EXHIBIT
4.7


 


MICRON TECHNOLOGY, INC.


 


1989 EMPLOYEE STOCK PURCHASE PLAN


 


                The
following constitute the provisions of the 1989 Employee Stock Purchase Plan of
Micron Technology, 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 shall,
accordingly, be construed so as to extend and limit participation in a manner
consistent with the requirements of that section of the Code.


 


                2.             Definitions.


 


                                (a)           “Board” shall mean the Board
of Directors of the Company.


 


                                (b)           “Code” shall mean the Internal
Revenue Code of 1986, as amended.


 


                                (c)           “Committee” shall mean the
committee of the Board appointed by the Board to administer the Plan, if any is
appointed.


 


                                (d)           “Common Stock” shall mean the
Common Stock, $.10 par value, of the Company.


 


                                (e)           “Company” shall mean Micron
Technology, Inc., a Delaware corporation.


 


                                (f)            “Compensation” with respect
to any Employee means such Employee’s wages, salaries, fees for professional
services and other amounts received for personal services actually rendered in
the course of employment with the Company or its designated subsidiaries to the
extent that the amounts are includible in gross income (including, but not
limited to, commissions paid to salesmen, compensation for services on the
basis of a percentage of profits, tips, and bonuses).


 


                Compensation
shall exclude (a)(1) contributions made by the employer to a plan of deferred
compensation to the extent that, the contributions are not includible in the
gross income of the Employee for the taxable year in which contributed, (2)
employer contributions made on behalf of an Employee to a simplified employee
pension plan described in Code Section 408(k) to the extent such contributions
are excludable from the Employee’s gross income, (3) any distributions from a
plan of deferred compensation; (b) amounts realized from the exercise of a
non-qualified stock option, or when restricted stock (or property) held by an
Employee either becomes freely transferable or is no longer subject to
substantial risk of forfeiture; (c) amounts realized from the sale, exchange or
other disposition of stock acquired under a qualified stock option; (d) other
amounts which receive special tax benefits, such as premiums for group-term
life insurance (but only to the extent that the premiums are not includible in
the gross income of the employee), or contributions made by the employer
(whether or not under a salary reduction agreement) towards the purchase of any
annuity contract described in Code Section 403(b) (whether or not the
contributions are actually excludable from the Employee’s gross income); (e)
reimbursements or other expense allowances; (f) fringe benefits (cash and
noncash); (g) moving expenses; and (h) welfare benefits.


 


                                (g)           “Continuous
Status as an Employee” shall mean the absence of any interruption or
termination of service as an Employee. 
Continuous Status as an Employee shall not be considered interrupted in
the case of a leave of absence agreed to in writing by the Company, provided
that such leave is for a period of not more than 90 days or reemployment upon
the expiration of such leave is guaranteed by contract or statute.








 


                                (h)           “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.


 

















 


 


                                (i)            “Employee” shall mean any
person, including an officer, who is continuously employed for at least twenty
(20) hours per week and more than five (5) months in a calendar year by the
Company or one of its Designated Subsidiaries.


 


                                (j)            “Enrollment Date” shall mean
the first day of each Offering Period.


 


                                (k)           “Exercise Date” shall mean the
last Trading Day of each Offering Period of the Plan.


 


                                (l)            “Offering Period” shall mean
a period of three (3) months during which an option granted pursuant to the
Plan may be exercised.


 


                                (m)          “Plan” shall mean this Employee
Stock Purchase Plan.


 


                                (n)           “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.


 


                                (o)           “Trading Day” shall mean a day
on which the national stock exchanges and Nasdaq system are open for trading.


 


                3.             Eligibility.


 


                                (a)           Any Employee as defined in paragraph
2 who has been continuously employed by the Company or any subsidiary of the
Company for at least one (1) consecutive month and who shall be employed by the
Company on a given Enrollment Date shall be eligible to participate in the
Plan.


