MOLX » Topics » APPROVAL OF THE AMENDED 2000 MOLEX LONG-TERM STOCK PLAN

This excerpt taken from the MOLX DEF 14A filed Sep 10, 2007.

APPROVAL OF THE AMENDED 2000 MOLEX LONG-TERM STOCK PLAN

The purpose of the 2000 Molex Long-Term Stock Plan (2000 Plan) is to optimize our profitability and growth through incentives which are consistent with our goals and which link and align the personal interests of senior management to those of our stockholders. The 2000 Plan is further intended to enable us to attract, motivate, and retain the services of key employees who make significant contributions to our success and to allow such employees to share in our success. The 2000 Plan was adopted by our stockholders on October 20, 2000. Amendments to the 2000 Plan were subsequently approved by our stockholders on October 24, 2003 and October 28, 2005. The Compensation Committee is currently authorized to issue nonqualified stock options and restricted stock grants under the 2000 Plan.

On August 10, 2007, the Board of Directors, acting on the recommendation of the Compensation Committee, approved amendments to the 2000 Plan, subject to stockholder approval, that would permit the Compensation Committee to grant performance-based restricted stock that meets the definition of performance-based compensation under Internal Revenue Code Section 162(m) for tax deductibility purposes (Performance Shares). The amended 2000 Plan is being submitted for approval to our stockholders in accordance with NASDAQ requirements and to qualify Performance Shares under Section 162(m).

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