the 2009 Annual Report (pdf) - PLX Technology

The amortization expense for the year ended December 31, 2009 was $3.4 million. Estimated future amortization
expense is as follows (in thousands):
2010………………… $ 2,593
2011………………… 1,527
2012………………… 760
2013………………… 760
Total………………… $ 5,640
Amortization expense for the years ended December 31, 2008 and 2007 of $0.7 million and $1.3 million,
respectively, was related to the amortization of intangibles acquired through our prior acquisitions of HiNT
Corporation and NetChip Technology, Inc. As of December 31, 2008, the Company determined that these assets
were impaired and the remaining carrying value of $0.8 million was written off.
10. Stock Repurchase
In September 2002, the Company’s Board of Directors approved a repurchase of up to 2,000,000 shares of
common stock. In July 2008, the Company’s Board of Directors authorized an additional 2,000,000 shares under the
repurchase program. At the discretion of management, the Company can repurchase the shares from time to time in
the open market or in privately negotiated transactions. Approximately 774,000 shares were repurchased for
approximately $1.9 million in cash in 2002 and 2003. The Company did not repurchase any additional shares from
January 1, 2004 through December 31, 2007. In 2008, the Company repurchased 956,000 shares for approximately
$6.5 million. The Company did not repurchase any additional shares in 2009.
11. Retirement Savings Plan
The Company sponsors the PLX Technology, Inc. 401(k) Plan (the “Plan”). The Plan allows all full-time
employees to contribute up to 100% of their annual compensation. However, employee contributions are limited to a
maximum annual amount established by the Internal Revenue Service. Beginning in 1996, the Company made a
matching contribution calculated at 50 cents on each dollar of the first 6% of the participant’s compensation. The
Company's expenses relating to the plan were approximately $0.5 million and $0.5 million for 2008 and 2007,
respectively. In January 2009, the Company announced that it suspended the matching contributions as a result of the
current macroeconomic conditions. The Company will reevaluate its matching contribution in the future.
As a result of the acquisition of Oxford, the Company contributed and plans to continue contributing to the U.K.
national pension program. The Company expensed approximately $0.3 million in 2009 relating to this program.
In January 2009, the Company established the PLX Technology, Inc. Employee Stock Ownership Plan (the
“ESOP”). The ESOP is non-contributory and provides cash contribution at a percent of eligible U.S. compensation
that is determined annually by the Board of Directors. In 2009, the Company contributed 2% of eligible
compensation. The expense recorded for contributions to this plan was approximately $0.3 million for 2009.
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