8-K

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (date of earliest event reported): August 4, 2005

SYMMETRICOM, INC.

(Exact name of registrant as specified in its charter)

Delaware	000-02287	95-1906306
(State or other jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

2300 Orchard Parkway, San Jose, California 95131-1017

(Address of principal executive offices, including zip code)

(408) 433-0910

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01: ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

On August 5, 2004, the board of directors of Symmetricom, Inc. (“Symmetricom”) approved a cash bonus plan for fiscal year 2006 (the “Plan”).  Bonuses under the Plan may be up to 150% of an employee’s base salary, and will be based upon the company’s revenue and earnings in fiscal 2006 in comparison to certain target amounts and upon the achievement of personal goals.  Payments under the Plan will be made on a semi-annual basis at the rate of 30% of the annual bonus amount for first half of the year, and the balance of 70% of the annual bonus amount will be made at the year end.  Payments under the Plan will be made within sixty days of the end of each six month period.  Employees must be on the payroll for the last work day of the six month period to be eligible to participate in the Plan.

Item 5.03    AMENDMENTS TO ARTICLES OF INCORPORATION OR BYLAWS.

On August 4, 2005, the board of directors of Symmetricom adopted amended and restated bylaws of the company (the “Amended and Restated Bylaws”), a copy of which is attached hereto as Exhibit 3.1.  The Amended and Restated Bylaws update the indemnification provisions of Article 5 to (i) exempt from the mandatory indemnification provisions of the bylaws certain actions brought by directors and officers; (ii) provide for permissive, rather than mandatory, indemnification of Symmetricom’s employees and agents other than directors or officers against liabilities and expenses incurred in connection with any proceeding arising by reason of the fact that such person is or was an employee or agent of Symmetricom; (iii) provide for the mandatory, rather than permissive, advancement of expenses to directors and officers upon receipt of an undertaking to repay such amount if it is ultimately determined that such person is not entitled to indemnification; and (iv) conform the provision regarding advancement of expenses to the advancement of expenses provision of Section 145 of the Delaware General Corporation Law.  The Amended and Restated Bylaws are effective as of the date of adoption.

Item 5.05    AMENDMENTS TO ARTICLES REGISTRANT’S CODE OF ETHICS, OR WAIVER OF A PROVISION OF THE CODE OF ETHICS.

On August 4, 2005, the board of directors of Symmetricom adopted a revised Code of Business Conduct and Ethics (the “Revised Code”), a copy of which is attached hereto as Exhibit 14.1.  The Revised Code modified the conflict of interest provisions to preclude specified relationships with material customers, suppliers or competitors, rather than a categorical preclusion of such specified relationships with all customers, suppliers and competitors.  The Revised Code specifies that (i) a company is a “material” customer if the company has made payments to the Company in the past fiscal year in excess of $200,000 or 5% of the Company’s gross revenues, whichever is greater; (ii) a company is a “material” supplier if the company has received payments from the Company in the past fiscal year in excess of $200,000 or 5% of the supplier’s gross revenues, whichever is greater; and (iii) a company is a “material” competitor if the company competes in the Company’s line of business and has annual gross revenues from such line of business in excess of $15 million.

Item 9.01    FINANCIAL STATEMENTS AND EXHIBITS

(c) Exhibits:

Exhibit
Number	Description
3.1	Amended and Restated Bylaws of Symmetricom, Inc.
14.1	Code of Business Conduct and Ethics, effective as of August 4, 2005.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 10, 2005	By:	/s/ William Slater
		William Slater
		Chief Financial Officer and Secretary

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EX-3.1

Exhibit 3.1

AMENDED AND RESTATED BY-LAWS

OF

SYMMETRICOM, INC.

(a Delaware corporation)

ARTICLE 1

MEETING OF STOCKHOLDERS

1.1Place of Meeting.  Meetings of stockholders may be held at such place, either within or without of the State of Delaware, as may be designated by or in the manner provided in these by-laws, or, if not so designated, at the registered office of the corporation or the principal executive offices of the corporation.

1.2Annual Meeting.  Annual meetings of stockholders shall be held each year at such date and time as shall be designated from time to time by the Board of Directors.  In the absence of such designation, the annual meeting of shareholders shall be held on the third Thursday of October in each year at 10:00 a.m. (Pacific Standard Time).  However, if such day falls on a legal holiday, then the meeting shall be held at the same time and place on the next succeeding full business day.  At such annual meeting, the stockholders shall elect by a plurality vote the number of directors equal to the number of directors to be elected at such meeting (or, if fewer, the number of directors properly nominated and qualified for election).  The stockholders shall also transact such other business as may properly be brought before the meetings.

To be properly brought before the annual meeting, business must be (a) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors or the Chief Executive Officer, (b) otherwise properly brought before the meeting by or at the direction of the Board of Directors or the Chief Executive Officer or (c) otherwise properly brought before the meeting by a stockholder of record.  In addition to any other applicable requirements, for business to be properly brought before the annual meeting by a stockholder, the stockholder must have given timely notice thereof in writing to the Secretary of the corporation.  To be timely, a stockholder’s notice must be delivered by a nationally recognized courier service or mailed by first-class United States mail, postage or delivery charges prepaid, and received at the principal executive offices of the corporation, addressed to the attention of the Secretary of the corporation, not less than 60 days nor more than 90 days prior to the scheduled date of the meeting (regardless of any postponements, deferrals or adjournments of that meeting to a later date); provided, however, that in the event that less than 75 days’ notice or prior public disclosure of the date of the scheduled meeting is given or made to stockholders, notice by the stockholder to be timely must be so received not later than the earlier of (a) the close of business on the 15th day following the day on which such notice of the date of the scheduled annual meeting was mailed or such public disclosure was made, whichever first occurs, and (b) two days prior to the date of the scheduled meeting.  A stockholder’s notice to the Secretary shall set forth as to each matter the stockholder proposes to bring before the annual meeting (i) a brief description of the business desired to be brought before the annual

meeting and the reasons for conducting such business at the annual meeting, (ii) the name and record address of the stockholder proposing such business, (iii) the class, series and number of shares of the corporation that are owned beneficially by the stockholder and (iv) any material interest of the stockholder in such business.

Notwithstanding anything in these by-laws to the contrary, no business shall be conducted at the annual meeting except in accordance with the procedures set forth in this Section; provided, however, that nothing in this Section shall be deemed to preclude discussion by any stockholder of any business properly brought before the annual meeting.

The Chairman of the Board of Directors of the corporation (or such other person presiding at the meeting in accordance with these by-laws) shall, if the facts warrant, determine and declare to the meeting that business was not properly brought before the meeting in accordance with the provisions of this Section, and if he or she should so determine, he or she shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted.

1.3Special Meetings.  Special meetings of the stockholders may be called for any purpose or purposes, unless otherwise prescribed by statute or by the certificate of incorporation, by the Chief Executive Officer or Secretary only at the request of the Chairman of the Board, the Chief Executive Officer or President of the corporation or by a resolution duly adopted by the affirmative vote of a majority of the Board of Directors or by the holders of shares entitled to cast not less than 10% of the votes at such a meeting.  Any such request or resolution shall state the purpose or purposes of the proposed meeting.  Business transacted at any special meeting shall be limited to matters relating to the purpose or purposes stated in the notice of meeting.

1.4Notice of Meetings.  Written notice of stockholders’ meetings, stating the place, date and time of the meeting and, in the case of a special meeting, the purpose or purposes for which such special meeting is called, shall be given to each stockholder entitled to vote at such meeting not less than 10 nor more than 60 days prior to the meeting.

