Avnet 2002 Annual Report Download - page 75

Download and view the complete annual report

Please find page 75 of the 2002 Avnet annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 91

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91

AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì (Continued)
The following is a summary of the changes in outstanding options for the three years ended June 28,
2002:
2002 2001 2000
Weighted Weighted Weighted
Average Average Average
Exercise Exercise Exercise
Shares Price Shares Price Shares Price
Outstanding at beginning of
yearÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10,125,378 $23.20 9,140,373 $20.55 8,473,388 $20.53
Granted ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,739,675 18.72 2,285,404 29.89 3,327,700 16.07
Exercised ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ (1,478,805) 17.56 (996,849) 14.87 (2,240,867) 13.99
Canceled or expired ÏÏÏÏÏÏÏÏÏÏ (830,550) 24.78 (303,550) 22.07 (419,848) 19.51
Outstanding at end of year ÏÏÏÏ 9,555,698 23.13 10,125,378 23.20 9,140,373 20.55
Exercisable at end of year ÏÏÏÏÏ 5,784,988 24.03 6,027,938 22.92 4,300,736 21.26
The options granted in 2001 and 2000 shown above include 464,516 and 1,388,474 options granted to
former employees of Savoir and Marshall, respectively, as substitutes for their Savoir and Marshall options
outstanding on the date of the respective acquisition (see Note 2). These options are subject to the terms of
the various Savoir and Marshall plans assumed by Avnet as part of the acquisitions. Of these options,
354,422 options related to Savoir and 14,360 options related to Marshall had not yet been exercised at June 28,
2002.
The following information relates to options outstanding at June 28, 2002:
Options Outstanding Options Exercisable
Weighted
Weighted Average Weighted
Range of Number Average Remaining Average
Exercise of Options Exercise Contractual Number Exercise
Prices Outstanding Price Life of Options Price
Under $15 344,313 $12.32 41 Months 294,636 $12.41
$15.00 - 20.00 3,449,021 17.72 83 Months 1,632,309 17.87
20.00 - 25.00 2,757,216 22.79 66 Months 2,112,847 23.07
25.00 - 30.00 1,633,418 27.99 99 Months 439,342 28.08
30.00 - 35.00 1,088,908 31.68 64 Months 1,032,381 31.66
35.00 - 60.00 282,822 45.22 59 Months 273,473 45.43
9,555,698 5,784,988
Employee stock purchase plan:
In October 1995, the Company implemented the Avnet Employee Stock Purchase Plan (""ESPP'').
Under the terms of the ESPP, eligible employees of the Company are oÅered options to purchase shares of
Avnet common stock at a price equal to 85% of the fair market value on the Ñrst or last day, whichever is
lower, of each monthly oÅering period. A total of 3,000,000 shares of Avnet common stock have been reserved
for sale under the ESPP, including an additional 1,000,000 shares reserved for the ESPP in September 2001.
At June 28, 2002, employees had purchased 2,226,756 shares and 773,244 shares were still available for
purchase under the ESPP.
64