Document:

EX-10.5

AVNET, INC.

Exhibit 10.5

2006 STOCK COMPENSATION PLAN

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

ARTICLE I

PURPOSE OF THE PLAN

The Avnet, Inc. 2006 Stock Compensation Plan was adopted effective November 9, 2006 (the “Original
Plan”) 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 knows as the “Avnet, Inc. 2006 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., a New York corporation.

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 Independent 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 or (B) the combined voting power of the then
outstanding voting securities of Avnet 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): (x) any acquisition directly from Avnet
(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 2006 annual meeting of Avnet’s shareholders
(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 Avnet’s shareholders, 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 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

(iii) approval by the shareholders of Avnet 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.

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 Employee” 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. Notwithstanding the foregoing, for purposes of an Award
intended to qualify as an Incentive Stock Option (as defined below) the term “Eligible
Employee” shall only include an individual who is an employee of the Company on the date of
such grant.

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

12. “Executive Officer” shall mean any employee designated by Avnet 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
closing price (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. “Independent Directors” shall mean members of the Board of Directors acting as a
group, each of whom satisfies Avnet’s “Director Independence Standards,” which are consistent
with the director independence requirements established from time to time by the New York Stock
Exchange.

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

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

18. “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.

19. “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 Avnet.

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

21. “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.

22. “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 Avnet 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).

23. “Plan” shall mean The Avnet, Inc. 2006 Stock Compensation Plan (Amended and Restated
Effective Generally as of January 1, 2009), as set forth herein and as amended from time to
time.

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

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

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

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

28. “Section 162(m)” shall mean Section 162(m) of the Code.

29. “Section 409A” shall mean Section 409A of the Code.

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

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

32. “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 Independent 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
Independent Directors upon such terms and subject to such conditions as the Committee or the
Independent 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.

33. “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.

34. “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: (A) the maximum number
of shares of Stock which may be delivered by Avnet pursuant to the exercise of Awards shall be
5,000,000 and (B) 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 5,000,000 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 Unit
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.

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 except as otherwise
provided below. The following transactions involving shares of Stock will not result in additional
shares of Stock becoming available for subsequent Awards under this Plan: (i) Stock tendered or
withheld in payment of the exercise price of an Option; (ii) Stock tendered or withheld for taxes;
(iii) shares of Stock that were subject to a stock-settled SAR and were not issued upon the net
settlement or net exercise of such SAR; and (iv) Stock repurchased on the open market with the
proceeds of an Option exercise. However, notwithstanding the above, to the extent required by
Section 162(m) or Section 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. Notwithstanding any provision to the contrary in this plan, the Committee or Independent
Directors, as applicable, may grant awards of restricted stock and restricted stock units that do
not comply with the minimum vesting provisions; provided that the total number of shares subject to
any such awards (along with any other stock unit awards) granted without such minimum vesting
provisions may not exceed 5% of the total number of shares available for grant under the Plan.

5.  Subject to the anti-dilution provisions set forth in Article X hereof, the aggregate number of
shares of Stock subject to all Awards granted under this Plan during any calendar year to any one
Non-Employee Director shall not exceed 30,000; provided, however, that in the calendar year in
which a Non-Employee Director first joins the Board of Directors or is first designated as Chairman
of the Board of Directors or Lead Director, the maximum number of shares subject to Awards granted
to the Participant may be up to two hundred percent (200%) of the number of shares set forth in the
foregoing limit.

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 Independent Directors with respect to Awards granted to
Non-Employee Directors. The Committee and the Independent 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 5 of this Article IV, the Committee and/or Independent Directors may
delegate their authority hereunder to one or more Avnet 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.

2a. In addition to paragraph 1 of this Article IV (and without limiting the generality thereof),
the Independent 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 Independent
Directors with respect to Awards granted or to be granted to any such members. The granting of
Awards by the Independent 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 Independent Directors; and nothing in this Plan
shall be deemed to give any Non-Employee Director any right to receive Awards.

3. 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.

4. 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.

5. The Committee (and, with respect to Non-Employee Directors, the Independent Directors), shall
have sole and complete discretion in determining those Eligible Employees (or Non-Employee
Directors) who shall participate in the Plan. The Committee may request recommendations for
individual Awards from the Chief Executive Officer of Avnet and, to the extent permitted by
applicable law, may delegate to the Chief Executive Officer of Avnet 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.

6. All determinations and decisions made by the Committee and Independent Directors pursuant to the
provisions of the Plan shall be final, conclusive, and binding upon all persons, including the
Company, its shareholders, 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 Avnet to be approved by Avnet’s
Board of Directors or shareholders prior to any such sale, award or grant.

7. 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), Section 409A or Section 422.

8. 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
Independent Directors to Non-Employee Directors, from time to time in their discretion prior to
November 8, 2016 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. During the period when any
Option granted by the Independent Directors to a Non-Employee Director is outstanding, the
Independent 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.

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 Independent
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
(except for Options assumed or granted in substitution for other options in a merger, acquisition,
or similar corporate transaction context in accordance with Section 424 of the Code and the
regulations thereunder), 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 Independent 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. For the avoidance of doubt, 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 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 Independent 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
Independent 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 Avnet in
the form prescribed by the Committee setting forth the number of shares of Stock 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 Avnet in full in cash, or its equivalent, or, to the
extent approved by the Committee and permitted by applicable law and not in violation of any
instrument or agreement to which the Company is a party, by delivery of shares of Stock (not
subject to any security interest or pledge) valued at Fair Market Value at the time of exercise, by
share withholding or other cashless or net exercise method, or by a combination of the foregoing,
or in any other form of payment acceptable to the Committee. In addition, at the request of the
Participant, and subject to applicable laws and regulations, Avnet may (but shall not be required
to) cooperate in a broker-assisted or other 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, Avnet shall deliver to the Participant stock certificates, or record such stock
transfer on its books and records without the need to issue physical certificates, in an
appropriate amount based upon the number of shares of Stock 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 Independent Directors, upon such
terms and conditions as the Committee or the Independent 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
Independent 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 Stock for which such SAR is
being exercised.

2a. The exercise price per share for each free standing SAR granted under the Plan shall be
determined by the Committee (in the case of any SAR granted to an Eligible Employee) or by the
Independent Directors (in the case of any SAR granted to a Non-Employee Director) at the time such
free standing SAR is granted, but shall be no less than 100% of the Fair Market Value of the Stock
at the date of grant (except for SARs assumed or granted in substitution for other options in a
merger, acquisition, or similar corporate transaction in accordance with Section 424 of the Code
and the regulations thereunder). The “date of grant” shall be the date on which the Committee or
Independent 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.

