Document:

EX-10.2

Exhibit 10.2

COHU, INC.

1997 EMPLOYEE STOCK PURCHASE PLAN

(as amended)

1. Establishment and Purpose

1.1 Establishment. The Cohu, Inc. 1997 Employee Stock Purchase Plan (the “Plan”) was
originally established effective as of February 28, 1997 (the “Effective Date”) and was
subsequently amended and restated as of March 17, 2006.

1.2 Purpose. The purpose of the Plan to provide Eligible Employees of the Participating
Company Group with an opportunity to acquire a proprietary interest in the Company through the
purchase of Stock. The Company intends that the Plan shall qualify as an “employee stock purchase
plan” under Sections 421 and  423 of the Code (including any amendments or replacements of such
section), and the Plan shall be so construed.

2. Definitions and Construction.

2.1 Definitions. Any term not expressly defined in the Plan but defined for purposes of
Section 423 of the Code shall have the same definition herein. Whenever used herein, the following
terms shall have their respective meanings set forth below:

(a) "Board” means the Board of Directors of the Company. If one or more Committees have been
appointed by the Board to administer the Plan, “Board” also means such Committee(s).

(b) "Code” means the Internal Revenue Code of 1986, as amended, and any applicable regulations
promulgated thereunder.

(c) "Committee” means a committee of the Board duly appointed to administer the Plan and
having such powers as shall be specified by the Board. Unless the powers of the Committee have
been specifically limited, the Committee shall have all of the powers of the Board granted herein,
including, without limitation, the power to amend or terminate the Plan at any time, subject to the
terms of the Plan and any applicable limitations imposed by law.

(d) "Company” means Cohu, Inc., a Delaware corporation, or any successor corporation thereto.

(e) "Compensation” means, with respect to an Offering Period under the Plan, all amounts paid
in cash in the form of base salary, paid during such Offering Period before deduction for any
contributions to any plan maintained by a Participating Company and described in Section 401(k) or
Section 125 of the Code. Compensation shall not include payments of overtime, bonuses,
commissions, other incentive compensation, reimbursements of expenses, allowances, long-term
disability, workers’ compensation or any amount deemed received or any amounts directly or
indirectly paid pursuant to the Plan or any other stock purchase or stock option plan.

(f) "Eligible Employee” means an Employee who meets the requirements set forth in Section 5
for eligibility to participate in the Plan.

(g) "Employee” means any person treated as an employee (including an officer or a director who
is also treated as an employee) in the records of a Participating Company and for purposes of
Section 423 of the Code; provided, however, that neither service as a director nor payment of a
director’s fee shall be sufficient to constitute employment for purposes of the Plan.

(h) "Exchange Act” means the Securities Exchange Act of 1934, as amended.

(i) "Fair Market Value” means, as of any date, if there is then a public market for the Stock,
the closing price of a share of Stock (or the mean of the closing bid and asked prices of a share
of Stock if the Stock is so reported instead) as reported on the National Association of Securities
Dealers Automated Quotation (“Nasdaq”) System, the Nasdaq National Market System or such other
national or regional securities exchange or market system constituting the primary market for the
Stock. If the relevant date does not fall on a day on which the Stock is trading on Nasdaq, the
Nasdaq National Market System or other national or regional securities exchange or market system,
the date on which the Fair Market Value shall be established shall be the last day on which the
Stock was so traded prior to the relevant date, or such other appropriate day as shall be
determined by the Board, in its sole discretion. If there is then no public market for the Stock,
the Fair Market Value on any relevant date shall be as determined by the Board without regard to
any restriction other than a restriction which, by its terms, will never lapse.

(j) "Offering” means an offering of Stock as provided in Section 6.

(k) "Offering Date” means, for any Offering Period, the first day of such Offering Period.

(l) "Offering Period” means a period determined in accordance with Section 6.1.

(m) "Parent Corporation” means any present or future “parent corporation” of the Company, as
defined in Section 424(e) of the Code.

(n) "Participant” means an Eligible Employee participating in the Plan.

