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Table of Contents
AVNET, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following is a summary of the changes in non-vested stock options for the fiscal year ended June 27, 2009:
As of June 27, 2009, there was $9,152,000 of total unrecognized compensation cost related to non-
vested awards
granted under the option plans, which is expected to be recognized over a weighted-average period of 3.3 years. The
total fair values of shares vested during fiscal 2009, 2008 and 2007 were $5,555,000, $4,969,000 and $7,901,000,
respectively.
Cash received from option exercises during fiscal 2009, 2008 and 2007 totaled $563,000, $5,111,000 and
$54,357,000, respectively. The impact of these cash receipts is included in “Other, net” in financing activities in the
accompanying consolidated statements of cash flows.
Incentive shares
Delivery of incentive shares, and the associated compensation expense, is spread equally over a five-year period
and is subject to the employee’s continued employment by the Company. As of June 27, 2009, 1,139,243 shares
previously awarded have not yet been delivered. Pre-tax compensation expense associated with this program was
$15,843,000, $12,074,000 and $8,231,000 for fiscal years 2009, 2008 and 2007, respectively.
The following is a summary of the changes in non-vested incentive shares for the fiscal year ended June 27,
2009:
As of June 27, 2009, there was $29,372,000 of total unrecognized compensation cost related to non-vested
incentive shares, which is expected to be recognized over a weighted-average period of 2.6 years. The total fair
values of shares vested during fiscal 2009, 2008 and 2007 were $12,588,000, $9,097,000 and $6,027,000,
respectively.
Performance shares
Eligible employees, including Avnet’s executive officers, may receive a portion of their long-term equity-based
incentive compensation through the performance share program, which allows for the award of shares of stock based
upon performance-based criteria (“Performance Shares”). The Performance Shares will provide for the issuance to
each grantee of a number of shares of Avnet’s common stock at the end of a three-year period based upon the
Company’s achievement of performance goals established by the Compensation Committee of the Board of
66
Weighted
Average
Grant-
Date
Shares
Fair Value
Non
vested stock options at June 28, 2008
816,541
$
12.95
Granted
405,716
$
10.21
Vested
(399,149
$
13.92
Forfeited
(1,440
$
8.35
Non
vested stock options at June 27, 2009
821,668
$
11.14
Weighted
Average
Grant
-
Date
Shares
Fair Value
Non
vested incentive shares at June 28, 2008
1,035,148
$
25.06
Granted
697,805
$
28.80
Vested
(503,961
)
$
24.98
Forfeited
(89,749
)
$
27.14
Non
vested incentive shares at June 27, 2009
1,139,243
$
27.22