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 Independent 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. The term of each Stock Appreciation Right granted
under the Plan shall be such period of time as the Committee (in the case of a Stock Appreciation
Right granted to an Eligible Employee) or the Independent Directors (in the case of a Stock
Appreciation Right granted to a Non-Employee Director) shall determine but in no event shall a
Stock Appreciation Right 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 Stock Appreciation Right granted under the Plan shall expire at
the end of its term. Notwithstanding any other provision in this Plan to the contrary, no Stock
Appreciation Right granted hereunder may be exercised after the expiration of its term.

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 Independent 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 Independent 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 Independent 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, and provided, further, that Stock
Appreciation Rights granted under the Plan may not be repriced, replaced or regranted through
cancellation, or by lowering the exercise price of said SAR, without shareholder approval. Each SAR
related to all or part of a specific Option 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 Independent 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 Avnet cash therefor (except for applicable tax
withholding). Except as set forth in Article VII(4), 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 on an annual basis 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
Independent Directors), shall determine. The Committee (or, with respect to Non-Employee Directors,
the Independent 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 economic profit, 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 Avnet’s
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, and 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 Independent 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 Independent Directors). The Committee (or with respect to Non-Employee
Directors, the Independent 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 a Change in Control or 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, Avnet 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 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 Avnet 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 Independent 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 Stock or other securities. Such Awards (i) shall vest
no faster than pro rata on an annual basis 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) 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 value of
each such Award shall be based, in whole or in part, on the value of the underlying Stock or other
securities. The Committee (or, with respect to Non-Employee Directors, the Independent 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 Independent 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 Independent 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 Independent 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 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 Independent 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 Independent 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.

ARTICLE IX

ADDITIONAL TERMS AND PROVISIONS

1. The Committee or the Independent 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 Independent 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 (or Avnet may record the
stock transfer on its book and records without the need to issue a physical certificate); 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 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 Independent
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 (including
various cashless exercise methods) acceptable to the Committee (with respect to an Award granted to
an Eligible Employee) or the Independent Directors (with respect to award to a Non-Employee
Director), in each case in the discretion of the Committee or the Independent Directors, as the
case may be.

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
Independent Directors and subject to such rules as the Independent 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 Independent 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 or otherwise
recorded in the books and records of Avnet in accordance with the terms of the Plan.

7. While it is Avnet’s present intention to register under the Securities Act 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) if the Committee so requires, 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 Avnet 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.  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, or (d) any other entity in which
Immediate Family Members or the Employee own more than 50% of the voting interests, 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.

10. 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

11. 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 Avnet. 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.

12. 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.

13. 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). Without limiting the preceding sentence, with
respect to each Award (other than Options or Stock Appreciation Rights) that is intended by the
Committee to satisfy may specify that an Award or a portion of an Award is intended to satisfy the
requirements for “performance-based compensation” under Section 162(m), the performance criteria
for each such Award shall be a measure based on one or more of the following performance criteria,
either individually, alternatively or in any combination, applied to either the Company as a whole
or to a Subsidiary, division or other area of the Company, and measured either annually or
cumulatively over a period of years, on an absolute basis or relative to a pre-established target,
to previous years’ results or to a designated comparison group, in each case as specified by the
Committee: economic profit, total stockholder return, revenues, sales, net income, earnings per
share, return on equity, cash flow, operating margin or net worth. The Committee may adjust the
performance results to take into account extraordinary, unusual, non-recurring, or non-comparable
items. In addition, with respect to each Award (other than Options or Stock Appreciation Rights)
that is intended by the Committee to satisfy may specify that an Award or a portion of an Award is
intended to satisfy the requirements for “performance-based compensation” under Section 162(m), the
Committee shall certify the extent to which any the performance criteria described herein have been
satisfied, and the amount payable as a result thereof, prior to payment, settlement or vesting of
any such Award.

14. 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 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 Article III(1) 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 Article III(1)
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. In the event that any extraordinary cash
dividend 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 Article III(1) 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
equitably adjusted by the Committee.

2. In the event that the Stock shall be split up, divided or otherwise reclassified or exchanged,
or that any dividend payable in shares or Stock or extraordinary cash dividend is paid to the
holders of outstanding shares of Stock, in each case, 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: (A) any adjustment made under the
preceding provisions of this Article X shall be made in accordance with Section 424 of the Code and
the regulations thereunder; and (B) 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 November 8, 2016, 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.

CHICAGO/#1852962.3EX-10.6

Exhibit 10.6

AVNET DEFERRED COMPENSATION PLAN

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

AVNET, INC.

Certification

I, Raymond Sadowski, Senior Vice President and Chief Financial Officer of Avnet, Inc., a New
York corporation, do hereby certify that attached hereto is a true and correct copy of the Avnet
Deferred Compensation Plan (Amended and Restated Effective Generally as of January 1, 2009).

Dated this 31st day of December, 2008.

      