 


                                (b)           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 stock and/or hold outstanding options to purchase stock
possessing five percent (5%) or more of the total combined voting power or
value of all classes of stock of the Company or of any subsidiary of the
Company, or (ii) which permits his rights to purchase stock under all employee
stock purchase plans (described in Section 423 of the Code) of the Company and
its subsidiaries to accrue at a rate which exceeds Twenty-Five Thousand Dollars
($25,000) of fair market value of such stock (determined at the time such
option is granted) for each calendar year in which such option is outstanding
at any time.


 


                                (c)           All Employees who participate in the
Plan shall have the same rights and privileges, except for differences that may
be mandated by local law and that are consistent with Code Section 423(b)(5);
provided that Employees participating in any sub-plan adopted pursuant to
Section 14(c) that is not designed to qualify under Section 423 of the Code
need not have the same rights and privileges as Employees participating in the
Code Section 423 plan.


 


                4.             Offering Periods.  The Plan shall be implemented by consecutive
Offering Periods with a new Offering Period commencing on or about January 1,
April 1, July 1, and October 1 of each year commencing on or about January 1,
1989 or, in the discretion of the committee, April 1, 1989, and continuing
thereafter until terminated in accordance with paragraph 20 hereof.  Subject to the shareholder approval
requirements of paragraph 20, the Board of Directors of the Company shall have
the power to change the duration of offering periods with respect to future
offerings if such change is announced at least fifteen (15) days prior to the
scheduled beginning of the first offering period to be affected.


 


                5.             Participation.


 


                                (a)           An eligible Employee may become a
participant in the Plan by completing a Company approved enrollment form
authorizing payroll deductions and filing it with the Company’s Global Stock
Plans Department at least ten (10) business days prior to the applicable
Enrollment Date, unless a different time for filing the subscription agreement
is set by the Board for all eligible Employees with respect to a given Offering
Period.


 


 


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                                (b)           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 paragraph 11.


 


                6.             Payroll Deductions.


 


                                (a)           At the time a participant files his
subscription agreement, he or she shall elect to have payroll deductions made
on each payday during the Offering Period in an amount not less than one
percent (1%) and not greater than twenty percent (20%) of the Compensation
which he or she received on the payday immediately preceding the Enrollment
Date, and the aggregate of such payroll deductions during the Offering Period
shall not exceed twenty percent (20%) of his or her aggregate Compensation
during said Offering Period.


 


                                (b)           All payroll deductions made by a
participant shall be credited to his or her account under the Plan.  A participant may not make any additional
payments into such account.


 


                                (c)           A
participant may discontinue his or her participation in the Plan as provided in
paragraph 11, but may not otherwise change, their rate of payroll deductions
during the Offering Period.  A
participant’s subscription agreement shall remain in effect for successive
Offering Periods unless revised as provided herein or terminated as provided in
paragraph 11.


 


                                (d)           Notwithstanding the foregoing, to the
extent necessary to comply with Section 423(b)(8) of the Code and paragraph
3(b) herein, a participant’s payroll deductions may be decreased to 0% at such
time during any Offering Period which is scheduled to end during the current
calendar year that the aggregate of all payroll deductions accumulated with
respect to such Offering Period and any other Offering Period ending within the
same calendar year equal $21,250. 
Payroll deductions shall recommence at the rate provided in such participant’s
subscription agreement at the beginning of the first Offering Period which is
scheduled to end in the following calendar year, unless terminated by the
participant as provided in paragraph 11.


 


                7.             Grant of Option.


 


                                (a)           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 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 lower of (i) eighty-five
percent (85%) of the fair market value of a share of the Company’s Common Stock
on the Enrollment Date or (ii) eighty-five percent (85%) of the fair market
value of a share of the Company’s Common Stock on the Exercise Date; provided
that in no event shall an Employee be permitted to purchase during each
Offering Period more than 2,000 shares, and provided further that such purchase
shall be subject to the limitations set forth in Section 3(b) and 13
hereof.  Exercise of the option shall
occur as provided in Section 8, unless the participant has withdrawn pursuant
to Section 11, and shall expire on the last day of the Offering Period.  Fair market value or a share of the
Company’s Common Stock shall be determined as provided in Section 7(b) herein.