When a meeting is adjourned to another place, date or time, written notice need not be given of the adjourned meeting if the place, date and time thereof are announced at the meeting at which the adjournment is taken; provided, however, that if the date of any adjourned meeting is more than 30 days after the date for which the meeting was originally noticed, or if a new record date is fixed for the adjourned meeting, written notice of the place, date and time of the adjourned meeting shall be given in conformity herewith.

1.5List of Stockholders.  The officer in charge of the stock ledger of the corporation or the transfer agent shall prepare and make, at least 10 days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder.  Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least 10 days prior to the meeting, at a place within the city where the meeting is to be held, which place, if other than the place of the meeting, shall be specified in the notice of the

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meeting.  The list shall also be produced and kept at the place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present in person thereat.

1.6Organization and Conduct of Business.  The Chairman of the Board of Directors or, in his or her absence, the Chief Executive Officer or President of the corporation or, in their absence, such person as the Board of Directors may have designated or, in the absence of such a person, such person as may be chosen by the holders of a majority of the shares entitled to vote who are present, in person or by proxy, shall call to order any meeting of the stockholders and act as Chairman of the meeting.  In the absence of the Secretary of the corporation, the secretary of the meeting shall be such person as the Chairman appoints.

The Chairman of any meeting of stockholders shall determine the order of business and the procedure at the meeting, including such regulation of the manner of voting and the conduct of discussion as seems to him or her in order.

1.7Quorum and Adjournments.  Except where otherwise provided by law or the certificate of incorporation or these by-laws, the holders of a majority of the stock issued and outstanding and entitled to vote, present in person or represented in proxy, shall constitute a quorum at all meetings of the stockholders.  The stockholders present at a duly called or held meeting at which a quorum is present may continue to do business until adjournment, notwithstanding the withdrawal of enough stockholders to have less than a quorum if any action taken (other than adjournment) is approved by at least a majority of the shares required to constitute a quorum.  At such adjourned meeting at which a quorum is present or represented, any business may be transacted which might have been transacted at the meeting as originally notified.  If, however, a quorum shall not be present or represented at any meeting of the stockholders, the stockholders entitled to vote thereat who are present in person or represented by proxy or, if no stockholder is present or represented by proxy, by any officer entitled to preside at or to act as secretary of such meeting, shall have the power to adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present or represented.

1.8Voting Rights.  Unless otherwise provided in the certificate of incorporation, each stockholder shall at every meeting of the stockholders be entitled to one vote in person or by proxy for each share of the capital stock having voting power held by such stockholder.

1.9Majority Vote.  When a quorum is present at any meeting, the vote of the holders of a majority of the stock having voting power present in person or represented by proxy shall decide any question brought before such meeting, unless the question is one upon which, by express provision of the statutes or of the certificate of incorporation or of these by-laws, a different vote is required, in which case such express provision shall govern and control the decision of such question.

1.10Record Date for Stockholder Notice and Voting.  For purposes of determining the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, or to vote, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any right in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix, in advance, a

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record date, which shall not be more than 60 days nor less than 10 days before the date of any such meeting nor more than 60 days before any other action to which such record date relates.  A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting.  If the Board of Directors does not so fix a record date, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the business day next preceding the day on which notice is given or, if notice is waived, at the close of business on the business day next preceding the day on which the meeting is held.  The record date for determining stockholders for any other purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating to such purpose.

1.11Proxies.  To the extent permitted by law, any stockholder of record may appoint a person or persons to act as the stockholder’s proxy or proxies at any stockholder meeting for the purpose of representing and voting the stockholder’s shares.  The stockholder may make this appointment by any means the General Corporation Law of the State of Delaware specifically authorizes, and by any other means the Secretary of the corporation may permit.  Prior to any vote, and subject to any contract rights of the proxy holder, the stockholder may revoke the proxy appointment either directly or by the creation of a new appointment, which will automatically revoke the former one.  The inspector of elections appointed for the meeting may establish requirements concerning such proxy appointments or revocations that the inspector considers necessary or appropriate to assure the integrity of the vote and to comply with law.

1.12Inspectors of Election.  The corporation shall, in advance of any meeting of stockholders, appoint one or more inspectors of election to act at the meeting and make a written report thereof.  The corporation may designate one or more persons to act as alternate inspectors to replace any inspector who fails to act.  If no inspector or alternate is able to act at a meeting of stockholders, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting.  Each inspector, before entering upon the discharge of his or her duties, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of his or her ability.

ARTICLE 2

DIRECTORS

2.1Number, Election, Tenure and Qualifications.  The number of directors which shall constitute the whole Board of Directors shall initially be six (6); provided, however, that the number of directors that shall constitute the whole Board of Directors shall be fixed from time to time by resolution adopted by a majority of the entire Board of Directors.  The classes of directors that shall constitute the whole Board of Directors, if any, shall be as provided in the certificate of incorporation of the corporation.

At each annual meeting of the stockholders, directors shall be elected to replace those directors whose terms are then expiring, and each director so elected shall hold office until such director’s successor is duly elected and qualified or until such director’s earlier resignation, removal, death or incapacity.

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Subject to the rights of holders of any class or series of stock having a preference over the common stock as to dividends or upon liquidation, nominations of persons for election to the Board of Directors at the annual meeting, by or at the direction of the Board of Directors, may be made by any nominating committee or person appointed by the Board of Directors; nominations may also be made by any stockholder of record of the corporation entitled to vote for the election of directors at the meeting who complies with the notice procedures set forth in this Section.  Such nominations, other than those made by or at the direction of the Board of Directors, shall be made pursuant to timely notice in writing to the Secretary of the corporation.  To be timely, a stockholder’s notice shall be delivered by a nationally recognized courier service or mailed by first-class United States mail postage or delivery charges prepaid, and received at the principal executive offices of the corporation addressed to the attention of the Secretary of the corporation not less than 60 days nor more than 90 days prior to the scheduled date of the meeting (regardless of any postponements, deferrals or adjournments of that meeting to a later date); provided, however, that in the event that less than 75 days’ notice or prior public disclosure of the date of the scheduled meeting is given or made to stockholders, notice by the stockholder to be timely must be so received not later than the earlier of (x) the close of business on the 15th day following the day on which such notice of the date of the scheduled annual meeting was mailed or such public disclosure was made, whichever first occurs, and (y) two days prior to the date of the scheduled meeting.  Such stockholder’s notice to the Secretary shall set forth (a) as to each person whom the stockholder proposes to nominate for election or reelection as a director, (i) the name, age, business address and residence address of the person, (ii) the principal occupation or employment of the person, (iii) the class, series and number of shares of capital stock of the corporation that are owned beneficially by the person, (iv) a statement as to the person’s citizenship and (v) any other information relating to the person that is required to be disclosed in solicitations for proxies for election of directors pursuant to Section 14 of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder; and (b) as to the stockholder giving the notice, (i) the name and record address of the stockholder and (ii) the class, series and number of shares of capital stock of the corporation that are owned beneficially by the stockholder.  The corporation may require any proposed nominee to furnish such other information as may reasonably be required by the corporation to determine the eligibility of such proposed nominee to serve as director of the corporation.  No person shall be eligible for election as a director of the corporation unless nominated in accordance with the procedures set forth herein.

In connection with any annual meeting, the Chairman of the Board of Directors (or such other person presiding at such meeting in accordance with these by-laws) shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the foregoing procedure, and if he or she should so determine, he or she shall so declare to the meeting and the defective nomination shall be disregarded.

Directors need not be stockholders.

