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Stock Option and Purchase Plans | 12 Months Ended
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Jul. 02, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Option and Purchase Plans | STOCK OPTION AND PURCHASE PLANS A summary of stock option activity under our stock incentive plan was as follows:
|  |  |  |  | Weighted Average |  |  | Weighted Average Remaining Contractual |  |  | Aggregate Intrinsic Value |
|  | Shares |  |  | Exercise Price |  |  | Term (in years) |  |  | (in thousands) |
Balance at June 27, 2021 |  |  | 72,624 |  |  | $ | 37.65 |  |  |  |  |  |  |
Exercised |  |  | (31,452 | ) |  | $ | 26.28 |  |  |  |  |  |  |
Balance at July 3, 2022 |  |  | 41,172 |  |  | $ | 46.34 |  |  |  |  |  |  |
Exercised |  |  | (4,251 | ) |  | $ | 25.64 |  |  |  |  |  |  |
Forfeited |  |  | (4,360 | ) |  | $ | 47.55 |  |  |  |  |  |  |
Balance at July 2, 2023 |  |  | 32,561 |  |  | $ | 48.88 |  |  |  | 0.4 |  |  | $ | — |
Exercisable as of: |  |  |  |  |  |  |  |  |  |  |  |
July 2, 2023 |  |  | 32,561 |  |  | $ | 48.88 |  |  |  | 0.4 |  |  | $ | — |
July 3, 2022 |  |  | 41,172 |  |  | $ | 46.34 |  |  |  | 1.2 |  |  | $ | 31 |
No options were granted during fiscal 2023 or 2022. A summary of restricted stock activity under our stock incentive plan was as follows:
|  |  |  |  | Weighted Average |
|  |  |  |  | Grant Date |
|  | Shares |  |  | Fair Value |
Nonvested Balance at June 27, 2021 |  |  | 81,975 |  |  | $ | 23.31 |
Granted |  |  | 43,875 |  |  | $ | 42.50 |
Vested |  |  | (38,000 | ) |  | $ | 25.56 |
Forfeited |  |  | (2,750 | ) |  | $ | 32.70 |
Nonvested Balance at July 3, 2022 |  |  | 85,100 |  |  | $ | 31.89 |
Granted |  |  | 49,050 |  |  | $ | 29.91 |
Vested |  |  | (44,750 | ) |  | $ | 29.00 |
Forfeited |  |  | (1,500 | ) |  | $ | 32.03 |
Nonvested Balance at July 2, 2023 |  |  | 87,900 |  |  | $ | 32.09 |
We have an Employee Stock Purchase Plan to provide substantially all U.S. full-time associates an opportunity to purchase shares of STRATTEC common stock through payroll deductions. A participant may contribute a maximum of $5,200 per calendar year to the plan. On the last day of each month or if such date is not a trading day on the most recent previous trading day, participant account balances are used to purchase shares of our common stock at the average of the highest and lowest reported sales prices of a share of STRATTEC common stock on the NASDAQ Global Market on such date. A total of 100,000 shares may be issued under the plan. Shares issued from treasury stock under the plan totaled 3,342 at an average price of $22.24 during 2023 and 2,186 at an average price of $37.32 during 2022. A total of 45,802 shares remain available for purchase under the plan as of July 2, 2023.

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