 


                                (b)           The
option price per share of the shares offered in a given Offering Period shall
be the lower of:  (i) 85% of the fair
market value of a share of the Common Stock of the Company on the Enrollment
Date; or (ii) 85% of the fair market value of a share of the Common Stock of
the Company on the Exercise Date.  The
fair market value of the Company’s Common Stock on a given date shall be
determined by the Board in its discretion; provided, however that where there
is a public market for the Common Stock, the fair market value per share shall
be the closing price for the Company’s Common Stock (or the closing bid, if no
sales were reported) as quoted on any established stock exchange, including
without limitation the New York Stock Exchange (“NYSE”), or a national market
system (or the exchange with the greatest volume of trading in Common Stock) on
the day of determination, as reported by Bloomberg, L.P. or such other source
as the Administrator deems reliable.


 


                8.             Exercise of Option.  Unless a participant withdraws from the Plan
as provided in paragraph 11, his or her option for the purchase of shares will
be exercised automatically on the Exercise Date of the Offering Period, and the
maximum number of full shares subject to option will be purchased for him or
her at the applicable option 


 


 


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price with the accumulated payroll deductions
in his account.  The shares purchased
upon exercise of an option hereunder shall be deemed to be transferred to the
participant on the Exercise Date. 
During his or her lifetime, a participant’s option to purchase shares
hereunder is exercisable only by such participant.


 


                9.             Paragraph Intentionally Left
Blank.


 


                10.           Delivery.  Following the Exercise Date of each Offering
Period, unless a participant requests the issuance of a certificate
representing the participant’s shares, the Company shall as soon as practicable
record the participant’s full shares in book entry form.  Upon request from a participant, the Company
shall arrange for the delivery to the participant of a certificate representing
the full shares purchased.  Any cash
remaining to the credit of a participant’s account under the Plan after a
purchase by the participant of shares at the termination of each Offering
Period, which is insufficient to purchase a full share of Common Stock of the
Company, shall be returned to said participant or retained in the participant’s
account for the subsequent Offering Period, as determined by the Company as to
all participants for a given Offering Period.


 


                11.           Withdrawal; Termination of Employment.


 


                                (a)           A participant may withdraw all but
not less than all the payroll deductions credited to such participant’s account
under the Plan at any time prior to the Exercise Date of the Offering Period by
giving written notice to the Company. 
All of the participant’s payroll deductions credited to his or her
account will be paid to him or her promptly after receipt of the notice of
withdrawal and the participant’s option for the current Offering Period will be
automatically terminated, and no further payroll deductions for the purchase of
shares will be made during the Offering Period.  If a participant withdraws from an Offering Period, payroll
deductions will not resume at the beginning of the succeeding Offering Period
unless the participant delivers to the Company a new subscription agreement as
described in Section 5(a).


 


                                (b)           Upon
termination of the participant’s Continuous Status as an Employee prior to the
Exercise Date of the Offering Period for any reason, including retirement or
death, the payroll deductions credited to such participant’s account will be
returned to him or her or, in the case of his or her death, to the person or
persons entitled thereto under paragraph 15, and such participant’s option will
be automatically terminated.


 


                                (c)           In the event an Employee fails to
remain in Continuous Status as an Employee of the Company for at least twenty
(20) hours per week during the Offering Period in which the Employee is a
participant, he or she will be deemed to have elected to withdraw from the Plan
and the payroll deductions credited to his or her account will be returned to
him or her and the option terminated.


 


                                (d)           A participant’s withdrawal from an
Offering Period will not have any effect upon his or her eligibility to
participate in a succeeding Offering Period or in any similar plan which may
hereafter be adopted by the Company.


