Adaptec 2008 Annual Report Download - page 71

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The weighted-average estimated fair values of employee stock options granted during 2008, 2007, and 2006
were $2.90, $3.22, and $4.60, per share, respectively.
Restricted Stock Units
On February 1, 2007, the Company amended its stock award plans to allow for the issuance of RSUs to
employees and directors. The first grant of RSUs occurred on May 25, 2007. The grants vest over varying terms,
to a maximum of four years from the date of grant.
A summary of RSU activity during the year ended December 28, 2008 is as follows:
Restricted
Stock Units
Weighted
Average
Remaining
Contractual
Term
Aggregate
intrinsic
value at
December 28,
2008
Unvested shares at December 30, 2007 ............................ 831,751 — —
Awarded .................................................... 1,288,319 — —
Released .................................................... (135,842) — —
Forfeited .................................................... (121,466) — —
End of Period ................................................ 1,862,762 1.84 $8,475,567
Restricted Stock Units vested and expected to vest December 28, 2008 . . 1,447,117 1.68 $6,584,383
The weighted-average estimated fair values of RSU’s awarded during 2008 and 2007, were $7.93, and
$7.49, respectively.
Employee Stock Purchase Plan
In 1991, the Company adopted an 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 2008, 1,865,784 shares were issued under the Plan at a weighted-average price of $3.92 per share.
As of December 28, 2008, 8,284,156 shares were available for future issuance under the ESPP (2007—
8,149,940).
The weighted-average estimated fair values of Employee Stock Purchase Plan awards during 2008, 2007,
and 2006, were $0.53, $2.59 and $3.27 per share, respectively.
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