Avnet 2003 Annual Report Download - page 75
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì Continued
12. Stock-based compensation plans:
Stock option plans:
The Company has four stock option plans with shares still available for grant:
Plan
1995 1996 1997 1999
Minimum exercise price as a
percentage of fair Market
value at date of grant ÏÏÏÏÏÏ 85% 100% 85% 85%
Plan termination date ÏÏÏÏÏÏÏÏ August 31, December 31, November 19, November 21,
2005 2006 2007 2009
Shares available for grant at
June 27, 2003 ÏÏÏÏÏÏÏÏÏÏÏÏÏ 78,850 194,250 24,750 765,475
As applicable, the excess of the fair market value at the date of grant over the exercise price is considered
deferred compensation, which is amortized and charged against income as it is earned. The maximum term of
options granted under any of the plans is 10 years from the date of grant.
The following is a summary of the changes in outstanding options for the three years ended June 27,
2003:
2003 2002 2001
Weighted Weighted Weighted
Average Average Average
Exercise Exercise Exercise
Shares Price Shares Price Shares Price
Outstanding at
beginning of yearÏÏÏ 9,555,698 $23.13 10,125,378 $23.20 9,140,373 $20.55
Granted ÏÏÏÏÏÏÏÏÏÏÏÏ 1,798,700 12.84 1,739,675 18.72 2,285,404 29.89
Exercised ÏÏÏÏÏÏÏÏÏÏÏ (58,524) 9.76 (1,478,805) 17.56 (996,849) 14.87
Canceled or expired ÏÏ (681,152) 24.81 (830,550) 24.78 (303,550) 22.07
Outstanding at end of
yearÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 10,614,722 21.37 9,555,698 23.13 10,125,378 23.20
Exercisable at end of
yearÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 6,810,029 23.35 5,784,988 24.03 6,027,938 22.92
The options granted in 2001 shown above include 464,516 options granted to former employees of Savoir
as substitutes for their Savoir options outstanding on the date of the acquisition (see Note 2). These options
are subject to the terms of the Savoir plans assumed by Avnet as part of the acquisition. Of these options,
322,998 had not yet been exercised at June 27, 2003.
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