2.2Enlargement and Vacancies.  The number of members of the Board of Directors may be increased at any time by vote of a majority of the directors then in office.  Sole power to fill vacancies and newly created directorships resulting from any increase in the authorized number of directors shall be vested in the Board of Directors as provided in the certificate of incorporation of the corporation, and each director so chosen shall hold office until the next

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annual election at which, if applicable, the term of the class to which they have been elected expires and in any event until such director’s successor is duly elected and qualified or until such director’s earlier resignation, removal from office, death or incapacity.  If there are no directors in office, then an election of directors may be held in the manner provided by statute.  In the event of a vacancy in the Board of Directors, the remaining directors, except as otherwise provided by law or these by-laws, may exercise the powers of the full board until the vacancy is filled.

2.3Resignation and Removal.  Any director may resign at any time upon written notice to the corporation at its principal place of business or to the Chief Executive Officer or the Secretary.  Such resignation shall be effective upon receipt of such notice unless the notice specifies such resignation to be effective at some other time or upon the happening of some other event.  Any director or the entire Board of Directors may be removed, with or without cause, by the holders of a majority of the shares then entitled to vote at an election of directors, unless otherwise specified by law or the certificate of incorporation of the corporation.

2.4Powers.  The business of the corporation shall be managed by or under the direction of the Board of Directors which may exercise all such powers of the corporation and do all such lawful acts and things which are not by statute or by the certificate of incorporation or by these by-laws directed or required to be exercised or done by the stockholders.

2.5Chairman of the Board.  If the Board of Directors appoints a Chairman of the Board, such Chairman shall, when present, preside at all meetings of the stockholders and the Board of Directors.  The Chairman shall perform such duties and possess such powers as are customarily vested in the office of the Chairman of the Board or as may be vested in the Chairman by the Board of Directors.

2.6Place of Meetings.  The Board of Directors may hold meetings, both regular and special, either within or without the State of Delaware.

2.7Annual Meetings.  The annual meetings of the Board of Directors shall be held immediately following the annual meeting of stockholders, and no notice of such meeting shall be necessary to the Board of Directors, provided a quorum shall be present.  The annual meetings shall be for the purposes of organization, and an election of officers and the transaction of other business.

2.8Regular Meetings.  Regular meetings of the Board of Directors may be held without notice at such time and place as may be determined from time to time by the Board of Directors; provided that any director who is absent when such a determination is made shall be given prompt notice of such determination.  A regular meeting may be held immediately following the annual meeting of stockholders, and at the same place as the annual meeting of stockholders.

2.9Special Meetings.  Special meetings of the Board of Directors may be called by the Chairman of the Board, the Chief Executive Officer, the President, the Secretary on the written request of two or more directors, or by one director in the event that there is only one director in office.  Notice of the time and place of special meetings shall be delivered personally

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or by telephone to each director, or sent by first-class mail or telegram, cable, commercial delivery service, telex, facsimile transmission or electronic means, charges prepaid, sent to such director’s business or home address as they appear upon the records of the corporation.  In case such notice is mailed, it shall be deposited in the United States mail at least four days prior to the time of holding of the meeting.  In case such notice is delivered personally or by telegram, cable, commercial delivery service, telex, facsimile transmission or electronic means, it shall be so delivered at least twenty-four hours prior to the time of the holding of the meeting.  A notice or waiver of notice of a meeting of the Board of Directors need not specify the purposes of the meeting.

2.10Quorum, Action at Meeting, Adjournments.  At all meetings of the Board of Directors, a majority of directors then in office, but in no event less than one third of the entire Board of Directors, shall constitute a quorum for the transaction of business and the act of a majority of the directors present at any meeting at which there is a quorum shall be the act of the Board of Directors, except as may be otherwise specifically provided by law or by the certificate of incorporation.  For purposes of this Section, the term “entire” shall mean the number of directors last fixed by the stockholders or directors, as the case may be, in accordance with law and these by-laws; provided, however, that if less than all the number so fixed of directors were elected, the “entire Board” shall mean the greatest number of directors so elected to hold office at any one time pursuant to such authorization.  If a quorum shall not be present at any meeting of the Board of Directors, a majority of the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

2.11Action Without Meeting.  Unless otherwise restricted by the certificate of incorporation of the corporation or these by-laws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board of Directors or committee, as the case may be, consent thereto in writing, and the writing or writings are filed with the minutes of proceedings of the Board of Directors or committee.

2.12Telephone Meetings.  Unless otherwise restricted by the certificate of incorporation of the corporation or these by-laws, any member of the Board of Directors or any committee thereof may participate in a meeting of the Board of Directors or of any committee, as the case may be, by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.

2.13Committees.  The Board of Directors may, by resolution passed by a majority of the whole Board of Directors, designate one or more committees, each committee to consist of one or more of the directors of the corporation.  The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee.  Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the corporation, and may authorize the seal of the corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to amending the

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certificate of incorporation of the corporation, adopting an agreement of merger or consolidation, recommending to the stockholders the sale, lease or exchange of all or substantially all of the corporation’s property and assets, recommending to the stockholders a dissolution of the corporation or a revocation of a dissolution, or amending these by-laws of the corporation; and, unless the resolution designating such committee or the certificate of incorporation of the corporation expressly so provides, no such committee shall have the power or authority to declare a dividend or to authorize the issuance of stock.  Such committee or committees shall have such name or names as may be determined from time to time by resolution adopted by the Board of Directors.  Each committee shall keep regular minutes of its meetings and make such reports to the Board of Directors as the Board of Directors may request.  Except as the Board of Directors may otherwise determine, any committee may make rules for the conduct of its business, but unless otherwise provided by the directors or in such rules, its business shall be conducted as nearly as possible in the same manner as is provided in these by-laws for the conduct of its business by the Board of Directors.

2.14Fees and Compensation of Directors.  Unless otherwise restricted by the certificate of incorporation of the corporation or these by-laws, the Board of Directors shall have the authority to fix the compensation of directors.  The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors and/or a stated salary as director.  No such payment shall preclude any director from serving the corporation in any other capacity and receiving compensation therefor.  Members of special or standing committees may be allowed like compensation for attending committee meetings.

ARTICLE 3

OFFICERS

3.1Officers Designated.  The officers of the corporation shall be chosen by the Board of Directors and shall be a Chief Executive Officer, a President, a Secretary and a Chief Financial Officer or Treasurer.  The Board of Directors may also choose a Chief Operating Officer, one or more Vice Presidents and one or more assistant Secretaries or assistant Treasurers.  Any number of offices may be held by the same person, unless the certificate of incorporation of the corporation or these by-laws otherwise provide.

3.2Election.  The Board of Directors at its first meeting after each annual meeting of stockholders shall choose a Chief Executive Officer, a President, a Secretary and a Chief Financial Officer or Treasurer.  Other officers may be appointed by the Board of Directors at such meeting, at any other meeting or by written consent, or may be appointed by the Chief Executive Officer pursuant to a delegation of authority from the Board of Directors.

3.3Tenure.  The officers of the corporation shall hold office until their successors are chosen and qualify, unless a different term is specified in the vote choosing or appointing such officer, or until such officer’s earlier death, resignation or removal.  Any officer elected or appointed by the Board of Directors or by the Chief Executive Officer may be removed with or without cause at any time by the affirmative vote of a majority of the Board of Directors or a committee duly authorized to do so, except that any officer appointed by the Chief Executive

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Officer may also be removed at any time by the Chief Executive Officer.  Any vacancy occurring in any office of the corporation may be filled by the Board of Directors, at its discretion.  Any officer may resign by delivering such officer’s written resignation to the corporation at its principal place of business or to the Chief Executive Officer or the Secretary.  Such resignation shall be effective upon receipt unless it is specified to be effective at some other time or upon the happening of some other event.

