Adaptec 2006 Annual Report Download - page 121

(q) “Trading Day” shall mean a day on which national stock exchanges and the National Association of Securities Dealers Automated Quotation
(NASDAQ) System are open for trading.
3. Eligibility.
(a) Any Employee, as defined in paragraph 2, who has been continuously employed by the Company for at least one (1) day and who shall be
employed by the Company on a given Enrollment Date shall be eligible to participate in the Plan.
(b) Any provisions of the Plan to the contrary notwithstanding, no Employee shall be granted an option under the Plan (i) if, immediately after the
grant, such Employee (or any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own stock and/or
hold outstanding options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the
Company or of any subsidiary of the Company, or (ii) which permits his or her rights to purchase stock under all employee stock purchase plans of the Company
and its subsidiaries to accrue at a rate which exceeds Twenty-Five Thousand Dollars ($25,000) worth of stock (determined at the fair market value of the shares
at the time such option is granted) for each calendar year in which such option is outstanding at any time.
4. Offering Periods. The Plan shall be implemented by consecutive, overlapping Offering Periods. The Board shall have the power to change the duration
of Offering Periods with respect to future offerings without stockholder approval if such change is announced at least fifteen (15) days prior to the scheduled
beginning of the first Offering Period to be affected. Absent action by the Board, each Offering Period shall be for a period of approximately twenty-four months
(24) and a new Offering Period shall commence on the first Trading Day on or after February 15 and August 15 of each year.
5. Participation.
(a) An eligible Employee may become a participant in the Plan by completing a subscription agreement authorizing payroll deductions in the form
of Exhibit B to this Plan (or such other form as the Company may provide) and filing it with the Company’s payroll office at least one (1) day prior to the
applicable Enrollment Date, unless an earlier or later time for filing the subscription agreement is set by the Board for all eligible Employees with respect to a
given Offering Period.
(b) Payroll deductions for a participant shall commence on the first payroll period following the Enrollment Date and shall end on the last payroll
period in the Offering Period, unless sooner terminated by the participant as provided in paragraph 10.
6. Payroll Deductions.
(a) At the time a participant files his or her subscription agreement, he or she shall elect to have payroll deductions made during the Offering Period
pursuant to such procedures as the Board (or its delagee) may specify from time to time and in an amount not exceeding ten percent
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Source: PMC SIERRA INC, 10-K, March 01, 2007 Powered by Morningstar® Document Research℠