Document:

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                                                                 EXHIBIT 4.9aaaa

               TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED
                        2004 EMPLOYEE STOCK OPTIONS PLAN
                                  (TRANSLATION)

1.    PURPOSE

      The purpose of the 2004 Employee Stock Options Plan (the "Plan") of Taiwan
      Semiconductor Manufacturing Company Limited (the "Company") is to promote
      the interests of the Company and its shareholders by attracting and
      retaining the high-tech talents/professionals of the Company and its
      subsidiaries by means of incentives in the form of stock options.

2.    PERIOD OF GRANT

      The Company may grant the options in one or more tranches within one (1)
      year from the date of receipt of notice from the relevant authority
      ("Authority") indicating that the Company's filing of the Plan with the
      Authority has become effective. The actual dates of grant will be
      determined by the Chairman of the Board of Directors of the Company (the
      "Chairman").

3.    OPTIONEE

      Each optionee shall be a full-time employee of either the Company or any
      of its domestic or foreign subsidiaries, in which the Company's
      shareholding with voting rights, directly or indirectly, is more than
      fifty percent (50%). Whether an employee is entitled to receive options,
      and the number of options to be received, shall be reviewed and determined
      by the Chairman taking into consideration factors as relates to job grade,
      performance, contribution, special achievement and/or years of employment,
      subject to approval by the Compensation Committee of the Board of
      Directors of the Company. The number of options granted to any optionee in
      any tranche shall not exceed ten percent (10%) of the total number of
      options granted in that tranche, and the total number of options to be
      exercised by any optionee within each fiscal year shall not exceed one
      percent (1%) of the outstanding common shares of the Company at the
      year-end.

4.    TOTAL NUMBER OF OPTIONS TO BE GRANTED

      The total number of options authorized to be granted with respect to the
      Plan shall be 11,000,000 units, with one (1) unit entitled to subscribe
      one (1) common share of the Company. The total number of common shares of
      the Company to be reserved for granting the options shall be 11,000,000
      shares.

                                      -1-

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5.    TERMS AND CONDITIONS

      (1)   Exercise Price
            The exercise price of the options shall be the closing price of the
            Company's common shares on the date that the options are granted.

      (2)   Vesting Schedule
            The options will not vest in the first two (2) years ("Waiting
            Period") and may be exercised in accordance with the following
            schedule. The options will be existent for ten (10) years and may
            not be transferred, except by inheritance.

 <TABLE>
 <CAPTION>
            Number of Years after         Accumulated Percentage of
            the Date the Options are      Options Exercisable
            Granted
                     <S>                               <C>
                     2 years                            50%
                     3 years                            75%
                     4 years                           100%
 </TABLE>

      (3)   Type of Shares Underlying the Options
            The common shares of the Company shall be the underlying shares.

      (4)   After the Company grants options to an optionee, the Company shall
            have the right to revoke and cancel unvested options in the event
            that the optionee commits serious misconduct and violates the
            employment contract or policies of the Company.

      (5)   Termination of Employment
            If an optionee's employment with the Company is terminated, the
            optionee shall exercise options in accordance with the following
            provisions, subject to the ten-year limit set forth in Paragraph
            5(2) above:

            a.    Voluntary Termination or Terminated for Cause by the
                  Company in Accordance with Labor Law of ROC -- Options vested
                  in accordance with the schedule set forth in Paragraph 5(2)
                  above shall be exercised within three (3) months from the
                  employment termination date. Unvested options shall become
                  invalid on the employment termination date.

            b.    Retirement -- All options granted are exercisable subject to
                  the Waiting Period, regardless of the vesting schedule set
                  forth in Paragraph 5(2) above. Nevertheless, the optionee
                  shall exercise all options within one (1) year from the later
                  of: (x) the date of retirement; or, (y) the end of the Waiting
                  Period.

