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PHOENIX, Nov 24, 2009 (BUSINESS WIRE) -- Avnet, Inc. (NYSE:AVT) today announcedthatRoy Vallee, its Chairman and Chief Executive Officer, has established a Rule 10b5-1 plan (the "Plan") to effect the orderly sale of a small portion of his future holdings of Avnet common stock resulting from the potential exercise of options from grants made in 2000 and 2001 that will expire in September 2010 and 2011. The Plan is scheduled to expire in August 2010 unless earlier terminated pursuant to certain provisions under the Plan. Mr. Vallee currently owns shares that substantially exceed Avnet's Stock Ownership Guidelines, 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
Avnet, Inc. (NYSE:AVT) is one of the largest distributors of electronic components, computer products and embedded technology serving customers in more than 70 countries worldwide. Avnet accelerates its partners' success by connecting the world's leading technology suppliers with a broad base of more than 100,000 customers by providing cost-effective, value-added services and solutions. For the fiscal year ended June 27, 2009, Avnet generated revenue of $16.23 billion. For more information, visit www.avnet.com. (AVT_IR)
Visit Avnet's Investor Relations Website at www.ir.avnet.com or contact us at investorrelations@avnet.com.
SOURCE: Avnet, Inc.
Avnet, Inc.
Vincent Keenan
Investor Relations
480-643-7053
investorrelations@avnet.com
Copyright Business Wire 2009
