Document:

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                                                                     Exhibit 4.1

                              SOLECTRON CORPORATION
                          EMPLOYEE STOCK PURCHASE PLAN
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                                TABLE OF CONTENTS

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                                                                            PAGE
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SECTION 1   PURPOSE.......................................................    1
SECTION 2   DEFINITIONS...................................................    1
      2.1   "1934 Act"....................................................    1
      2.2   "Board".......................................................    1
      2.3   "Code"........................................................    1
      2.4   "Committee"...................................................    1
      2.5   "Common Stock"................................................    1
      2.6   "Company".....................................................    1
      2.7   "Compensation"................................................    1
      2.8   "Eligible Employee"...........................................    1
      2.9   "Employee"....................................................    2
      2.10  "Employer" or "Employers".....................................    2
      2.11  "Enrollment Date".............................................    2
      2.12  "Grant Date"..................................................    2
      2.13  "Participant".................................................    2
      2.14  "Plan"........................................................    2
      2.15  "Purchase Date"...............................................    2
      2.16  "Subsidiary"..................................................    2
SECTION 3   SHARES SUBJECT TO THE PLAN....................................    2
      3.1   Number Available..............................................    2
      3.2   Adjustments...................................................    2
SECTION 4   ENROLLMENT....................................................    3
      4.1   Participation.................................................    3
      4.2   Payroll Withholding...........................................    3
SECTION 5   OPTIONS TO PURCHASE COMMON STOCK..............................    3
      5.1   Grant of Option...............................................    3
      5.2   Duration of Option............................................    3
      5.3   Number of Shares Subject to Option............................    3
      5.4   Other Terms and Conditions....................................    3
SECTION 6   PURCHASE OF SHARES............................................    4
      6.1   Exercise of Option............................................    4
      6.2   Delivery of Shares............................................    4
      6.3   Exhaustion of Shares..........................................    4
SECTION 7   WITHDRAWAL....................................................    4
      7.1   Withdrawal....................................................    4
SECTION 8   CESSATION OF PARTICIPATION....................................    5
      8.1   Termination of Status as Eligible Employee....................    5
SECTION 9   DESIGNATION OF BENEFICIARY....................................    5
      9.1   Designation...................................................    5
      9.2   Changes.......................................................    5
      9.3   Failed Designations...........................................    5
SECTION 10  ADMINISTRATION................................................    5
      10.1  Plan Administrator............................................    5
</TABLE>

                                       -I-
<PAGE>
                                TABLE OF CONTENTS
                                   (CONTINUED)

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                                                                            PAGE
<S>                                                                         <C>
      10.2  Actions by Committee..........................................    5
      10.3  Powers of Committee...........................................    5
      10.4  Decisions of Committee........................................    6
      10.5  Administrative Expenses.......................................    6
      10.6  Eligibility to Participate....................................    6
      10.7  Indemnification...............................................    6
SECTION 11  AMENDMENT, TERMINATION, AND DURATION..........................    7
      11.1  Amendment, Suspension, or Termination.........................    7
      11.2  Duration of the Plan..........................................    7
SECTION 12  GENERAL PROVISIONS............................................    7
      12.1  Participation by Subsidiaries.................................    7
      12.2  Inalienability................................................    7
      12.3  Severability..................................................    7
      12.4  Requirements of Law...........................................    7
      12.5  Compliance with Rule 16b-3....................................    7
      12.6  No Enlargement of Employment Rights...........................    8
      12.7  Apportionment of Costs and Duties.............................    8
      12.8  Construction and Applicable Law...............................    8
      12.9  Captions......................................................    8
      12.10 EXECUTION.....................................................    8
</TABLE>

                                      -II-
<PAGE>
                             SOLECTRON CORPORATION
                          EMPLOYEE STOCK PURCHASE PLAN

                                    SECTION 1
                                     PURPOSE

            Solectron Corporation hereby establishes Solectron Corporation
Employee Stock Purchase Plan, effective as of January 15, 2003, in order to
provide eligible employees of the Company and its participating Affiliates with
the opportunity to purchase Common Stock through payroll deductions or, if
payroll deductions are not permitted under local laws, through other means as
specified by the Committee. The Plan is intended to qualify as a Code Section
423(b) Plan, although the Company makes no undertaking nor representation to
maintain such qualification. In addition, this Plan document authorizes the
grant of options under a Non-423(b) Plan which do not qualify under Section
423(b) of the Code pursuant to rules, procedures or sub-plans adopted by the
Board (or its designate) designed to achieve desired tax or other objectives.