(o) "Participating Company” means the Company or any Parent Corporation or Subsidiary
Corporation which the Board determines should be included in the Plan. The Board shall have the
sole and absolute discretion to determine from time to time what Parent Corporations or Subsidiary
Corporations shall be Participating Companies.

(p) "Participating Company Group” means, at any point in time, the Company and all other
corporations collectively which are then Participating Companies.

(q) "Purchase Date” means, for any Offering Period, the last day of such Offering Period.

(r) "Purchase Price” means the price at which a share of Stock may be purchased pursuant to
the Plan, as determined in accordance with Section 9.

(s) "Purchase Right” means an option pursuant to the Plan to purchase such shares of Stock as
provided in Section 8 which may or may not be exercised at the end of an Offering Period. Such
option arises from the right of a Participant to withdraw such Participant’s accumulated payroll
deductions (if any) and terminate participation in the Plan or any Offering therein at any time
during a Offering Period.

(t) "Stock” means the common stock, $1.00 par value, of the Company, as adjusted from time to
time in accordance with Section 4.2.

(u) "Subsidiary Corporation” means any present or future “subsidiary corporation” of the
Company, as defined in Section 424(f) of the Code.

2.2 Construction. Captions and titles contained herein are for convenience only and shall not
affect the meaning or interpretation of any provision of the Plan. Except when otherwise indicated
by the context, the singular shall include the plural, the plural shall include the singular, and
use of the term “or” shall include the conjunctive as well as the disjunctive.

3. Administration. The Plan shall be administered by the Board, including any duly
appointed Committee of the Board. All questions of interpretation of the Plan or of any Purchase
Right shall be determined by the Board and shall be final and binding upon all persons having an
interest in the Plan or such Purchase Right. Subject to the provisions of the Plan, the Board
shall determine all of the relevant terms and conditions of Purchase Rights granted pursuant to the
Plan; provided, however, that all Participants granted Purchase Rights pursuant to the Plan shall
have the same rights and privileges within the meaning of Section 423(b)(5) of the Code. All
expenses incurred in connection with the administration of the Plan shall be paid by the Company.

1

4. Shares Subject to Plan.

4.1 Maximum Number of Shares Issuable. Subject to adjustment as provided in Section 4.2, the
maximum aggregate number of shares of Stock that may be issued under the Plan shall be one million
four hundred thousand (1,400,000) and shall consist of authorized but unissued or reacquired shares
of the Stock, or any combination thereof. If an outstanding Purchase Right for any reason expires
or is terminated or canceled, the shares of Stock allocable to the unexercised portion of such
Purchase Right shall again be available for issuance under the Plan.

4.2 Adjustments for Changes in Capital Structure. In the event of any stock dividend, stock
split, reverse stock split, recapitalization, combination, reclassification or similar change in
the capital structure of the Company, or in the event of any merger (including a merger effected
for the purpose of changing the Company’s domicile), sale of assets or other reorganization in
which the Company is a party, appropriate adjustments shall be made to the number and class of
shares subject to the Plan, to the Per Offering Share Limit set forth in Section 8.1 and to each
Purchase Right and to the Purchase Price.

5. Eligibility.

5.1 Employees Eligible to Participate. Any Employee of a Participating Company is eligible to
participate in the Plan except the following:

(a) Employees who are customarily employed by the Participating Company Group for twenty (20)
hours or less per week;

(b) Employees who are customarily employed by the Participating Company Group for not more
than five (5) months in any calendar year; and

(c) Employees who own or hold options to purchase or who, as a result of participation in the
Plan, would own or hold options to purchase, stock of the Company or of any Parent Corporation or
Subsidiary Corporation possessing five percent (5%) or more of the total combined voting power or
value of all classes of stock of such corporation within the meaning of Section 423(b)(3) of the
Code.

5.2 Leased Employees Excluded. Notwithstanding anything herein to the contrary, any
individual performing services for a Participating Company solely through a leasing agency or
employment agency shall not be deemed an “Employee” of such Participating Company.

