(e) Approval of 2009 Employee Stock Purchase Plan

On June 23, 2009, at the 2009 Annual Meeting of the Shareholders of Silicon Storage Technology, Inc., our shareholders approved our 2009 Employee Stock Purchase Plan, or the Purchase Plan. An aggregate of 2,000,000 shares of common stock is reserved for issuance under the Purchase Plan. Currently, under the Purchase Plan, the Board of Directors has approved each offering to be six months long and consist of one "purchase period," which is six months long. The first offering period under the Purchase Plan is scheduled to commence on August 16, 2009 and end on February 15, 2010. The purchase price per share at which shares of common stock are sold in an offering under the Purchase Plan may not be less than the lower of (i) 85% of the fair market value of a share of common stock on the first day of the offering period or (ii) 85% of the fair market value of a share of common stock on the last day of the purchase period.

A summary of the terms of the Purchase Plan is set forth in our definitive proxy statement for the 2009 Annual Meeting of Shareholders filed with the Securities and Exchange Commission on April 30, 2009. The summary in the definitive proxy statement and the description of the Purchase Plan contained herein are qualified in their entirety by reference to the full text of the Purchase Plan which is filed as Annex A to the definitive proxy statement.

                   Exhibit
                   Number    Description
                   10.1(1)   2009 Employee Stock Purchase Plan

(1) Incorporated by reference from Annex A to Silicon Storage Technology, Inc.'s definitive proxy statement for the 2009 Annual Meeting of Shareholders filed with the Securities and Exchange Commission on April 30, 2009.