                                    SECTION 2
                                   DEFINITIONS

            2.1 "1934 Act" means the Securities Exchange Act of 1934, as
amended. Reference to a specific Section of the 1934 Act or regulation
thereunder shall include such Section or regulation, any valid regulation
promulgated under such Section, and any comparable provision of any future
legislation or regulation amending, supplementing or superseding such Section or
regulation.

            2.2 "Affiliate" means any (i) Subsidiary, and (ii) any other entity
other than the Company in an unbroken chain of entities beginning with the
Company if, at the time of the granting of the option, each of the entities,
other than the last entity in the unbroken chain, owns or controls 50 percent or
more of the total ownership interest in one of the other entities in such chain.

            2.3 "Board" means the Board of Directors of the Company.

            2.4 "Code" means the Internal Revenue Code of 1986, as amended.
Reference to a specific Section of the Code or regulation thereunder shall
include such Section or regulation, any valid regulation promulgated under such
Section, and any comparable provision of any future legislation or regulation
amending, supplementing or superseding such Section or regulation.

            2.5 "Code Section 423(b) Plan" means an employee stock purchase plan
which is designed to meet the requirements set forth in Section 423(b) of the
Code, as amended.

            2.6 "Committee" shall mean the committee appointed by the Board to
administer the Plan. Any member of the Committee may resign at any time by
notice in writing mailed or delivered to the Secretary of the Company. As of the
effective date of the Plan, the Plan shall be administered by the Compensation
Committee of the Board.

            2.7 "Common Stock" means the common stock of the Company.

            2.8 "Company" means Solectron Corporation, a Delaware corporation.

                                       1
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            2.9 "Compensation" means a Participant's base salary or regular
wages (including sick pay and vacation pay) and any sales commissions. The
Committee, in its discretion, may (on a uniform and nondiscriminatory basis)
establish a different definition of Compensation prior to an Enrollment Date for
all options to be granted on such Enrollment Date.

            2.10 "Eligible Employee" means every Employee of an Employer, except
(a) any Employee who immediately after the grant of an option under the Plan,
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 Affiliate of the Company (including
stock attributed to such Employee pursuant to Section 424(d) of the Code), or
(b) as provided in this Section 2.8. The Committee, in its discretion, from time
to time may, prior to an Enrollment Date for all options to be granted on such
Enrollment Date, determine (on a uniform and nondiscriminatory basis) that an
Employee shall not be an Eligible Employee if he or she: (1) has not completed
at least two years of service since his or her last hire date (or such lesser
period of time as may be determined by the Committee in its discretion), (2)
customarily works not more than 20 hours per week (or such lesser period of time
as may be determined by the Committee in its discretion), (3) customarily works
not more than 5 months per calendar year (or such lesser period of time as may
be determined by the Committee in its discretion), (4) is an officer or other
manager, or (5) is a highly compensated employee under Section 414(q) of the
Code, provided the exclusion of Employees in such categories is not prohibited
under applicable local law. An Employee who otherwise is an Eligible Employee
shall be treated as continuing to be such while the Employee is on sick leave or
other leave of absence approved by the Employer, except that if the period of
leave exceeds ninety days and the Employee's right to reemployment is not
guaranteed by statute or contract, he or she shall cease to be an Eligible
Employee on the 91st day of such leave.

            2.11 "Employee" means an individual who is a common-law employee of
any Employer as reflected on the payroll records of the Employer on the
Enrollment Date. With respect to a particular Participant, Employer means the
Company or Affiliate (as the case may be) which directly employs the
Participant.

            2.12 "Employer" or "Employers" means any one or all of the Company
and those Affiliates which, with the consent of the Board or the Committee, have
adopted the Plan. In the event the Employer is not a Subsidiary, its Employees
shall participate in the Non-423(b) Plan.

            2.13 "Enrollment Date" means such dates as may be determined by the
Committee (in its discretion and on a uniform and nondiscriminatory basis) from
time to time.

            2.14 "Grant Date" means any date on which a Participant is granted
an option under the Plan.

            2.15 "Non-423(b) Plan" means an employee stock purchase plan which
does not meet the requirements set forth in Section 423(b) of the Code, as
amended.

            2.16 "Participant" means an Eligible Employee who (a) has become a
Participant in the Plan pursuant to Section 4.1 and (b) has not ceased to be a
Participant pursuant to Section 8 or Section 9.

            2.17 "Plan" means Solectron Corporation Employee Stock Purchase
Plan, as set forth in this instrument and as hereafter amended from time to
time, which includes (i) a Code Section 423(b) Plan, and (ii) a Non-423(b) Plan.

                                       2
<PAGE>
            2.18 "Purchase Date" means such dates as may be determined by the
Committee (in its discretion and on a uniform and nondiscriminatory basis) from
time to time prior to an Enrollment Date for all options to be granted on such
Enrollment Date.

