Restricted Stock Unit Grant to an Eligible Employee (i) such Awards shall vest
no faster than pro rata over the three (3) years after the date of grant with respect to Awards
that do not vest based at least in part on the satisfaction of performance criteria and (ii) such
Awards shall not vest sooner than one (1) year after the date of grant with respect to Awards that
vest at least in part based on the satisfaction of performance criteria. The immediately preceding
sentence shall also apply with respect to any ad hoc grant (as opposed to annual grants that are
part of the director compensation package) of Restricted Stock or Restricted Stock Units to any
Non-Employee Director.

2. Each Restricted Stock or Restricted Stock Unit grant shall be evidenced by an Agreement
that shall specify any vesting requirements with respect to such Award, any Period of Restriction
with respect to such Award, and the conditions which must be satisfied prior to removal of any
additional restrictions as the Committee (or, with respect to Non-Employee Directors, the Board of
Directors), shall determine. The Committee (or, with respect to Non-Employee Directors, the Board
of Directors), may specify, but is not limited to, the following types of restrictions in the
Agreement: (i) restrictions on acceleration or achievement of terms of vesting based on any
business or financial goals of the Company, including, but not limited to, absolute or relative
increases in total stockholder return, revenues, sales, net income, earnings per share, return on
equity, cash flow, operating margin or net worth of the Company, any of its Subsidiaries, divisions
or other areas of the Company; and (ii) any other further restrictions that may be advisable under
the law, including requirements set forth by the Exchange Act, the Securities Act, any securities
trading system or Stock exchange upon which such shares of stock are listed.

3. Except as provided in paragraph 10 of Article IX of the Plan or this Article VII and
subject to applicable law, the shares of Restricted Stock or Restricted Stock Units granted under
the Plan may not be sold, transferred, pledged, assigned, exchanged, encumbered or otherwise
alienated or hypothecated until (A) both of the following have occurred: (i) the applicable
portions of such Awards have vested (and, in the case of Restricted Stock Units, shares of Stock
have been issued in respect thereof), and (ii) the applicable Period of Restriction has terminated,
or (B) upon earlier satisfaction of such conditions as specified by the Committee (or, with respect
to Non-Employee Directors, the Board of Directors), in its sole discretion and set forth in the
Agreement. Except as provided herein, all rights with respect to the Restricted Stock or
Restricted Stock Units granted to a Participant under the Plan shall be exercisable only by such
Participant or his or her guardian or legal representative.

4. Except as otherwise noted in this Article VII, shares of Restricted Stock or Restricted
Stock Units covered by an Award shall be provided to (or in the case of Restricted Stock Units,
shares of Stock shall be issued therefor in accordance with Paragraph 6 of this Article VII) and
become freely transferable by the Participant (i) upon the vesting of the applicable Restricted
Stock or Restricted Stock Unit Award, and (ii) after the last day of the Period of Restriction
and/or upon the satisfaction of other conditions as determined by the Committee (or, with respect
to Non-Employee Directors, the Board of Directors). The Committee (or with respect to Non-Employee
Directors, the Board of Directors) in its sole discretion may reduce or remove the restrictions or
reduce or remove or accelerate vesting provisions or the Period of Restriction with respect to
Restricted Stock or Restricted Stock Units upon the Eligible Employee’s (or, as appropriate,
Non-Employee Director’s) death, retirement, layoff, termination in connection with a Change in
Control or other termination where the Committee determines that such treatment is appropriate and
in the Company’s best interests, as well as upon assumption of, or in substitution for, restricted
stock or restricted stock units of a company with which the Company participates in an acquisition,
separation, merger, or similar corporate transaction.

5. Prior to vesting and during the Period of Restriction, Participants in whose name
Restricted Stock is granted under the Plan may exercise full voting rights with respect to those
shares. Subsequent to vesting of Restricted Stock Units and the issuance of shares of Stock in
respect thereof, during any subsequent Period of Restriction, Participants who have received shares
of Stock in respect of such Restricted Stock Units may exercise full voting rights with respect to
those shares.