Raymond Sadowski

Senior Vice President and

Chief Financial Officer

TABLE OF CONTENTS

Page

	 	 	 	 	 	 	 	 	 	 	 	 	 
	ARTICLE 1	 	 	 	 	 	DEFINITIONS
	 	 	2	 
	 	 	 	 	 	1.1	 	 	“Account” or “Accounts”
	 	 	2	 
	 	 	 	 	 	1.2	 	 	“Active Participant”
	 	 	2	 
	 	 	 	 	 	1.3	 	 	“Affiliate”
	 	 	2	 
	 	 	 	 	 	1.4	 	 	“Beneficiary” or “Beneficiaries”
	 	 	2	 
	 	 	 	 	 	1.5	 	 	“Board of Directors” or “Board”
	 	 	3	 
	 	 	 	 	 	1.6	 	 	“Bonus”
	 	 	3	 
	 	 	 	 	 	1.7	 	 	“Business Day”
	 	 	3	 
	 	 	 	 	 	1.8	 	 	“Code”
	 	 	3	 
	 	 	 	 	 	1.9	 	 	“Committee”
	 	 	3	 
	 	 	 	 	 	1.10	 	 	“Company”
	 	 	3	 
	 	 	 	 	 	1.11	 	 	“Compensation”
	 	 	3	 
	 	 	 	 	 	1.12	 	 	“Compensation Deferral Election”
	 	 	3	 
	 	 	 	 	 	1.13	 	 	“Effective Date”
	 	 	4	 
	 	 	 	 	 	1.14	 	 	“Election Period”
	 	 	4	 
	 	 	 	 	 	1.15	 	 	“Eligible Employee”
	 	 	4	 
	 	 	 	 	 	1.16	 	 	“Employer”
	 	 	4	 
	 	 	 	 	 	1.17	 	 	“Final Section 409A Effective Date”
	 	 	4	 
	 	 	 	 	 	1.18	 	 	“Financial Hardship”
	 	 	4	 
	 	 	 	 	 	1.19	 	 	“Fund” or “Funds”
	 	 	5	 
	 	 	 	 	 	1.20	 	 	“Incentive Compensation”
	 	 	5	 
	 	 	 	 	 	1.21	 	 	“Interest Rate”
	 	 	5	 
	 	 	 	 	 	1.22	 	 	“Interim Section 409A Effective Date”
	 	 	5	 
	 	 	 	 	 	1.23	 	 	“Participant”
	 	 	5	 
	 	 	 	 	 	1.24	 	 	“Payment Eligibility Date”
	 	 	5	 
	 	 	 	 	 	1.25	 	 	“Plan”
	 	 	6	 
	 	 	 	 	 	1.26	 	 	“Plan Year”
	 	 	6	 
	 	 	 	 	 	1.27	 	 	“Salary”
	 	 	6	 
	 	 	 	 	 	1.28	 	 	“Section 409A Covered Benefits”
	 	 	6	 
	 	 	 	 	 	1.29	 	 	“Section 409A Disability”
	 	 	6	 
	 	 	 	 	 	1.30	 	 	“Section 409A Rules”
	 	 	6	 
	 	 	 	 	 	1.31	 	 	“Six Month Payment Delay Rule”
	 	 	7	 
	 	 	 	 	 	1.32	 	 	“Specified Employee”
	 	 	7	 
	 	 	 	 	 	1.33	 	 	“Target Compensation”
	 	 	7	 
	 	 	 	 	 	1.34	 	 	“Trust”
	 	 	7	 
	ARTICLE 2	 	 	 	 	 	PARTICIPATION
	 	 	8	 
	 	 	 	 	 	2.1	 	 	Participation
	 	 	8	 
	ARTICLE 3	 	 	 	 	 	DEFERRAL ELECTIONS
	 	 	9	 
	 	 	 	 	 	3.1	 	 	Elections to Defer Compensation
	 	 	9	 
	 	 	 	 	 	3.2	 	 	Investment Elections
	 	 	10	 
	ARTICLE 4	 	 	 	 	 	ACCOUNTS
	 	 	12	 
	 	 	 	 	 	4.1	 	 	Deferral Account
	 	 	12	 
	ARTICLE 5	 	 	 	 	 	VESTING
	 	 	13	 
	 	 	 	 	 	5.1	 	 	Deferral Account
	 	 	13	 
	ARTICLE 6	 	 	 	 	 	DISTRIBUTIONS
	 	 	14	 
	 	 	 	 	 	6.1	 	 	Distribution of Deferred Compensation
	 	 	14	 
	 	 	 	 	 	6.2	 	 	Financial Hardship Withdrawals
	 	 	15	 
	 	 	 	 	 	6.3	 	 	Unscheduled In-Service Withdrawal
	 	 	16	 
	 	 	 	 	 	6.4	 	 	Scheduled Early Distributions
	 	 	16	 
	 	 	 	 	 	6.5	 	 	Inability to Locate Participant
	 	 	17	 
	 	 	 	 	 	6.6	 	 	Trust
	 	 	17	 
	ARTICLE 7	 	 	 	 	 	ADMINISTRATION
	 	 	18	 
	 	 	 	 	 	7.1	 	 	Committee
	 	 	18	 
	 	 	 	 	 	7.2	 	 	Committee Action
	 	 	18	 
	 	 	 	 	 	7.3	 	 	Powers and Duties of the Committee
	 	 	19	 
	 	 	 	 	 	7.4	 	 	Construction and Interpretation
	 	 	19	 
	 	 	 	 	 	7.5	 	 	Information
	 	 	20	 
	 	 	 	 	 	7.6	 	 	Compensation, Expenses and Indemnity
	 	 	20	 
	 	 	 	 	 	7.7	 	 	Quarterly Statements
	 	 	20	 
	 	 	 	 	 	7.8	 	 	Disputes
	 	 	20	 
	ARTICLE 8	 	 	 	 	 	MISCELLANEOUS
	 	 	23	 
	 	 	 	 	 	8.1	 	 	Unsecured General Creditor
	 	 	23	 
	 	 	 	 	 	8.2	 	 	Restriction Against Assignment
	 	 	23	 
	 	 	 	 	 	8.3	 	 	Withholding
	 	 	23	 
	 	 	 	 	 	8.4	 	 	Amendment, Modification, Suspension or Termination
	 	 	23	 
	 	 	 	 	 	8.5	 	 	Governing Law
	 	 	24	 
	 	 	 	 	 	8.6	 	 	Receipt or Release
	 	 	24	 
	 	 	 	 	 	8.7	 	 	Notices
	 	 	24	 
	 	 	 	 	 	8.8	 	 	Headings and Gender
	 	 	24	 
	 	 	 	 	 	8.9	 	 	Plan Not A Contract of Employment
	 	 	24	 
	 	 	 	 	 	8.10	 	 	Construed as a Whole
	 	 	24	 
	 	 	 	 	 	8.11	 	 	Severability
	 	 	25	 

AVNET DEFERRED COMPENSATION PLAN

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

PREAMBLE

Avnet, Inc., a New York corporation (the “Company”), previously adopted the Avnet Deferred
Compensation Plan (the “Original Plan”) originally effective February 1, 1997 (the “Original
Effective Date”). The Original Plan was last amended and restated effective as of January 1, 2001
into the Avnet Deferred Compensation Plan (As Amended and Restated Effective as of January 1, 2001)
and thereafter amended through the Third Amendment adopted on November 10, 2005 (the “Prior Plan”).
The Company now desires to amend and restate the Prior Plan, effective generally as of January 1,
2009, to implement various design changes to the Prior Plan and primarily to comply with Section
409A of the Code (as defined below). Accordingly, the Prior Plan shall now be known as the Avnet
Deferred Compensation Plan (As 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 deferral of income to, and at the election of, a select group of management or highly
compensated employees of an Employer (as defined below). Accordingly, the Company intends that the
Plan will not be a qualified retirement plan under Code Section 401(a), and that the Plan and Trust
(as defined below) 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 and the Prior Plan shall be in compliance with the applicable requirements under Code Section
409A. At no time during, or after, the Interim 409A Period (as defined below) were benefits
deferred under the Prior Plan before the Interim 409A Period changed in such a manner as to cause a
material modification of such benefits within the meaning of the Section 409A Rules. Moreover, all
benefits deferred under the Prior Plan were at all times fully vested. Accordingly, the Company
intends that benefits which were deferred under the Prior Plan before the Interim 409A Period and
the earnings attributable thereto, are not subject to Code section 409A.