            2.19 "Subsidiary" means any corporation in an unbroken chain of
corporations beginning with the Company if each of the corporations other than
the last corporation in the unbroken chain then owns stock possessing fifty
percent (50%) or more of the total combined voting power of all classes of stock
in one of the other corporations in such chain.

                                    SECTION 3
                           SHARES SUBJECT TO THE PLAN

            3.1 Number Available. A maximum of 20,000,000 shares of Common Stock
shall be available for issuance pursuant to the Plan. Shares sold under the Plan
may be newly issued shares or treasury shares.

            3.2 Adjustments. In the event of any reorganization,
recapitalization, stock split, reverse stock split, stock dividend, combination
of shares, merger, consolidation, offering of rights or other similar change in
the capital structure of the Company, the Committee may make such adjustment, if
any, as it deems appropriate in its sole discretion in the number, kind and
purchase price of the shares available for purchase under the Plan and in the
maximum number of shares subject to any option under the Plan.

                                    SECTION 4
                                   ENROLLMENT

            4.1 Participation. Each Eligible Employee may elect to become a
Participant by enrolling or re-enrolling in the Plan effective as of any
Enrollment Date. In order to enroll, an Eligible Employee must complete, sign
and submit to the Company an enrollment form in such form, manner and by such
deadline as may be specified by the Committee from time to time (in its
discretion and on a nondiscriminatory basis). The Committee may prescribe
electronic enrollment procedures. Any Participant whose option expires and who
has not withdrawn from the Plan automatically will be re-enrolled in the Plan on
the Enrollment Date immediately following the Purchase Date on which his or her
option expires.

            4.2 Payroll Withholding and Contribution. On his or her enrollment
form, each Participant must elect to make Plan contributions via payroll
withholding from his or her Compensation or, if payroll withholding is not
permitted under local laws, via such other means as specified by the Committee.
Pursuant to such procedures as the Committee may specify from time to time, a
Participant may elect to have withholding equal to or otherwise contribute a
whole percentage from 1% to 20% (or such lesser percentage that the Committee
may establish from time to time for all options to be granted on any Enrollment
Date). If permitted by the Committee, a Participant instead may elect to have a
specific amount withheld or to contribute a specific amount, in dollars or in
the applicable local currency (subject to such uniform and nondiscriminatory
rules as the Committee in its discretion may specify). A Participant may elect
to increase or decrease his or her rate of payroll withholding or contributions
by submitting a new enrollment election in accordance with such procedures as
may be established by the Committee from time to time. A Participant may stop
his or her payroll withholding or contributions by submitting a new enrollment
form in accordance with such procedures as may be established by the Committee
from time to time. In order to be effective as of a specific date, an enrollment
election must be received by the Company no later than the deadline specified by
the Committee, in its discretion and on a nondiscriminatory basis, from time to
time. Any Participant who is automatically re-enrolled in the Plan will be
deemed to have elected to continue his or her payroll withholding or
contributions at the percentage last elected by the Participant.

                                       3
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                                    SECTION 5
                        OPTIONS TO PURCHASE COMMON STOCK

            5.1 Grant of Option. On each Enrollment Date on which the
Participant enrolls or re-enrolls in the Plan, he or she shall be granted an
option to purchase shares of Common Stock.

            5.2 Duration of Option. Each option granted under the Plan shall
expire on the earliest to occur of (a) the completion of the purchase of shares
on the last Purchase Date occurring within 27 months of the Grant Date of such
option, (b) such shorter option period as may be established by the Committee
from time to time prior to an Enrollment Date for all options to be granted on
such Enrollment Date, or (c) the date on which the Participant ceases to be such
for any reason. Until otherwise determined by the Committee for all options to
be granted on an Enrollment Date, the period referred to in clause (b) in the
preceding sentence shall mean the period from the applicable Enrollment Date
through the last business day prior to the Enrollment Date that is approximately
24 months later.

            5.3 Number of Shares Subject to Option. The maximum number of shares
available for purchase by each Participant under the option will be established
by the Committee from time to time prior to an Enrollment Date for all options
to be granted on such Enrollment Date. In addition and notwithstanding the
preceding, to the extent required under Section 423(b) of the Code, an option
(taken together with all other options then outstanding under this Plan and
under all other similar employee stock purchase plans of the Employers) shall
not give the Participant the right to purchase shares at a rate which accrues in
excess of $25,000 of fair market value at the applicable Grant Dates of such
shares in any calendar year during which such Participant is enrolled in the
Plan at any time.