                                      -2-

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            c.    Temporarily on Leave Without Pay --
                  In case the optionee is approved to be temporarily on leave
                  without pay, vested options shall be exercised within three
                  (3) months from the effective date of the temporary leave;
                  otherwise, the right to exercise options shall be deferred
                  until the optionee's reinstatement. For unvested options, the
                  accumulation of years of employment with respect to the
                  vesting schedule set forth in Paragraph 5(2) above shall
                  suspend during the period of the optionee's temporary leave
                  and shall resume after the optionee's reinstatement, subject
                  to the ten-year limit set forth in Paragraph 5(2) above.

            d.    Death --
                  Options vested in accordance with the schedule set forth in
                  Paragraph 5(2) above shall be exercised by the optionee's
                  inheritor within one (1) year from the death of the optionee.
                  Unvested options shall expire and become invalid upon the
                  death of the optionee.

            e.    Death or Disability Caused by Work Injury --

                  (a)    Regardless of the vesting schedule set forth in
                         Paragraph 5(2) above, all options granted are
                         exercisable upon the departure of the optionee from the
                         Company due to any disability caused by work injury,
                         subject only to the Waiting Period. Nevertheless, the
                         optionee shall exercise the options within one (1) year
                         from the later of: (x) the date of departure; or, (y)
                         the end of the Waiting Period.

                  (b)    Regardless of the vesting schedule set forth in
                         Paragraph 5(2) above, all options granted are
                         exercisable by the optionee's inheritor upon the death
                         of the optionee, which is caused by work injury,
                         subject only to the Waiting Period. Nevertheless, the
                         inheritor shall exercise the options within one (1)
                         year from the later of: (x) the death of the optionee;
                         or, (y) the end of the Waiting Period.

            f.    Transfer to Affiliates --
                  In case the optionee is transferred to an affiliate due to the
                  necessity of the operations of the Company, the rights and
                  obligations of the options granted shall not be affected by
                  such transfer.

            g.    Severance/Layoff in Accordance with Labor Law of ROC --
                  Options vested in accordance with the schedule set forth in
                  Paragraph 5(2) above shall be exercised within three (3)
                  months from the effective date of the severance/layoff (other
                  than situations set forth in Paragraph

                                      -3-

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                  5(5) a above). Unvested options shall become invalid upon the
                  effective date of the severance/layoff; or, may be exercised
                  in accordance with a schedule determined by the Chairman based
                  on the schedule set forth in Paragraph 5(2) above, which shall
                  be subsequently approved by the Compensation Committee of the
                  Board of Directors of the Company.

            h.    If the optionee or his/her inheritor is unable to exercise the
                  options within the periods set forth above, the unexercised
                  options shall expire and become invalid.

      (6)   Invalidated Options

            Any invalidated options shall be cancelled.

6.    UNDERLYING SHARES

      The Company will issue new common shares of the Company as the underlying
      shares.

7.    ADJUSTMENTS OF THE EXERCISE PRICE

      (1)   The exercise price shall be subject to adjustment in accordance with
            the following formula, to be rounded to the tenth, upon the
            occurrence of changes in paid-in capital of the Company as a result
            of capitalization of retained earnings or capital reserves.

            NEP = OEP x [N/(N + n)]

            Where:      NEP =       the exercise price after such adjustment

                        OEP =       the exercise price before such adjustment

                        N =         the number of outstanding common shares
                                    (the number of treasury shares which have
                                    not been transferred or cancelled shall be
                                    deducted.)

                        n =         the number of new common shares arising from
                                    the capitalization of retained earnings or
                                    capital reserves

      The exercise price will not be adjusted in case of issuance of new common
      shares in connection with mergers.

      (2)   The exercise price shall be subject to adjustment in accordance with
            the following formula, to be rounded to the tenth, upon the
            occurrence of capital reduction except where such reduction occurs
            as a result of treasury stock cancellation.

            NEP = OEP x [((M-C)/M) x (N/n)]

            Where:      NEP =       the exercise price after such adjustment

                        OEP =       the exercise price before such adjustment

                        M =         the closing price as of the last trading day
                                    before the capital reduction

                        C =         the amount of cash distributed per common
                                    share, if any

                        N =         the number of outstanding common shares
                                    before the capital reduction

                        n =         the number of outstanding common shares
                                    after the capital reduction

                                      -4-
<PAGE>

8.    ADJUSTMENTS OF NUMBER OF OPTIONS

      (1)   Upon the occurrence of the Company's capitalization of retained
            earnings or capital reserves, in addition to adjusting the exercise
            price in accordance with provisions set forth in Paragraph 7(1)
            above, the Company will issue additional options in proportion to
            the increase of paid-in capital (only integral options will be
            issued and any fractional options resulting therefrom will be
            disregarded) at the adjusted price to holders of existing unvested
            or unexercised options, provided that there are sufficient common
            shares reserved for granting the options as specified in the
            Articles of Incorporation of the Company.