The Plan (and to the extent necessary the Prior Plan) shall be interpreted and construed so
that benefits deferred under the Prior Plan or this Plan on and after the Interim 409A Period
comply with the Section 409A Rules. The Plan shall also be interpreted and construed so that
benefits deferred under the Prior Plan before the Interim 409A Period are not subject to the
Section 409A Rules. Any provision of the Plan that is found to be inconsistent with the foregoing
shall be deemed to be severable from the terms of the Plan and shall have no force or effect.

ARTICLE 1

DEFINITIONS

1.1 “Account” or “Accounts” means a Participant’s Deferral Account and any
subaccounts created under Section 4.1.

1.2 “Active Participant” means a Participant who, for a particular Plan Year, has a
Compensation Deferral Election in effect for the Plan Year.

1.3 “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.

1.4 “Beneficiary” or “Beneficiaries” means the designated person(s) or
entity(ies) to receive benefits in the event of death of the Participant in accordance with
procedures established by the Committee to receive the benefits specified hereunder. No
Beneficiary designation shall become effective until it is filed in accordance with procedures
approved by the Committee. If there is no such designation or if there is no surviving designated
Beneficiary, 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
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 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 guardian of the estate for the minor 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.

1.5 “Board of Directors” or “Board” means the Board of Directors of the
Company.

1.6 “Bonus” means any amount of cash Compensation attributable to the Participant
during a Plan Year which is designated by the Company as a bonus payment and payable by the Company
or an Employer. The Committee, in its discretion, shall determine whether any particular type or
item of Compensation shall be deemed a “Bonus” for purposes of the Plan or another type of
Compensation; provided, however, that such discretion may only be exercised during an Election
Period preceding a Plan Year when a Bonus is earned.

1.7 “Business Day” means a day during which the New York Stock Exchange is open for
trading.

1.8 “Code” means the Internal Revenue Code of 1986, as amended.

1.9 “Committee” means the Committee appointed by the Board to administer the Plan in
accordance with Article 7.

1.10 “Company” means Avnet, Inc., a New York corporation, and any successor
corporation or entity.

1.11 “Compensation” means a Participant’s Incentive Compensation and/or Salary and/or
Bonus; provided, however, that, effective with the 2008 Plan Year, Compensation shall not include
payments made to a Participant by an Employer in that are in the nature of severance payments.

1.12 “Compensation Deferral Election” means a written or electronic election completed
by the Participant to defer the payment of Compensation, subject to the terms and conditions of the
Plan and such other rules, procedures and approvals that the Committee shall determine in its sole
discretion. Except as otherwise specifically allowed under the Section 409A Rules (as defined
below), a Participant’s Compensation Deferral Election shall be irrevocable for the corresponding
Plan Year and shall automatically carry-forward to future Plan Years unless it is revoked or
changed by a Participant during a corresponding Election Period. If a Participant who has a
Compensation Deferral Election in effect for the 2008 Plan Year does not have projected
Compensation of at least $150,000 for calendar year 2009, then such election shall cease as of
December 31, 2008 with respect to Salary and as of February 28, 2009 with respect to Incentive
Compensation. Consistent with the Section 409A Rules, if a Participant receives an unscheduled
distribution of Section 409A Covered Benefits due to a Financial Hardship, his or her Compensation
Deferral Election shall be cancelled for the remainder of the Plan Year and such a Participant will
be precluded from making another Compensation Deferral Election during the Election Period
corresponding to the following Plan Year. Thereafter, the Participant’s previous Deferral Election
shall not apply and the Participant must make a new Deferral Election during the Election Period
corresponding to the Plan Year when or she is again eligible to defer Compensation under the Plan.

1.13 “Effective Date” of this Plan generally means January 1, 2009, except as
otherwise provided herein. Where a particular Plan provision has an effective date prior to
January 1, 2009, the terms of the Prior Plan shall be deemed to be amended accordingly.

1.14 “Election Period” for an Eligible Employee means, with respect to a particular
Plan Year, the open enrollment period designated by the Committee that ends no later than the last
day of the calendar year (i.e., the December 31st) before the next Plan Year starts.

1.15 “Eligible Employee” means any domestic U.S. domicile employee of an Employer who
is part of a select group of management or highly compensated employees that the Committee has
determined to be eligible to become a Participant in the Plan and to whom the Plan is extended by
the Committee, but excluding any person designated by the Company or an Affiliate as an independent
contractor or a leased employee. In addition, effective for Salary earned after December 31, 2008
and Incentive Compensation earned after February 28, 2009, a person is any Eligible Employee only
if he or she is projected to earn Compensation of at least $150,000 from an Employer during a
calendar year.

1.16 “Employer” means the Company and any Affiliate that has adopted the Plan with the
consent of the Board or the Committee.

1.17 “Final Section 409A Effective Date” means 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.

1.18 “Financial Hardship” means an unforeseeable, severe financial emergency resulting
from (1) a sudden and unexpected illness or accident of the Participant or his or her dependent (as
defined in Section 152(a) of the Code); (2) loss of the Participant’s property due to casualty; or
(3) other similar extraordinary and unforeseeable circumstances arising out of an event beyond the
control of the Participant, which may not be relieved through other available resources of the
Participants, as determined by the Committee in its sole discretion. Notwithstanding the
foregoing, for distributions attributable to Section 409A Covered Benefits, a Financial Hardship
must qualify as an “unforeseeable emergency” under the Section 409A Rules relating to the
Participant or his or her dependent or designated Beneficiary under the Plan.

1.19 “Fund” or “Funds” means one or more of the investment funds selected by
the Committee pursuant to Section 3.2(a) in which a Participant’s Account shall be deemed
to be invested.

1.20 “Incentive Compensation” means any cash incentive compensation payable to a
Participant by the Company or an Employer in addition to the Participant’s Salary and Bonus prior
to reduction for any salary deferral contributions to a plan described under Section 125 or
Section 401(k) of the Code.

1.21 “Interest Rate” means, for each Fund, an amount equal to the net rate of gain or
loss on the assets of such Fund as of the close of each Business Day, as determined by the Fund
(this amount may be a negative number); provided, however, that the Interest Rate for that portion
of a Participant’s Account scheduled for a distribution shall mean, for each Fund, an amount equal
to the net rate of gain or loss on the assets of such Fund as of the close of the last Business Day
of the calendar month before the scheduled distribution date and, if only a partial distribution is
being made, the remaining balance of the Participant’s Account shall be adjusted for the Interest
Rate effective as of the first Business Day of the following month.

1.22 “Interim Section 409A Effective Date” means 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.

1.23 “Participant” means any Eligible Employee who becomes a Participant in accordance
with Section 2.1.

