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EXHIBIT 99C
AGREEMENT effective as of April 1, 2000, 2000 between AVNET, INC., a
New York corporation with a principal place of business at 0000 Xxxxx 00xx
Xxxxxx, Xxxxxxx, Xxxxxxx 00000 ("Employer") and Xxxxxx Xxxxxx, having an office
at, 0000 X. 00xx Xxxxxx Xxxxx, Xxxxxxx 00000 ("Employee").
W I T N E S S E T H
1. Employment, Salary, Benefits:
1.1 Employment. Employer agrees to employ Employee and Employee agrees to
accept employment upon the terms and conditions hereinafter set forth.
1.2 Term. Employee's employment shall commence on April 1 2000 and subject
to earlier termination as provided in Section 2 below, shall continue
for a period of two (2) years (until April 1, 2002, the "Initial
Term"). Unless Employee provides Employer written notice at least
thirty (30) days prior to the expiration of the Initial Term advising
Employer that Employee does not intend to renew the Agreement as
hereinafter described, then after April 1, 2002 such employment shall
continue until terminated by either party provided, however, that the
party desiring to terminate the employment gives written notice thereof
to the other not less than one (1) year prior to the date of actual
termination of employment. By way of example, should Employee desire
not to renew after the Initial Term, such notice would have to be given
no later than March 1 , 2002. Thereafter (if not so terminated by
Employee at the end of the Initial Term), if either Employer or
Employee should desire to terminate the employment on June 15, 2003
such notice would have to be given not later than June 15, 2002.
1.3 Duties. Employee is hereby engaged in an executive capacity and shall
perform such duties for Employer, or Employer's subsidiaries, divisions
and operating units as may be assigned to him from time to time by the
Chief Executive Officer of Employer. Employee is currently engaged as
President of Computer Marketing Group. If Employee is elected an
officer or a director of Employer or any subsidiary or division
thereof, he shall serve as such without additional compensation.
1.4 Compensation. For all services to be rendered by Employee and for all
covenants undertaken by him pursuant to the Agreement, Employer shall
pay and Employee shall accept such compensation (including base salary
and incentive compensation) as shall be agreed upon from time to time
between Employer and Employee. In the event Employee's employment
hereunder is terminated by the one (1) year notice provided for in
Section 1.2 above and Employer and Employee fail to agree upon
compensation during all or any portion of the one (1) year notice
period prior to termination, then Employee's compensation (base salary
and incentive compensation) during such portion of the notice period
shall remain the same in cash amount as was most recently agreed upon
(or as resulted on an average basis for each pay period from the
formula most recently agreed
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upon); and upon such termination (after a one-year notice) Employee
shall not be entitled to severance payments under any Employer
severance plan. In the alternative event that at least 30 days prior to
the end of the Initial Term Employee notifies Employer that it intends
not to renew as described in 1.2 above, Employee shall effective April
30, 2002 (the end of the Initial Term) revert to employee at will
status (with employment terminable at any time by either Employer or
Employee) and the provision in 1.2 above requiring a one-year notice
shall not apply; and upon a subsequent termination of employment,
Employee shall be entitled if otherwise eligible to payments under any
then-applicable Employer severance plan. Notwithstanding anything to
the contrary, in the event Employee's employment is terminated pursuant
to 2.1, 2.2 or 2.3 below, then the one-year notice provided in 1.2
above shall not be applicable and Employee shall not be entitled to any
severance pay benefit.
1.5 Other Compensation on Termination. Upon termination of this Agreement,
Employee shall be entitled to receive only such compensation as had
accrued and was unpaid to the effective date of termination. If the
termination occurs other than at the end of a fiscal year of Employer,
the compensation payable to Employee (including base salary and
incentive compensation) shall bear the same ratio to a full fiscal
year's remuneration as the number of days for which employee shall be
entitled to remuneration bears to 365 days.
1.6 Additional Benefits. In addition to the compensation described in
Subsection 1.4, Employee shall be entitled to vacation, insurance,
retirement and other benefits (except for severance pay benefit which
the one-year termination notice described above is intended to replace)
as are afforded to personnel of Employer's United States based Computer
Marketing Group operating units generally and which are in effect from
time to time. It is understood that Employer does not by reason of this
Agreement obligate itself to provide any such benefits to such
personnel. Employee also participates in the Employer's Executive
Officers' Supplemental Life Insurance and Retirement Benefits Program
(the "Program") pursuant to the terms and conditions applicable to the
Program.