6. Offerings.

6.1 Offering Periods. Except as otherwise set forth below, the Plan shall be implemented by
sequential Offerings of six (6) months duration (an “Offering Period”). Subsequent Offerings shall
commence on the first days of November and May of each year and end on the last days of the first
April and October, respectively, occurring thereafter. Notwithstanding the foregoing, the Board
may establish a different term for one or more Offerings or different commencing or ending dates
for such Offerings; provided, however, that no Offering may exceed a term of twenty-seven (27)
months. An Employee who becomes an Eligible Employee after an Offering Period has commenced shall
not be eligible to participate in such Offering but may participate in any subsequent Offering
provided such Employee is still an Eligible Employee as of the commencement of any such subsequent
Offering. In the event the first or last day of an Offering Period is not a business day, the
Company shall specify the business day that will be deemed the first or last day, as the case may
be, of the Offering Period.

6.2 Governmental Approval; Stockholder Approval. Notwithstanding any other provision of the
Plan to the contrary, any Purchase Right granted pursuant to the Plan shall be subject to
(a) obtaining all necessary governmental approvals or qualifications of the sale or issuance of the
Purchase Rights or the shares of Stock and (b) obtaining stockholder approval of the Plan.

7. Participation in the Plan.

7.1 Initial Participation. An Eligible Employee shall become a Participant on the first
Offering Date after satisfying the eligibility requirements of Section 5 and delivering to the
Company’s payroll office or other office designated by the Company not later than the close of
business for such office on the last business day before such Offering Date (the “Subscription
Date”) a subscription agreement indicating the Employee’s election to participate in the Plan and
authorizing payroll deductions. An Eligible Employee who does not deliver a subscription agreement
to the Company’s payroll or other designated office on or before the Subscription Date shall not
participate in the Plan for that Offering Period or for any subsequent Offering Period unless such
Employee subsequently enrolls in the Plan by filing a subscription agreement with the Company by
the Subscription Date for such subsequent Offering Period. The Company may, from time to time,
change the Subscription Date as deemed advisable by the Company in its sole discretion for proper
administration of the Plan.

7.2 Continued Participation. A Participant shall automatically participate in each subsequent
Offering Period until such time as such Participant (a) ceases to be an Eligible Employee,
(b) withdraws from the Plan pursuant to Section 13.2 or (c) terminates employment as provided in
Section 14. If a Participant automatically may participate in a subsequent Offering Period
pursuant to this Section 7.2, then the Participant is not required to file any additional
subscription agreement for such subsequent Offering Period in order to continue participation in
the Plan. However, a Participant may file a subscription agreement with respect to a subsequent
Offering Period if the Participant desires to change any of the Participant’s elections contained
in the Participant’s then effective subscription agreement.

8. Right to Purchase Shares.

8.1 Purchase Right. Except as set forth below, during an Offering Period each Participant
shall have a Purchase Right consisting of the right to purchase up to that number of whole shares
of Stock arrived at by dividing Twelve Thousand Five Hundred Dollars ($12,500) by the Fair Market
Value of a share of Stock on the Offering Date of such Offering Period. Shares of Stock may only
be purchased through a Participant’s payroll deductions pursuant to Section 10.

8.2 Pro Rata Adjustment of Purchase Right. Notwithstanding the foregoing, if the Board shall
establish an Offering Period of less than five and one-half (51/2) months or more than six and
one-half (6 1/2) months in duration, the dollar amount in Section 8.1 shall be determined by
multiplying $2,083.33 by the number of months in the Offering Period and rounding to the nearest
whole dollar. For purposes of the preceding sentence, fractional months shall be rounded to the
nearest whole month.

9. Purchase Price. The Purchase Price at which each share of Stock may be acquired in
a given Offering Period pursuant to the exercise of all or any portion of a Purchase Right granted
under the Plan shall be set by the Board; provided, however, that the Purchase Price shall not be
less than eighty-five percent (85%) of the lesser of (a) the Fair Market Value of a share of Stock
on the Offering Date of the Offering Period, or (b) the Fair Market Value of a share of Stock on
the Purchase Date of the Offering Period. Unless otherwise provided by the Board prior to the
commencement of an Offering Period, the Purchase Price for that Offering Period shall be
eighty-five percent (85%) of the lesser of (a) the Fair Market Value of a share of Stock on the
Offering Date of the Offering Period, or (b) the Fair Market Value of a share of Stock on the
Purchase Date of the Offering Period.