3.4The Chief Executive Officer.  Subject to such supervisory powers, if any, as may be given by the Board of Directors to the Chairman of the Board, the Chief Executive Officer shall preside at all meetings of the stockholders and in the absence of the Chairman of the Board, or if there be none, at all meetings of the Board of Directors, shall have general and active management of the business of the corporation and shall see that all orders and resolutions of the Board of Directors are carried into effect.  He or she shall execute bonds, mortgages and other contracts requiring a seal, under the seal of the corporation, except where required or permitted by law to be otherwise signed and executed and except where the signing and execution thereof shall be expressly delegated by the Board of Directors to some other officer or agent of the corporation.

3.5The President.  The President shall, in the event there shall be no Chief Executive Officer or in the absence of the Chief Executive Officer or in the event of his or her disability or refusal to act, perform the duties of the Chief Executive Officer, and when so acting, shall have the powers of and subject to all the restrictions upon the Chief Executive Officer.  The President shall perform such other duties and have such other powers as may from time to time be prescribed for such person by the Board of Directors or the Chief Executive Officer.

3.6The Vice President.  The Vice President (or in the event there be more than one, the Vice Presidents in the order designated by the directors, or in the absence of any designation, in the order determined by their tenure in office) shall, in the absence of the President or in the event of his or her disability or refusal to act, perform the duties of the President, and when so acting, shall have the powers of and be subject to all the restrictions upon the President.  The Vice President(s) shall perform such other duties and have such other powers as may from time to time be prescribed for them by the Board of Directors or the Chief Executive Officer.

3.7The Secretary.  The Secretary shall attend all meetings of the Board of Directors and the stockholders and record all votes and the proceedings of the meetings in a book to be kept for that purpose and shall perform like duties for the standing committees, when required.  The Secretary shall give, or cause to be given, notice of all meetings of stockholders and special meetings of the Board of Directors, and shall perform such other duties as may from time to time be prescribed by the Board of Directors or the Chief Executive Officer, under whose supervision he or she shall act.  The Secretary shall have custody of the seal of the corporation, and the Secretary, or an Assistant Secretary, shall have authority to affix the same to any instrument requiring it, and, when so affixed, the seal may be attested by his or her signature or by the signature of such Assistant Secretary.  The Board of Directors may give general authority to any other officer to affix the seal of the corporation and to attest the affixing thereof by his or her signature.  The Secretary shall keep, or cause to be kept, at the principal executive office or at the office of the corporation’s transfer agent or registrar, as determined by resolution of the Board of Directors, a share register, or a duplicate share register, showing the names of all stockholders

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and their addresses, the number and classes of shares held by each, the number and date of certificates issued for the same and the number and date of cancellation of every certificate surrendered for cancellation.

3.8The Assistant Secretary.  The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order designated by the Board of Directors (or in the absence of any designation, in the order determined by their tenure in office) shall assist the Secretary in the performance of his or her duties and, in the absence of the Secretary or in the event of his or her inability or refusal to act, perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as may from time to time be prescribed by the Board of Directors or the Chief Executive Officer.

3.9The Chief Financial Officer.  The Chief Financial Officer shall have the custody of the Corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the corporation in such depositories as may be designated by the Board of Directors.  The Chief Financial Officer shall disburse the funds of the corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the Chief Executive Officer and the Board of Directors, at its regular meetings, or when the Board of Directors so requires, an account of all his or her transactions as Chief Financial Officer and of the financial condition of the corporation.  The Chief Financial Officer shall perform such other duties and have other powers as may from time to time be prescribed by the Board of Directors or the Chief Executive Officer.

3.10Treasurer and Assistant Treasurers.  The Treasurer shall have such duties as may be specified by the Chief Financial Officer to assist the Chief Financial Officer in the performance of his or her duties and to perform such other duties and have other powers as may from time to time be prescribed by the Board of Directors or the Chief Executive Officer.  It shall be the duty of the Assistant Treasurers to assist the Treasurer in the performance of his or her duties and to perform such other duties and have other powers as may from time to time be prescribed by the Board of Directors or the Chief Executive Officer.

3.11Bond.  If required by the Board of Directors, any officer shall give the corporation a bond in such sum and with such surety or sureties and upon such terms and conditions as shall be satisfactory to the Board of Directors, including without limitation a bond for the faithful performance of the duties of such officer’s office and for the restoration to the corporation of all books, papers, vouchers, money and other property of whatever kind in such officer’s possession or under such officer’s control and belonging to the corporation.

3.12Delegation of Authority.  The Board of Directors may from time to time delegate the powers or duties of any officer to any other officers or agents, notwithstanding any provision hereof.

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ARTICLE 4

NOTICES

4.1Delivery.  Whenever, under the provisions of law, or of the certificate of incorporation of the corporation or these by-laws, written notice is required to be given to any director or stockholder, such notice may be given by mail, addressed to such director or stockholder, at such person’s address as it appears on the records of the corporation, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited in the United States mail or delivered to a nationally recognized courier service.  Unless written notice by mail is required by law, written notice may also be given by telegram, cable, telex, commercial delivery services, facsimile or electronic means, addressed to such director or stockholder at such person’s address as it appears on the records of the corporation, in which case such notice shall be deemed to be given when delivered into the control of the persons charged with effecting such transmission, the transmission charge to be paid by the corporation or the person sending such notice and not by the addressee.  Oral notice or other in-hand delivery, in person or by telephone, shall be deemed given at the time it is actually given.

4.2Waiver of Notice.  Whenever any notice is required to be given under the provisions of law or of the certificate of incorporation of the corporation or of these by-laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto.  In addition to the foregoing, notice of a meeting need not be given to any director who signs a waiver of notice or a consent to holding the meeting or an approval of the minutes thereof, whether before or after the meeting, or who attends the meeting without protesting, prior thereto or at its commencement, the lack of notice to such director.  All such waivers, consents and approvals executed under this Section shall be filed with the corporate records or made a part of the minutes of the meeting.

ARTICLE 5

INDEMNIFICATION

5.1Actions Other Than By or in the Right of the Corporation.  Subject to Sections 5.3 and 5.6 of this Article 5, the corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason of the fact that such person is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceedings, had no reasonable cause to believe such person’s conduct was unlawful.  The termination of any action, suit or proceeding by judgment, order, settlement, conviction or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the person did not act in good faith and in a manner which such person reasonably believed to be in

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or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that such person’s conduct was unlawful.

5.2Actions By or in the Right of the Corporation.  Subject to Sections 5.3 and 5.6 of this Article 5, the corporation shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the corporation to procure a judgment in its favor by reason of the fact that such person is or was a director or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection with the defense or settlement of such action or suit if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the corporation; provided, however, that no indemnification shall be made under this Section 5.2 of this Article 5 in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of such person’s duty to the corporation unless and only to the extent that the Court of Chancery of the State of Delaware or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery of the State of Delaware or such other court shall deem proper.

5.3Proceedings Initiated by Directors or Officers.  Notwithstanding the provisions of Sections 5.1 or 5.2 of this Article 5, the corporation shall not be required to indemnify any director or officer in connection with any proceeding (or part thereof) initiated by such person or any proceeding by such person against the corporation or its directors, officers, employees or other agents unless (i) such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by the Board of Directors of the corporation, (iii) such indemnification is provided by the corporation, in its sole discretion, pursuant to the powers vested in the corporation under the Delaware General Corporation Law or (iv) the proceeding was initiated to enforce the rights conveyed by this Article 5 or any contractual right of indemnification.

