STOCK REPURCHASE PROGRAM

In November 2016, the Board of Directors authorized the repurchase of up to $1.0 billion of Common Stock. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. Repurchases will be funded using the Company’s on-shore cash and on-shore cash generation. This repurchase program has no termination date and may be suspended or discontinued at any time.

Repurchases under the repurchase program were as follows during the periods indicated:



Period	Total Number of Shares Repurchased	Total Cost of Repurchase		Average Price Paid Per Share		Amount Available Under Repurchase Program
	(in thousands, except per share data)
Available balance as of June 26, 2016						$	229,094
Quarter ended September 25, 2016	—	$	—	$	—	$	229,094
Board authorization, November 2016						$	1,000,000
Quarter ended December 25, 2016	619	$	65,014	$	105.01	$	934,986
Quarter ended March 26, 2017	1,223	139,760		114.30		795,226

In addition to the shares repurchased under the Board-authorized repurchase program shown above, during the three and nine months ended March 26, 2017, the Company acquired 604 thousand shares at a total cost of $70.5 million and 740 thousand shares at a total cost of $83.4 million, respectively, which the Company withheld through net settlements to cover minimum tax withholding obligations upon the vesting of RSU awards granted under the Company's equity compensation plans. The shares retained by the Company through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under the Company’s equity compensation plan.

On April 19, 2017, the Company entered into two separate accelerated share repurchase agreements (collectively, the "ASR") with two financial institutions to repurchase a total of $500 million of Common Stock. The Company took an initial delivery of 2.57 million shares, which represented 70% of the prepayment amount divided by Lam's closing stock price on April 19, 2017. The total number of shares to be ultimately received under the ASR will be based upon the average daily volume weighted average price of our common stock during the repurchase period, less an agreed upon discount. Final settlement of the transactions are expected to be completed no sooner than June 5, 2017 or no later than July 21, 2017. As of April 24 2017, there were $282.1 million of authorized funds remaining under our stock repurchase authorization.