Company: SYY
Filing Date: 2025-08-22
Form Type: 10-K
Source: 0000096021-25-000099
Chunk: 63

Company: SYSCO CORP
Filing Date: 2025-08-22
Form: 10-K
Item: Item 8
Chunk 63
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 option award is estimated as of the date of grant using a Black-Scholes option pricing model. Expected dividend yield is estimated based on the historical pattern of dividends and the average stock price for the year preceding the option grant. Expected volatility is based on historical volatility of Sysco’s stock, implied volatilities from traded options on Sysco’s stock, and other factors. The risk-free rate for the expected term of the option is based on the United States Treasury yield curve in effect at the time of grant. Sysco utilizes historical data to estimate option exercise and employee termination behavior in determining the expected life of awards for valuation purposes.The weighted average assumptions discussed above are noted in the table below for relevant periods as follows: 202520242023Dividend yield2.8 %2.6 %2.4 %Expected volatility26.6 %27.2 %32.6 %Risk-free interest rate3.7 %4.1 %3.0 %Expected Life6.6 years6.6 years6.6 yearsThe following summary presents information regarding outstanding options as of June 28, 2025 and changes during the fiscal year then ended with regard to options under all stock incentive plans: Shares Under OptionWeighted Average Exercise Price Per ShareWeighted Average Remaining Contractual Term (in years)Aggregate Intrinsic Value(in millions)Outstanding as of June 29, 20248,494,287 $66.97 Granted746,501 76.52 Exercised1,112,966 54.00 Forfeited269,089 78.61 Expired— — Outstanding as of June 28, 20257,858,733 $69.31 4.88$55 Expected to vest as of June 28, 20251,268,622 76.77 8.491 Exercisable as of June 28, 20256,542,767 $67.82 4.15$54 The total number of employee options granted was 746,501, 808,279 and 954,249 in fiscal years 2025, 2024 and 2023, respectively.During fiscal 2025, 321,453 options were granted to 12 executive officers and 425,048 options were granted to 153 other key employees. During fiscal 2024, 322,325 options were granted to 12 executive officers and