5.4Indemnification of Others.  The corporation shall have the power, to the maximum extent and in the manner permitted by the General Corporation Law of Delaware, to indemnify each of its employees and agents (other than directors and officers) against expenses (including attorneys’ fees), judgments, fines, settlements and other amounts actually and reasonably incurred in connection with any proceeding arising by reason of the fact that such person is or was an employee or agent of the corporation.  For purposes of this section, an “employee” or “agent” of the corporation (other than a director or officer) includes any person (i) who is or was an employee or agent of the corporation, (ii) who is or was serving at the request of the corporation as an employee or agent of another corporation, partnership, joint venture, trust or other enterprise, or (iii) who was an employee or agent of a corporation which was a predecessor corporation of the corporation or of another enterprise at the request of such predecessor corporation.

5.5Success on the Merits.  To the extent that any person described in Sections 5.1 or 5.2 of this Article 5 has been successful on the merits or otherwise in defense of any action, suit

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or proceeding referred to in said Sections, or in defense of any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection therewith.

5.6Specific Authorization.  Any indemnification under Sections 5.1 or 5.2 of this Article 5 (unless ordered by a court) shall be made by the corporation only as authorized in the specific case upon a determination that indemnification of any person described in said Sections is proper in the circumstances because such person has met the applicable standard of conduct set forth in said Sections.  Such determination shall be made (1) by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to such action, suit or proceeding, or (2) if such a quorum is not obtainable, or even if obtainable a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (3) by the stockholders of the corporation.

5.7Advance Payment.  Expenses incurred by any director or officer in defending a civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the corporation in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized by this Article 5.   Such expenses (including attorneys’ fees) incurred by former directors and officers or other employees or agents of the corporation may be so paid upon such terms and conditions, if any, as the corporation deems appropriate.

5.8Non-Exclusivity.  The indemnification provided by this Article 5 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any by-law, provision of the certificate of incorporation of the corporation, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person’s official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee or agent of the corporation and shall inure to the benefit of the heirs, executors and administrators of such a person.  Any repeal or amendment of any of the provisions of this Article 5 shall not adversely affect any right or potential of any indemnitee existing at the time of such repeal or amendment.

5.9Insurance.  The Board of Directors may authorize, by a vote of the majority of the full Board of Directors, the corporation to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against such person and incurred by such person in any such capacity, or arising out of such person’s status as such, whether or not the corporation would have the power to indemnify such person against such liability under the provisions of this Article 5.

5.10Savings.  If this Bylaw or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the corporation shall nevertheless indemnify each director and officer to the full extent permitted by any applicable portion of this Bylaw that shall not have been invalidated, or by any other applicable law.

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5.11Intent of Article.  The intent of this Article 5 is to provide for indemnification to the fullest extent permitted by Section 145 of the General Corporation Law of the State of Delaware.  To the extent that such Section or any successor Section may be amended or supplemented from time to time, this Article 5 shall be amended automatically and construed so as to permit indemnification to the fullest extent from time to time permitted by law.

ARTICLE 6

CAPITAL STOCK

6.1Certificates for Shares.  The shares of the corporation shall be represented by certificates or shall be uncertificated.  Certificates shall be signed by, or in the name of the corporation by, the Chairman of the Board, the Chief Executive Officer, the President or a Vice President and by the Chief Financial Officer, the Secretary or an Assistant Secretary of the corporation.  Any or all of the signatures on the certificate may be a facsimile.  In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue.  Certificates may be issued for partly paid shares and in such case upon the face or back of the certificates issued to represent any such partly paid shares, the total amount of the consideration to be paid therefor, and the amount paid thereon shall be specified.

Within a reasonable time after the issuance or transfer of uncertificated stock, the corporation shall send to the registered owner thereof a written notice containing the information required by the General Corporation Law of the State of Delaware or a statement that the corporation will furnish without charge to each stockholder who so requests the powers, designations, preferences and relative participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.

6.2Transfer of Stock.  Upon surrender to the corporation or the transfer agent of the corporation of a certificate of shares duly endorsed or accompanied by proper evidence of succession, assignation or authority to transfer, and proper evidence of compliance of other conditions to rightful transfer, it shall be the duty of the corporation to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.  Upon receipt of proper transfer instructions and proper evidence of compliance of other conditions to rightful transfer from the registered owner of uncertificated shares, such uncertificated shares shall be canceled and issuance of new equivalent uncertificated shares or certificated shares shall be made to the person entitled thereto and the transaction shall be recorded upon the books of the corporation.

6.3Registered Stockholders.  The corporation shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, and to vote as such owner, and to hold liable for calls and assessments a person registered on its books as the owner of shares, and shall not be bound to recognize any equitable or other claim to

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or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of Delaware.

6.4Lost, Stolen or Destroyed Certificates.  The Board of Directors may direct that a new certificate or certificates be issued to replace any certificate or certificates theretofore issued by the corporation alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed.  When authorizing the issue of a new certificate or certificates, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of the lost, stolen or destroyed certificate or certificates, or his or her legal representative, to give reasonable evidence of such loss, theft or destruction, to advertise the same in such manner as it shall require, and/or to give the corporation a bond in such sum as it may direct as indemnity against any claim that may be made against the corporation with respect to the certificate alleged to have been lost, stolen or destroyed or the issuance of such new certificate.

ARTICLE 7

CERTAIN TRANSACTIONS

7.1Transactions with Interested Parties.  No contract or transaction between the corporation and one or more of its directors or officers, or between the corporation and any other corporation, partnership, association or other organization in which one or more of its directors or officers are directors or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the Board of Directors or committee thereof which authorizes the contract or transaction or solely because the vote or votes of such director or officer are counted for such purpose, if:

(a)the material facts as to such person’s relationship or interest and as to the contract or transaction are disclosed or are known to the Board of Directors or the committee, and the Board of Directors or committee in good faith authorizes the contract or transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; or

(b)the material facts as to such person’s relationship or interest and as to the contract or transaction are disclosed or are known to the stockholders entitled to vote thereon, and the contract or transaction is specifically approved in good faith by vote of the stockholders; or

(c)the contract or transaction is fair as to the corporation as of the time it is authorized, approved or ratified by the Board of Directors or a committee thereof or the stockholders.

7.2Quorum.  Common or interested directors may be counted in determining the presence of a quorum at a meeting of the Board of Directors or of a committee which authorizes the contract or transaction.

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ARTICLE 8

GENERAL PROVISIONS

8.1Dividends.  Dividends upon the capital stock of the corporation, subject to any restrictions contained in the General Corporation Law of the State of Delaware or the provisions of the certificate of incorporation of the corporation, if any, may be declared by the Board of Directors at any regular or special meeting or by written consent.  Dividends may be paid in cash, in property or in shares of the capital stock, subject to the provisions of the certificate of incorporation of the corporation.

8.2Reserves.  The Board of Directors may set apart out of any funds of the corporation available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve.

8.3Checks.  All checks or demands for money and notes of the corporation shall be signed by such officer or officers or such other person or persons as the Board of Directors may from time to time designate.

8.4Corporate Seal.  The Board of Directors may, by resolution, adopt a corporate seal.  The corporate seal shall have inscribed thereon the name of the corporation, the year of its organization and the word “Delaware.” The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.  The seal may be altered from time to time by the Board of Directors.

8.5Fiscal Year.  The fiscal year of the corporation shall be fixed by resolution of the Board of Directors.

8.6Execution of Corporate Contracts and Instruments.  The Board of Directors, except as otherwise provided in these by-laws, may authorize any officer or officers, or agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the corporation; such authority may be general or confined to specific instances.  Unless so authorized or ratified by the Board of Directors or within the agency power of an officer, no officer, agent or employee shall have any power or authority to bind the corporation by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount.

