Exhibit 10.1
INTEGRATED SILICON SOLUTION,
INC.
1993 EMPLOYEE STOCK PURCHASE
PLAN
(as amended through February 6, 2009)
The following constitute the
provisions of the 1993 Employee Stock Purchase Plan of Integrated
Silicon Solution, Inc.
1. Purpose . The purpose of
the Plan is to provide employees of the Company and its Designated
Subsidiaries with an opportunity to purchase Common Stock of the
Company through accumulated payroll deductions. It is the intention
of the Company to have the Plan qualify as an “Employee Stock
Purchase Plan” under Section 423 of the Internal Revenue
Code of 1986, as amended. The provisions of the Plan, accordingly,
shall be construed so as to extend and limit participation in a
manner consistent with the requirements of that section of the
Code.
2. Definitions .
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(a)
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“
Board ” shall mean the Board of Directors of the
Company.
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(b)
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“
Code ” shall mean the Internal Revenue Code of 1986,
as amended.
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(c)
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“
Common Stock ” shall mean the Common Stock of the
Company.
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(d)
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“
Company ” shall mean Integrated Silicon Solution,
Inc., and any Designated Subsidiary of the Company.
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(e)
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“Compensation ” shall mean all base straight time gross
earnings, including commissions, but exclusive of payments for
overtime, shift premium, incentive compensation, incentive
payments, bonuses, and other compensation.
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(f)
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“Designated Subsidiaries
” shall mean the Subsidiaries
which have been designated by the Board from time to time in its
sole discretion as eligible to participate in the Plan.
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(g)
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“
Employee ” shall mean any individual who is an
employee of the Company for tax purposes whose customary employment
with the Company is at least twenty (20) hours per week and
more than five (5) months in any calendar year. For purposes
of the Plan, the employment relationship shall be treated as
continuing intact while the individual is on sick leave or other
leave of absence approved by the Company. Where the period of leave
exceeds 90 days and the individual’s right to reemployment is
not guaranteed either by statute or by contract, the employment
relationship will be deemed to have terminated on the 91st day of
such leave.
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(h)
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“
Enrollment Date ” shall mean the first day of each
Offering Period.
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(i)
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“
Exercise Date ” shall mean the last day of each
Purchase Period.
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(j)
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“ Fair
Market Value ” shall mean, as of any date, the value of
Common Stock determined as follows:
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(1) If the Common Stock is listed on
any established stock exchange or a national market system,
including without limitation the National Market of the National
Association of Securities Dealers, Inc. Automated Quotation
(“NASDAQ”) System, its Fair Market Value shall be the
closing sale price for the Common Stock (or the mean of the closing
bid and asked prices, if no sales were reported), as quoted on such
exchange (or the exchange with the greatest volume of trading in
Common Stock) or system on the date of such determination, as
reported in The Wall Street Journal or such other source as
the Board deems reliable, or;
(2) If the Common Stock is quoted on
the NASDAQ system (but not on the National Market thereof) or is
regularly quoted by a recognized securities dealer but selling
prices are not reported, its Fair Market Value shall be the mean of
the closing bid and asked prices for the Common Stock on the date
of such determination, as reported in The Wall Street
Journal or such other source as the Board deems reliable,
or;
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(3) In the absence of an established
market for the Common Stock, the Fair Market Value thereof shall be
determined in good faith by the Board.
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(k)
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“
Offering Period ” shall mean the period of
approximately twenty-four (24) months during which an option
granted pursuant to the Plan may be exercised, commencing on the
first Trading Day on or after February 1 and August 1 of
each year and terminating on the last Trading Day in the periods
ending twenty-four (24) months later. The duration and timing
of Offering Periods may be changed pursuant to Section 4 of
this Plan.
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(l)
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“
Plan ” shall mean this Employee Stock Purchase
Plan.
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(m)
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“
Purchase Price ” shall mean an amount determined by
the Board or its committee administering the Plan, from time to
time, in its discretion and on a uniform and non-discriminating
basis, for all options to be granted on an Enrollment Date.
However, in no event shall the price be less than 85% of the Fair
Market Value of a share of Common Stock on the Enrollment Date or
on the Exercise Date, whichever is lower.
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(n)
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“
Purchase Period ” shall mean the approximately six
month period commencing after one Exercise Date and ending with the
next Exercise Date, except that the first Purchase Period of any
Offering Period shall commence on the Enrollment Date and end with
the next Exercise Date.
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(o)
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“
Reserves ” shall mean the number of shares of Common
Stock covered by each option under the Plan which have not yet been
exercised and the number of shares of Common Stock which have been
authorized for issuance under the Plan but not yet placed under
option.
