This excerpt taken from the KNXA DEF 14A filed Apr 13, 2006.
The ESPP allows our employees to purchase our common stock ("Shares") at a discount, without being subject to tax until they sell the stock, and without having to pay any brokerage commissions with respect to the purchases. We plan to have the ESPP become effective July 15, 2006, with the initial offering period beginning December 1, 2006, provided that we receive stockholder approval.
The purpose of the ESPP is to encourage the purchase of common stock by our employees, to provide employees with a personal stake in our business and to help us retain our employees. In addition, our board of directors can approve the participation of any of our subsidiaries.
The ESPP will be administered by our board of directors, or by a committee of the board appointed by our board of directors.