GALLAGHER PHILIP R 4

What Happened
Philip R. Gallagher, CEO of Avnet Inc. (AVT), exercised options covering 23,920 shares (exercise price $48.62) on 2026-05-05 and concurrently sold 23,920 common shares in an open-market transaction. The exercise required cash/payment of $1,162,990 (23,920 × $48.62). The subsequent sales produced gross proceeds of about $1,983,446 at an average price of $82.92 per share (sales ranged $82.785–$83.340). This sequence is consistent with a cashless exercise (options exercised and resulting shares sold); sales are routine insider liquidity rather than a direct buy signal.

Key Details

• Transaction date: 2026-05-05 (reported on Form 4 filed 2026-05-06; filing appears timely).
• Option exercise: 23,920 shares acquired at $48.62 each (total cost $1,162,990).
• Open-market sale: 23,920 shares sold at an average $82.92 (total proceeds ~$1,983,446). Per-footnote, sale prices ranged $82.785–$83.340.
• Shares owned after transaction: Not reported in the provided summary of the filing.
• Footnotes: Option was granted in fiscal 2019 and vested in four equal annual installments beginning one year after grant (F2, F4). Filing also notes the reporting person has unvested awards (113,340 RSUs and 9,742 PSUs) (F3).
• No indication in this filing of a 10b5-1 plan or that the filing was late.

Context
When insiders exercise options and immediately sell the resulting shares, it commonly reflects routine liquidity to cover the exercise cost and taxes (a cashless exercise), not necessarily a change in conviction. The filing documents the mechanics (option exercise followed by sale) and the grant/vesting history; it does not state any personal reasons for the transactions.