6. Upon all or a portion of an Award of Restricted Stock Units vesting (the date of each such
vesting being a “Vest Date”), one share of Stock shall be issuable for each Restricted Stock Unit
that vests on such Vest Date (the “RSU Shares”), subject to the terms and provisions of the Plan
and relevant Agreement. Thereafter, the Company will transfer such RSU Shares to the Participant
upon satisfaction of any required tax withholding obligations and upon the expiration of any
applicable Period of Restriction. No fractional shares shall be issued with respect to vesting of
Restricted Stock Units. No Participant shall have any right in, to or with respect to any of the
shares of Stock (including any voting rights or rights with respect to dividends paid on the Stock,
except as set forth in paragraph 7 of this Article VII) issuable under the Award until the Award is
settled by the issuance of such shares of Stock to such Participant.

7. Prior to vesting, and during the Period of Restriction, Participants in whose name
Restricted Stock is granted shall be entitled to receive all dividends and other distributions paid
with respect to those Awards, as set forth in this Paragraph 7. Participants in whose name
Restricted Stock Units are granted shall not be entitled to receive any dividends or other
distributions paid with respect to the Company’s Stock unless the specific Award document so
provides. With respect to shares of Restricted Stock, dividends paid in cash shall be
automatically reinvested in additional shares of Restricted Stock at a purchase price per share
equal to Fair Market Value of a share of Stock on the date of such dividend is paid; provided,
however that the Company shall not issue fractional shares, and any amount that would have been
invested in a fractional share shall be paid to Participant. Any such additional shares of Stock
received by any Participant in respect of a Restricted Stock Award, whether through reinvestment or
through a dividend paid in shares of Stock, shall be subject to the same restrictions on
transferability as the Restricted Stock with respect to which they were distributed.

ARTICLE VIII

OTHER STOCK UNIT AWARDS

1. Subject to the terms and provisions of the Plan and applicable law, the Committee (or, with
respect to Non-Employee Directors, the Board of Directors), at any time and from time to time, may
issue to Participants, either alone or in addition to other Awards made under the Plan, Other Stock
Unit Awards which may be in the form of Common Stock or other securities. The value of each such
Award shall be based, in whole or in part, on the value of the underlying Common Stock or other
securities. The Committee (or, with respect to Non-Employee Directors, the Board of Directors), in
its sole and complete discretion, may determine that an Other Stock Unit Award may provide to the
Participant (i) dividends or dividend equivalents (payable on a current or deferred basis) and (ii)
cash payments in lieu of or in addition to an Award. Subject to the provisions of the Plan, the
Committee (or, with respect to Non-Employee Directors, the Board of Directors), in its sole and
complete discretion shall determine the terms, restrictions, conditions, vesting requirements, and
payment rules (all of which are sometimes hereinafter collectively referred to as “Rules”) of the
Award. The Agreement shall specify the Rules of each Award as determined by the Committee (or,
with respect to Non-Employee Directors, the Board of Directors). However, each Other Stock Unit
Award need not be subject to identical Rules.

2. The Committee (or, with respect to Non-Employee Directors, the Board of Directors), in its
sole and complete discretion, may grant an Other Stock Unit Award subject to the following Rules:

	 	(a)	 	Except as provided in paragraph 10 of Article IX of the Plan, all rights with
respect to such Other Stock Unit Awards granted to a Participant shall be exercisable
during his or her lifetime only by such Participant or his or her guardian or legal
representative.

	 	(b)	 	Other Stock Unit Awards may require the payment of cash consideration by the
Participant upon receipt of the Award or provide that the Award, and any Common Stock or
other securities issued in conjunction with the Award be delivered without the payment of
cash consideration.

	 	(c)	 	The Committee (or, with respect to Non-Employee Directors, the Board of Directors),
in its sole and complete discretion may establish certain performance criteria that may
relate in whole or in part to receipt of the Other Stock Unit Awards.

