If any Shares are held by a non-Eligible Holder, such Shareholder is not eligible to participate in the Plan. Upon ceasing to be an Eligible Holder, a Participant shall promptly notify the Agent or his or her broker of same and shall automatically be deemed to cease to be a Participant as of the date the Participant ceased to be an Eligible Holder.
Purchase of Shares
On each Dividend Payment Date, the Company shall promptly pay over to the Agent, on behalf of Participants, all cash dividends paid on their Shares (net of applicable withholdings), which shall in turn be remitted to the Company to purchase additional Shares from the Company at the Purchase Price.
On each Dividend Payment Date, the Agent shall remit to the Company funds received by Participants to make Optional Additional Purchases at the Purchase Price.
After receiving such funds from the Agent, the Company shall issue the appropriate number of Shares to each appropriate Participant and the Agent shall hold such Shares in each such Participants account with Agent.
Transfer of Participation Rights
The right to participate in the Plan may not be transferred by a Participant or by an Eligible Holder.
Termination of Participation
Participation in the Plan may be terminated by a Participant at any time by sending written notification of withdrawal to the Agent. Upon termination of participation in the Plan, the Agent shall deliver to the Participant a certificate for whole shares credited to his or her account. In addition, any fraction of a Share held for the account of such Participant will be cancelled in exchange for such cash payment prorated to the last Purchase Price established prior to the date of termination.
If the notice of termination is received by the Close of Business at least five (5) Business Days prior to a Dividend Record Date, termination of the Participants Participation in the Plan will be effective in respect of that Dividend Record Date. Otherwise, the termination will be effective in respect of the next succeeding Dividend Record Date. A termination by a Participant will not prevent such Shareholder from Participating in the Plan at a later date.
After termination of participation in the Plan, all subsequent dividends will be paid to the former Participant in cash in the usual manner.
Participation in the Plan will be terminated upon receipt by the Agent of evidence satisfactory to the Agent of the death of a Participant; thereafter all dividends paid in respect of the Shares of the deceased Participant will be paid in cash.