EQUITY-BASED COMPENSATION PLANS

3 Months Ended

Sep. 26, 2021

Share-based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION PLANS

EQUITY-BASED COMPENSATION PLANS The Lam Research Corporation 2015 Stock Incentive Plan, as amended (the “2015 Plan”), provides for the grant of non-qualified equity-based awards of the Company’s Common Stock to eligible employees and non-employee directors, including stock options, restricted stock units (“RSUs”), and market-based performance RSUs (“market-based PRSUs”). An option is a right to purchase Common Stock at a set price. An RSU award is an agreement to issue a set number of shares of Common Stock at the time of vesting. The Company’s market-based PRSUs contain both a market condition and a service condition. The Company’s option, RSU, and market-based PRSU awards typically vest over a period of three years. The Company also has an employee stock purchase plan that allows employees to purchase its Common Stock at a discount through payroll deductions.

The Company recognized the following equity-based compensation expense (including expense related to the employee stock purchase plan) and related income tax benefit in the Condensed Consolidated Statements of Operations:

	Three Months Ended
	September 26, 2021		September 27, 2020
	(in thousands)
Equity-based compensation expense	$	58,099	$	55,988
Income tax benefit recognized related to equity-based compensation expense	$	8,208	$	9,877