1.24 “Payment Eligibility Date” means a date as soon as administratively practical
during the period beginning on the first Business Day of the month following the date when a
Participant incurs a distribution event under the Plan and ending on a date that does not exceed 90
days thereafter (as determined by the Committee). Notwithstanding the foregoing, for distributions
of Section 409A Covered Benefits to Participants who are Specified Employees (as defined below)
subject to the Six Month Payment Delay Rule (as defined below), the term Payment Eligibility Date
means a date as soon as administratively practical during the period beginning on the first
Business Day of the seventh full month following the Participant’s separation from service (under
the Section 409A Rules) and ending on a date that does not exceed 90 days thereafter (as determined
by the Committee). (For the avoidance of doubt, if the 90 day period covers two calendar years,
the Participant may not designate the calendar year of the payment).

1.25 “Plan” means this Avnet Deferred Compensation Plan (As Amended and Restated
Effective Generally as of January 1, 2009) set forth herein, now in effect, or as amended from time
to time.

1.26 “Plan Year” means: (i) prior to January 1, 2008, the calendar year; (ii)
effective January 1, 2008, the 14 month period beginning January 1, 2008 and ending on February 28,
2009; and (iii) thereafter, the 12 month period beginning each March 1st and ending on the last day
of the February in the following year.

1.27 “Salary” means the Participant’s base salary payable by the Company or an
Employer to a Participant in cash prior to reduction for any salary deferral contributions to a
plan qualified under Section 125 or Section 401(k) of the Code. The term “Salary” shall exclude
any Bonuses (or other extraordinary compensation-related payments), reimbursements of business,
moving and other expenses, any income resulting from stock option exercises, any Incentive
Compensation and any distributions from the Plan and/or any other qualified or non-qualified
deferred compensation plan. The Committee, in its discretion, shall determine whether any
particular type or item of compensation not specifically referred to above shall be deemed “Salary”
for purposes of the Plan; provided, however, that such discretion may only be exercised during an
Election Period preceding a Plan Year when the Salary is earned..

1.28 “Section 409A Covered Benefits” means that portion of a Participant’s Account
attributable to deferrals made on or after the Interim Section 409A Period as adjusted for any
earnings or losses attributable thereto and, if applicable, amounts that are deferred before the
Interim Section 409A Effective Date that were materially modified within the meaning of the
Section 409A Rules.

1.29 “Section 409A Disability” means, with respect to Section 409A Covered Benefits,
that a Participant is unable to engage in any substantial gainful activity due to a medically
determinable physical or mental impairment that can be expected to result in death or last for a
continuous period of not less than 12 months, as determined in accordance with the Section 409A
Rules.

1.30 “Section 409A Rules” means the terms and provisions of Section 409A of the Code
and the general rules and regulations issued thereunder by the Secretary of the Treasury, the
Commissioner of the Internal Revenue Service and their respect delegates.

1.31 “Six Month Payment Delay Rule” means the requirement under Code Section 409A that
a Specified Employee must delay his or her distribution of Section 409A Covered Benefits 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 or a Section 409A Disability.

1.32 “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 each 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.

1.33 “Target Compensation” means, for a Plan Year, a Participant’s Incentive
Compensation and Salary.

1.34 “Trust” means the Avnet Deferred Compensation Rabbi Trust, as amended from time
to time.

ARTICLE 2

PARTICIPATION

2.1 Participation. Each person who was a “Participant” under the Prior Plan
immediately prior to the Effective Date shall continue to be a Participant in the Plan, but subject
to the terms and conditions of the Plan. Any other person who is an Eligible Employee shall become
a Participant in the Plan by (A) electing to defer a portion of his or her Compensation in
accordance with Section 3.1, and/or (B) completing such other forms or agreements that the
Committee, in its sole discretion, may require.

If an employee ceases to be an Eligible Employee, then he or she shall no longer be an Active
Participant eligible to have a valid Compensation Deferral Election on file with the Committee for
future Plan Years until he or she becomes an Eligible Employee again and subsequently reenrolls in
the Plan during an Election Period.

ARTICLE 3

DEFERRAL ELECTIONS

3.1 Elections to Defer Compensation.

(a) Election Period. Subject to Section 2.1, each Eligible Employee may elect
to defer Compensation by filing with the Committee (or a third party designated by the Committee) a
Compensation Deferral Election no later than the last day of the Election Period for the
corresponding Plan Year; provided, however, that an Eligible Employee may elect to change his or
her Compensation Deferral Election for the 2005 Plan Year by March 15, 2005, but only for
Compensation that has not yet been paid as of that date.

(b) General Rule. The amount of Compensation which an Active Participant may elect to
defer is as follows:

(1) Any amount of Salary that is at least 5%, and does not exceed 50%, of his or her
Salary; and/or

(2) Any amount of Incentive Compensation that is at least 10%, and does not exceed
100%, of his or her Incentive Compensation; and/or

(3) Any amount of Bonus that is at least 10%, and does not exceed 100%, of Bonus
provided, however, that no election shall be effective to reduce Compensation that:

(i) an Eligible Employee has actually or constructively received; or

(ii) would cause an Eligible Employee’s Compensation for a calendar year to be
an amount which is less than the Social Security taxable wage base for such calendar
year.

(c) Coordination With Deferrals to Avnet 401(k) Plan. An Active Participant who makes
a valid Compensation deferral election under paragraph (b) above for a Plan Year may also elect,
during his or her applicable Election Period, to have certain amounts attributable to pre-tax
contributions that would, absent certain limitations under the Code, otherwise be made to the Avnet
401(k) Plan be made or transferred to this Plan. These amounts include refunds attributable to the
nondiscrimination tests under Code sections 401(k) or 401(m). Any amounts deferred under the Plan
pursuant to this paragraph (c) shall be treated as deferral of Salary for all other purposes of the
Plan. Notwithstanding the foregoing, an Active Participant’s ability to defer contributions to the
Plan attributable to such refunds from the Avnet 401(k) Plan after December 31, 2004 shall be
subject to the Section 409A Rules.

(d) Effect of Election. The Compensation Deferral Election shall be effective with
respect to Compensation payable during or after the first pay period beginning with the Plan Year
following the Election Period.

(e) Duration of Compensation Deferral Election. Any Compensation Deferral Election
shall remain in effect, notwithstanding any change in the Participant’s Compensation, until changed
or terminated in accordance with the terms of paragraph (f). Subject to the preceding
requirements, a Participant may increase, decrease or terminate his or her Compensation Deferral
Election, effective for Compensation payable during pay periods beginning in the Plan Year
beginning after the corresponding Election Period during which the new Compensation Deferral
Election is filed with the Committee.