2. Early Termination.
Diminution of Duties or Change of Control. Employee's employment
hereunder shall terminate, at Employee's option and upon a thirty day
written notice to Employer, in the event that at any time during the
term hereof the Employer's current Chief Executive Officer, Xxx Xxxxxx
vacates, for any reason whatsoever, the position of Chief Executive
Officer. Further Employee's employment shall terminate, at Employee's
option and upon a ninety day written notice to Employer in the event
that Employer reduces Employees functional duties such that his
responsibilities and/or title are materially and substantively
diminished from his present status as Group President .
2.2 Death or Disability. Employee's employment hereunder shall terminate on
the date of Employee's death or upon Employee suffering mental or
physical injury, illness or incapacity which renders him unable to
perform his customary duties hereunder on a full-time basis for a
period of 365 substantially consecutive days, on the 365th such day.
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The opinion of a medical doctor licensed to practice in the State of
Arizona (or such other state wherein Employee then resides) and having
Board certification in his field of specialization or the receipt of or
entitlement of Employee to disability benefits under any policy of
insurance provided or made available by Employer or under Federal
Social Security laws, shall be conclusive evidence of such disability.
2.3 Cause. Employee's employment hereunder may also be terminated by
Employer at any time prior to the expiration of the term hereof without
notice for cause, including, but not limited to, Employee's gross
misconduct, breach of any material term of this Agreement, willful
breach, habitual neglect or wanton disregard of his duties, or
conviction of any criminal act.
3. Competitive Employment:
3.1 Full time. Employee shall devote his full time, best efforts, attention
and energies to the business and affairs of Employer and shall not,
during the term of his employment, be engaged in any other activity
which, in the sole judgment of Employer, will interfere with the
performance of his duties hereunder.
3.2 Non-Competition. While employed by Employer or any subsidiary, division
or operating unit of Employer, Employee shall not, without the written
consent of the Chief Executive Officer of Employer, directly or
indirectly (whether through his spouse, child or parent, other legal
entity or otherwise): own, manage, operate, join, control, participate
in, invest in, or otherwise be connected with, in any manner, whether
as an officer, director, employee, partner, investor, shareholder,
consultant, lender or otherwise, any business entity which is engaged
in, or is in any way related to or competitive with the business of
Employer, provided, however, notwithstanding the foregoing Employee
shall not be prohibited from owning, directly or indirectly, up to 5%
of the outstanding equity interests of any company or entity the stock
or other equity interests of which is publicly traded on a national
securities exchange or on the NASDAQ over-the-counter market.
3.3 Non-Solicitation. Employee further agrees that he will not, at any time
while employed by Employer or any subsidiary, division or operating
unit of Employer and for a period of one year after the termination of
employment with Employer, without the written consent of an officer
authorized to act in the matter by the Board of Directors of Employer,
directly or indirectly, on Employee's behalf or on behalf of any person
or entity, induce or attempt to induce any employee of Employer or any
subsidiary or affiliate of Employer (collectively the "Employer Group")
or any individual who was an employee of the Employer Group during the
one (1) year prior to the date of such inducement, to leave the employ
of the Employer Group or to become employed by any person other than
members of the Employer Group or offer or provide employment to any
such employee.
4. Definitions:
The words and phrases set forth below shall have the meanings as
indicated:
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4.1 Confidential Information. That confidential business information of the
Employer, whether or not discovered, developed, or known by Employee as
a consequence of his employment with Employer. Without limiting the
generality of the foregoing, Confidential Information shall include
information concerning customer identity, needs, buying practices and
patterns, sales and management techniques, employee effectiveness and
compensation information, supply and inventory techniques,
manufacturing processes and techniques, product design and
configuration, market strategies, profit and loss information, sources
of supply, product cost, gross margins, credit and other sales terms
and conditions. Confidential Information shall also include, but not be
limited to, information contained in Employer's manuals, memoranda,
price lists, computer programs (such as inventory control, billing,
collection, etc.) and records, whether or not designated, legended or
otherwise identified by Employer as Confidential Information.
4.2 Developments. Those inventions, discoveries, improvements, advances,
methods, practices and techniques, concepts and ideas, whether or not
patentabIe, relating to Employer's present and prospective activities
and products.