10. Accumulation of Purchase Price through Payroll Deduction. Shares of Stock which
are acquired pursuant to the exercise of all or any portion of a Purchase Right for an Offering
Period may be paid for only by means of payroll deductions from the Participant’s Compensation
accumulated during the Offering Period. Except as set forth below, the amount of Compensation to
be deducted from a Participant’s Compensation during each pay period shall be determined by the
Participant’s subscription agreement.

10.1 Commencement of Payroll Deductions. Payroll deductions shall commence on the first
payday following the Offering Date and shall continue to the end of the Offering Period unless
sooner altered or terminated as provided in the Plan.

10.2 Limitations on Payroll Deductions. The amount of payroll deductions with respect to the
Plan for any Participant during any pay period shall be in one percent (1%) increments not to
exceed ten percent (10%) of the Participant’s Compensation for such pay period. Notwithstanding
the foregoing, the Board may change the limits on payroll deductions effective as of a future
Offering Date, as determined by the Board. Amounts deducted from Compensation shall be reduced by
any amounts contributed by the Participant and applied to the purchase of Company stock pursuant to
any other employee stock purchase plan qualifying under Section 423 of the Code.

10.3 Election to Increase, Decrease or Stop Payroll Deductions. During an Offering Period, a
Participant may elect to increase or decrease the amount deducted or stop deductions from his or
her Compensation by filing an amended subscription agreement with the Company on or before the
“Change Notice Date.” The “Change Notice Date” shall initially be the seventh (7th) day prior to
the end of the first pay period for which such election is to be effective; however, the Company
may change such Change Notice Date from time to time.

10.4 Participant Accounts. Individual Plan accounts shall be maintained for each Participant.
All payroll deductions from a Participant’s Compensation shall be credited to such account and
shall be deposited with the general funds of the Company. All payroll deductions received or held
by the Company may be used by the Company for any corporate purpose.

10.5 No Interest Paid. Interest shall not be paid on sums deducted from a Participant’s
Compensation pursuant to the Plan.

10.6 Company Established Procedures. The Company may, from time to time, establish or change
(a) a minimum required payroll deduction amount for participation in an Offering, (b) limitations
on the frequency or number of changes in the rate of payroll deduction during an Offering, (c) an
exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, (d) payroll
deduction in excess of or less than the amount designated by a Participant in order to adjust for
delays or mistakes in the Company’s processing of subscription agreements, (e) the date(s) and
manner by which the Fair Market Value of a share of Stock is determined for purposes of
administration of the Plan, or (f) such other limitations or procedures as deemed advisable by the
Company in the Company’s sole discretion which are consistent with the Plan and in accordance with
the requirements of Section 423 of the Code.

11. Purchase of Shares.

11.1 Exercise of Purchase Right. On each Purchase Date, each Participant who has not
withdrawn from the Offering or whose participation in the Offering has not terminated on or before
such Purchase Date shall automatically acquire pursuant to the exercise of the Participant’s
Purchase Right the number of whole shares of Stock arrived at by dividing the total amount of the
Participant’s accumulated payroll deductions for the Purchase Period by the Purchase Price;
provided, however, in no event shall the number of shares purchased by the Participant during an
Offering Period exceed the number of shares subject to the Participant’s Purchase Right. No shares
of Stock shall be purchased on a Purchase Date on behalf of a Participant whose participation in
the Offering or the Plan has terminated on or before such Purchase Date.

11.2 Return of Cash Balance. Any cash balance remaining in the Participant’s Plan account
shall be refunded to the Participant as soon as practicable after the Purchase Date. In the event
the cash to be returned to a Participant pursuant to the preceding sentence is an amount less than
the amount necessary to purchase a whole share of Stock, the Company may establish procedures
whereby such cash is maintained in the Participant’s Plan account and applied toward the purchase
of shares of Stock in the subsequent Offering Period.