	 	(d)	 	Other Stock Unit Awards may be subject to a deferred payment schedule.

	 	(e)	 	The Committee (or, with respect to Non-Employee Directors, the Board of Directors),
in its sole and complete discretion, as a result of certain circumstances, including,
without limitation, the assumption of, or substitution of stock unit awards of a company
with which the Company participates in an acquisition, separation, or similar corporate
transaction, may waive or otherwise remove, in whole or in part, any restriction or
condition imposed on an Other Stock Unit Award at the time of grant.

4

ARTICLE IX

ADDITIONAL TERMS AND PROVISIONS

1. The Committee or the Board of Directors shall, promptly after the granting of any Award or
the modification of any outstanding Award, cause such Participant to be notified of such action and
shall cause Avnet to deliver to such Participant an Agreement (which Agreement shall be signed on
behalf of Avnet by an officer of Avnet with appropriate authorization therefor) evidencing the
Award so granted or modified and the terms and conditions thereof and including (when appropriate)
an addendum evidencing the SAR so granted or modified and the terms and conditions thereof.

2. The date on which the Committee or the Board of Directors approves the granting of any
Award, or approves the modification of any outstanding Award, shall for purposes of this Plan be
deemed the date on which such Award is granted or modified, regardless of whether (i) the date on
which the Agreement evidencing the same is executed or (ii) the grant or modification of such Award
is subject to a contingency.

3. To the extent that any Award shall have become exercisable, such Award may be exercised by
the Participant at any time and from time to time by written notice to Avnet stating the number of
shares of Stock with respect to which such Award is being exercised, accompanied (as to an Option
exercise) by payment in full therefor as prescribed below and (as to an SAR exercise) by an
instrument effecting surrender for termination of the relevant portion of the Option related
thereto. As soon as practicable after receipt of such notice, Avnet shall, without requiring
payment of any transfer or issue tax by the Participant, deliver to the Participant, at the
principal office of Avnet (or such other place as Avnet may designate), a certificate or
certificates representing the shares of Stock acquired upon such exercise; provided, however, that
the date for any such delivery may be postponed by Avnet for such period as it may require, in the
exercise of reasonable diligence (a) to register the shares of Stock so purchased (together with
any part or all of the balance of the shares of Stock which may be delivered pursuant to the
exercise of Awards) under the Securities Act of 1933, as amended, and/or to obtain the opinions of
counsel referred to in clauses (B) and (E) of paragraph 7 below, and (b) to comply with the
applicable listing requirements of any national securities exchange or with any other requirements
of law. If any Participant shall fail to accept delivery of all or any part of the shares of Stock
with respect to which such Award is being exercised, upon tender thereof, the right of such
Participant to exercise such Award, with respect to such unaccepted shares may, in the discretion
of the Committee (in the case of an Award granted to an Eligible Employee) or the Board of
Directors (in the case of an Award granted to a Non-Employee Director), be terminated. For purposes
of this paragraph 3, payment upon exercise of an Award may be made (i) by check (certified, if so
required by Avnet) in the amount of the aggregate exercise price of the portion of the Award being
exercised, or (ii) in the form of certificates representing shares of Stock (duly endorsed or
accompanied by appropriate stock powers, in either case with signature guaranteed if so required by
Avnet) having a Fair Market Value, at the date of receipt by Avnet of such certificates and the
notice above mentioned, equal to or in excess of such aggregate exercise price, or (iii) by a
combination of check and certificates for shares of Stock, or (iv) in any other manner acceptable
to the Committee (with respect to an Award granted to an Eligible Employee) or the Board of
Directors (with respect to award to a Non-Employee Director), in each case in the discretion of the
Committee or the Board of Directors, as the case may be.