(f) Revocation of Compensation Deferral Election. Except to the extent specifically
permitted under the Section 409A Rules, a Participant’s Compensation Deferral Election made during
an Election Period is irrevocable once that Election Period ends and may not be changed until the
following Election Period. Except as otherwise required under the Section 409A Rules, a
Participant who is rehired during a Plan Year after incurring a termination of employment with the
Company during that Plan Year shall remain subject to the terms of his or her Compensation Deferral
Election in place (if any) for that Plan Year. Notwithstanding the foregoing, a Participant who
receives a Financial Hardship Withdrawal during a Plan Year pursuant to Section 6.2 shall be deemed
to have his or her Compensation Deferral Election revoked for the duration of such Plan Year and
shall not be eligible to file a new Compensation Deferral Election with the Committee for the next
Plan Year.

(g) Elections other than Elections During the Election Period. A Participant may only
file a Compensation Deferral Election during an Election Period. If an individual becomes an
Eligible Employee during a Plan Year after the corresponding Election Period has expired, he or she
will not be eligible to become a Participant, and accordingly will not be eligible to file a
Compensation Deferral Election, until the next following Election Period (with such election to be
effective as of the next following Plan Year).

3.2 Investment Elections.

(a) At the time of making the deferral elections described in Section 3.1, the Participant
shall designate, in such manner as prescribed by the Committee, the type(s) of investment funds the
Participant’s Account will be deemed to be invested in for purposes of determining the amount of
earnings to be credited to that Account. These investment funds shall be selected by the Committee
from time to time, and the Committee may modify, replace or discontinue a particular type or
category of investment fund in its sole discretion.

(b) In making the designation pursuant to this Section 3.2, the Participant may
specify that all or any whole percentage of his Accounts (of at least 1%) be deemed to be invested
in one or more of the types of investment funds available under the Plan from time to time. A
Participant may change the designation made under this Section 3.2 by filing a change of
election in such manner as specified by the Committee. The change will be effective on the first
Business Day following the Business Day when the Participant submits his or her change of
investment election (or as soon as practicable thereafter). Notwithstanding the foregoing, no new
investment election may be made with respect to amounts in a Participants Account scheduled for
distribution after the second last Business Day of the month preceding the month in which such
distribution is scheduled to be made. If a Participant fails to elect a type of fund under this
Section 3.2, he or she shall be deemed to have elected an investment fund that is similar
to a money market fund.

(c) The Interest Rate of each such commercially available investment fund or contract shall be
used to determine the amount of earnings or losses to be credited to Participants’ Accounts under
Article 4.

ARTICLE 4

ACCOUNTS

4.1 Deferral Account. The Committee shall establish and maintain a Deferral Account
for each Participant under the Plan. Each Participant’s Deferral Account shall be further divided
into separate subaccounts (“Fund Subaccounts”), each of which corresponds to a investment fund(s)
elected by the Participant pursuant to Section 3.2(a). Without limiting the generality of
the foregoing, separate Fund Subaccounts shall be maintained for all Participants attributable to
their Compensation deferrals made prior to January 1, 2005 (including those made under the Memec,
LLC Executive Deferred Compensation Plan (the “Memec Plan”)) and, for those Participants whose
benefits were merged into this Plan from the Memec Plan, for amounts deferred under the Memec Plan
during the 2005 calendar year. A Participant’s Deferral Account shall be credited as follows:

(a) As soon as practicable after the date that Salary being deferred hereunder would otherwise
be payable to the Participant, the Committee shall credit the Fund Subaccounts of the Participant’s
Deferral Account with an amount equal to Salary deferred by the Participant during each pay period
in accordance with the Participant’s election under Section 3.2(a); that is, the portion of
the Participant’s deferred Salary that the Participant has elected to be deemed to be invested in a
certain type of investment fund shall be credited to the Fund Subaccount corresponding to such
fund;

(b) As soon as practicable after the date that Incentive Compensation being deferred hereunder
would otherwise be payable to the Participant, the Committee shall credit the Fund Subaccounts of
the Participant’s Deferral Account with an amount equal to the portion of the Incentive
Compensation deferred by the Participant’s election under Section 3.2(a); that is, the
portion of the Participant’s deferred Incentive Compensation that the Participant has elected to be
deemed to be invested in a particular type of investment fund shall be credited to the Fund
Subaccount corresponding to such fund;

(c) As soon as practicable after the date that Bonus being deferred hereunder would otherwise
be payable to the Participant, the Committee shall credit the Fund Subaccounts of the Participant’s
Deferral Account with an amount equal to the portion of the Bonus money deferred by the
Participant’s election under Section 3.2(a); that is, the portion of the Participant’s
deferred Bonus money that the Participant has elected to be deemed to be invested in a particular
type of investment fund shall be credited to the Fund Subaccount corresponding to such fund; and

(d) As of the end of each Business Day, each Fund Subaccount of a Participant’s Deferral
Account shall be credited with earnings or losses in an amount equal to that determined by
multiplying the balance credited to such Fund Subaccount as of the end of the preceding Business
Day by the Interest Rate for the corresponding investment fund selected by the Committee pursuant
to Section 3.2(b).

ARTICLE 5

VESTING

5.1 Deferral Account. Except as provided in Sections 6.4 and 6.5, a
Participant’s Deferral Account shall be 100% vested at all times.

ARTICLE 6

DISTRIBUTIONS

6.1 Distribution of Deferred Compensation.

(a) General Distribution Rules. In the case of a Participant who is no longer
employed by the Company or an Affiliate and who either (i) terminates employment as a result of a
long-term disability (as defined in the Company’s long-term disability plan), or (ii) who has at
least five (5) years of service with the Company or an Affiliate, the Participant’s Account shall
be paid to the Participant in the form of substantially equal annual periodic payments over
15 years beginning on his or her Payment Eligibility Date. However, except as indicated below with
respect to Section 409A Covered Benefits, a Participant described in the preceding sentence may
elect one of the following optional forms of distribution provided, that, if the distribution
relates to clause (ii) above, his or her election is filed with the Committee at least one year
prior to his or her termination of employment:

(1) a cash lump sum payable on the Participant’s Payment Eligibility Date, and

(2) substantially equal annual periodic payments over five or ten years beginning on
the Participant’s Payment Eligibility Date.

Distributions attributable to a Participant’s Fund Subaccount relating to the merger of the
Memec Plan into this Plan shall be based on the distribution form or forms applicable to such
Participant under the Memec Plan prior to such merger.

(b) Plan Year Distribution Elections for Section 409A Covered Benefits.
Notwithstanding the foregoing, for distributions attributable to Section 409A Covered Benefits, a
Participant’s ability to select a distribution option under clauses (1) or (2) above shall be
determined in accordance with Section 409A Rules. Without limiting the generality of the
foregoing, a Participant could select a distribution option under (1) or (2) above during an
Election Period for deferrals (and earnings) made during the corresponding Plan Years beginning on
or after the Interim Section 409A Effective Date and such distribution election shall apply to
deferrals made in future Plan Years unless and until the Participant makes a new, prospective
distribution election for deferrals made in future Plan Years during the corresponding Election
Period.

