Avnet 2003 Annual Report Download - page 76
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Please find page 76 of the 2003 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.AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Ì Continued
The following information relates to options outstanding at June 27, 2003:
Options Outstanding Options Exercisable
Weighted
Weighted Average Weighted
Number of Average Remaining Average
Options Exercise Contractual Number of Exercise
Range of Exercise Prices Outstanding Price Life Options Price
Under $15ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,997,017 $12.84 101 Months 236,029 $12.97
$15.00 Ó 20.00ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 3,250,051 17.72 70 Months 2,297,947 17.81
20.00 Ó 25.00ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 2,693,049 22.81 47 Months 2,361,748 22.75
25.00 Ó 30.00ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 1,484,598 27.95 87 Months 747,044 28.04
30.00 Ó 35.00ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 973,951 31.59 42 Months 956,218 31.58
35.00 Ó 60.00ÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏÏ 216,056 45.86 51 Months 211,043 46.05
10,614,722 6,810,029
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 27, 2003, employees had purchased 2,775,688 shares and 224,312 shares were still available for
purchase under the ESPP.
Incentive stock:
The Company has an Incentive Stock Program wherein a total of 176,874 shares were still available for
award at June 27, 2003 based upon operating achievements. Delivery of incentive shares is spread equally over
a four-year period and is subject to the employee's continuance in the Company's employ. As of June 27,
2003, 67,336 shares previously awarded have not yet been delivered. The program will terminate on
December 31, 2004.
Outside Director Stock Bonus Plan:
The Company has an equity compensation plan whereby non-employee directors are awarded shares
equal to $20,000 of Avnet common stock upon their re-election each year, as part of their director
compensation package. Shares are issued in January of each year and the number of shares is calculated by
dividing $20,000 by the average of the high and low price of Avnet common stock on the Ñrst business day of
January. As of June 27, 2003, 33,917 shares are reserved for issuance under this plan.
Other stock-based compensation information:
At June 27, 2003, there were 12,180,486 common shares reserved for stock options (including the ESPP)
and incentive stock programs (including the director plan).
13. Contingent liabilities:
From time to time, the Company may become liable with respect to pending and threatened litigation,
taxes and environmental and other matters. The Company has been designated a potentially responsible party
or has become aware of other potential claims against it in connection with environmental clean-ups at several
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