            5.4 Other Terms and Conditions. Each option shall be subject to the
following additional terms and conditions:

            (a) payment for shares purchased under the option shall be made only
      through payroll withholding under Section 4.2, unless payroll withholding
      is not permitted under local laws as determined by the Committee, in which
      case the Participant may contribute by such other means as specified by
      the Committee;

            (b) purchase of shares upon exercise of the option will be
      accomplished only in accordance with Section 6.1;

            (c) the price per share under the option will be determined as
      provided in Section 6.1; and

            (d) the option in all respects shall be subject to such other terms
      and conditions (applied on a uniform and nondiscriminatory basis), as the
      Committee shall determine from time to time in its discretion.

                                    SECTION 6
                               PURCHASE OF SHARES

            6.1 Exercise of Option. Subject to Section 6.2, on each Purchase
Date, the funds then credited to each Participant's account shall be used to
purchase whole shares of Common Stock. Any cash remaining after whole shares of
Common Stock have been purchased shall be rolled over and used to purchase
shares on the next Purchase Date (unless the individual no longer is a
Participant, in which case the cash shall be refunded to him or her). The price
per

                                       4
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Share of the Shares purchased under any option granted under the Plan shall be
eighty-five percent (85%) of the lower of:

            (a) the closing price per Share on the Grant Date for such option on
      the New York Stock Exchange; or

            (b) the closing price per Share on the Purchase Date on the New York
      Stock Exchange.

            6.2 Delivery of Shares. As directed by the Committee in its sole
discretion, shares purchased on any Purchase Date shall be delivered directly to
the Participant or to a custodian or broker (if any) designated by the Committee
to hold shares for the benefit of the Participants. As determined by the
Committee from time to time, such shares shall be delivered as physical
certificates or by means of a book entry system.

            6.3 Exhaustion of Shares. If at any time the shares available under
the Plan are over-enrolled, enrollments shall be reduced to eliminate the
over-enrollment, as the Committee determines (in a uniform and nondiscriminatory
manner). For example, the Committee may determine that such reduction method
shall be "bottom up", with the result that all option exercises for one share
shall be satisfied first, followed by all exercises for two shares, and so on,
until all available shares have been exhausted. Any funds that, due to
over-enrollment, cannot be applied to the purchase of whole shares shall be
refunded to the Participants (without interest thereon, except as otherwise
required under local laws).

                                    SECTION 7
                                   WITHDRAWAL

            7.1 Withdrawal. A Participant may withdraw from the Plan by
submitting a withdrawal form to the Company in such form and manner as the
Committee may specify. A withdrawal will be effective only if it is received by
the Company by the deadline specified by the Committee (in its discretion and on
a uniform and nondiscriminatory basis) from time to time. When a withdrawal
becomes effective, the Participant's payroll withholding or contributions shall
cease and all amounts then credited to the Participant's account shall be
distributed to him or her (without interest thereon, except as otherwise
required under local laws).

                                    SECTION 8
                           CESSATION OF PARTICIPATION

            8.1 Termination of Status as Eligible Employee. A Participant shall
cease to be a Participant immediately upon the cessation of his or her status as
an Eligible Employee (for example, because of his or her termination of
employment from all Employers for any reason). As soon as practicable after such
cessation, the Participant's payroll contributions shall cease and all amounts
then credited to the Participant's account shall be distributed to him or her
(without interest thereon, except as otherwise required under local laws).

                                    SECTION 9
                           DESIGNATION OF BENEFICIARY

            9.1 Designation. Each Participant may, pursuant to such uniform and
nondiscriminatory procedures as the Committee may specify from time to time,
designate one or more Beneficiaries to receive any cash amounts credited to the
Participant's account at the time of his or her death. Notwithstanding any
contrary provision of this Section 9, Sections 9.1 and

                                       5
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9.2 shall be operative only after (and for so long as) the Committee determines
(on a uniform and nondiscriminatory basis) to permit the designation of
Beneficiaries.

            9.2 Changes. A Participant may designate different Beneficiaries (or
may revoke a prior Beneficiary designation) at any time by delivering a new
designation (or revocation of a prior designation) in like manner. Any
designation or revocation shall be effective only if it is received by the
Committee. However, when so received, the designation or revocation shall be
effective as of the date the designation or revocation is executed (whether or
not the Participant still is living), but without prejudice to the Committee on
account of any payment made before the change is recorded. The last effective
designation received by the Committee shall supersede all prior designations.

            9.3 Failed Designations. If a Participant dies without having
effectively designated a Beneficiary, or if no Beneficiary survives the
Participant, the cash balance in the Participant's account shall be payable to
his or her estate.

                                   SECTION 10
                                 ADMINISTRATION

            10.1 Plan Administrator. The Plan shall be administered by the
Committee. The Committee shall have the authority to control and manage the
operation and administration of the Plan.

            10.2 Actions by Committee. Each decision of a majority of the
members of the Committee then in office shall constitute the final and binding
act of the Committee. The Committee may act with or without a meeting being
called or held and shall keep minutes of all meetings held and a record of all
actions taken by written consent.