      (2)   Upon the occurrence of the Company's capital reduction except where
            such reduction occurs as a result of treasury stock cancellation, in
            addition to adjusting the exercise price in accordance with the
            provisions set forth in Paragraph 7(2) above, the Company will
            reduce existing unvested or unexercised options in proportion to the
            increase of exercise price (any fractional options resulting
            therefrom will be disregarded).

9.    PROCEDURES FOR EXERCISING OPTIONS

      (1)   Except during a period in which the shareholders' book is closed in
            accordance with relevant laws; or, the period from three (3)
            business days prior to the date of public announcement to close
            shareholders' book for stock dividends, cash dividends, or rights
            offering filed by the Company with the Taiwan Stock Exchange
            Corporation to the record date, optionee may exercise options in
            accordance with the vesting schedule set forth in Paragraph 5(2)
            above by submitting a written notice (the "Exercise Notice") to the
            Company to purchase the newly issued common shares of the Company.

      (2)   The Company shall inform the optionee of the payment for exercising
            the options to a designated bank upon the receipt of the Exercise
            Notice. The Exercise Notice shall not be withdrawn once the payment
            has been made.

      (3)   The transfer agent of the Company shall register the optionee and
            his/her

                                      -5-
<PAGE>

            shares in the shareholders record upon the Company's confirmation of
            the payment and shall book transfer common shares of the Company to
            the optionee within five (5) business days. The common shares so
            issued are tradable on the Taiwan Stock Exchange upon delivery to
            the optionee.

      (4)   The Company shall file the change in the paid-in capital with the
            relevant authority once each quarter.

10.   RIGHTS AND OBLIGATIONS AFTER EXERCISING OPTIONS

      The holders of common shares of the Company issued after options are
      exercised shall have the same rights, obligations and privileges as
      holders of common shares of the Company.

11.   MISCELLANEOUS

      (1)   The Plan shall become effective upon obtaining approval from the
            Board of Directors of the Company and the Authority. Prior to the
            grant of options, any amendments to the Plan shall become effective
            upon obtaining approval from the Board of Directors of the Company
            and reporting such amendments to the Authority.

      (2)   Any other matters not set forth in the Plan shall be dealt with in
            accordance with the applicable laws and regulations.

                                      -6-<PAGE>
                                                                 EXHIBIT 4.9cccc

                                    WAFERTECH
                        2004 EMPLOYEE STOCK OPTIONS PLAN

1.     PURPOSE

       The purpose of the WaferTech 2004 Employee Stock Options Plan (the
       "Plan") is to promote the interests of the Company and its shareholders
       by attracting and retaining the high-tech talents/professionals of the
       Company and its subsidiaries by means of incentives in the form of stock
       options.

2.     DEFINITIONS

      (a) "Board" shall mean the Board of Directors of the Company.

      (b) "Committee" shall mean the committee appointed by the Board, in
      accordance with Section 3(a) hereof, to administer the Plan.

      (c) "Common Stock" shall mean the voting common stock of Taiwan
      Semiconductor Manufacturing Company Limited ("TSMC").

      (d) "Company" shall mean WaferTech, LLC, a Delaware limited liability
      company.

      (e) "Employee" shall mean any individual who is employed by the Company.

      (f) "Exercise Price" of the options shall be the closing price of the
      common shares of TSMC on the date that the options are granted as may be
      subsequently adjusted pursuant to Section 8 herein.

      (g) "Option" shall mean an option to purchase Common Stock granted
      pursuant to the Plan.

      (h) "Optionee" shall mean any person who holds an Option pursuant to the
      Plan.

      (i) "Outside Director" shall mean a non-employee member of the Board who
      (1) is not a current employee of the Company; and (2) does not receive
      compensation for prior services (other than benefits under a tax-qualified
      retirement plan) from the Company during a taxable year in which he or she
      serves on the Committee.

