EMC 2007 Annual Report Download - page 167

Section 6. Grant of Options
Each person who is a participant on the first day of an option period shall as of such day be granted an option for such period. Such option shall be for
the number of shares of stock to be determined by dividing (a) the balance in the participant's withholding account on the last day of the option period by
(b) the purchase price per share of the stock determined under Section 7, and eliminating any fractional share from the quotient. In the event that the number
of shares then available under the Plan is otherwise insufficient, the Company shall reduce on a substantially proportionate basis the number of shares of stock
receivable by each participant upon exercise of his or her option for an option period and shall return the balance in a participant's withholding account to such
participant. Notwithstanding the foregoing, in no event may a participant purchase more than 750 shares of stock in any one option period under the Plan.
Section 7. Purchase Price
The purchase price of stock issued pursuant to the exercise of an option shall be 85% of the fair market value of the stock at (a) the time of grant of the
option or (b) the time at which the option is deemed exercised, whichever is less. "Fair market value" shall mean the fair market value as determined from
time to time by the Board of Directors or, where appropriate, by the Committee (defined below), taking into account all information which the Board of
Directors, or the Committee, considers relevant.
Section 8. Exercise of Options
If an employee is a participant in the Plan on the last business day of an option period, he or she shall be deemed to have exercised the option granted to
him or her for that period. Upon such exercise, the Company shall apply the balance of the participant's withholding account to the purchase of the number of
whole shares of stock determined under Section 6, and as soon as practicable thereafter shall issue and deliver certificates for said shares to the participant. No
fractional shares shall be issued hereunder. Any balance accumulated in the participant's withholding account that is not sufficient to purchase a full share
shall be retained in such account for any subsequent option period, subject to early withdrawal by the participant pursuant to Section 10. Any other monies
remaining in the participant's withholding account after the date of exercise shall be promptly returned to the participant or his or her beneficiary (as
applicable) in cash.
Notwithstanding anything herein to the contrary, the Company shall not be obligated to deliver any shares unless and until, in the opinion of the
Company's counsel, all requirements of applicable federal and state laws and regulations (including any requirements as to legends) have been complied with,
nor, if the outstanding stock is at the time listed on any securities exchange, unless and until the shares to be delivered have been listed (or authorized to be
added to the list upon official notice of issuance) upon such exchange, nor unless or until all other legal matters in connection with the issuance and delivery
of shares have been approved by the Company's counsel.
Section 9. Interest
No interest will be payable on withholding accounts.
Section 10. Cancellation and Withdrawal
Effective January 1, 2002, on or prior to June 15 or December 15, as the case may be with respect to any applicable option period, a participant who
holds an option under the Plan may cancel all (but not less than all) of his or her option by written notice delivered to the Company, in such form as the
Company may prescribe. Any participant who delivers such written notice shall be deemed to have canceled his or her option, terminated his or her payroll
deduction authorization with respect to the Plan and terminated his or her participation in the Plan, in each case, as of the date of such written notice. In the
event that any June 15 or December 15, as the case may be with respect to the
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