 


                12.           Interest.  No interest shall accrue on the payroll
deductions of a participant in the Plan.


 


                13.           Stock.


 


                                (a)           The
maximum number of shares of the Company’s Common Stock which shall be made
available for sale under the Plan shall be 20,500,000, subject to adjustment
upon changes in capitalization of the Company as provided in paragraph 19.  If the total number of shares which would
otherwise be subject to options granted pursuant to Section 7(a) hereof on the
Enrollment Date of an Offering Period exceeds the number of shares then
available under the Plan (after deduction of all shares for which options have
been exercised or are then outstanding), the Company shall make a pro rata allocation
of the shares remaining available for option grant in as uniform a manner as
shall be practicable and as it shall determine to be equitable.  In such event, the Company shall give
written notice of such reduction of the number of shares subject to the option
to each participant affected thereby and shall similarly reduce the rate of
payroll deductions, if necessary.


 


                                (b)           The participant will have no interest
or voting right in shares covered by his or her option until such option has
been exercised.


 


 


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                                (c)           Shares to be delivered to a
participant under the Plan will be registered in the name of the participant.


 


                14.           Administration.  The Plan shall be administered by the Board
of the Company or a committee of members of the Board appointed by the
Board.  The administration,
interpretation or application of the Plan by the Board or its committee shall
be final, conclusive and binding upon all participants.  Members of the Board who are eligible Employees
are permitted to participate in the Plan, provided that:


 


                                (a)           Members of the Board who are eligible
to participate in the Plan may not vote on any matter affecting the
administration of the Plan or the grant of any option pursuant to the Plan.


 


                                (b)           If a Committee is established to
administer the Plan, no member of the Board who is eligible to participate in
the Plan may be a member of the Committee.


 


                                (c)           The Board or the Committee may adopt
rules or procedures relating to the operation and administration of the Plan to
accommodate the specific requirements of local laws and procedures.  Without limiting the generality of the
foregoing, the Board or the Committee is specifically authorized to adopt rules
and procedures regarding handling of payroll deductions, payment of interest,
conversion of local currency, payroll tax, withholding procedures and handling
of stock certificates which vary with local requirements.  With respect to any Designated Subsidiary
that employs participants who reside outside of the United States and
notwithstanding anything herein to the contrary, the Board or the Committee
may, in its sole discretion, amend or vary the terms of the Plan in order to
conform such terms with the requirements of local law or to meet the objectives
and purpose of the Plan.  The Board or
the Committee may, where appropriate, establish one or more sub-plans
applicable to particular Designated Subsidiaries or locations to reflect such
amended or varied provisions and which sub-plans may be designed to be outside
the scope of Code Section 423.  The
rules of such sub-plans may take precedence over other provisions of the Plan,
with the exception of Section 13(a), but unless otherwise superseded by the
terms of such sub-plan, the provisions of the Plan shall govern the operation
of such sub-plan.


 


                15.           Designation of Beneficiary.


 


                                (a)           A participant may file a written
designation of a beneficiary who is to receive any shares and cash, if any,
from the participant’s account under the Plan in the event of such
participant’s death subsequent to the end of the Offering Period but prior to
delivery to him of such shares and cash. 
In addition, a participant may file a written designation of a
beneficiary who is to receive any cash from the participant’s account under the
Plan in the event of such participant’s death prior to the Exercise Date of the
Offering Period.


 


                                (b)           Such designation of beneficiary may
be changed by the participant at any time by written notice.  In the event of the death of a participant
and in the absence of a beneficiary validly designated under the Plan who is
living at the time of such participant’s death, the Company shall deliver such
shares and/or cash to the executor or administrator of the estate of the
participant, or if no such executor or administrator has been appointed (to the
knowledge of the Company), the Company, in its discretion, may deliver such
shares and/or cash to the spouse or to any one or more dependents or relatives
of the participant, or if no spouse, dependent or relative is known to the
Company, then to such other person as the Company may designate.


