Avnet (AVT) CEO exercises stock options and sells 46K shares
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Avnet Inc. Chief Executive Officer Philip R. Gallagher reported exercising employee stock options and selling shares of common stock. He exercised options covering 25,068 shares at $36.80 per share and 21,000 shares at $29.38 per share, converting them into common stock on a derivative exercise basis.
On the same date, he sold 46,068 shares of Avnet common stock in an open-market transaction at an average price of $67.42 per share, with individual trades ranging from $66.80 to $67.885. After these transactions, he directly owned 168,923 common shares, which include 113,340 shares underlying RSUs earned but not yet vested or delivered and 9,742 shares underlying earned but unvested performance stock units. He also indirectly held 209,531 common shares through the Gallagher Family Trust.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 46,068 shares ($3,105,905)
Net Sell
9 txns
Insider
GALLAGHER PHILIP R
Role
Chief Executive Officer
Sold
46,068 shs ($3.11M)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Employee Stock Option (Right to Buy) | 25,068 | $0.00 | -- |
| Exercise | Employee Stock Option (Right to Buy) | 21,000 | $0.00 | -- |
| Exercise | Common Stock | 25,068 | $36.80 | $923K |
| Exercise | Common Stock | 21,000 | $29.38 | $617K |
| Sale | Common Stock | 46,068 | $67.42 | $3.11M |
| holding | Employee Stock Option (Right to Buy) | -- | -- | -- |
| holding | Employee Stock Option (Right to Buy) | -- | -- | -- |
| holding | Employee Stock Option (Right to Buy) | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Employee Stock Option (Right to Buy) — 0 shares (Direct);
Common Stock — 193,991 shares (Direct);
Common Stock — 209,531 shares (Indirect, By Gallagher Family Trust)
Footnotes (1)
- The price reported is an average price. These shares were sold in multiple transactions at prices ranging from $66.80 to $67.885. Upon request, the reporting person will provide full information regarding the number of shares sold at each price to Avnet, any Avnet security holder, or the Securities and Exchange Commission. Includes 113,340 shares underlying RSUs earned but not yet vested or delivered and 9,742 shares underlying Performance Stock Units earned but not yet vested. The option vested in four equal annual installments beginning on the first anniversary of the date of grant. In fiscal year 2018, the reporting person was granted an option to purchase 25,068 shares of common stock. The Option vests in four equal annual installments beginning on the first anniversary of the date of grant. In fiscal year 2020, the reporting person was granted an option to purchase 31,900 shares of common stock. The Option vests in four equal annual installments beginning on the first anniversary of the date of grant. In fiscal year 2022, the reporting person was granted an option to purchase 194,252 shares of common stock. The Option vests in four equal annual installments beginning on the first anniversary of the date of grant. In fiscal year 2019, the reporting person was granted an option to purchase 23,920 shares of common stock. The Option vests in four equal annual installments beginning on the first anniversary of the date of grant. In fiscal year 2021, the reporting person was granted an option to purchase 191,048 shares of common stock. The Option vests in four equal annual installments beginning on the first anniversary of the date of grant.
FAQ
What did Avnet (AVT) CEO Philip Gallagher report in this Form 4?
Avnet CEO Philip R. Gallagher reported exercising stock options and selling common shares. He converted option awards into stock, then sold 46,068 shares in the open market, updating his direct and indirect ownership positions in Avnet common stock.
What stock options did the Avnet (AVT) CEO exercise in this filing?
The CEO exercised employee stock options covering 25,068 shares at $36.80 per share and 21,000 shares at $29.38 per share. These exercises converted derivative option positions into Avnet common stock as part of his overall equity compensation program.
Does the Avnet (AVT) CEO have indirect ownership through a trust?
Yes. In addition to his direct holdings, Philip Gallagher indirectly owned 209,531 Avnet common shares through the Gallagher Family Trust. This indirect position is disclosed separately from his directly held shares in the Form 4 ownership table.
What do the Avnet (AVT) Form 4 footnotes reveal about vesting of options?
Footnotes explain that multiple option grants, including awards for 25,068, 31,900, 23,920 and 194,252 shares, vest in four equal annual installments beginning on the first anniversary of each grant date, outlining the long-term structure of his equity compensation.