5

4. Notwithstanding paragraph 3 of this Article IX, upon each exercise of an Award or vesting
of Restricted Stock (or filing of a Code Section 83(b) election with respect thereto), or upon a
Restricted Stock Unit or Other Stock Unit Award becoming taxable, the Participant shall pay to
Avnet an amount required to be withheld under applicable income tax laws in connection with such
exercise or vesting or Section 83(b) election or other taxable event. A Participant may, in the
discretion of the Committee and subject to any rules as the Committee may adopt (in the case of a
Participant who was an Eligible Employee on the date of grant), or in the discretion of the Board
of Directors and subject to such rules as the Board of Directors may adopt (in the case of a
Participant who was a Non-Employee Director on the date of grant), elect to satisfy such
obligation, in whole or in part, by having Avnet withhold shares of Stock having a Fair Market
Value equal to the amount required to be so withheld. For purposes of the foregoing, the Fair
Market Value of a share of Stock shall be its Fair Market Value on the date that the amount to be
withheld is determined. A Participant shall pay Avnet in cash for any fractional share that would
otherwise be required to be withheld.

5. The Plan shall not confer upon any Participant any right with respect to continuance of
employment by the Company or continuance of membership on the Board of Directors, nor shall it
interfere in any way with his or her right, or the Company’s right, to terminate his or her
employment at any time.

6. Except as provided in Articles VII and VIII, no Participant shall acquire or have any
rights as a shareholder of Avnet by virtue of any Award until the certificates representing shares
of Stock issued pursuant to the Award or the exercise are delivered to such Participant in
accordance with the terms of the Plan.

7. While it is Avnet’s present intention to register under the Securities Act of 1933, as
amended, the shares of Stock which may be delivered pursuant to the granting and exercise of Awards
under the Plan, nevertheless, any provisions in this Plan to the contrary notwithstanding, Avnet
shall not be obligated to sell or deliver any shares of Stock pursuant to the granting or exercise
of any Award unless (A)(i) such shares have at the time of such exercise been registered under the
Securities Act of 1933, as amended, (ii) no stop order suspending the effectiveness of such
registration statement has been issued and no proceedings therefor have been instituted or
threatened under said Act, and (iii) there is available at the time of such grant and/or exercise a
prospectus containing certified financial statements and other information meeting the requirements
of Section 10(a)(3) of said Act, or Avnet shall have received from its counsel an opinion that
registration of such shares under said Act is not required; (B) such shares are at the same time of
such grant and/or exercise, or upon official notice of issuance will be, listed on each national
securities exchange on which the Stock is then listed, (C) the prior approval of such sale has been
obtained from any State regulatory body having jurisdiction (but nothing herein contained shall be
deemed to require Avnet to register or qualify as a foreign corporation in any State nor, except as
to any matter or transaction relating to the sale or delivery of such shares, to consent in service
of process in any State), and (D) Avnet shall have received an opinion from its counsel with
respect to compliance with the matters set forth in clauses (A), (B), and (C) above.

8. The Committee may require, as a condition of any payment or share issuance, that certain
agreements, undertakings, representations, certificates, and/or information, as the Committee may
deem necessary or advisable, be executed or provided to the Company to assure compliance with all
applicable laws or regulations. Any certificates for shares of the Restricted Stock and/or Stock
delivered under the Plan may be subject to such stock-transfer orders and such other restrictions
as the Committee may deem advisable under the rules, regulations, or other requirements of the
Securities and Exchange Commission, any stock exchange upon which the Stock is then listed, and any
applicable federal or state securities law. In addition, if, at any time specified herein (or in
any Agreement or otherwise) for (a) the making of any Award, or the making of any determination,
(b) the issuance or other distribution of Restricted Stock and/or other Stock, or (c) the payment
of amounts to or through a Participant with respect to any Award, any law, rule, regulation, or
other requirement of any governmental authority or agency shall require the Company, any Affiliate,
or any Participant (or any estate, designated beneficiary, or other legal representative thereof)
to take any action in connection with any such determination, any such shares to be issued or
distributed, any such payment, or the making of any such determination, as the case may be, shall
be deferred until such required action is taken. With respect to persons subject to Section 16 of
the Exchange Act, transactions under the Plan are intended to comply with all applicable conditions
of Rule 16b-3. To the extent any provision of the Plan or any action by the administrators of the
Plan fails to so comply with such rule, it shall be deemed null and void, to the extent permitted
by law and deemed advisable by the Committee.