      (j) "Plan" shall mean this WaferTech 2004 Employee Stock Options Plan as
      it may be amended from time to time.

                                      -1-
<PAGE>

      (k) "Purchase Price" shall mean at any particular time the Exercise Price
      times the number of Shares for which an Option is being exercised.

      (l) "Share" shall mean one share of authorized Common Stock.

      (m) "TSMC Plan" shall mean the TSMC 2004 Employee Stock Options Plan.

3.    ADMINISTRATION.

      (a)  The Committee

      The Plan shall be administered by a Committee of Outside Directors that
      shall consist of not less than two members, who during the one year prior
      to service as an administrator of the Plan, shall not have been granted or
      awarded equity securities pursuant to the Plan.

      (b)  Powers of the Committee

      Subject to the provisions of the Plan, the TSMC Plan, and applicable laws
      and regulations, the Committee shall have the authority, in its discretion
      and on behalf of the Company:

           (i) to grant Options;

           (ii) to determine the Exercise Price per Share of Options to be
           granted;

           (iii) to determine the Employees to whom, and the time or times at
           which, Options shall be granted and the number of Shares for which
           an Option will be exercisable;

           (iv) to interpret the Plan;

           (v)  to prescribe, amend, and rescind rules and regulations relating
           to the Plan;

           (vi) to determine the terms and provisions of each Option granted
           and, with the consent of the holder thereof, modify or amend each
           Option;

           (vii) to accelerate or defer, with the consent of the Optionee, the
           exercise date of any Option;

           (viii) to authorize any person to execute on behalf of the Company
           any instrument required to effectuate the grant of an Option
           previously granted by the Committee;

           (ix) with the consent of the Optionee, cancel and regrant an Option
           previously granted by the Committee; and

           (x) to make all other determinations deemed necessary or advisable
           for the administration of the Plan.

                                      -2-

<PAGE>

      (c)  Committee's Interpretation of the Plan

      The interpretation and construction by the Committee of any provision of
      the Plan or of any Option granted hereunder shall be final and binding on
      all parties claiming an interest in an Option granted under the Plan. No
      member of the Committee shall be liable for any action or determination
      made in good faith with respect to the Plan or any Option.

4.    PERIOD AND NATURE OF THE OPTION GRANT

      The Committee on behalf of the Company may grant the Options in one or
      more tranches within one (1) year after the TSMC Plan has become
      effective. The actual dates of grant will be determined by the Committee.
      Options shall be evidenced by written stock option agreements between the
      Optionee and the Company in such form as the Committee shall from time to
      time determine. No Option or purported Option shall be a valid and binding
      obligation of the Company unless so evidenced in writing.

5.    OPTIONEE

      Each Optionee shall be a regular full-time Employee of the Company, or in
      a subsidiary in which the Company's shareholding with voting rights,
      directly or indirectly, is more than fifty percent (50%). Whether an
      Employee is entitled to receive Options, and the number of Options to be
      received, shall be subject to approval by the Committee, and based on job
      grade, performance, contribution, special achievement and/or years of
      employment. In connection therewith, the Committee shall seek the advice
      and counsel of the Chairman and Compensation Committee of the Board of
      Directors of TSMC. The number of Shares subject to Options granted to any
      one Optionee in any tranche shall not exceed ten percent (10%) of the
      total number Shares subject to Options granted in that tranche, and the
      total number of Shares subject to Options to be exercised by any one
      Optionee within each fiscal year shall not exceed one percent (1%) of the
      outstanding common shares of TSMC at the year-end.

6.    MAXIMUM NUMBER OF OPTIONS TO BE GRANTED

      The maximum number of Options authorized to be granted with respect to the
      Plan shall be Eleven Million (11,000,000) units, with one (1) unit
      entitled to subscribe to one (1) Share. The number of Shares for which an
      Option is exercisable at any time shall not exceed the number of Shares
      remaining available for issuance under the Plan. No Option shall be
      granted

                                      -3-

<PAGE>
      with respect to the Plan, however, if the aggregate number of Shares
      issued or issuable to all past and present Optionees under the Plan would
      thereupon exceed eleven million (11,000,000 ) Shares, which is the maximum
      aggregate number of Shares that have been authorized by TSMC for issuance
      under the Plan. The Committee shall consult with a designated officer of
      TSMC prior to granting any Options with respect to the Plan to ensure
      compliance with the foregoing limitation. The limitations established by
      this Section 6 shall be subject to adjustment in the manner provided in
      Section 8 hereof upon the occurrence of an event specified therein.

