Business Context and Reporting Period
Company: AVNET, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: August 13, 2009
Subject: Changes to the Form of performance stock unit term sheet under the Avnet, Inc. 2006 Stock Compensation Plan.
Key Financial Metrics
This filing does not contain financial performance data. The document does not provide values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
On August 13, 2009, the Compensation Committee of the Board of Directors adopted changes to the performance stock unit term sheet. The primary material change is the elimination of absolute economic performance as a vesting goal for performance stock units. The maximum percentage of units that may vest based on relative economic performance goals remains unchanged for outstanding awards.
Guidance, Outlook, and Risks
The filing contains no management guidance, outlook, or discussion of general business risks. The only contingency noted is that the description of the term sheet changes is qualified in its entirety by reference to Exhibit 99.1.
Investor Verification Checklist
- Review Exhibit 99.1 to understand the specific mechanics of the revised performance stock unit term sheet.
- Confirm the impact of removing absolute economic performance goals on executive compensation alignment.
- Verify that the maximum vesting percentages for relative economic performance goals remain consistent with prior awards.