9. The Committee (or, with respect to a Non-Employee Director, the Board of Directors), may
permit a Participant to elect to defer receipt of any payment of cash or any delivery of shares of
Common Stock that would otherwise be due to such Participant by virtue of the exercise, earn-out,
or settlement of any Award made under the Plan. If such election is permitted, the Committee shall
establish rules and procedures for such deferrals, including, without limitation, the payment or
crediting of dividend equivalents in respect of deferrals credited in units of Common Stock. The
Committee (or, with respect to a Non-Employee Director, the Board of Directors), may also provide
in the relevant Agreement for a tax reimbursement cash payment to be made by the Company in favor
of any Participant in connection with the tax consequences resulting from the grant, exercise,
settlement or earn-out of any Award made under the Plan.

10. No Award and no rights or interests therein may be sold, transferred, pledged, assigned,
exchanged, encumbered or otherwise alienated or hypothecated, except (i) by testamentary
disposition by the Participant or the laws of descent and distribution or, except in the case of an
ISO, by a qualified domestic relations order; and (ii) in the case of Awards other than Incentive
Stock Options, transfers made with the prior approval of the Committee and on such terms and
conditions as the Committee in its sole discretion shall approve, to (a) the child, step-child,
grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, including adoptive
relationships, and any person sharing the Participant’s household (other than a tenant or employee)
of the Participant (an “Immediate Family Member”), (b) a trust in which Immediate Family Members
have more than fifty percent of the beneficial interest, (c) a foundation in which Immediate Family
Members or the Employee control the management of the assets, (d) any other entity in which
Immediate Family Members or the Employee own more than 50% of the voting interests, or (e) any
other transferee that is approved by the Committee in its sole discretion (each a Permitted
Transferee); provided, however, that, without the prior approval of the Committee, no Permitted
Transferee shall further transfer an Award, other than by testamentary disposition or the laws of
descent and distribution, either directly or indirectly, including, without limitation, by reason
of the dissolution of, or a change in the beneficiaries of, a Permitted Transferee that is a trust,
the sale, merger, consolidation, dissolution, or liquidation of a Permitted Transferee that is a
partnership (or the sale of all or any portion of the partnership interests therein), or the sale,
merger, consolidation, dissolution or liquidation of a Permitted Transferee that is a corporation
(or the sale of all or any portion of the stock thereof). Further, no right or interest of any
Participant in an Award may be assigned in satisfaction of any lien, obligation, or liability of
the Participant.

11. The Plan, and its rules, rights, agreements and regulations, shall be governed, construed,
interpreted and administered solely in accordance with the laws of the state of New York. In the
event any provision of the Plan shall be held invalid, illegal or unenforceable, in whole or in
part, for any reason, such determination shall not affect the validity, legality or enforceability
of any remaining provision, portion of provision or the Plan overall, which shall remain in full
force and effect as if the Plan had been absent the invalid, illegal or unenforceable provision or
portion thereof

12. By acceptance of an applicable Award, subject to the conditions of such Award, each
Participant shall be considered in agreement that all shares of stock sold or awarded and all
Options granted under this Plan shall be considered special incentive compensation and will be
exempt from inclusion as “wages” or “salary” in pension, retirement, life insurance, and other
employee benefits arrangements of the Company, except as determined otherwise by the Company. In
addition, each designated beneficiary of a deceased Participant shall be in agreement that all such
Awards will be exempt from inclusion in “wages” or “salary” for purposes of calculating benefits of
any life insurance coverage sponsored by the Company.

13. In its sole and complete discretion, the Committee may elect to legend certificates
representing shares of stock sold or awarded under the Plan, to make appropriate references to the
restrictions imposed on such shares.