8.7Representation of Shares of Other Corporations.  Any of the Chief Executive Officer, the President or any Vice President, the Chief Financial Officer or the Treasurer or any Assistant Treasurer, or the Secretary or any Assistant Secretary of the corporation is authorized to vote, represent and exercise on behalf of the corporation all rights incident to any and all shares of any corporation or corporations standing in the name of this corporation.

The authority herein granted to said officers to vote or represent on behalf of the corporation any and all shares held by the corporation in any other corporation or corporations may be exercised either by such officers in person or by any other person authorized so to do by proxy or power of attorney duly executed by any of said officers.

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ARTICLE 9

AMENDMENTS

Except as provided in the certificate of incorporation of the corporation, the Board of Directors is expressly empowered to adopt, amend or repeal these by-laws; provided, however, that any adoption, amendment or repeal of these by-laws by the Board of Directors shall require the approval of at least a majority of the total number of authorized directors (whether or not there exist any vacancies in previously authorized directorships at the time any resolution providing for adoption, amendment or repeal is presented to the Board of Directors).  Except as provided in the certificate of incorporation of the corporation, the stockholders shall also have power to adopt, amend or repeal these by-laws at any regular or special meeting of stockholders; provided, however, that in addition to any vote of the holders of any class or series of stock of this corporation required by law or by the certificate of incorporation of this corporation, the affirmative vote of the holders of at least a majority of the voting power of all of the then outstanding shares of the stock of the corporation entitled to vote generally in the election of directors, voting together as a single class, shall be required for such adoption, amendment or repeal by the stockholders of any provisions of these by-laws and notice of such adoption, amendment or repeal shall be contained in the notice of such meeting.

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EX-14.1

Exhibit 14.1

Effective Date: August 4, 2005
Supersedes: January 1, 2003

1-02 Code of Business Conduct and Ethics
Eligibility Requirements

Locations:	All
Employee Classifications:	All
Service:	Date of Hire

Detailed definitions are outlined in the Preface and Glossary section at the beginning of this handbook.  Specific circumstances and local ordinances, regulations, or laws may require an exception to policy for the different locations.  These exceptions will be so noted where appropriate in the policy.

Corporate Philosophy

Our Shared Values establish the basis of this Code of Business Conduct and Ethics.  At Symmetricom we believe honesty and fairness pays in the long run and that telling the truth will benefit everyone.  We will not do anything that could harm or embarrass our Company, customers, employees, suppliers or shareholders.  Symmetricom sets forth standards for business conduct and ethics for directors, officers and employees, wherever located, who are referred to collectively as “employees”.  This Code should be considered to be a minimum standard.  To the extent this Code requires a higher standard than required by commercial practice or applicable laws, rules or regulations, these higher standards must be adhered to.

We define “code of ethics” as standards reasonably necessary to promote honest and ethical conduct; full, fair, accurate, timely and understandable disclosures; and compliance with applicable rules and regulations.

Other policies to reference-

•Policy 1-01, Equal Employment Opportunity (EEO)

•Policy 1-03, Insider Trading

•Policy 1-05, Standards of Conduct

•Policy 1-06, Harassment

•Policy 1-11, Environmental Compliance

•Policy 1-13, Drug-Free Workplace

•Policy 1-16, Confidentiality and Company Property

•Policy 1-18, Disclosure of Employment Information

•Policy 1-19, Request of Governmental Representatives

•Policy 1-20, Foreign Corruption Practices

•Policy 2-04, Potential Conflicts of Employment

•Policy 7-01, Internet, Email, Voicemail and Computers Code of Conduct

•Policy 8-03, Reporting Questionable Accounting and Auditing Matters

•Policy 9-04, Workplace Violence

Documents or forms to reference-

•Invention Assignment and Secrecy Agreement

Specific Policy - All

It is the policy of Symmetricom, Inc. that employees adhere to and advocate the following principles governing their professional and ethical conduct in the fulfillment of their responsibilities.

Waivers of this Code will be granted on a case-by-case basis.  Waivers of this Code for employees (other than executive officers and directors) may be made only by an executive officer of the Company.  The Company’s Board of Directors or a Committee of the Board of Directors must approve any waiver of this Code for executive officers or directors.  Waivers of this Code for executive officers and directors will be promptly disclosed to the Company’s shareholders as required under applicable rules of the Securities and Exchange Commission (the “SEC”) or NASDAQ.

Questions regarding this Code may be submitted on a confidential and anonymous basis to any member of the management team or to Human Resources.  All employees are encouraged to seek advice if there is a question prior to taking action.  Employees are also encouraged to read the other policies referenced above as many additional details of the Company’s business practices and the ways we conduct our business are covered in the policies.

Honest and Ethical Conduct - The Avoidance of Conflicts of Interest

Each employee must engage in honest and ethical conduct at all times, including without limitation the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.

Each employee should actively avoid any private interest that may influence his or her ability to act in the interests of the Company or that makes it difficult to perform his or her work objectively and effectively.  A conflict of interest occurs when an employee’s private interest interferes, or reasonably appears to interfere, in any way with the interests of the Company as a whole.  Examples, of conflicts of interest include, without limitation, the following:

•No employee may be employed by, serve as a director of, or provide any services to a company that is a material customer, supplier or competitor of the Company.

•No employee may obtain improper personal benefits or favors because of his or her position with the Company.

•No employee may have a significant financial interest (ownership or otherwise) in any company that is a material customer, supplier or competitor of the Company.  A “significant financial interest” means (i) ownership of greater than 1% of the equity of a material customer, supplier or competitor or (ii) an investment in a material customer, supplier or competitor that represents more than 5% of the total assets of the employee.

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•No employee may obtain loans or guarantees of personal obligations from, or enter into any other personal financial transaction with, any company that is a material customer, supplier or competitor of the Company.  This guideline does not prohibit arms-length transactions with recognized banks or other financial institutions.

•No employee may serve on a board of directors or trustees or on a committee of any entity (whether profit or not-for-profit) whose interests reasonably would be expected to conflict with those of the Company.

For purposes of this Code, a company is a “material” customer if the company has made payments to the Company in the past fiscal year in excess of $200,000 or 5% of the Company’s gross revenues, whichever is greater.  A company is a “material” supplier if the company has received payments from the Company in the past fiscal year in excess of $200,000 or 5% of the supplier’s gross revenues, whichever is greater.  A company is a “material” competitor if the company competes in the Company’s line of business and has annual gross revenues from such line of business in excess of $15 million.  If you are uncertain whether a particular company is a material customer, supplier or competitor, please contact Human Resources for assistance.

Disclosure of Conflicts of Interest

The Company requires that employees fully disclose any situations that reasonably would be expected to give rise to a conflict of interest.  If an employee suspects that he or she has a conflict of interest, or something that others could reasonably perceive as a conflict of interest, the employee must report it immediately to the employee’s supervisor or the CEO or CFO.  Although such situations are not automatically prohibited, they are not desirable and may only be waived as described above under “Specific Policy-All.”  Waivers of conflicts of interest for executive officers and directors will be promptly disclosed to the Company’s shareholders if required under applicable rules of the SEC or NASDAQ.

