Form 4: Avnet Director Oleg Khaykin Reports Acquisition of Phantom Stock Units

Director Oleg Khaykin reports the acquisition of phantom stock units in Avnet, Inc. due to deferred compensation.

Summary

• Oleg Khaykin, a director of Avnet, Inc., filed a Form 4 on April 2, 2024, reporting a transaction that occurred on April 1, 2024.
• The transaction involved the acquisition of 627 phantom stock units (PSUs) due to the deferral of the director's cash retainer.
• These PSUs are equivalent to shares of Avnet's common stock and will be settled in common stock upon the director leaving the board or a change of control.
• The PSUs were issued at a price of $48.86 per share.
• Following the reported transaction, Khaykin directly owns 9,000 shares of common stock and 42,002 phantom stock units.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The acquisition of phantom stock units by a director suggests confidence in the company's future, but it's a routine transaction.

Positives

• The acquisition of phantom stock units demonstrates the director's continued investment in the company's future.
• The deferral of cash compensation into stock units aligns the director's interests with those of the shareholders.

Future Outlook

The phantom stock units will be settled in Avnet's common stock after the reporting person leaves the Issuer's Board or upon change of control of the Issuer.

Management Comments

• The reporting person has elected to defer 100% of the director's cash retainer, which is paid in quarterly installments, whereby PSUs were issued in lieu, pursuant to the Avnet, Inc. Deferred Compensation Plan for Outside Directors.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns the director's interests with the company's performance.

Key Dates