 


                16.           Transferability of Rights.  Neither payroll deductions credited to a
participant’s account nor any rights with regard to the exercise of an option
or to receive shares under the Plan may be assigned, transferred, pledged or
otherwise disposed of in any way (other than by will, the laws of descent and
distribution or as provided in paragraph 15 hereof) by the participant.  Any such attempt at assignment, transfer,
pledge or other disposition shall be without effect, except that the Company
may treat such act as an election to withdraw funds in accordance with
paragraph 11.


 


                17.           Use of Funds.  All payroll deductions received or held by
the Company under the Plan may be used by the Company for any corporate
purpose, and the Company shall not be obligated to segregate such payroll
deductions.


 


 


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                18.           Reports.  Individual accounts will be maintained for
each participant in the Plan. 
Statements of account will be given to participating Employees; on no
less than an annual basis, promptly following the Exercise Date, which
statements will set forth the amounts of payroll deductions, the per share
purchase price, the number of shares purchased and the remaining cash balance,
if any.


 


                19.           Adjustments Upon Changes in
Capitalization.  Subject to any
required action by the shareholders of the Company, the number of shares of
Common Stock covered by each option under the Plan which has not yet been
exercised and the number of shares of Common Stock which have been authorized
for issuance under the Plan but have not yet been placed under option
(collectively, the “Reserves”), as well as the price per share of Common Stock
covered by each option under the Plan which has not yet been exercised, shall
be proportionately adjusted for any increase or decrease in the number of
issued shares of Common Stock resulting from a stock split, reverse stock
split, stock dividend, combination or reclassification of the Common Stock, or
any other increase or decrease in the number of shares of Common Stock effected
without receipt of consideration by the Company; provided, however, that
conversion of any convertible securities of the Company shall not be deemed to
have been “effected without receipt of consideration.”  Such adjustment shall be made by the Board,
whose determination in that respect shall be final, binding and conclusive.  Except as expressly provided herein, no
issue by the Company of shares of stock of any class, or securities convertible
into shares of stock of any class, shall affect, and no adjustment by reason
thereof shall be made with respect to, the number or price of shares of Common
Stock subject to an option.


 


                In
the event of the proposed dissolution or liquidation of the Company, the
Offering Period will terminate immediately prior to the consummation of such
proposed action, unless otherwise provided by the Board.  In the event of a reorganization, merger, or
consolidation of the Company with one or more corporations in which the Company
is not the surviving corporation (or survives as a direct or indirect
subsidiary of other such other constituent corporation or its parent), or upon
a sale of all or substantially all of the property or stock of the Company to
another corporation, then, in the discretion of the Board or the Committee, (i)
each outstanding option shall be assumed, or an equivalent option substituted,
by the successor corporation or its parent, or (ii) the Offering Period then in
progress shall be shortened by setting a new Exercise Date, which shall be on
or before the date of the proposed transaction.  If the Committee sets a new Exercise Date, the Company shall
notify each participant, at least ten (10) business days prior to the new
Exercise Date, that the original Exercise Date has been changed to the new
Exercise Date and that the participant’s option shall be exercised
automatically on the new Exercise Date, unless the participant has withdrawn
from the Offering Period, as provided in Section 11(a) hereof, prior to the new
Exercise Date.


 


                The
Board may, if it so determines in the exercise of its sole discretion, also
make provision for adjusting the Reserves, as well as the price per share of
Common Stock covered by each outstanding option, in the event that the Company
effects one or more reorganizations, recapitalizations, rights offerings or
other increases or reductions of shares of its outstanding Common Stock, and in
the event of the Company being consolidated with or merged into any other
corporation.