11.3 Tax Withholding. At the time a Participant’s Purchase Right is exercised, in whole or in
part, or at the time a Participant disposes of some or all of the shares of Stock he or she
acquires under the Plan, the Participant shall make adequate provision for the foreign, federal,
state and local tax withholding obligations of the Participating Company Group, if any, which arise
upon exercise of the Purchase Right or upon such disposition of shares, respectively. The
Participating Company Group may, but shall not be obligated to, withhold from the Participant’s
compensation the amount necessary to meet such withholding obligations.

11.4 Expiration of Purchase Right. Any portion of a Participant’s Purchase Right remaining
unexercised after the end of the Offering Period to which such Purchase Right relates shall expire
immediately upon the end of such Offering Period.

12. Limitations on Purchase of Shares; Rights as a Stockholder.

12.1 Fair Market Value Limitation. Notwithstanding any other provision of the Plan, no
Participant shall be entitled to purchase shares of Stock under the Plan (or any other employee
stock purchase plan which is intended to meet the requirements of Section 423 of the Code sponsored
by the Company or a Parent Corporation or Subsidiary Corporation at a rate which exceeds $25,000 in
Fair Market Value, which Fair Market Value is determined for shares purchased during a given
Offering Period as of the Offering Date (or such other limit as may be imposed by the Code), for
each calendar year in which the Participant participates in the Plan (or any other employee stock
purchase plan described in this sentence).

12.2 Pro Rata Allocation. In the event the number of shares of Stock which might be purchased
by all Participants in the Plan exceeds the number of shares of Stock available in the Plan, the
Company shall make a pro rata allocation of the remaining shares in as uniform a manner as shall be
practicable and as the Company shall determine to be equitable.

12.3 Rights as a Stockholder and Employee. A Participant shall have no rights as a
stockholder by virtue of the Participant’s participation in the Plan until the date of the issuance
of a stock certificate for the shares of Stock being purchased pursuant to the exercise of the
Participant’s Purchase Right. No adjustment shall be made for cash dividends or distributions or
other rights for which the record date is prior to the date such stock certificate is issued.
Nothing herein shall confer upon a Participant any right to continue in the employ of the
Participating Company Group or interfere in any way with any right of the Participating Company
Group to terminate the Participant’s employment at any time.

13. Withdrawal.

13.1 Withdrawal From an Offering. A Participant may withdraw from an Offering by signing and
delivering to the Company’s payroll or other designated office a written notice of withdrawal on a
form provided by the Company for such purpose. Such withdrawal may be elected at any time prior to
the end of an Offering Period. Unless otherwise indicated, withdrawal from an Offering shall not
result in a withdrawal from the Plan or any succeeding Offering therein. A Participant is
prohibited from again participating in an Offering at any time following withdrawal from such
Offering. The Company may impose, from time to time, a requirement that the notice of withdrawal
be on file with the Company’s payroll office or other designated office for a reasonable period
prior to the effectiveness of the Participant’s withdrawal from an Offering.

13.2 Withdrawal from the Plan. A Participant may withdraw from the Plan by signing and
delivering to the Company’s payroll office or other designated office a written notice of
withdrawal on a form provided by the Company for such purpose. Withdrawals made after a Purchase
Date shall not affect shares of Stock acquired by the Participant on such Purchase Date. In the
event a Participant voluntarily elects to withdraw from the Plan, the Participant may not resume
participation in the Plan during the same Offering Period, but may participate in any subsequent
Offering under the Plan by again satisfying the requirements of Sections 5 and 7.1. The Company
may impose, from time to time, a requirement that the notice of withdrawal be on file with the
Company’s payroll office or other designated office for a reasonable period prior to the
effectiveness of the Participant’s withdrawal from the Plan.

13.3 Return of Payroll Deductions. Upon a Participant’s withdrawal from an Offering or the
Plan pursuant to Sections 13.1 or 13.2, respectively, the Participant’s accumulated payroll
deductions which have not been applied toward the purchase of shares of Stock shall be returned as
soon as practicable after the withdrawal, without the payment of any interest, to the Participant,
and the Participant’s interest in the Offering or the Plan, as applicable, shall terminate. Such
accumulated payroll deductions may not be applied to any other Offering under the Plan.

