Avnet's Chairman and Chief Executive Officer Adopts Rule 10b5-1 Trading Plan
PHOENIX, Jun 05, 2007 (BUSINESS WIRE) -- Avnet, Inc. (NYSE:AVT) today announced that Roy Vallee, its Chairman and Chief Executive Officer, has established a Rule 10b5-1 plan to effect the orderly exercise of certain employee stock options and the sale of the underlying shares over a period to expire in October 2007 (the "plan") unless earlier terminated pursuant to certain provisions under the plan. The options subject to the plan are from grants made in 1999 that expire in September 2009. Mr. Vallee is in full compliance with the Avnet Stock Ownership Guidelines for company executives, which require that he hold Avnet stock in an amount at least equal to three times his annual base salary.
The trading plan is designed in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, which provides an affirmative defense against insider trading liability by permitting executives to buy or sell their company's securities pursuant to a trading program that was adopted when the executive was not in possession of material, non-public information.
About Avnet
With more than 250 locations serving customers in 70 countries, Avnet markets, distributes and adds value to the products of the world's leading electronic component suppliers, enterprise computer manufacturers and embedded subsystem providers. Additionally, Avnet brings a breadth and depth of service capabilities, such as supply-chain optimization, logistics solutions, product assembly, device programming, computer system integration and engineering design assistance. For the fiscal year ended July 1, 2006, Avnet generated revenue of $14.25 billion.
Visit Avnet's Investor Relations Website at www.ir.avnet.com or contact us at investorrelations@avnet.com.
SOURCE: Avnet, Inc.
Avnet, Inc., Phoenix Vincent Keenan, 480-643-7053 (Investor Relations) investorrelations@avnet.com
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