Adaptec 2006 Annual Report Download - page 119
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Exhibit 10.1
PMC-SIERRA, INC.
1991 EMPLOYEE STOCK PURCHASE PLAN
(as amended on February 1, 2007)
The following constitute the provisions of the 1991 Employee Stock Purchase Plan of PMC-Sierra, Inc.
1. Purpose. The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to purchase Common
Stock of the Company through accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an “Employee Stock Purchase
Plan” under Section 423 of the Internal Revenue Code of 1986, as amended. The provisions of the Plan, accordingly, shall be construed so as to extend and limit
participation in a manner consistent with the requirements of that section of the Code.
2. Definitions.
(a) “Board” shall mean the Board of Directors of the Company.
(b) “Code” shall mean the Internal Revenue Code of 1986, as amended.
(c) “Common Stock” shall mean the Common Stock of the Company.
(d) “Company” shall mean PMC-Sierra, Inc., a Delaware corporation.
(e) “Compensation” shall mean all base straight time gross earnings plus payments for overtime, shift premiums and commissions, but excluding
incentive compensation, incentive payments, bonuses, awards, and other compensation.
(f) “Designated Subsidiaries” shall mean all Subsidiaries of the Company, unless otherwise specified by the Board from time to time in its sole
discretion.
(g) “Employee” shall mean any individual who is a regular employee of the Company for purposes of tax withholding under the Code. For purposes
of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the
Company. Where the period of leave exceeds 90 days and the individual’s right to reemployment is not guaranteed either by statute or by contract, the
employment relationship will be deemed to have terminated on the 91st day of such leave.
(h) “Enrollment Date” shall mean the first day of each Offering Period.
(i) “Exercise Date” shall mean the first Trading Day on or after February 15 and August 15 of each year, except that the term “Exercise Date” with
respect to the Offering Period that began on January 1, 2003 (the “January Offering Period”) shall mean the last day of each Purchase Period and is either
January 1 or July 1 of each year.
Source: PMC SIERRA INC, 10-K, March 01, 2007 Powered by Morningstar® Document Research℠