Limitations on Shares to be Purchased. (a) Any other provision of the Plan notwithstanding, no Participant shall purchase
Shares Common Stock with a Fair Market Value in excess of the following limit:
-5- (i) In the case of
Shares Common Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the
Shares Common Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stoc
...k purchase plans of the Company or any parent or Subsidiary of the Company). (ii) In the case of Shares Common Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Shares Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company) in the current calendar year and in the immediately preceding calendar year. (iii) In the case of Common Stock purchased during an Offering Period that commenced in the second preceding calendar year, the limit shall be equal to (A) $75,000 minus (B) the Fair Market Value of the Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company) in the current calendar year and in the two preceding calendar years. For purposes of this Subsection (a), the Fair Market Value of Shares Common Stock shall be determined in each case as of the beginning of the Offering Period in which such Shares are Common Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (a) from purchasing additional Shares Common Stock under the Plan, then his or her employee contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest Purchase Period that will end in the next calendar year (if he or she then is an eligible employee), provided that when the Company automatically resumes such payroll deductions, the Company must apply the rate in effect immediately prior to such suspension. (b) The Committee may, in its sole discretion, set a lower maximum number of Shares that may be purchased by any Participant during any Offering Period than that determined under Section 10(a); provided, however, in In no event shall a Participant be permitted to purchase more than 2,500 Shares 5,000 shares on any one Purchase Date or such greater or lesser number as the Committee shall determine. If a greater or lower limit is set under this Subsection (b), then all Participants will be notified of such limit prior to the commencement of the next Offering Period for which it is to be effective. (c) If the number of Shares shares to be purchased on a Purchase Date by all Participants exceeds the number of Shares shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining Shares shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company will give notice of such reduction of the number of Shares shares to be purchased under a Participant's option to each Participant affected. (d) Any payroll deductions accumulated in a Participant's account that which are not used to purchase Shares stock due to the limitations in this Section 10, and not covered by Section 9(e), shall be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements outside the United States).
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Limitations on Shares to be Purchased. (a) Any other provision of the Plan notwithstanding, no Participant shall purchase
Shares Common Stock with a Fair Market Value in excess of the following limit:
-5- (i) In the case of
Shares Common Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the
Shares Common Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stoc
...k purchase plans of the Company or any parent or Subsidiary of the Company). (ii) In the case of Shares Common Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Shares Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company) in the current calendar year and in the immediately preceding calendar year. (iii) In the case of Common Stock purchased during an Offering Period that commenced two calendar years prior, the limit shall be equal to (A) $75,000 minus (B) the Fair Market Value of the Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company) in the current calendar year and in the two immediately preceding calendar years. For purposes of this Subsection (a), the Fair Market Value of Shares Common Stock shall be determined in each case as of the beginning of the Offering Period in which such Shares are Common Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (a) from purchasing additional Shares Common Stock under the Plan, then his or her employee contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest Purchase Period that will end in the next calendar year (if he or she then is an eligible employee), provided that when the Company automatically resumes such payroll deductions, the Company must apply the rate in effect immediately prior to such suspension. 5 (b) The Committee may, in its sole discretion, set a lower maximum number of Shares that may be purchased by any Participant during any Offering Period than that determined under Section 10(a); provided, however, in In no event shall a Participant be permitted to purchase more than 2,500 Shares shares on any one Purchase Date or such greater or lesser number as the Committee shall determine. If a greater or lower limit is set under this Subsection (b), then all Participants will be notified of such limit prior to the commencement of the next Offering Period for which it is to be effective. (c) If the number of Shares shares to be purchased on a Purchase Date by all Participants exceeds the number of Shares shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining Shares shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company will give notice of such reduction of the number of Shares shares to be purchased under a Participant's option to each Participant affected. (d) Any payroll deductions accumulated in a Participant's account that which are not used to purchase Shares stock due to the limitations in this Section 10, and not covered by Section 9(e), shall be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements outside the United States).