(c) Changing Distribution Elections for Section 409A Covered Benefits. If a
Participant wants to change a distribution election for Section 409A Covered Benefits, the change
will only be effective if it is made at least 12 months in advance of the scheduled payment date,
the change to such distribution election option does not take effect until at least 12 months after
the date on which the election is made, the first payment with respect to which such election is
made is deferred for at least five years from the date the payment would otherwise have been made
and, except as allowed under the Section 409A Rules, the distribution election change does not
permit the acceleration of the time or schedule of any payment under the Plan. However, the
foregoing restrictions shall not apply to any distribution election change for Section 409A Covered
Benefits if: (i) the Participant submits a new distribution election by December 1, 2008 and (ii)
any such distribution election change does not result in a distribution being postponed for the
calendar year in which the distribution change is filed. A Participant may change a distribution
election made for Section 409A Covered Benefits only once after December 1, 2008.

(d) Mandatory Lump Sum Distributions. Notwithstanding the foregoing provisions of
this Section 6 or the terms of a Participant’s distribution election: (i) if the Participant’s
Account is $50,000 or less at his or her termination of employment, the Participant’s Account shall
automatically be distributed in the form of a cash lump sum on the Participant’s Payment
Eligibility Date; (ii) all payments made to a Beneficiary shall be in the form of a cash lump sum
payment that is made no later than the 90 days after the Participant’s date of death (as determined
by the Committee and, for the avoidance of doubt, if the 90 day period covers two calendar years,
the Beneficiary may not designate the calendar year of the payment) even if periodic payments began
before the Participant’s death; and (iii) if a Participant terminates employment prior to
completing at least five (5) years of service with the Company or an Affiliate or for reasons other
than a long-term disability (which qualifies as a Section 409A Disability with respect to
Section 409A Covered Benefits), the Participant’s distribution shall be in the form of a cash lump
sum on the Participant’s Payment Eligibility Date.

(e) Installment Distributions and Fund Accounts. Distributions made in installment
payments will be deemed to be made on a pro rata basis from each Fund Subaccount in which a
Participant’s Account is deemed to be invested in pursuant to Section 3.2. The
Participant’s Account shall continue to be adjusted for Interest in accordance with the applicable
provision of Article 4 of the Plan up until the last Business Day of the month preceding each
installment distribution.

(f) Termination of Employment. For all purposes under this Plan, a Participant shall
not be considered terminated from employment if the Participant remains employed by the Company or
an Affiliate, even if employees of such Affiliate are not Eligible Employees. However, if the
Participant is employed by the Company or an Affiliate and ceases to be such as a result of a sale
or other corporate reorganization, such sale or reorganization shall be treated as termination of
employment unless immediately following such event and without any break in employment the
Participant remains employed by Company or another Affiliate or the former Affiliate assumes all
liability for the Participant’s benefits under the Plan. Notwithstanding the foregoing, for
distributions attributable to Section 409A Covered Benefits, the determination of whether a
Participant has terminated employment shall be consistent with the concept of “separation from
service,” as that term is used under Section 409A Rules.

6.2 Financial Hardship Withdrawals. Participant shall be permitted to elect to
withdraw amounts from their Accounts prior to termination of employment with the Company or an
Affiliate due to a Financial Hardship subject to the following restrictions:

(a) The election to take a Financial Hardship distribution shall be made by filing an
application with, and in such manner as approved by, the Committee prior to the end of any calendar
month.

(b) The Committee determines, in its sole discretion, that the Participant has incurred a
Financial Hardship.

(c) The amount of the Financial Hardship distribution shall, in all cases, not exceed the
amount necessary to satisfy the Financial Hardship (after taking into account the extent to which
such hardship is or may be relieved through reimbursement or compensation by insurance or otherwise
or by liquidation of the Participant’s assets unless any such liquidation would itself cause a
Financial Hardship) plus any taxes reasonably anticipated as a result of such distribution.

(d) The amount described in subsection (b) above shall be paid in a single cash lump sum as
soon as practicable after the end of the calendar month in which the Committee approves the
Financial Hardship distribution application.

(e) To the extent permissible under Section 409A of the Code and the rules and regulations
issued thereunder, if a Participant receives a Financial Hardship Distribution, his or her
Compensation deferrals shall be cancelled for the balance of that Plan Year and one full Plan Year
or such other period as may be required under the Section 409A Rules.

6.3 Unscheduled In-Service Withdrawal. Notwithstanding anything in this Plan to the
contrary, for amounts attributable to deferrals made under the Plan prior to the Interim
Section 409A Effective Date that are not Section 409A Covered Benefits, a Participant may request
to withdrawal of all or a portion of the balance of his Account (other than any Section 409A
Covered Benefits) by filing a request with, and in such manner as approved by, the Committee. The
withdrawal will be deemed to be made from the deferrals for the year or years whose deferred
distribution date is closest to the date of the withdrawal and the Committee, in its sole
discretion, shall determine which of the Fund Subaccounts will be charged for the withdrawal. This
request may be granted, solely in the absolute discretion of the Committee; provided, however, if
the Committee grants a withdrawal request, the Participant will not be able to make Compensation
deferrals during the next full Plan Year. The amount of the withdrawal under this section will be
subject to a ten percent (10%) forfeiture. Such amount will be forfeited to the Company.

6.4 Scheduled Early Distributions. Participants may elect to receive payments of
Compensation deferred during a given Plan Year to be made on a future designated payment date while
still employed by filing a written election with the Committee during the Election Period
corresponding to such Plan Year, provided the payment date is at least three plan years from the
date that the Compensation Deferral Election applicable to such Plan Year is received by the
Committee. A Participant may change his or her payment date consistent with the rules in
Section 6.1(c) and, after December 1, 2008, many only make one irrevocable election to postpone
such payment date (and may only make one election to postpone such a payment. Payment under this
Section will be made in a lump sum. This election shall apply to the Compensation deferred for the
Plan Year specified by the Participant on his or her payment election and the earnings credited
thereto until the payment date. A distribution pursuant to this Section 6.5 of less than
the Participant’s entire interest in the Plan shall be made pro rata from his or her Fund
Subaccounts according to the balances in such Subaccounts. Notwithstanding the foregoing, if a
Participant terminates employment with the Company for any reason prior to the date on which a
payment is scheduled to be made pursuant to this Section 6.5, the Participant’s entire
Account balance will be paid pursuant to the provisions of Section 6.1.