            10.3 Powers of Committee. The Committee shall have all powers and
discretion necessary or appropriate to supervise the administration of the Plan
and to control its operation in accordance with its terms, including, but not by
way of limitation, the following discretionary powers:

            (a) To interpret and determine the meaning and validity of the
      provisions of the Plan and the options and to determine any question
      arising under, or in connection with, the administration, operation or
      validity of the Plan or the options;

            (b) To determine any and all considerations affecting the
      eligibility of any employee to become a Participant or to remain a
      Participant in the Plan;

            (c) To cause an account or accounts to be maintained for each
      Participant;

            (d) To determine the time or times when, and the number of shares
      for which, options shall be granted;

            (e) To establish and revise an accounting method or formula for the
      Plan;

            (f) To designate a custodian or broker to receive shares purchased
      under the Plan and to determine the manner and form in which shares are to
      be delivered to the designated custodian or broker;

            (g) To determine the status and rights of Participants and their
      Beneficiaries or estates;

                                       6
<PAGE>
            (h) To employ such brokers, counsel, agents and advisers, and to
      obtain such broker, legal, clerical and other services, as it may deem
      necessary or appropriate in carrying out the provisions of the Plan;

            (i) To establish, from time to time, rules for the performance of
      its powers and duties and for the administration of the Plan;

            (j) To adopt such procedures and subplans as are necessary or
      appropriate to permit participation in the Plan by employees who are
      foreign nationals or employed outside of the United States or to
      facilitate legal, tax or regulatory compliance outside the United States;
      and

            (k) To delegate to any one or more of its members or to any other
      person (including, but not limited to, employees of any Employer)
      severally or jointly, the authority to perform for and on behalf of the
      Committee one or more of the functions of the Committee under the Plan.

            10.4 Decisions of Committee. All actions, interpretations, and
decisions of the Committee shall be made in the sole discretion of the Committee
and shall be conclusive and binding on all persons, and shall be given the
maximum deference permitted by law.

            10.5 Administrative Expenses. All expenses incurred in the
administration of the Plan by the Committee, or otherwise, including legal fees
and expenses, shall be paid and borne by the Employers, except any stamp duties
or transfer taxes applicable to the purchase of shares may be charged to the
account of each Participant. Any brokerage fees for the purchase of shares by a
Participant shall be paid by the Company, but fees and taxes (including
brokerage fees) for the transfer, sale or resale of shares by a Participant, or
the issuance of physical share certificates, shall be borne solely by the
Participant.

            10.6 Eligibility to Participate. No member of the Committee who is
also an employee of an Employer shall be excluded from participating in the Plan
if otherwise eligible, but he or she shall not be entitled, as a member of the
Committee, to act or pass upon any matters pertaining specifically to his or her
own account under the Plan.

            10.7 Indemnification. Each of the Employers shall, and hereby does,
indemnify and hold harmless the members of the Committee and the Board, from and
against any and all losses, claims, damages or liabilities (including attorneys'
fees and amounts paid, with the approval of the Board or the Committee, in
settlement of any claim) arising out of or resulting from the implementation of
a duty, act or decision with respect to the Plan, so long as such duty, act or
decision does not involve gross negligence or willful misconduct on the part of
any such individual.

                                   SECTION 11
                      AMENDMENT, TERMINATION, AND DURATION

            11.1 Amendment, Suspension, or Termination. The Board or the
Committee, in its sole discretion, may amend or terminate the Plan, or any part
thereof, at any time and for any reason. If the Plan is terminated, the Board or
the Committee, in its discretion, may elect to terminate all outstanding options
either immediately or upon completion of the purchase of shares on the next
Purchase Date (which, notwithstanding Section 2.15, may be sooner than
originally scheduled, if determined by the Board or the Committee in its
discretion), or may elect to permit options to expire in accordance with their
terms (and participation to continue through such expiration dates). If the
options are terminated prior to expiration, all amounts then credited to
Participants' accounts which have not been used to purchase shares shall be
returned to the

                                       7
<PAGE>
Participants (without interest thereon, except as otherwise required under local
laws) as soon as administratively practicable.

            11.2 Duration of the Plan. The Plan shall commence on the date
specified herein, and subject to Section 11.1 (regarding the Board's and the
Committee's right to amend or terminate the Plan), shall remain in effect
thereafter.

                                   SECTION 12
                               GENERAL PROVISIONS

            12.1 Participation by Affiliates. One or more Affiliates of the
Company may become participating Employers by adopting the Plan and obtaining
approval for such adoption from the Board or the Committee. By adopting the
Plan, an Affiliate shall be deemed to agree to all of its terms, including (but
not limited to) the provisions granting exclusive authority (a) to the Board and
the Committee to amend the Plan, and (b) to the Committee to administer and
interpret the Plan. An Employer may terminate its participation in the Plan at
any time.