5. Developments, Confidential Information and Related Materials:
5.1 Assignment of Developments. Any and all Developments developed by
Employee (acting alone or in conjunction with others) during the period
of Employee's employment hereunder shall be conclusively presumed to
have been created for or on behalf of Employer (or Employer's
subsidiary or affiliate for which Employee is working) as part of
Employee's obligations to Employer hereunder. Such Developments shall
be the property of and belong to Employer (or Employer's subsidiary or
affiliate for which Employee is working) without the payment of
consideration therefor in addition to Employee's compensation
hereunder, and Employee hereby transfers, assigns and conveys all of
Employee's right, title and interest in any such Developments to
Employer (or Employer's subsidiary or affiliate for which Employee is
working) and agrees to execute and deliver any documents that Employer
deems necessary to effect such transfer on the demand of Employer.
5.2 Restrictions on Use and Disclosure. Employee agrees not to use or
disclose at any time after the date hereof, except with the prior
written consent of an officer authorized to act in the matter by the
Board of Directors of Employer, any Confidential Information which is
or was obtained or acquired by Employee while in the employ of Employer
or any subsidiary or affiliate of Employer, provided, however, that
this provision shall not preclude Employee from (i) the use or
disclosure of such information which presently is known generally to
the public or which subsequently comes into the public domain, other
than by way of disclosure in violation of this Agreement or in any
other unauthorized fashion, or (ii) disclosure of such information
required by law or court order, provided that prior to such disclosure
required by law or court order Employee will have given Employer three
(3) business days' written notice (or, if disclosure is required to be
made in less than three (3) business days, then such notice shall be
given as promptly as practicable after determination that disclosure
may be required) of the nature of the law or order requiring disclosure
and the disclosure to be made in accordance therewith.
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5.3 Return of Documents. Upon termination of Employee's employment with
Employer, Employee shall forthwith deliver to the Chief Executive
Officer of Employer all documents, customer lists and related
documents, price and procedure manuals and guides, catalogs, records,
notebooks and similar repositories of or containing Confidential
Information and/or Developments, including all copies then in his
possession or control whether prepared by him or others.
6. Miscellaneous:
6.1 Consent to Arbitration. Except for the equitable relief provisions set
forth in Section 6.2 below, Employer and Employee agree to arbitrate
any controversy or claim arising out of this Agreement or otherwise
relating to Employee's employment or the termination of employment or
this Agreement, in accordance with the provisions of the Mutual
Agreement to Arbitrate Claims, a copy of which is annexed hereto as
Exhibit A.
6.2 Equitable Relief. Employee acknowledges that any material breach of any
of the provisions of Sections 3 and/or 5 would entail irreparable
injury to Employer's goodwill and jeopardize Employer's competitive
position in the marketplace or Confidential Information, or both, and
that in addition to Employer's other remedies, Employee consents and
Employer shall be entitled, as a matter of right, to an injunction
issued by any court of competent jurisdiction restraining any breach of
Employee and/or those with whom Employee is acting in concert and to
other equitable relief to prevent any such actual, intended or likely
breach.
6.3 Survival. The provisions of Sections 3.2, 3.3, 4, 5, and 6 shall
survive the termination of Employee's employment hereunder.
6.4 Interpretation. If any court of competent jurisdiction or duly
constituted arbitration panel shall refuse to enforce any or all of the
provisions hereof because they are more extensive (whether as to
geographic scope, duration, activity, subject or otherwise) than is
reasonable, it is expressly understood and agreed that such provisions
shall not be void, but that for the purpose of such proceedings and in
such jurisdiction, the restrictions contained herein shall be deemed
reduced or limited to the extent necessary to permit enforcement of
such provisions.
6.5 Succession. This Agreement shall extend to and be binding upon
Employee, his legal representatives, heirs and distributees and upon
Employer, its successors and assigns.
6.6 Entire Agreement. This Agreement and the Exhibits hereto contain the
entire agreement of the parties with respect to their subject matter
and no waiver, modification or change of any provisions hereof shall be
valid unless in writing and signed by the parties against whom such
claimed waiver, modification or change is sought to be enforced.
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6.7 Waiver of Breach. The waiver of any breach of any term or condition of
this Agreement shall not be deemed to constitute a waiver of any other
term or condition of this Agreement.
6.8 Notices. All notices pursuant to this Agreement shall be in writing and
shall be given by registered or certified mail, or the equivalent,
return receipt requested, addressed to the parties hereto at the
addresses set forth above, or to such address as may hereafter be
specified by notice in writing in the same manner by any party or
parties.
6.9 Headings. Except for the headings in Section 4, the headings of the
sections and subsections are inserted for convenience only and shall
not be deemed to constitute a part hereof or to affect the meaning
thereof.
IN WITNESS WHEREOF, parties have executed this Agreement effective as
of the day and year first above written.