 


                20.           Amendment or Termination.  The Board of Directors of the Company may at
any time terminate or amend the Plan. 
Except as provided in paragraph 19, no such termination can affect options
previously granted, nor may an amendment make any change in any option
theretofore granted which adversely affects the rights of any participant, nor
may an amendment be made without prior approval of the shareholders of the
Company (obtained in the manner described in paragraph 22) if such amendment
would:


 


                                (a)           Increase the number of shares that
may be issued under the Plan;


 


                                (b)           Change the designation of the
employees (or class of employees) eligible for participation in the Plan; or


 


                                (c)           Materially increase the benefits
which may accrue to participants under the Plan.


 


                                (d)           In the event that the Board
determines that the ongoing operation of the Plan may result in unfavorable
financial accounting consequences, the Board may, in its discretion and, to the
extent necessary or desirable, modify or amend the Plan by means of the
following to reduce or eliminate such unfavorable accounting consequence
including, but not limited to:


 


 


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                                                (i)            altering the option price per share
for any Offering Period, including an Offering Period underway at the time of
the change in Purchase Price including an alteration of the option price under
paragraph 7(b) to 85% of the fair market value of a share of the Common
Stock of the Company on the Exercise Date (without a lookback to the fair
market value on the Enrollment Date); and


 


                                                (ii)           shortening any Offering Period so
that Offering Period ends on a new Exercise Date, including an Offering Period
underway at the time of the Board action.


 


                Such
modifications or amendments shall not require stockholder approval or the
consent of any Plan participants.


 


                21.           Notices.  All notices or other communications by a
participant to the Company under or in connection with the Plan shall be deemed
to have been duly given when received in the form specified by the Company at
the location, or by the person, designated by the Company for the receipt
thereof.


 


                22.           Shareholder Approval.  Continuance of the Plan shall be subject to
approval by the shareholders of the Company within twelve months before or
after the date the Plan is adopted.  If
such shareholder approval is obtained at a duly held shareholders’ meeting, it
may be obtained by the affirmative vote of the holders of a majority of the
shares of the Company present or represented and entitled to vote thereon,
which approval shall be:


 


                                (a)           (1) solicited substantially in
accordance with Section 14(a) of the Securities Exchange Act of 1934, as
amended (the “Act”) and the rules and regulations promulgated thereunder, or
(2) solicited after the Company has furnished in writing to the holders
entitled to vote substantially the same information concerning the Plan as that
which would be required by the rules and regulations in effect under Section
14(a) of the Act at the time such information is furnished; and


 


                                (b)           obtained at or prior to the first
annual meeting of shareholders held subsequent to the first registration of
Common Stock under Section 12 of the Act.


 


                                In
the case of approval by written consent, it must be obtained by the unanimous
written consent of all shareholders of the Company, or by written consent of a
smaller percentage of shareholders but only if the Board determines, on the
basis of advice of the Company’s legal counsel, that the written consent of
such a smaller percentage of shareholders will comply with all applicable laws
and will not adversely affect the qualifications of the Plan under Section 423
of the Code.


 


                23.           Conditions Upon Issuance of Shares.  Shares shall not be issued with respect to
an option unless the exercise of such option and the issuance and delivery of
such shares pursuant thereto shall comply with all applicable provisions of
law, domestic or foreign, including, without limitation, the Securities Act of
1933, as amended, the Act, the rules and regulations promulgated thereunder,
and the requirements of any stock exchange upon which the shares may then be
listed, and shall be further subject to the approval of counsel for the Company
with respect to such compliance.


 


                                As
a condition to the exercise of an option, the Company may require the person
exercising such option to represent and warrant at the time of any such
exercise that the shares are being purchased only for investment and without
any present intention to sell or distribute such shares if, in the opinion of
counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law.


 


                24.           Term of Plan.  The Plan shall become effective upon the
earlier to occur of its adoption by the Board of Directors or its approval by
the shareholders of the Company as described in paragraph 22.  It shall continue in effect for a term of
twenty (20) years unless sooner terminated under paragraph 20.


 


 


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