14. Termination of Employment or Eligibility. Termination of a Participant’s
employment with a Participating Company for any reason, including retirement, disability or death
or the failure of a Participant to remain an Eligible Employee, shall terminate the Participant’s
participation in the Plan immediately. In such event, the payroll deductions credited to the
Participant’s Plan account since the last Purchase Date shall, as soon as practicable, be returned
to the Participant or, in the case of the Participant’s death, to the Participant’s legal
representative, and all of the Participant’s rights under the Plan shall terminate. Interest shall
not be paid on sums returned to a Participant pursuant to this Section 14. A Participant whose
participation has been so terminated may again become eligible to participate in the Plan by again
satisfying the requirements of Sections 5 and 7.1.

15. Transfer of Control.

15.1 Definitions.

(a) An “Ownership Change Event” shall be deemed to have occurred if any of the following
occurs with respect to the Company: (i) the direct or indirect sale or exchange in a single or
series of related transactions by the stockholders of the Company of more than fifty percent (50%)
of the voting stock of the Company; (ii) a merger or consolidation in which the Company is a party;
(iii) the sale, exchange, or transfer of all or substantially all of the assets of the Company; or
(iv) a liquidation or dissolution of the Company.

(b) A “Transfer of Control” shall mean an Ownership Change Event or a series of related
Ownership Change Events (collectively, the “Transaction”) wherein the stockholders of the Company
immediately before the Transaction do not retain immediately after the Transaction, in
substantially the same proportions as their ownership of shares of the Company’s voting stock
immediately before the Transaction, direct or indirect beneficial ownership of more than fifty
percent (50%) of the total combined voting power of the outstanding voting stock of the Company or
the corporation or corporations to which the assets of the Company were transferred (the
"Transferee Corporation(s)”), as the case may be. For purposes of the preceding sentence, indirect
beneficial ownership shall include, without limitation, an interest resulting from ownership of the
voting stock of one or more corporations which, as a result of the Transaction, own the Company or
the Transferee Corporation(s), as the case may be, either directly or through one or more
subsidiary corporations. The Board shall have the right to determine whether multiple sales or
exchanges of the voting stock of the Company or multiple Ownership Change Events are related, and
its determination shall be final, binding and conclusive.

15.2 Effect of Transfer of Control on Purchase Rights. In the event of a Transfer of Control,
the surviving, continuing, successor, or purchasing corporation or parent corporation thereof, as
the case may be (the “Acquiring Corporation"), may assume the Company’s rights and obligations
under the Plan or substitute substantially equivalent Purchase Rights for stock of the Acquiring
Corporation. If the Acquiring Corporation elects not to assume or substitute for the outstanding
Purchase Rights, the Board shall, notwithstanding any other provision herein to the contrary,
adjust the Purchase Date of the then current Offering Period to a date immediately before the date
of the Transfer of Control, but shall not adjust the number of shares of Stock subject to any
Purchase Right. All Purchase Rights which are neither assumed or substituted for by the Acquiring
Corporation in connection with the Transfer of Control nor exercised as of the date of the Transfer
of Control shall terminate and cease to be outstanding effective as of the date of the Transfer of
Control. Notwithstanding the foregoing, if the corporation the stock of which is subject to the
outstanding Purchase Rights immediately prior to an Ownership Change Event described in Section
15.1(a)(i) constituting a Transfer of Control is the surviving or continuing corporation and
immediately after such Ownership Change Event less than fifty percent (50%) of the total combined
voting power of its voting stock is held by another corporation or by other corporations that are
members of an affiliated group within the meaning of section 1504(a) of the Code without regard to
the provisions of section 1504(b) of the Code, the outstanding Purchase Rights shall not terminate
unless the Board otherwise provides in its sole discretion.