            12.2 Inalienability. In no event may either a Participant, a former
Participant or his or her Beneficiary, spouse or estate sell, transfer,
anticipate, assign, hypothecate, or otherwise dispose of any right or interest
under the Plan; and such rights and interests shall not at any time be subject
to the claims of creditors nor be liable to attachment, execution or other legal
process. Accordingly, for example, a Participant's interest in the Plan is not
transferable pursuant to a domestic relations order.

            12.3 Severability. In the event any provision of the Plan shall be
held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of the Plan, and the Plan shall be construed and
enforced as if the illegal or invalid provision had not been included.

            12.4 Requirements of Law. The granting of options and the issuance
of shares shall be subject to all applicable laws, rules, and regulations, and
to such approvals by any governmental agencies or securities exchanges as the
Committee may determine are necessary or appropriate.

            12.5 Compliance with Rule 16b-3. Any transactions under this Plan
with respect to officers (as defined in Rule 16a-1 promulgated under the 1934
Act) are intended to comply with all applicable conditions of Rule 16b-3. To the
extent any provision of the Plan or action by the Committee fails to so comply,
it shall be deemed null and void, to the extent permitted by law and deemed
advisable by the Committee. Notwithstanding any contrary provision of the Plan,
if the Committee specifically determines that compliance with Rule 16b-3 no
longer is required, all references in the Plan to Rule 16b-3 shall be null and
void.

            12.6 No Enlargement of Employment Rights. Neither the establishment
or maintenance of the Plan, the granting of options, the purchase of shares, nor
any action of any Employer or the Committee, shall be held or construed to
confer upon any individual any right to be continued as an employee of the
Employer nor, upon dismissal, any right or interest in any specific assets of
the Employers other than as provided in the Plan. Each Employer expressly
reserves the right to discharge any employee at any time, with or without cause.

            12.7 Apportionment of Costs and Duties. All acts required of the
Employers under the Plan may be performed by the Company for itself and its
Affiliates, and the costs of the Plan may be equitably apportioned by the
Committee among the Company and the other Employers. Whenever an Employer is
permitted or required under the terms of the Plan to do or

                                       8
<PAGE>
perform any act, matter or thing, it shall be done and performed by any officer
or employee of the Employers who is thereunto duly authorized by the Employers.

            12.8 Captions. The captions contained in and the table of contents
prefixed to the Plan are inserted only as a matter of convenience, and in no way
define, limit, enlarge or describe the scope or intent of the Plan nor in any
way shall affect the construction of any provision of the Plan.

                                    EXECUTION

            IN WITNESS WHEREOF, Solectron Corporation, by its duly authorized
officer, has executed this Plan on the date indicated below.

                                          SOLECTRON CORPORATION

Dated:            , 2002                  By
       -----------                           ---------------------------------
                                             Title:

                                       9<PAGE>
                                                                     Exhibit 4.2

                              SOLECTRON CORPORATION

                          EMPLOYEE STOCK PURCHASE PLAN

               (As amended and restated effective August 1, 2000)

      The following constitute the provisions of the Employee Stock Purchase
Plan of Solectron Corporation.

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) "Common Stock" shall mean the Common Stock, no par value, of the Company.

   (d) "Company" shall mean Solectron Corporation, a California corporation.

   (e) "Compensation" shall mean all regular straight time gross earnings and
commissions paid based on sales to customers or accounts, exclusive of payments
for overtime, shift premium, incentive compensation, incentive payments,
bonuses.

   (f) "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.

   (g) "Employee" shall mean any individual who is an employee of the Company
for purposes of tax withholding under the Code whose customary employment with
the Company or any Designated Subsidiary is at least twenty (20) hours per week
and more than (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.
<PAGE>
   (h) "Enrollment Date" shall mean the first day of each Offering Period.

   (i) "Exercise Date" shall mean the last day of each Offering Period.

   (j) "Offering Period" shall mean a period of approximately six (6) months,
during which an option granted pursuant to the Plan may be exercised. Offering
Periods shall commence on the first Trading Day on or after February 1 and
August 1, and terminate on the last Trading Day in the periods ending six (6)
months later.

   (k) "Plan" shall mean this Employee Stock Purchase Plan.

   (l) "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.

   (m) "Trading Day" shall mean a day on which national stock exchanges,
including the New York Stock Exchange, and the National Association of
Securities Dealers Automated Quotation (NASDAQ) System are open for trading.