7.    TERMS AND CONDITIONS

      (a)    Exercise Price

      The Exercise Price of the Options is defined in Section 2(f) hereof.

      (b)    Vesting Schedule

      An Optionee may not exercise his or her Option for any Shares until the
      Option, in regard to such Shares, has vested. Each stock option grant
      agreement shall include a vesting schedule in accordance with this Section
      which shall show when the Option becomes exercisable. The vesting schedule
      shall not impose upon the Company any obligation to retain the Optionee in
      its employ or under contract for any period of time or otherwise change
      the employment-at-will status of an Optionee who is an employee of the
      Company. The Options will not vest in the first two (2) years ("Waiting
      Period") and may be exercised in accordance with the following schedule.
      Except as may be shortened in the Plan or by the Committee, the options
      shall be valid for ten (10) years from the date of grant and may not be
      transferred, except by inheritance, enforceable court order, or in
      accordance with applicable law, rule or regulation. The following is the
      vesting schedule:

<TABLE>
<CAPTION>
       Years after Grant              Percent Vesting
       -----------------              ---------------
       <S>                            <C>
       2 years                        50%
       3 years                        75%
       4 years and after              100%
</TABLE>

       (c) After the Company grants an Option to an Optionee, the Committee
       shall, in its sole discretion, have the right to revoke and cancel
       unvested Options in the event that the Optionee commits serious
       misconduct or violates his/her employment contract or policies of

                                      -4-
<PAGE>

      the Company.

      (d)  Termination of Employment

      If an Optionee's employment with the Company is terminated for any reason,
      the Optionee shall exercise his/her vested Options in accordance with the
      following provisions, subject to the ten-year limit set forth in Section
      7(b) above:

           (i) Voluntary Termination or Terminated by the Company in Accordance
           with applicable state or Federal laws --

           If an Optionee's employment by the Company is either voluntarily
           terminated by the Optionee or by the Company in accordance with
           applicable state or Federal laws, the Optionee's Options vested in
           accordance with the schedule set forth in Section 7(b) above must be
           exercised within three (3) months from the employment termination
           date. Any Options unvested as of the employment termination date or
           not exercised within three (3) months from the employment termination
           date shall expire and become invalid.

           (ii) Retirement --

           If an Optionee's employment by the Company is terminated because the
           Optionee retires in accordance with the then current policies of the
           Company, all Options granted to the Optionee as of the employment
           termination date shall completely vest and be exercisable following
           the Waiting Period, regardless of the vesting schedule set forth in
           Section 7(b) above. The Optionee shall exercise all Options within
           one (1) year from the later of: (x) the date of retirement; or, (y)
           the end of the Waiting Period, whichever date is later. Any Options
           not exercised within the time frame set forth in the immediately
           preceding sentence shall expire and become invalid.

           (iii) Temporarily on Leave Without Pay --

           If the Optionee is approved to be temporarily on leave without pay in
           accordance with the then current policies of the Company or
           applicable law, rule or regulation, his/her vested Options shall be
           exercised within three (3) months from the effective date of the
           temporary leave; otherwise, the right to exercise options shall be
           deferred until the Optionee's reinstatement. For unvested Options,
           the accumulation of years of employment with respect to the vesting
           schedule set forth in Section 7(b) above shall suspend during the
           period of the Optionee's temporary leave and shall resume after the
           Optionee's reinstatement, subject to the ten-year limit set forth in
           Section 7(b) above.

           (iv) Death --

                                      -5-
<PAGE>

           If an Optionee dies while employed by the Company, his/her Options
           vested in accordance with the schedule set forth in Section 7(b)
           above, as of the date of his/her death, shall be exercised by the
           Optionee's inheritor within one (1) year from the death of the
           Optionee. Any Options unvested upon the death of the Optionee or not
           exercised within one (1) year of his/her death shall expire and
           become invalid.

