Ingram Micro 2008 Annual Report Download - page 80

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three years and have expiration dates not longer than 10 years. A portion of the restricted stock and restricted stock
units vest over a time period of one to three years. The remainder of the restricted stock and restricted stock units
vests upon achievement of certain performance measures based on earnings growth and return on invested capital
over a three-year period. As of January 3, 2009, approximately 10,779,000 shares were available for grant under the
2003 Plan, taking into account granted options, time vested restricted stock units/awards and performance vested
restricted stock units assuming maximum achievement.
During 2008, 2007 and 2006, the Company granted a total of 18,540, 14,737, and 39,389 shares, respectively,
of restricted Class A Common Stock to board members under the 2003 Plan. In addition, the Company granted to
board members a total of 41,450, 35,577 and 6,752 in 2008, 2007 and 2006, respectively, of restricted stock units
convertible uponvesting to the same number of shares of Class A Common Stock under the 2003 Plan. These shares
have no purchase price and vest over a one-year period. In 2008, 2007 and 2006, the Company granted to certain
employees 1,697,733, 1,574,894 and 1,374,144, respectively, restricted stock units convertible upon vesting to the
same number of Class A Common Stock under the 2003 Plan.
During 2008 and 2007, 1,111,822 and 290,121, respectively, of previously granted restricted stock units
vested. Approximately 343,000 and 94,000 shares, respectively, were withheld to satisfy the employees’ minimum
statutory obligation for the applicable taxes and cash was remitted to the appropriate taxing authorities. Total
payments for the employees’ tax obligations to the taxing authorities were approximately $5,398 and $1,961 in
2008 and 2007, respectively. The withheld shares had the effect of share repurchases by the Company as they
reduced and retired the number of shares that would have otherwise been issued as a result of the vesting.
Stock Award Activity
Stock option activity under the 2003 Plan was as follows for the three years ended January 3, 2009:
No. of Shares
(in 000s)
Weighted-
Average
Price
Weighted-Average
Remaining
Contractual
Term
(in Years)
Aggregate
Intrinsic
Value
Outstanding at December 31, 2005...... 30,558 $15.61
Granted ......................... 1,162 19.01
Exercised ........................ (7,001) 14.02
Forfeited/cancelled/expired ........... (1,365) 27.86
Outstanding at December 30, 2006...... 23,354 15.54 5.9
Granted ......................... 1,321 20.69
Exercised ........................ (4,624) 14.42
Forfeited/cancelled/expired ........... (1,185) 25.67
Outstanding at December 29, 2007...... 18,866 15.59 5.4
Granted ......................... 1,338 17.80
Exercised ........................ (1,639) 14.19
Forfeited/cancelled/expired ........... (1,106) 20.02
Outstanding at January 3, 2009 ........ 17,459 15.57 4.6 $12,275
Vested and expected to vest at
January 3, 2009................... 17,275 15.54 4.1 $12,273
Exercisable at January 3, 2009......... 16,191 15.33 4.3 $12,262
70
INGRAM MICRO INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)