Stock Option and Purchase Plans

12 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

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 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
Forfeited		(24,491	)	$	38.71
Balance at June 30, 2024		8,070		$	79.73		0.1	$	—
Exercisable as of:
June 30, 2024		8,070		$	79.73		0.1	$	—
July 2, 2023		32,561		$	48.88		0.4	$	—

No options were granted during fiscal 2024 or 2023.

A summary of restricted stock activity under our stock incentive plan was as follows:


				Weighted Average
				Grant Date
	Shares			Fair Value
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
Granted		51,675		$	22.16
Vested		(56,750	)	$	30.12
Forfeited		(3,500	)	$	29.79
Nonvested Balance at June 30, 2024		79,325		$	27.21

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 2,998 at an average price of $24.08 during 2024 and 3,342 at an average price of $22.24 during 2023. A total of 42,804 shares remain available for purchase under the plan as of June 30, 2024.