16. Nontransferability of Purchase Rights. A Purchase Right may not be transferred in
any manner otherwise than by will or the laws of descent and distribution and shall be exercisable
during the lifetime of the Participant only by the Participant. Any attempt to pledge, assign or
transfer such Purchase Rights or accumulated payroll deductions shall be treated as an election to
withdraw from the Plan. The Company, in its absolute discretion, may impose such restrictions on
the transferability of the shares purchasable upon the exercise of a Purchase Right as it deems
appropriate and any such restriction shall be set forth in the respective subscription agreement
and may be referred to on the certificates evidencing such shares.

17. Reports. Each Participant who exercised all or part of his or her Purchase Right
for an Offering Period shall receive, as soon as practicable after the Purchase Date, a report of
such Participant’s Plan account setting forth the total payroll deductions accumulated, the number
of shares of Stock purchased, the Purchase Price for such shares, the date of purchase and the
remaining cash balance to be refunded or retained in the Participant’s Plan account pursuant to
Section 11.2, if any. Each Participant shall be provided information concerning the Company
equivalent to that information generally made available to the Company’s common stockholders.

18. Restriction on Issuance of Shares. The issuance of shares under the Plan shall be
subject to compliance with all applicable requirements of foreign, federal or state law with
respect to such securities. A Purchase Right may not be exercised if the issuance of shares upon
such exercise would constitute a violation of any applicable foreign, federal or state securities
laws or other law or regulations. In addition, no Purchase Right may be exercised unless (a) a
registration statement under the Securities Act of 1933, as amended, shall at the time of exercise
of the Purchase Right be in effect with respect to the shares issuable upon exercise of the
Purchase Right, or (b) in the opinion of legal counsel to the Company, the shares issuable upon
exercise of the Purchase Right may be issued in accordance with the terms of an applicable
exemption from the registration requirements of said Act. The inability of the Company to obtain
from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal
counsel to be necessary to the lawful issuance and sale of any shares under the Plan shall relieve
the Company of any liability in respect of the failure to issue or sell such shares as to which
such requisite authority shall not have been obtained. As a condition to the exercise of a
Purchase Right, the Company may require the Participant to satisfy any qualifications that may be
necessary or appropriate, to evidence compliance with any applicable law or regulation, and to make
any representation or warranty with respect thereto as may be requested by the Company.

19. Legends. The Company may at any time place legends or other identifying symbols
referencing any applicable foreign, federal or state securities law restrictions or any provision
convenient in the administration of the Plan on some or all of the certificates representing shares
of Stock issued under the Plan. The Participant shall, at the request of the Company, promptly
present to the Company any and all certificates representing shares acquired pursuant to a Purchase
Right in the possession of the Participant in order to carry out the provisions of this Section.
Unless otherwise specified by the Company, legends placed on such certificates may include but
shall not be limited to the following:

“THE SHARES EVIDENCED BY THIS CERTIFICATE WERE ISSUED BY THE CORPORATION TO THE REGISTERED
HOLDER UPON THE PURCHASE OF SHARES UNDER AN EMPLOYEE STOCK PURCHASE PLAN AS DEFINED IN SECTION 423
OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE TRANSFER AGENT FOR THE SHARES EVIDENCED
HEREBY SHALL NOTIFY THE CORPORATION IMMEDIATELY OF ANY TRANSFER OF THE SHARES BY THE REGISTERED
HOLDER HEREOF MADE ON OR BEFORE               , 20  . THE REGISTERED HOLDER SHALL
HOLD ALL SHARES PURCHASED UNDER THE PLAN IN THE REGISTERED HOLDER’S NAME (AND NOT IN THE NAME OF
ANY NOMINEE) PRIOR TO THIS DATE.”

20. Notification of Sale of Shares. The Company may require the Participant to give
the Company prompt notice of any disposition of shares acquired by exercise of a Purchase Right
within two years from the date of granting such Purchase Right or one year from the date of
exercise of such Purchase Right. The Company may require that until such time as a Participant
disposes of shares acquired upon exercise of a Purchase Right, the Participant shall hold all such
shares in the Participant’s name (and not in the name of any nominee) until the lapse of the time
periods with respect to such Purchase Right referred to in the preceding sentence. The Company may
direct that the certificates evidencing shares acquired by exercise of a Purchase Right refer to
such requirement to give prompt notice of disposition.