3. Eligibility.

   (a) Any person who is an Employee (as defined in paragraph 2) as of the
Enrollment Date of a given Offering Period shall be eligible to participate in
such Offering Period under 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 of all classes of stock of the Company or of any
subsidiary of the Company, 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.

4. Offering Periods. The Plan shall be implemented by consecutive Offering
Periods with a new Offering Period commencing on the first Trading Day of
February, and August of each year, or on such other date as the Board shall
determine,

                                       2
<PAGE>
and continuing thereafter until terminated in accordance with paragraph 19
hereof. The Board shall have the power to change the duration of Offering
Periods with respect to future offerings without shareholder approval 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. 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 or on the applicable Enrollment Date.

6. Payroll Deductions.

   (a) At the time a participant files his or her subscription agreement, he or
she shall elect to have payroll deductions made on each payday during the
Offering Period in an amount not exceeding ten percent (10%) of the Compensation
which he or she receives on each payday 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.

   (b) 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 or in whole
dollar amounts only. 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 10. A participant may not increase or decrease the rate of
his or her payroll deductions during the Offering Period. However, a participant
may increase or decrease the rate of his or her payroll deductions in future
Offering Periods by filing a new subscription agreement with the Company's
payroll office prior to or on the Enrollment Date of a new 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 10.

   (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 a time during any Offering
Period which is scheduled to end during a current calendar year (the "Current
Offering Period") that the aggregate of all payroll deductions which were
previously used to purchase stock under the Plan in a prior Offering Period
which ended during that calendar year, plus all payroll deductions accumulated
with respect to the Current Offering Period equal $21,250. Payroll deductions
shall recommence, at the rate provided in such a participant's subscription
agreement, at the beginning of the first Offering Period scheduled to end in the
following calendar year, unless terminated by the participant as provided in
paragraph 10.

                                       3
<PAGE>
   (e) At the time the option is exercised, in whole or in part, or at the time
some or all of the Company's Common Stock issued under the Plan is disposed of,
the participant must make adequate provision for the Company's federal, state,
or other tax withholding obligations, if any, which arise upon the exercise of
the option or the disposition of the Common Stock. At any time, the Company may,
but will not be obligated to, withhold from the participant's compensation the
amount necessary for the Company to meet applicable withholding obligations,
including any withholding required to make available to the Company any tax
deductions or benefits attributable to sale or early disposition of Common Stock
by the Employee.

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 a number of shares of the
Company's Common Stock. This number of shares shall be 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 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, 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, unless the participant has
withdrawn pursuant to Section 10, and shall expire on the last day of the
Offering Period. Fair market value of 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 bid price of the Common Stock for such date, as reported by the
New York Stock Exchange, or, in the event the Common Stock is listed on a stock
exchange, the fair market value per share shall be the closing price on such
exchange on such date, as reported in the Wall Street Journal. In the event the
Enrollment Date or the Exercise Date occurs on a weekend or legal holiday, the
fair market value shall be based on the closing bid price on the last Trading
Day of The Offering Period.

                                       4
<PAGE>
8. Exercise of Option. Unless a participant withdraws from the Plan as provided
in paragraph 10 below, his or her option for the purchase of shares will be
exercised automatically on the Exercise Date, and the maximum number of full
shares subject to option shall be purchased for such participant at the
applicable option price with the accumulated payroll deductions in his or her
account. No fractional shares will be purchased. Any payroll deductions
accumulated in a participant's account which are not sufficient to purchase a
full share shall be retained in the participant's account for the subsequent
Offering Period, subject to earlier withdrawal by the participant as provided in
Section 10 hereof. During a participant's lifetime, a participant's option to
purchase shares hereunder is exercisable only by him or her.

9. Delivery. As promptly as practicable after each Exercise Date on which a
purchase of shares occurs, the Company shall arrange the delivery to each
participant, as appropriate, of a certificate representing the shares purchased
upon exercise of his or her option. Any cash remaining to the credit of a
participant's account under the Plan after a purchase by him or her of shares at
the termination of each Offering Period (other than amounts insufficient to
purchase a full share), shall be returned to said participant.

10. Withdrawal; Termination of Employment.

   (a) A participant may withdraw all but not less than all the payroll
deductions credited to his or her account and not yet used to exercise his or
her option under the Plan at any time by giving written notice to the Company in
the form of Exhibit B to this Plan. All of the participant's payroll deductions
credited to his or her account will be paid to such participant promptly after
receipt of notice of withdrawal and such participant's option for the 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.

   (b) Upon a participant's ceasing to be an Employee for any reason or upon
termination of a participant's employment relationship (as described in Section
2 (g)), the payroll deductions credited to such participant's account during the
Offering Period but not yet used to exercise the option will be returned to such
participant or, in the case of his or her death, to the person or persons
entitled thereto under paragraph 14, and such participant's option will be
automatically terminated.

