Adaptec 2006 Annual Report Download - page 157
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Exhibit 10.3
PMC-SIERRA, INC.
2001 STOCK OPTION PLAN
(As Amended and Restated Effective as of February 1, 2007)
The following constitute the provisions of the PMC-Sierra, Inc. 2001 Stock Option Plan, as amended and restated effective as of February 1, 2007:
1. Purposes of the Plan. The purposes of this Plan are:
• to attract and retain the best available personnel for positions of substantial responsibility,
• to provide additional incentive to Employees and Consultants, and
• to promote the success of the Company’s business.
Options granted under the Plan may only be Nonstatutory Stock Options. Stock Purchase Rights and Restricted Stock Units may also be granted
under the Plan. For option grants dated on or after April 1, 2001, the Plan replaces the stock option plans assumed under the acquisitions the AANetcom, Inc.,
Abrizio, Inc., Bipolar Integrated Technologies, Inc., Malleable Technologies Inc., Quantum Effect Devices, Inc., and SwitchOn Networks, Inc. (“The Subsidiary
Company Plans”).
2. Definitions. As used herein, the following definitions shall apply:
(a) “Administrator” means the Board or any of its Committees as shall be administering the Plan, in accordance with Section 4 of the Plan.
(b) “Applicable Laws” means the legal requirements relating to the administration of equity-based awards under U.S. state corporate laws, U.S.
federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of
any foreign country or jurisdiction where Options, Stock Purchase Rights or Restricted Stock Units are, or will be, granted under the Plan.
(c) “Board” means the Board of Directors of the Company.
(d) “Change of Control” means the occurrence of any of the following events:
(i) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule
13d-3 of the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power represented by
the Company’s then outstanding voting securities;
(ii) The consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets;
Source: PMC SIERRA INC, 10-K, March 01, 2007 Powered by Morningstar® Document Research℠