Adaptec 2006 Annual Report Download - page 164
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(ii) The foregoing limitation shall be adjusted proportionately in connection with any change in the Company’s capitalization as described in
Section 14(a).
(iii) If an Option or Stock Purchase Right is canceled (other than in connection with a transaction described in Section 14), the canceled
Option or Stock Purchase Right will be counted against the limit set forth in Section 6(c)(i). For this purpose, if the exercise price of an Option or Stock Purchase
Right is reduced, the transaction will be treated as a cancellation of the Option or Stock Purchase Right and the grant of a new Option or Stock Purchase Right.
7. Term of Plan. The Plan became effective on April 1, 2001 and shall continue in effect for a term of ten (10) years unless terminated earlier under
Section 17 of the Plan.
8. Term of Option. The term of each Option shall be stated in the Notice of Grant.
9. Option Exercise Price and Consideration.
(a) Exercise Price. The per share exercise price for the Shares to be issued pursuant to exercise of an Option shall be determined by the
Administrator. In the case of an Option intended to qualify as “performance-based compensation” within the meaning of Section 162(m) of the Code, the per
Share exercise price shall be no less than 100% of the Fair Market Value per Share on the date of grant.
(b) Waiting Period and Exercise Dates. At the time an Option is granted, the Administrator shall fix the period within which the Option may be
exercised and shall determine any conditions which must be satisfied before the Option may be exercised. In so doing, the Administrator may specify that an
Option may not be exercised until the completion of a service period.
(c) Form of Consideration. The Administrator shall determine the acceptable form of consideration for exercising an Option, including the method
of payment. Such consideration may consist entirely of:
(i) cash;
(ii) check;
(iii) promissory note;
(iv) other Shares which (A) meet the requirements and conditions established by the Administrator in order to avoid any unfavorable
financial accounting consequences (as determined by the Administrator) and (B) have a Fair Market Value on the date of surrender equal to the aggregate
exercise price of the Shares as to which said Option will be exercised;
(v) delivery of a properly executed exercise notice together with such other documentation as the Administrator and the broker, if
applicable, shall require to effect an exercise of the Option and delivery to the Company of the sale or loan proceeds required to pay the exercise price;
-8-
Source: PMC SIERRA INC, 10-K, March 01, 2007 Powered by Morningstar® Document Research℠