   (c) In the event an Employee fails to remain an Employee, 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 such participant and such
participant's option terminated.

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

                                       5
<PAGE>
the Company or in succeeding Offering Periods which commence after the
termination of the Offering Period from which the participant withdraws.

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

12. 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 2,400,000 shares, subject to
adjustment upon changes in capitalization of the Company as provided in
paragraph 18. If on a given Exercise Date the number of shares with respect to
which options are to be exercised exceeds the number of shares then available
under the Plan, the Company shall make a pro rata allocation of the shares
remaining available for the purchase in as uniform a manner as shall be
practicable and as it shall determine to be equitable.

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

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

13. 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.

14. 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 an Exercise Date on
which the option is exercised but prior to delivery to such participant 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 exercise of the option.

                                       6
<PAGE>
   (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.

15. Transferability. 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 14 hereof) by the participant. Any such attempt at
assignment, transfer, pledge or other disposition shall act as an election to
withdraw funds from an Offering Period in accordance with paragraph 10.

16. 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.

17. Reports. Individual accounts will be maintained for each participant in the
Plan. Statements of account will be given to participating Employees at least
annually, 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.

18. 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, 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.

                                       7
<PAGE>
      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
proposed sale of all or substantially all of the assets of the Company, or the
merger of the Company with or into another corporation, each option under the
Plan shall be assumed or an equivalent option shall be substituted by such
successor corporation, unless the Board determines, in the exercise of its sole
discretion and in lieu of such assumption or substitution, to shorten the
Offering Period then in progress by setting a new Exercise Date, (the "New
Exercise Date"). If the Board shortens the Offering Period then in progress in
lieu of assumption or substitution in the event of a merger or sale of assets,
the Board shall notify each participant in writing, at least thirty (30) days
prior to the New Exercise Date, that the Exercise Date for his option has been
changed to the New Exercise Date and that his option will be exercised
automatically on the New Exercise Date, unless prior to such date he has
withdrawn from the Offering Period as provided in paragraph 10. For purposes of
this paragraph, an option granted under the Plan shall be deemed to be assumed
if, following the sale of assets or merger, the option confers the right to
purchase, for each share of option stock subject to the option immediately prior
to the sale of assets of merger, the consideration (whether stock, cash or other
securities or property) received in the sale of assets or merger by holders of
Common Stock for each share of Common Stock held on the effective date of
transaction (and if such holders were offered a choice of consideration, the
type of consideration chosen by the holders of a majority of the outstanding
shares of Common Stock); provided, however, that if such consideration received
in the sale of assets or merger was not solely common stock of the successor
corporation or its parent (as defined in Section 424 (e) of the Code), the Board
may, with the consent of the successor corporation and the participant, provide
for the consideration to be received upon exercise of the option to be solely
common stock of the successor corporation or its parent equal in fair market
value to the per share consideration received by holders of Common Stock and the
sale of assets or merger.

      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 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.

19. Amendment or Termination.

   (a) The Board of Directors of the Company may at any time and for any reason
terminate or amend the Plan. Except as provided in paragraph 18, no such
termination can affect options previously granted, provided that an Offering
Period may be terminated by the Board of Directors on any Exercise Date if the
Board determines that the termination of the Plan is in the best interests of
the Company and its shareholders. Except as provided in paragraph 18, no
amendment may make any change in any option theretofore

                                       8
<PAGE>
granted which adversely affects the rights of any participant. To the extent
necessary to comply with Rule 16b-3 under the Securities Exchange Act of 1934,
as amended, or under Section 423 of the Code (or any successor rule or provision
or any other applicable law or regulation), the Company shall obtain shareholder
approval in such a manner and to such a degree as required.

   (b) Without shareholder consent and without regard to whether any participant
rights may be considered to have been "adversely affected," the Board (or its
committee) shall be entitled to change the Offering Periods, limit the frequency
and/or number of changes in the amount withheld during an Offering Period,
establish the exchange ratio applicable to amounts withheld in a currency other
than U.S. dollars, permit payroll withholding in excess of the amount designated
by a participant in order to adjust for delays or mistakes in the Company's
processing of properly completed withholding elections, establish reasonable
waiting and adjustment periods and/or accounting and crediting procedures to
ensure that amounts applied toward the purchase of Common Stock for each
participant properly correspond with amounts withheld from the participant's
Compensation, and establish such other limitations or procedures as the Board
(or its committee) determines in its sole discretion advisable which are
consistent with the Plan.

20. 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.

21. 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 Exchange Act
of 1934, as amended, 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.

22. 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. It shall continue in effect for a term of twenty (20) years unless
sooner terminated under paragraph 19.

                                       9

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