           (v)  Death or Disability Caused by Work Injury --

                (1) Regardless of the vesting schedule set forth in Section 7(b)
                above, if an Optionee ceases to be employed by the Company due
                to any permanent total disability caused by a work related
                injury, on such date all Options he/she were granted shall
                immediately vest and become exercisable, subject only to the
                Waiting Period. The Optionee shall exercise his/her vested
                Options within one (1) year from the later of: (x) the date
                he/she ceases to be employed by the Company; or, (y) the end of
                the Waiting Period, whichever date is later. Any Options not
                exercised within the time frame set forth in the immediately
                preceding sentence shall expire and become invalid.

                (2) Regardless of the vesting schedule set forth in Section 7(b)
                above, if an Optionee ceases to be employed by the Company due
                to his/her death caused by a work related injury, on such date
                all Options they were granted shall immediately vest and become
                exercisable by the Optionee's inheritor, subject only to the
                Waiting Period. The inheritor shall exercise the Options within
                one (1) year from the later of: (x) the death of the Optionee;
                or, (y) the end of the Waiting Period, whichever date is later.
                Any Options not exercised within the time frame set forth in the
                immediately preceding sentence shall expire and become invalid.

           (vi) Transfer to Affiliates --

           If an Optionee is transferred to an affiliate of TSMC or of the
           Company, due to the necessity of the operations of the Company, the
           rights of the Optionee and obligations of the Company with respect to
           the Options granted shall not be affected by such transfer.

           (6) Invalidated Options

           Any invalidated options shall be cancelled.

                                      -6-
<PAGE>
8.     ADJUSTMENTS OF THE EXERCISE PRICE AND NUMBER OF GRANTED OPTIONS

       (a) The Exercise Price of each Option shall be subject to adjustment in
       accordance with the following formula (to be rounded to the nearest
       tenth) upon the occurrence of events relating to changes in paid-in
       capital of TSMC, as a result of capitalization of retained earnings or
       capital reserves.

            NEP = OEP x [N/(N+ n)]

            Where:   NEP = the Exercise Price after such adjustment

                     OEP = the Exercise Price before such adjustment

                     N =   the number of outstanding common Shares before issue
                           (the number of treasury Shares which have not been
                           transferred or cancelled, or convertible bonds, shall
                           not be included)

                     n =   the number of new common Shares arising from the
                           capitalization of retained earnings or capital
                           reserves

       (b) The Exercise Price will not be adjusted in case of issuance of new
       Common Stock in connection with mergers involving either the Company or
       TSMC.

9.     ISSUANCE OF ADDITIONAL OPTIONS

       Upon the occurrence of TSMC's capitalization of retained earnings or
       capital reserves, in addition to adjusting the exercise price in
       accordance with provisions set forth in Section 8(a) above, the Company
       will issue additional options in proportion to the increase of paid-in
       capital (only integral options will be issued and any fractional options
       resulting therefrom will be disregarded) at the adjusted price to holders
       of existing unvested or unexercised options, provided that there are
       sufficient common shares reserved for granting the options as specified
       in the Articles of Incorporation of TSMC.

10.    PROCEDURES FOR EXERCISING OPTIONS

       (a) Subject to the Company's Insider Trading Policy, except during a
       period in which the exercise of Options is not permitted by relevant laws
       and regulations, the Optionee may exercise his/her Options in accordance
       with the vesting schedule set forth in Section 7(b)

                                      -7-
<PAGE>

      above by submitting a written notice (the "Exercise Notice") to the
      Company.

      (b) The Company shall inform the Optionee of the payment needed for
      exercising the Options to a designated bank upon the receipt of the
      Exercise Notice, and the Purchase Price shall be payable in full in cash.
      The Exercise Notice shall not be withdrawn once given.

      (c) The Company shall cause TSMC to register the Optionee and his/her
      shares in the shareholders record upon confirmation of payment.

11.   MISCELLANEOUS

      (a) The Plan, and its amendments, shall become effective when the TSMC
      Plan is approved by the relevant authority and upon approval from the
      Committee.

      (b) Any other matters not set forth in the Plan shall be dealt with in
      accordance with the applicable laws and regulations by the Committee,
      whose decisions regarding the Plan and its administration shall be final.

                                      -8-

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