14. All Agreements for Participants subject to Section 16(b) of the Exchange Act shall be
deemed to include any such additional terms, conditions, limitations and provisions as Rule 16b-3
requires, unless the Committee in its discretion determines that any such Award should not be
governed by Rule 16b-3. All performance-based Awards shall be deemed to include any such additional
terms, conditions, limitations and provisions as are necessary to comply with the performance-based
compensation exemption of Section 162(m) unless the Committee in its discretion determines that any
such Award to a Covered Participant is not intended to qualify for the exemption for
performance-based compensation under Section 162(m).

15. In the event of a Change in Control, the Committee is permitted to accelerate the payment
or vesting and release any restrictions on any Awards.

ARTICLE X

ADJUSTMENTS UPON CHANGES IN CAPITALIZATION

1. In the event that the Stock shall be split up, divided or otherwise reclassified into or
exchanged for a greater or lesser number of shares of Stock or into shares of Common Stock and/or
any other securities of Avnet by reason of recapitalization, reclassification, stock split or
reverse split, combination of shares or other reorganization, the term “Stock” as used herein shall
thereafter mean the number and kind of shares or other securities into which the Stock shall have
been so split up, divided or otherwise reclassified or for which the Stock shall have been so
exchanged; and the remaining number of shares of Stock which may, in the aggregate, thereafter be
delivered pursuant to the grant or exercise of an Award (as specified in paragraph 1 of Article III
hereof) and the remaining number of shares of Stock which may thereafter be delivered pursuant to
the exercise of any Options and/or Stock Appreciation Rights then outstanding, shall be
correspondingly adjusted. In the event that any dividend payable in shares of Stock is paid to the
holders of outstanding shares of Stock, the remaining number of shares of Stock which may, in the
aggregate, thereafter be delivered pursuant to the exercise or grant of Awards (as specified in
paragraph 1 of Article III hereof) and the remaining number of shares of Stock which may thereafter
be delivered pursuant to the exercise of any Awards then outstanding, shall be increased by the
percentage which the number of shares of Stock so paid as a dividend bears to the total number of
shares of Stock outstanding immediately prior to the payment of such dividend.

2. In the event that the Stock shall be split up, divided or otherwise reclassified or
exchanged as provided in the preceding paragraph, the purchase price per share of Stock upon
exercise of outstanding Options, and the aggregate number of shares of Stock with respect to which
Awards may be granted to any Participant in any calendar year shall be correspondingly adjusted.

3. Anything in this Article X to the contrary notwithstanding, in the event that, upon any
adjustment made in accordance with paragraph 1 above, the remaining number of shares of Stock which
may thereafter be delivered pursuant to the exercise of any Award then outstanding shall include a
fractional share of Stock, such fractional share of Stock shall be disregarded for all purposes of
the Plan and the Optionee holding such Award shall become entitled neither to purchase the same nor
to receive cash or scrip in payment therefor or in lieu thereof.

ARTICLE XI

AMENDMENT OR TERMINATION OF THE PLAN

1. The Plan shall automatically terminate on September 18, 2013, unless it is sooner
terminated pursuant to paragraph 2 below.

2. The Board of Directors may amend the Plan from time to time as the Board may deem advisable
and in the best interests of Avnet and may terminate the Plan at any time (except as to Awards then
outstanding hereunder); provided, however, that unless approved by the affirmative vote of a
majority of the votes cast at a meeting of the shareholders of Avnet duly called and held for that
purpose, no amendment to the Plan shall be adopted which shall (a) affect the composition or
functioning of the Committee, (b) increase the aggregate number of shares of Stock which may be
delivered pursuant to the exercise of Awards, (c) increase the aggregate number of shares of Stock
with respect to which Options or other Awards may be granted to any Participant during any calendar
year, (d) decrease the minimum purchase price per share of Stock (in relation to the Fair Market
Value thereof at the respective dates of grant) upon the exercise of Options, or (e) extend the ten
year maximum period within which an Award is exercisable, or the termination date of the Plan.

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]