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(p)
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“
Subsidiary ” shall mean a corporation, domestic or
foreign, of which not less than 50% of the voting shares are held
by the Company or a Subsidiary, whether or not such corporation now
exists or is hereafter organized or acquired by the Company or a
Subsidiary.
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(q)
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“
Trading Day ” shall mean a day on which national stock
exchanges and the NASDAQ System are open for trading.
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3. Eligibility .
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(a)
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Any Employee
(as defined in Section 2(h)), who shall be employed by the
Company on a given Enrollment Date shall be eligible to participate
in the Plan.
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(b)
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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 capital stock of the Company and/or hold
outstanding options to purchase such stock possessing five percent
(5%) or more of the total combined voting power or value of
all classes of the capital stock of the Company or of any
Subsidiary, 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.
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4. Offering Periods . The
Plan shall be implemented by consecutive, overlapping Offering
Periods with a new Offering Period commencing on the first Trading
Day on or after February 1 and August 1 each year, or on
such other dates as the Board shall determine, and continuing
thereafter until terminated in accordance with Section 19
hereof. The Board shall have the power to change the duration of
Offering Periods (including the commencement and termination dates
thereof) with respect to future offerings without stockholder
approval if such change is announced at least five (5) days
prior to the scheduled beginning of the first Offering Period to be
affected thereafter.
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5. Participation .
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(a)
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An eligible
Employee may become a participant in the Plan by completing a
subscription agreement authorizing payroll deductions in the form
of Exhibit A to this Plan and filing it with the
Company’s payroll office prior to the applicable Enrollment
Date or by submitting a subscription agreement in such other form
and manner as the Board or its committee administering the Plan may
determine from time to time (in its discretion and on a
non-discriminatory basis).
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(b)
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Payroll
deductions for a participant shall commence on the first payroll
following the Enrollment Date and shall end on the last payroll in
the Offering Period to which such authorization is applicable,
unless sooner terminated by the participant as provided in
Section 10 hereof.
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6. Payroll Deductions
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(a)
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At the time a
participant files his or her subscription agreement, he or she
shall elect to have payroll deductions made on each pay day during
the Offering Period in an amount not exceeding ten percent
(10%) (or such lesser percentage that the Board or its
committee administering the Plan may establish from time to time,
in its discretion and on a non-discriminatory basis, for all
options to be granted on any Enrollment Date) of the Compensation
which he or she receives on each pay day during the Offering
Period, and the aggregate of such payroll deductions during the
Offering Period shall not exceed ten percent (10%) of the
participant’s Compensation during said Offering
Period.
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(b)
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All payroll
deductions made for a participant shall be credited to his or her
account under the Plan and will be withheld in whole percentages
only. A participant may not make any additional payments into such
account.
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(c)
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A participant
may discontinue his or her participation in the Plan as provided in
Section 10 hereof, or may increase or decrease the rate of his
or her payroll deductions during the Offering Period by completing
or filing with the Company a new subscription agreement authorizing
a change in payroll deduction rate. The Board may, in its
discretion, limit the number of participation rate changes during
any Offering Period. The change in rate shall be effective with the
first full payroll period following five (5) business days
after the Company’s receipt of the new subscription agreement
unless the Company elects to process a given change in
participation more quickly. A participant’s subscription
agreement shall remain in effect for successive Offering Periods
unless terminated as provided in Section 10 hereof.
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(d)
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Notwithstanding
the foregoing, to the extent necessary to comply with
Section 423(b)(8) of the Code and Section 3(b) hereof, a
participant’s payroll deductions may be decreased to 0% at
any time during any Purchase Period. Payroll deductions shall
recommence at the rate provided in such participant’s
subscription agreement at the beginning of the first Purchase
Period which is scheduled to end in the following calendar year,
unless terminated by the participant as provided in Section 10
hereof.
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7. Grant of Option . On the
Enrollment Date of each Offering Period, each eligible Employee
participating in such Offering Period shall be granted an option to
purchase on each Exercise Date during such Offering Period (at the
applicable Purchase Price) up to a number of shares of the
Company’s Common Stock determined by dividing such
Employee’s payroll deductions accumulated prior to such
Exercise Date and retained in the Participant’s account as of
the Exercise Date by the applicable Purchase Price; provided that
in no event shall an Employee be permitted to purchase during each
Purchase Period more than a number of Shares determined by dividing
$12,500 by the Fair Market Value of a share of the Company’s
Common Stock on the Enrollment Date (except if there is only one
Purchase Period in a calendar year, in which case the dollar limit
in the preceding equation shall be $25,000 instead of $12,500), and
provided further that such purchase shall be subject to the
limitations set forth in Sections 3(b) and 12 hereof. Exercise
of the option shall occur as provided in Section 8 hereof,
unless the participant has withdrawn pursua
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