Adaptec 2010 Annual Report Download - page 70

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A summary of RSU activity during the year ended December 26, 2010 is as follows:
The weighted-average estimated fair values of RSU’s awarded during 2010, 2009, and 2008, were $7.94, $7.06, and $7.93
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 2010, 1,669,300 shares were issued under the Plan at a weighted-average price of $4.87 per share. As of December 26,
2010, 8,798,638 shares were available for future issuance under the ESPP (2009—8,467,938).
The weighted-average estimated fair values of Employee Stock Purchase Plan awards during years 2010, 2009, and 2008, were
$2.34, $1.88 and $0.53 per share, respectively.
The 2011 Employee Stock Purchase Plan (“2011 Plan”) was approved by stockholders at the 2010 Annual Meeting. The 2011
Plan will become effective on February 11th 2011 and will replace the current ESPP 12,000,000 shares of our common stock have
been reserved for issuance under the 2011 Plan.
69
Restricted
Stock Units
Weighted
Average
Remaining
Contractual
Term
Aggregate
intrinsic
value at
December 26,
2010
Unvested shares at December 27, 2009
2,407,011
—
—
Awarded
1,282,81
0
—
—
Released
(735,341)
—
—
Forfeited
(305,724)
—
—
End of Period
2,648,756
1.53
$22,487,854
Restricted Stock Units vested and ex
p
ected to vest December 26, 2010 2,231,19
0
1.47
$18,942,806