Family Members and Work

The actions of family members outside the workplace may also give rise to conflicts of interest because they may influence an employee’s objectivity in making decisions on behalf of the Company.  For example, it is a conflict of interest if a family member is employed by, or has a significant financial interest in, a company that is a material customer, supplier or competitor of the Company.  It is also a conflict of interest if a family member obtains loans or guarantees of personal obligations from, or enters into any other personal financial transaction with, any company that is a material customer, supplier or competitor of the Company.  Similarly, receipt of improper personal benefits or favors by family members creates a conflict of interest.  We believe that family members are a good source of qualified applicants, but there are specific conditions related to the selection and placement of a family member.  Please refer to our policy covering Potential Conflicts of Employment for details.

If a family member of an employee is employed by, or has a significant financial interest in, a company that is a material customer, supplier or competitor of the Company, the employee will be prohibited from participating in business decisions with respect to such company.  It is also inappropriate for the employee to discuss the Company’s confidential information with family

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members that have such conflicting interests.  For purposes of this Code, “family members” of an employee include that employee’s spouse or life-partner, brothers or sisters, parents, in-laws and children.

Financial Reporting

The Company is required to report its financial results and a great deal of other financial information to the public and the SEC.  The Company is also subject to various securities laws and regulations.  It is the Company’s policy to promptly disclose accurate and complete information regarding the Company’s finances.  Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company and cause legal liability.

Employees should be on guard for, and promptly report, evidence of improper financial reporting.  Examples of suspicious activities that should be reported include:

•Financial results that seem inconsistent with the performance of underlying business transactions;

•Inaccurate Company records, such as overstated expense reports, or erroneous time sheets or invoices;

•Transactions that do not seem to have a good business purpose; and

•Requests to circumvent ordinary review and approval procedures.

The Company’s Chief Executive Officer “CEO”, Chief Financial Officer “CFO”, senior financial officers and other employees working in the Accounting Department have a special responsibility to ensure that all of the Company’s financial disclosures are full, fair, accurate, timely and understandable.  Such employees must understand and strictly comply with generally accepted accounting principles and all standards, laws and regulations for accounting and financial reporting of transactions, estimates and forecasts.

Company Records

Accurate and reliable records are crucial to the Company’s business.  The Company’s records are the basis of its earnings statements, financial reports and other disclosures to the public, and the source of essential data that guides business decision-making and strategic planning.  Company records include booking information, employee files (timecards, expense reports, payroll and the like), e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of our business.

All Company records must be complete, accurate and reliable in all respects.  There is never a reason to make false or misleading entries.  In addition, undisclosed or unrecorded funds, payments or receipts are strictly prohibited.  Each employee is responsible for understanding and complying with the Company’s record keeping policy.

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Corporate Opportunities

Employees have an obligation to advance the Company’s interests when the opportunity to do so arises.  If, through the use of corporate property, information or because of his or her position with the Company, an employee discovers a business opportunity that is in the Company’s line of business or that the Company may reasonably have an interest in pursuing, the employee must first present the business opportunity to the Company before pursuing the opportunity in an individual capacity.  No employee may use corporate property, information or his or her position for personal gain, and no employee may compete with the Company either directly or indirectly.

The Company requires that employees fully disclose to their managers the terms and conditions of each business opportunity covered by this Code.  The manager will contact the appropriate persons to determine whether the Company wishes to pursue the business opportunity.  If the Company waives its right to pursue the business opportunity, which must be authorized by an executive officer of the Company, the employee may pursue the business opportunity on the same terms and conditions offered to the Company and consistent with the other ethical guidelines set forth in this Code.  Only the Board of Directors or a Committee of the Board of Directors may waive business opportunities available to executive officers and directors.  Waivers of business opportunities for executive officers or directors will be promptly disclosed to the Company’s shareholders if required under applicable rules of the SEC or NASDAQ.

Confidential Information

Employees have access to a variety of confidential information while employed by the Company.  Confidential information includes, without limitation, all non-public information that might be of use to competitors, or harmful to the company or its customers, if disclosed.  Employees have a duty to safeguard all confidential information, except when disclosure is authorized or legally mandated.  An employee’s obligation to protect confidential information continues after an employee leaves the Company.  Unauthorized disclosure of confidential information could cause competitive harm to the Company and could result in legal liability to the employee and the Company.

When discussing or in possession of confidential information, employees should always be aware of their surroundings.  Employees should not discuss Company business in the presence of employees or others who do not have a right or need to know.  Employees should be particularly careful in public places.  In appropriate circumstances, an employee’s manager or other appropriate Company personnel may authorize the disclosure of confidential information.  Any outside requests for Company information should only be handled by authorized persons.  Any question or concern regarding whether disclosure of Company information is legally mandated should be promptly referred to the CFO or to Human Resources Management.

As a result of the Company’s business relationships with customers, suppliers and others, Company employees may also have access to and be entrusted with confidential information of other companies.  In these cases, other companies’ confidential information must be afforded the same protection as the Company’s confidential information.

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Competition and Fair Dealing

The Company competes vigorously but fairly.  All employees are obligated to deal fairly with the Company’s customers, suppliers and competitors.  Employees will not take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation or any other unfair-dealing practice.

•Customer Relationships: The Company’s business success depends upon its ability to foster lasting customer relationships.  Trust is the cornerstone of these relationships.  To build trust, the Company is committed to dealing with customers fairly, honestly and with integrity.  Specifically, employees should keep the following guidelines in mind when dealing with customers:

1.Information supplied to customers should always be current, accurate, and complete to the best of the employee’s knowledge.  Employees will never deliberately misrepresent information to customers.

2.Employees may not refuse to sell, service, or maintain equipment the Company has produced simply because a customer is buying products from another supplier.

3.Customer entertainment should never exceed reasonable and customary business practice.

•Supplier Relationships: The Company deals fairly and honestly with its suppliers.  This means that relationships with suppliers are based on price, quality, service and reputation.  Employees dealing with suppliers must carefully guard their objectivity.  Specifically, no employee should accept or solicit any personal benefit from a supplier or potential supplier that might compromise, or even appear to compromise, the employee’s objective assessment of the supplier’s products and prices.  Employees can give or accept promotional items of nominal value or moderately scaled entertainment within the limits of responsible and customary business practice.

•Competitor Relationships: The Company is committed to free and open competition in the marketplace and throughout all business dealings.  Employees must avoid all actions that could be construed as being anti-competitive, monopolistic or otherwise contrary to laws governing competitive practices in the marketplace, including federal and state antitrust laws.  This includes misappropriation and/or misuse of a competitor’s confidential information, tampering with a competitor’s products or making false statements about the competitor’s business and business practices.

Gifts and Entertainment

The giving and receiving of gifts is a common business practice.  Appropriate business gifts and entertainment are welcome courtesies designed to build relationships and understanding among business partners.  However, gifts and entertainment should never compromise, or even appear to compromise, an employee’s ability to make objective and fair business decisions.  As a general rule, employees may give or receive gifts or entertainment to or from customers or suppliers only if the gift or entertainment could not be viewed as an inducement to or reward for any business

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decision.  All gifts and entertainment expenses must be properly accounted for on expense reports.  By way of example:

•Employees may occasionally accept or give meals, refreshments or other entertainment if the items are of reasonable value, the purpose of the meeting or attendance at the event is business related, and the expenses would be paid by the Company as a reasonable business expense if not paid for by another party.  Entertainment of reasonable value may include food and tickets for sporting and cultural events if they are generally offered to other customers, suppliers or vendors.

•Employees may occasionally accept or give advertising or promotional materials of nominal value.

•Employees may accept or give personal gifts of reasonable value that are related to recognized special occasions such as a graduation, promotion, new job, wedding, retirement or a holiday.

•Employees who conduct business in other countries must be particularly careful that gifts and entertainment are not construed as bribes, kickbacks or other improper payments.