6.5 Inability to Locate Participant. In the event that the Committee is unable to
locate a Participant or Beneficiary within two years following the Participant’s Payment
Eligibility Date, the amount allocated to the Participant’s Deferral Account and Company
Contribution Amounts shall be forfeited. If, after such forfeiture, the Participant or Beneficiary
later claims such benefit prior to the expiration of a ten year period, such benefit shall be
reinstated without interest or earnings.

6.6 Trust.

(a) The Company may cause the payment of benefits under this Plan to be made in whole or in
part by the Trustee of the Trust (the “Trustee”) in accordance with the provisions of this
Section 6.7. The Company shall contribute to the Trust for each Participant an amount
equal to the amount deferred by the Participant for the Plan Year except to the extent that the
Company determines that the Trust otherwise has sufficient assets to provide allocations to
Participants’ Accounts. Contributions required shall be made no less frequently than on a monthly
basis.

(b) The Committee shall direct the Trustee to pay the Participant or his Beneficiary at the
time and in the amount described in Article 6. In the event the amounts held under the Trust are
not sufficient to provide the full amount payable to the Participant, the Company shall pay for the
remainder of such amount at the time set forth in Article 6. In the event that the Company makes a
distribution to a Participant from Company assets, the Company may, in its discretion, cause the
Trust to reimburse the Company.

(c) Solely with respect to assets transferred to, or reserved under, the Trust after
August 17, 2006 (the “Restriction Period Assets”) for a Participant who is also is an Applicable
Covered Employee (as defined below), the Company may direct that Compensation deferred hereunder
will not be held in the Trust by making a good faith determination that a Restriction Period (as
defined below) is reasonably expected to occur at any time during the next nine months following
the date when it provides at least 15 days advanced written notice to the Participant of such
determination. The Company may direct the Trustee to transfer any Restriction Period Assets in
the Trust back to the Company within 15 days following the end of the Company’s 15 day advanced
notification period. Thereafter, the payment obligations to the Participant hereunder attributable
to the Restriction Period Assets shall no longer be an obligation of the Trust, but shall remain an
obligation of the Company which shall assume all of the duties and responsibilities of the Trust
hereunder with respect to such assets. As determined in accordance with section 409A(b)(3) of the
Code and applicable Treasury regulations, a Restriction Period means, with respect to any
single-employer defined benefit pension plan maintained by an Employer, one of the following:

(1) Any period during which such a plan is in at-risk status under section 430(i) of
the Code;

(2) Any period during which an Employer that is a plan sponsor of such a plan is a
debtor in a case under Title 11 of the United States Code, or similar Federal or state law;
or

(3) The 12-month period beginning on the date which is six months before the
termination date of such a plan if, as of the termination date, the plan’s assets are not
sufficient to cover all of the plan’s benefit liabilities (as determined under section 4041
of the ERISA .

As determined under section 409(A)(b)(3)(D) and applicable Treasury regulations, a Participant
is an Applicable Covered Employee if he or she is an employee of an Employer described in section
162(m)(3) of the Code or subject to the requirements of section 16(a) of the Exchange Act or was
such an employee at the time of termination of employment with an Employer.

ARTICLE 7

ADMINISTRATION

7.1 Committee. A Committee shall be appointed by, and serve at the pleasure of, the
Board of Directors. 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 with the Company, 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.

(a) 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:

(1) To select the funds or contracts to be the Funds in accordance with
Section 3.2(b);

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

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

(4) To maintain all records that may be necessary for the administration of the Plan;

(5) 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 law;

(6) 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;

(7) To appoint a plan 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; and

(8) To take all actions set forth in the Trust agreement, including determining whether
to hold or discontinue the Policies.

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 the Trust.

(c) To the extent permitted by applicable law, the Company shall indemnify and save 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 indemnities as may be available
under insurance purchased by the Company or provided by the Company under any bylaw, agreement or
otherwise, as such indemnities are permitted under applicable law.

7.7 Quarterly Statements. Under procedures established by the Committee, a
Participant shall have online access to a statement summarizing such Participant’s Accounts on a
quarterly basis as soon as practicable after each March 31, June 30, September 30 and December 31
of each year.

7.8 Disputes.

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

(b) Claim Decision. 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 subsection (c).

(c) Request for Review. Within sixty (60) days after the receipt by the Claimant of
the written opinion described above, the Claimant may request in writing that the Company review
the determination of the Committee. Such request must be addressed to the Secretary of the
Company, at its then principal place of business. The Claimant or his or her duly authorized
representative may, but need not, review the pertinent documents and submit issues and comments in
writing for consideration by the Company. 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 Company’s
determination.

(d) Review of Decision. Within sixty (60) days after the Company’s receipt of a
request for review, after considering all materials presented by the Claimant, the Company will
inform the Participant 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 Company 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.

(e) Limitation 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, Beneficiary or
other person claiming benefits under the Plan only during a certain period. This period begins
after the appeal process has ended under Section 3(c) 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 (b) or (c) above at the end of the one (1) year period, then such
120-day limitation rule shall apply.

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 shall not apply.

ARTICLE 8

MISCELLANEOUS

8.1 Unsecured General Creditor. Participants and their Beneficiaries, heirs,
successors, and assigns shall have no legal or equitable rights, claims, or interest in any
specific property or assets of the Company. No assets of the Company shall be held under any trust
(other than the 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 the 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 the Trust) be unfunded for purposes of the Code and
for purposes of Title I of ERISA.

8.2 Restriction Against Assignment. The Company or the Trustee 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 Accounts 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 qualified domestic relations order under ERISA, a Participant’s Accounts
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 provided, however, that payments of a Participant’s Section 409A Covered Benefits
shall not cease if the Participant or Beneficiary has already incurred a Payment Eligibility Date.

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 any amounts allocated to a Participant’s Deferral Account (the Policies themselves shall
not be treated as allocated to Deferral Accounts). In addition, the Committee has the right to
amend Sections 3.2 and any other Plan provision (subject to the limitation in the preceding
sentence) as long as any such amendment does not have a material increase in the costs incurred by
the Company in connection with the Plan. In the event that this Plan is terminated, the amounts
allocated to a Participant’s Accounts (regardless of whether such amounts had become vested) shall
be distributed to the Participant or, in the event of his or her death, his or her Beneficiary in a
lump sum as soon as practicable following the date of termination; provided, however, that the
foregoing shall apply to only to the extent permissible under the Section 409A Rules for
Section 409A Covered Benefits.

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 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. 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 manner 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 Employee or Participant the
right to be retained in the employ of the Company or an Affiliate nor give any person a right or
claim to any benefit under the Plan, unless such right or claim has specifically accrued 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.

CHICAGO/#674252.14

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