AVNET, INC.
By /s/ Xxx Xxxxxx
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Title CEO
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/s/ Xxxxxx Xxxxxx
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Xxxxxx Xxxxxx
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EXHIBIT A
MUTUAL AGREEMENT TO ARBITRATE CLAIMS
I recognize that differences may arise between Avnet, Inc. ("the
Company") and me during or following my employment with the Company, and that
those differences may or may not be related to my employment. I understand and
agree that by entering into this Agreement to Arbitrate Claims ("Agreement"). I
anticipate gaining the benefits of a speedy, impartial dispute-resolution
procedure.
Except as provided in this Agreement, the Federal Arbitration Act shall
govern the interpretation, enforcement and all proceedings pursuant to this
Agreement. To the extent that the Federal Arbitration Act is inapplicable,
applicable state law pertaining to agreements to arbitrate shall apply.
I understand that any reference in this Agreement to the Company will
be a reference also to all divisions, subsidiaries and affiliates of the
Company. Additionally, except as otherwise provided herein, any reference to the
Company shall also include all benefit plans; the benefit plans' sponsors,
fiduciaries, administrators, affiliates; and all successors and assigns of any
of them.
CLAIMS COVERED BY THE AGREEMENT
The Company and I mutually consent to the resolution by arbitration of
all claims or controversies ("claims"), whether or not arising out of my
employment (or its termination), that the Company may have against me or that I
may have against the Company or against its officers, directors, employees or
agents in their capacity as such or otherwise. The claims covered by this
Agreement include, but are not limited to, claims for wages or other
compensation due; claims for breach of any contract or covenant (express or
implied); tort claims; claims for discrimination and harassment (including, but
not limited to, race, sex, sexual orientation, religion, national origin, age,
marital status, medical condition, handicap or disability); claims for benefits
(except where an employee benefit or pension plan specifies that its claims
procedure shall culminate in an arbitration procedure different from this one);
and claims for violation of any federal, state, or other governmental law,
statute, regulation, or ordinance, except claims excluded in the section
entitled "Claims Not Covered by the Agreement."
Except as otherwise provided in this Agreement, both the Company and I
agree that neither of us shall initiate or prosecute any lawsuit or
administrative action (other than an administrative charge of discrimination) in
any way related to any claim covered by this Agreement.
CLAIMS NOT COVERED BY THE AGREEMENT
Claims I may have for workers' compensation or unemployment
compensation benefits are not covered by this Agreement.
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Also not covered are claims by the Company for injunctive and/or other
equitable relief including, but not limited to, claims for injunctive and/or
other equitable relief for unfair competition and/or the use and/or unauthorized
disclosure of trade secrets or confidential information, as to which I
understand and agree that the Company may seek and obtain relief from a court of
competent jurisdiction.
REQUIRED NOTICE OF ALL CLAIMS AND STATUTE OF LIMITATIONS
The Company and I agree that the aggrieved party must give written
notice of any claim to the other party within one (1) year of the date the
aggrieved party first has knowledge of the event giving rise to the claim;
otherwise the claim shall be void and deemed waived even if there is a federal
or state statute of limitations which would have given more time to pursue the
claim.
Written notice to the Company, or its officers, directors, employees or
agents, shall be sent to its President at the Company's then-current address. I
will be given written notice at the last address recorded in my personnel file.
The written notice shall identify and describe the nature of all claims
asserted and the facts upon which such claims are based. The notice shall be
sent to the other party by certified or registered mail, return receipt
requested.
DISCOVERY
Each party shall have the right to take the deposition of one
individual and any expert witness designated by another party. Each party also
shall have the right to propound requests for production of documents to any
party. Additional discovery may be had only where the panel of arbitrators
selected pursuant to this Agreement so orders, upon a showing of substantial
need.
At least thirty (30) days before the arbitration, the parties must
exchange lists of witnesses, including any expert, and copies of all exhibits
intended to be used at the arbitration.
SUBPOENAS
Each party shall have the right to subpoena witnesses and documents for
the arbitration.
ARBITRATION PROCEDURES
The Company and I agree that, except as provided in this Agreement, any
arbitration shall be in accordance with the then-current Model Employment
Arbitration Procedures of the American Arbitration Association ("AAA") before a
panel of three arbitrators who are licensed to practice law in the state where
the arbitration is to take place ("the Panel"). The arbitration shall take place
in or near the city in which I am or was last employed by the Company.
The Panel shall apply the substantive law (and the law of remedies, if
applicable) of the state in which the claim arose, or federal law, or both, as
applicable to the claim(s) asserted: The Federal Rules of Evidence shall apply.
