Table of Contents AVNET, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued) The fair value of stock options is estimated as of the date of grant using the Black-Scholes model based on the assumptions in the following table. The assumption for the expected term is based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on U.S. Treasury rates as of the date of grant with maturity dates approximately equal to the expected term at the grant date. The historical volatility of Avnet’s common stock is used as the basis for the volatility assumption. The Company estimates dividend yield based upon expectations of future dividends compared to the market value of the Company’s stock as of the grant date. Years Ended June 27, June 29, June 30, 2020 2019 2018 Expected term (years) 6.0 6.0 6.0 Risk-free interest rate 1.6 % 2.8 % 2.0 % Weighted average volatility 23.7 % 23.1 % 26.3 % Dividend yield 2.3 % 1.8 % 2.0 % The following is a summary of the changes in outstanding options for fiscal 2020: Weighted Weighted Average Average Remaining  Shares Exercise Price Contractual Life Outstanding at June 29, 2019 1,236,639 $ 40.90 78 Months Granted 383,984 39.72 110 Months Exercised (37,349) 24.98 5 Months Forfeited or expired (45,605) 42.61 93 Months Outstanding at June 27, 2020 1,537,669 $ 40.94 75 Months Exercisable at June 27, 2020 756,570 $ 39.88 56 Months The weighted-average grant-date fair values of stock options granted during fiscal 2020, 2019 and 2018 were $7.41, $10.74 and $8.33, respectively. At June 27, 2020, the aggregate intrinsic value of all outstanding stock option awards and all exercisable stock option awards were inconsequential. 68