Adaptec 2007 Annual Report Download - page 85

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Table of Contents
A summary of RSU activity during the year ended December 30, 2007 is as follows:
Restricted Stock
Units
Weighted Average
Remaining Contractual
Term
Aggregate
Intrinsic Value at
December 30, 2007
Unvested shares at December 31, 2006 — — —
Awarded 901,125 — —
Released — — —
Forfeited (69,374) — —
End of Period 831,751 2.04 $ 5,489,557
Restricted Stock Units vested and expected to vest,
December 30, 2007 612,619 1.89 $ 4,043,287
The weighted-average estimated fair value of RSU’s awarded in fiscal 2007 was $7.49.
Employee Stock Purchase Plan
In 1991, the Company adopted an Employee Stock Purchase Plan (“ESPP”) under Section 423 of the Internal Revenue Code. The ESPP allows eligible
participants to purchase shares of the Company’s common stock through payroll deductions at a purchase price of 85% of the lower of the fair market value of
the Company’s stock on the close of the first trading day or last trading day of the six-month purchase period. Under the ESPP, the number of shares authorized
to be available for issuance under the plan are increased automatically on January 1 of each year until the expiration of the plan. The increase will be limited to
the lesser of (i) 1% of the outstanding shares on January 1 of each year, (ii) 2,000,000 shares (after adjusting for stock dividends), or (iii) an amount to be
determined by the Board of Directors.
During 2007, 1,753,447 shares were issued under the Plan at a weighted-average price of $4.78 per share. As of December 30, 2007, 8,149,940 shares were
available for future issuance under the ESPP (December 31, 2006—7,903,387).
The weighted-average estimated fair values of Employee Stock Purchase Plan awards during fiscal years 2007, 2006, and 2005, were $2.59, $3.27 and $3.18 per
share, respectively.
79
Source: PMC SIERRA INC, 10-K, February 22, 2008