The Panel, and not any federal, state, or local court or
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agency, shall have exclusive authority to resolve any dispute relating to the
interpretation, applicability, enforceability or formation of this Agreement,
including but not limited to any claim that all or any part of this Agreement is
void or voidable. The Panel shall render an award and opinion in the form
typically rendered in labor arbitrations. The arbitration shall be final and
binding upon the parties.
The Panel shall have jurisdiction to hear and rule on pre-hearing
disputes and is authorized to hold pre-hearing conferences by telephone or in
person, as the Panel deems necessary. The Panel shall have the authority to
entertain a motion to dismiss and/or a motion for summary judgment by any party
and shall apply the standards governing such motions under the Federal Rules of
Civil Procedure.
Either party, at its expense, may arrange for and pay the cost of a
court reporter to provide a stenographic record of proceedings.
ARBITRATION FEES AND COSTS
The Company and I shall equally share the fees and costs of the Panel.
Each party shall pay for its own costs and attorneys' fees, if any. However, if
any party prevails on a statutory claim which affords the prevailing party
attorneys' fees, or if there is a written agreement providing for fees, the
Panel may award reasonable fees to the prevailing party.
INTERSTATE COMMERCE
I understand and agree that the Company is engaged in transactions
involving interstate commerce and that my employment involves such commerce.
REQUIREMENTS FOR MODIFICATION OR REVOCATION
This Agreement to arbitrate shall survive the termination of my
employment. It can only be revoked or modified by a writing signed by me and an
officer of the Company which specifically states an intent to revoke or modify
this Agreement.
SOLE AND ENTIRE AGREEMENT
This is the complete agreement of the parties on the subject of
arbitration of disputes, except for any arbitration agreement in connection with
any pension or benefit plan. This Agreement supersedes any prior or
contemporaneous oral or written understanding on the subject. No party is
relying on any representations, oral or written, on the subject of the effect,
enforceability or meaning of this Agreement, except as specifically set forth in
this Agreement.
CONSTRUCTION
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If any provision of this Agreement is adjudged to be void or otherwise
unenforceable, in whole or in part, such adjudication shall not affect the
validity of the remainder of the Agreement.
CONSIDERATION
The promises by the Company and by me to arbitrate differences, rather
than litigate them before courts or other bodies, provide consideration for each
other.
NOT AN EMPLOYMENT AGREEMENT
This Agreement is not, and shall not be construed to create, any
contract of employment, express or implied. Nor does this Agreement in any way
alter the "at-will" status of my employment.
VOLUNTARY AGREEMENT
I ACKNOWLEDGE THAT I HAVE CAREFULLY READ THIS AGREEMENT, THAT I
UNDERSTAND ITS TERMS, THAT ALL UNDERSTANDINGS AND AGREEMENTS BETWEEN THE COMPANY
AND ME RELATING TO THE SUBJENS COVERED IN THE AGREEMENT ARE CONTAINED IN IT, AND
THAT I HAVE ENTERED INTO THE AGREEMENT VOLUNTARILY AND NOT IN RELIANCE ON ANY
PROMISES OR REPRESENTATIONS BY THE COMPANY OTHER THAN THOSE CONTAINED IN THIS
AGREEMENT ITSELF.
I UNDERSTAND THAT BY SIGNING THIS AGREEMENT I AM GIVING UP MY RIGHT TO
A JURY TRIAL.
I FURTHER ACKNOWLEDGE THAT I HAVE BEEN GIVEN THE OPPORTUNITY TO DISCUSS
THIS AGREEMENT WITH MY PRIVATE LEGAL COUNSEL AND HAVE AVAILED MYSELF OF THAT
OPPORTUNITY TO THE EXTENT I WISH TO DO SO.
EMPLOYEE AVNET, INC.
/s/ Xxxxxx Xxxxxx /s/ Xxx Xxxxxx
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Signature of Employee Signature of Authorized Company
Representative
Xxxxxx Xxxxxx CEO
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Print Name of Employee Title of Representative
11-10-00 12-22-00
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Date Date
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CHANGE OF CONTROL AGREEMENT
This Change of Control Agreement (the "Agreement") is made effective as of the
1st day of November, 0000, xxxxxxx Xxxxx, Xxx., x Xxx Xxxx corporation with its
principal place of business at 0000 Xxxxx 00xx Xxxxxx, Xxxxxxx, Xxxxxxx 00000
Arizona ("Avnet" or "the Company") and Xxxxxx Xxxxxx (the "Officer"). Avnet and
the Officer are collectively referred to in this Agreement as "the Parties."
