Avnet CEO Philip R. Gallagher Exercises Options, Sells Shares

What Happened Philip R. Gallagher, CEO of Avnet (AVT), exercised stock options to acquire a total of 51,900 shares (31,900 at $39.72 and 20,000 at $29.38) and sold those 51,900 shares in open-market transactions the same day. The exercises resulted in acquisitions with aggregate exercise cost of $1,854,668 (1,267,068 + 587,600). The shares were sold at an average price of $98.46, producing total gross proceeds of approximately $5,110,074. This pattern (exercise + immediate sale) is consistent with a cashless exercise followed by disposition.

Key Details

• Transaction date: 2026-08-12; Form 4 filed: 2026-08-13 (timely).
• Option exercises: 31,900 shares @ $39.72; 20,000 shares @ $29.38 (codes: M = exercise/conversion).
• Open-market sales: 31,900 shares and 20,000 shares at an average $98.46 (total ≈ $5,110,074). Sales occurred in multiple trades at prices $98.43–$98.74 (see footnote F1).
• Exercise cost (acquisition): total ≈ $1,854,668; gross sale proceeds ≈ $5,110,074.
• Shares owned after the transactions: not disclosed in the provided filing.
• Footnotes: F1 notes multiple sale prices (98.43–98.74) and availability of per-trade detail on request; F2 notes the option vested in four equal annual installments beginning on the first anniversary of grant.
• Filing status: appears timely (filed one day after the report date).

Context

• The filing shows an option exercise followed by immediate open-market sales (a common way to monetize vested options and cover exercise/tax costs). The derivative code M indicates option exercise/conversion; entries with $0.00 reflect the derivative being converted into shares. This is a disposition by the insider, not a purchase signal; purchases generally carry more direct information about insider sentiment.