Employees should make every effort to refuse or return a gift that is beyond these permissible guidelines.  If it would be inappropriate to refuse a gift or an employee is unable to return a gift, the employee should promptly report the gift to the employee’s supervisor.  The supervisor will bring the gift to the attention of the CFO, who may require the employee to donate the gift to an appropriate community organization.

Gifts and entertainment may not be offered or exchanged under any circumstances to or with any employees of the United States, state or local governments.

Protection and Use of Company Assets

All employees should protect the Company’s assets and ensure their efficient use for legitimate business purposes only.  Theft, carelessness and waste have a direct impact on the Company’s profitability.  The use of the funds or assets of the Company, whether for personal gain or not, for any unlawful or improper purpose is strictly prohibited.  To ensure the protection and proper use of the Company’s assets, employees should:

•Exercise reasonable care to prevent theft, damage or misuse of Company property.

•Promptly report the actual or suspected theft, damage or misuse of Company property to their manager or Human Resources.

•Use the Company’s property including but not limited to the voicemail, email and other electronic communication services or written materials for legitimate business-related purposes only and within the scope of our policy covering such company assets.

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•Safeguard all electronic programs, data, communications and written materials from inadvertent access by others.

Political Contributions and Activities

United States federal and state contribution and lobbying laws severely limit the contributions the Company can make to political parties or candidates.  It is Company policy that Company funds or assets shall not be used to make a political contribution to any political party or candidate, unless the CEO or CFO has given prior approval.  By way of example:

•Employees may not participate in political activities during working hours.

•The Company’s facilities may not be used for political activities.  The Company may make its facilities available for limited political functions with the approval of the CFO or CEO.

Employees who participate in political affairs should be careful to make it clear that their views and actions are their own, and not made on behalf of the Company.  For instance, Company letterhead should not be used to send out personal letters in connection with political activities; or the company phone list be used for a mailing list.

Compliance with Laws and Regulations

Each employee has an obligation to comply with the laws of the places in which the Company operates.  The Company will not tolerate any activity that violates, or appears to violate, any laws, rules or regulations applicable to the Company.  This includes, without limitation, laws covering commercial bribery and kickbacks, copyrights, trademarks and trade secrets, information privacy, insider trading, illegal political contributions, antitrust prohibitions, foreign corrupt practices, offering or receiving gratuities, environmental hazards, employment discrimination or harassment, occupational health and safety, false or misleading financial information or misuse of corporate assets.  Each employee is expected to understand and comply with all laws, rules and regulations that apply to the employee’s job position.  If any doubt exists about whether a course of action is lawful, the employee should seek advice immediately from the employee’s manager, the VP Human Resources or the CFO.

Employment Practices

The Company pursues fair employment practices in every aspect of its business.  The following is intended to be a summary of some of the Company’s main employment policies and procedures.  Copies of detailed policies are available from the Human Resources Department.  Employees must comply with all applicable labor and employment laws, including anti-discrimination laws and laws related to freedom of association, privacy and collective bargaining.  It is each employee’s responsibility to understand and comply with the laws, regulations and policies that are relevant to the employee’s job.  Failure to comply with labor and employment laws can result in civil and criminal liability against the employee and the Company, as well as disciplinary action by the Company, up to and including termination of employment.

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•Harassment and Discrimination: The Company is committed to providing equal opportunity and fair treatment to all individuals on the basis of merit, without discrimination based on any characteristic protected by law.  The Company prohibits harassment in any form, whether physical or verbal and whether committed by managers, non-supervisory personnel or non-employees.  Harassment may include, but is not limited to, offensive sexual flirtations, unwanted sexual advances or propositions, verbal abuse, or the display in the workplace of sexually suggestive objects or pictures.  Employees who have any complaints about discrimination or harassment should report such conduct to their manager or the Human Resources Department.  All complaints will be treated with sensitivity and discretion.  Any member of management who has reason to believe that an employee has been the victim of harassment or discrimination or who receives a report of alleged harassment or discrimination is required to report it to the Human Resources Department immediately.

•Alcohol and Drugs: The Company is committed to maintaining a drug-free work place.  All Company employees must comply strictly with Company policies regarding the abuse of alcohol and the possession, sale and use of illegal substances.  Drinking alcoholic beverages is prohibited while on duty or on the premises of the Company, except at specified Company-sanctioned events.  Possessing, using, selling or offering illegal drugs and other controlled substances is prohibited under all circumstances while on duty or on the premises of the Company.  Likewise, employees are prohibited from reporting for work, or driving a Company vehicle or any vehicle on Company business, while under the influence of alcohol or any illegal drug or controlled substance.

•Violence Prevention: The safety and security of Company employees is vitally important.  The Company will not tolerate violence or threats of violence in, or related to, the workplace.  Employees who experience, witness or otherwise become aware of a violent or potentially violent situation that occurs on the Company’s property or affects the Company’s business must immediately report the situation to their manager or the Human Resources Department.

Violation of Policy - All

Any Company employee who violates the law or who violates this Code will be subject to appropriate discipline, including potential termination of employment.  Any employee who fails to report known or suspected violations by another employee may also be subject to appropriate discipline.  This determination will be based upon the facts and circumstances of each particular situation.  An employee accused of violating this code will be given an opportunity to present his or her version of the events at issue prior to any determination of appropriate discipline.  Employees who violate the law or this Code may expose themselves to substantial civil damages, criminal fines and prison terms.

Any questions about this Code should be directed to a manager, or submitted on a confidential and anonymous basis as outlined herein. The Company expects all employees, regardless of their level or location, to adhere strictly to the standards set forth in this Code. Each employee is

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separately responsible for his or her actions. Conduct that violates the law or this Code cannot be justified by claiming that it was ordered by someone in management. If an employee engages in conduct prohibited by the law or this Code, the employee will be deemed to have acted outside the scope of his or her employment. Such conduct will subject the employee to disciplinary action, up to and including termination of employment.

Reporting Violations

All employees have a duty to report any known or suspected violation of this Code, including any violation of laws, rules, regulations or policies that apply to the Company. If an employee knows of or suspects a violation of this Code, the employee should immediately report the conduct to his or her manager. The manager will work with the employee and Human Resources to investigate the employee’s concern. If the employee does not feel comfortable reporting the conduct to his or her manager or does not get a satisfactory response, the employee may contact the next level management or Human Resources directly.

The Company has also established a secure e-mail address in order to facilitate submission of information on a confidential and anonymous basis. The e-mail address is ethics@symmetricom.com, and will be posted on the Company’s intranet site. Alternatively, the employee can submit the information in writing on a confidential and anonymous basis to Audit Committee of the Board of Directors, c/o Jane Williamson, Symmetricom, Inc., 2300 Orchard Parkway, San Jose, CA 95131.

Reports of known or suspected violations of the law or this Code will be treated with sensitivity and discretion. Each employee’s confidentiality shall be protected to the extent possible consistent with law and the Company’s need to investigate the employee’s concern. The Company strictly prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations. Any reprisal or retaliation against an employee because the employee, in good faith, sought help or filed a report will be subject to disciplinary action, including potential termination of employment.

Conclusion

This Code of Business Conduct and Ethics contains general guidelines for conducting the business of the Company consistent with the highest standards of business ethics.  If you have questions about these guidelines, please contact your supervisor or Human Resources.  We expect all company employees to adhere to these standards.  This Code of Business Conduct and Ethics, as applied to the Company’s principal financial officers, shall be our “code of ethics” within the meaning of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated thereunder.  This Code and the matters contained herein are neither a contract of employment nor a guarantee of continuing Company policy.  We reserve the right to amend, supplement, or discontinue this Code and the matters addressed herein, without prior notice, at any time.

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