WHEREAS, the Officer holds the position of Senior Vice President with the
Company; and
WHEREAS, the Parties wish to provide for certain payments to the Officer in the
event of a Change of Control of the Company and the subsequent termination of
the Officer's employment without cause or the Constructive Termination of the
Officer's employment, as those capitalized terms are defined below;
NOW, THEREFORE, the Parties agree as follows:
1. Definitions.
(a) "Change of Control" means the happening of any of the
following events:
(i) the acquisition by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2)
of the Exchange Act (a "Person") of beneficial
ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 50% or more of
either (A) the then outstanding shares of common
stock of the Company or (B) the combined voting power
of the then outstanding voting securities of the
Company entitled to vote generally in the election of
directors; provided, however, that the following
transactions shall not constitute a Change of Control
under this subsection (i): (w) any transaction that
is authorized by the Board of Directors of the
Company as constituted prior to the effective date of
the transaction, (x) any acquisition directly from
the Company (excluding an acquisition by virtue of
the exercise of a conversion privilege), (y) any
acquisition by the Company, or (z) any acquisition by
any employee benefit plan (or related trust)
sponsored or maintained by the Company or any entity
controlled by the Company; or
(ii) individuals who, as of the effective date hereof,
constitute the Board of Directors of the Company (the
"Incumbent Board") cease for any reason to constitute
at least a majority of the Board; provided, however,
that any individual becoming a director subsequent to
the effective date hereof whose election, or
nomination for election by the Company's
stockholders, was approved by a vote of at least a
majority
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of the directors then comprising the Incumbent Board
shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for
this purpose, any such individual whose initial
assumption of office occurs as a result of either an
actual or threatened election contest (as such terms
are used in Rule 14a-11 of Regulation 14A promulgated
under the Exchange Act) or other actual or threatened
solicitation of proxies or consents by or on behalf
of a Person other than the Board; or
(iii) Approval by the stockholders of the Company of a
complete liquidation or dissolution of the Company or
the sale or other disposition of all or substantially
all of the assets of the Company.
(b) "Constructive Termination" means the happening of any of the
following events:
(i) a material diminution of Officer's responsibilities,
including, without limitation, title and reporting
relationship;
(ii) relocation of the Officer's office greater than 50
miles from its location as of the effective date of
this Agreement without the consent of the Officer;
(iii) a material reduction in Officer's compensation and
benefits.
(c) The "Exchange Act" shall mean the 1934 Securities Exchange
Act, as amended.
2. Constructive Termination or Termination after Change of Control. If,
within 24 months following a Change of Control, the Company or its
successor terminates Officer's employment without cause or by
Constructive Termination, Officer will be paid, in lieu of any other
rights under any employment agreement between the Officer and the
Company, in a lump sum payment, an amount equal to 2.99 times the sum
of (i) the Officer's annual salary for the year in which such
termination occurs and (ii) the Officer's incentive compensation equal
to the average of such incentive compensation for the highest two of
the last five full fiscal years. All unvested stock options shall
accelerate and vest in accordance with the early vesting provisions
under the applicable stock option plans and all incentive stock program
shares allocated but not yet delivered will be accelerated so as to be
immediately deliverable. Officer shall receive his or her accrued and
unpaid salary and any accrued and unpaid pro rata bonus (assuming
target payout) through the date of termination, and Officer will
continue to participate in the medical, dental, life, disability and
automobile benefits in which Officer is then participating for a period
of two years from the date of termination.
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3. Excise Taxes. In the event that Officer is deemed to have received an
excess parachute payment (as such term is defined in Section 280G(b) of
the Internal Revenue Code of 1986, as amended (the "Code")) that is
subject to excise taxes ("Excise Taxes") imposed by Section 4999 of the
Code with respect to compensation paid to Officer pursuant to this
Agreement, the Company shall make an additional payment equal to the
sum of (i) all Excise Taxes payable by Officer plus (ii) any additional
Excise Tax or federal or state income taxes imposed with respect to
such payments.
4. Miscellaneous. This Agreement modifies any employment agreement between
Officer and the Company only with respect to such terms and conditions
that are specifically addressed in this Agreement. All other provisions
of any employment agreement between the Company and Officer shall
remain in full force and effect.
AVNET, INC.
By /s/ Xxx Xxxxxx
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Its CEO
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Officer
/s/ Xxxxxx Xxxxxx
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