21. Amendment or Termination of the Plan. The Plan shall terminate on the earliest to
occur of (i) the date on which all available shares are issued; or (ii) the date on which the
outstanding Purchase Rights are exercised in connection with a Transfer of Control. The Board may
at any time amend or terminate the Plan, except that (a) such termination shall not affect Purchase
Rights previously granted under the Plan, except as permitted under the Plan, and (b) no amendment
may adversely affect a Purchase Right previously granted under the Plan (except to the extent
permitted by the Plan or as may be necessary to qualify the Plan as an employee stock purchase plan
pursuant to Section 423 of the Code or to obtain qualification or registration of the shares of
Stock under applicable foreign, federal or state securities laws). In addition, an amendment to
the Plan must be approved by the stockholders of the Company within twelve (12) months of the
adoption of such amendment if such amendment would (a) authorize the sale of more shares than are
authorized for issuance under the Plan; or (b) change the definition of the corporations that may
be designated by the Board as Participating Companies; or (c) materially modify the eligibility
requirements of the Plan except as required by changes in the Code; or (d) permit payroll
deductions with respect to the Plan in excess of 10% of the Participant’s Compensation; or (e)
materially increase the benefits which may accrue under the Plan.

IN WITNESS WHEREOF, the undersigned Secretary of the Company certifies that the foregoing
Cohu, Inc. 1997 Employee Stock Purchase Plan, as amended and restated, was duly adopted by the
Board of Directors of the Company on March 17, 2006.

 /s/ John H. Allen

John H. Allen

2EX-10.(a)

AMENDMENT NO. 1

TO

ANNEX A TO THE

SEVERANCE AGREEMENT BETWEEN JOSEPH A. CARRABBA AND

CLEVELAND-CLIFFS INC

THIS AMENDMENT NO. 1 is made this 9th day of May, 2006, by and between Cleveland-Cliffs Inc
(hereinafter referred to as the “Company”) and Joseph A. Carrabba (hereinafter referred to as the
“Executive”).

W I T N E S S E T H:

WHEREAS, the Company and the Executive entered into a Severance Agreement dated May 23, 2005
(hereinafter referred to as the “Agreement”) which Agreement has an Annex A setting forth certain
Severance Compensation (hereinafter referred to as “Annex A”) ; and

WHEREAS, it is the desire of the Company and the Executive to amend Annex A to provide for
full vesting of certain benefits under the Company’s Supplemental Retirement Plan (hereinafter
referred to as the “SRP”) and to provide for the SRP to make up for certain forfeitures under the
Company’s qualified pension plan;

NOW, THEREFORE, the Company and the Executive hereby amend Annex A by deletion of the first
paragraph of Section 3 of Annex A and the substitution in lieu thereof of a new first paragraph to
read as follows:

“A lump sum payment (the SRP Payment”) in an amount equal to the sum of:

	 	(A)	 	the future pension benefits (converted to a
lump sum of actuarial equivalence) which the Executive would have been
entitled to receive three (3) years following the Termination Date
under the SRP, as modified by this Paragraph (3) (assuming Base Salary
and Incentive Pay as determined in Paragraph (1), if the Executive had
remained in the full-time employment of the Company until three (3)
years following the Termination Date and assuming the Executive is 100%
vested in all benefits under the SRP); and

	 	(B)	 	the future pension benefits (converted to a
lump sum of actuarial equivalence) which the Executive shall have
forfeited under the Company’s tax qualified Retirement Plan, if any.”

IN WITNESS WHEREOF, the Company, by its appropriate officer duly authorized, and the Executive
have caused this Amendment No. 1 to be executed as of the day and year first above written.

	 
	 

	CLEVELAND-CLIFFS INC

	 

	By: /s/ John S. Brinzo

	 

	 

	/s/ Joseph A. Carrabba

	 

	 

	Joseph A. Carrabba, the “Executive”

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