KLA-Tencor cuts employee discount through stock purchase plan - 2 Apr 2009

KLA-Tencor cuts employee discount through stock purchase plan

http://www.siliconbeat.com/2009/04/01/kla-tencor-cuts-employee-discount-through-stock-purchase-plan/

 
 
POSTED BY JACK DAVIS ON APRIL 1ST, 2009 AT 7:16 PM | CATEGORIZED AS DOCU-DRAMA, KLA-TENCOR | TAGGED AS BENEFIT REDUCTIONS, EMPLOYEE STOCK PURCHASE PLAN, KLA-TENCOR

In addition to its decision to layoff 10 percent more of its workforce, chip-equipment maker KLA-Tencor also decided to take away two-thirds of the discount it gives to employees buying shares of the company through its employee stock purchase plan.

Previously, employees were able to buy shares at a 15 percent discount, which has now been reduced to 5 percent. The company also did away with a “look-back” provision that set the price of the shares offered to employees according to their fair market value over the preceding six-month period.