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Limitations on Shares to be Purchased. (a) Any other provision of the Plan notwithstanding, no Participant shall purchase
Shares Common Stock with a Fair Market Value in excess of the following limit:
-5- (i) In the case of
Shares Common Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the
Shares Common Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stoc
...k purchase plans of the Company or any parent or Subsidiary of the Company). (ii) In the case of Shares Common Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Shares Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company) in the current calendar year and in the immediately preceding calendar year. (iii) In the case of Common Stock purchased during an Offering Period that commenced two calendar years prior, the limit shall be equal to (A) $75,000 minus (B) the Fair Market Value of the Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company) in the current calendar year and in the two immediately preceding calendar years. For purposes of this Subsection (a), the Fair Market Value of Shares Common Stock shall be determined in each case as of the beginning of the Offering Period in which such Shares are Common Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (a) from purchasing additional Shares Common Stock under the Plan, then his or her employee contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest Purchase Period that will end in the next calendar year (if he or she then is an eligible employee), provided that when the Company automatically resumes such payroll deductions, the Company must apply the rate in effect immediately prior to such suspension. (b) The Committee may, in its sole discretion, set a lower maximum number of Shares that may be purchased by any Participant during any Offering Period than that determined under Section 10(a); provided, however, in In no event shall a Participant be permitted to purchase more than 2,500 Shares shares on any one Purchase Date or such greater or lesser number as the Committee shall determine. If a greater or lower limit is set under this Subsection (b), then all Participants will be notified of such limit prior to the commencement of the next Offering Period for which it is to be effective. (c) If the number of Shares shares to be purchased on a Purchase Date by all Participants exceeds the number of Shares shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining Shares shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company will give notice of such reduction of the number of Shares shares to be purchased under a Participant's option to each Participant affected. (d) Any payroll deductions accumulated in a Participant's account that which are not used to purchase Shares stock due to the limitations in this Section 10, and not covered by Section 9(e), shall be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements outside the United States).
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Limitations on Shares to be Purchased. (a) Any other provision of the Plan notwithstanding, no Participant shall purchase
Shares Common Stock with a Fair Market Value in excess of the following limit:
-5- (i) In the case of
Shares Common Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the
Shares Common Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stoc
...k purchase plans of the Company or any parent or Subsidiary of the Company). (ii) In the case of Shares Common Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Shares Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company) in the current calendar year and in the immediately preceding calendar year. (iii) In the case of Common Stock purchased during an Offering Period that commenced two calendar years prior, the limit shall be equal to (A) $75,000 minus (B) the Fair Market Value of the Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company) in the current calendar year and in the two immediately preceding calendar years. For purposes of this Subsection (a), the Fair Market Value of Shares Common Stock shall be determined in each case as of the beginning of the Offering Period in which such Shares are Common Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (a) from purchasing additional Shares Common Stock under the Plan, then his or her employee contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest Purchase Period that will end in the next calendar year (if he or she then is an eligible employee), provided that when the Company automatically resumes such payroll deductions, the Company must apply the rate in effect immediately prior to such suspension. (b) The Committee may, in its sole discretion, set a lower maximum number of Shares that may be purchased by any Participant during any Offering Period than that determined under Section 10(a); provided, however, in In no event shall a Participant be permitted to purchase more than 2,500 6,250 Shares on any one Purchase Date or such greater or lesser number as the Committee shall determine. If a greater or lower limit is set under this Subsection (b), then all Participants will be notified of such limit prior to the commencement of the next Offering Period for which it is to be effective. (c) If the number of Shares to be purchased on a Purchase Date by all Participants exceeds the number of Shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining Shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company will give notice of such reduction of the number of Shares to be purchased under a Participant's option to each Participant affected. (d) Any payroll deductions accumulated in a Participant's account that are not used to purchase Shares due to the limitations in this Section 10, and not covered by Section 9(e), shall be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements outside the United States).
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Limitations on Shares to be Purchased. (a) Any other provision of the Plan notwithstanding, no Participant shall purchase
Shares Common Stock with a Fair Market Value in excess of the following limit:
-5- (i) In the case of
Shares Common Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the
Shares Common Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stoc
...k purchase plans of the Company or any parent Parent or Subsidiary of the Company). Subsidiary). (ii) In the case of Shares Common Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Shares Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent Parent or Subsidiary of the Company) Subsidiary) in the current calendar year and in the immediately preceding calendar year. For purposes of this Subsection (a), the Fair Market Value of Shares Common Stock shall be determined in each case as of the beginning of the Offering Period in which such Shares are Common Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (a) from purchasing additional Shares Common Stock under the Plan, then his or her employee contributions Contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest Purchase Period that will end in the next calendar year (if he or she then is an eligible employee), provided that when the Company automatically resumes such payroll deductions, Contributions, the Company must apply the rate in effect immediately prior to such suspension. (b) The Committee may, in its sole discretion, set a lower maximum number of Shares that may be purchased by any Participant during any Offering Period than that determined under Section 10(a); provided, however, in In no event shall a Participant be permitted to purchase more than 2,500 Shares 2,000 shares on any one Purchase Date Date, or such greater or lesser number as the Committee shall determine. If a greater or lower limit is set under this Subsection (b), then all Participants will be notified of such limit prior to the commencement of the next Offering Period for which it is to be effective. 5 (c) If the number of Shares shares to be purchased on a Purchase Date by all Participants exceeds the number of Shares shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining Shares shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company will give notice of such reduction of the number of Shares shares to be purchased under a Participant's Participant' s option to each Participant affected. (d) Any payroll deductions Contributions accumulated in a Participant's Participant' s account that are not used to purchase Shares stock due to the limitations in this Section 10, and not covered by subject to the automatic purchase provision of Section 9(e), shall be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements outside the United States).
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Limitations on Shares to be Purchased. (a) Any other provision of the Plan notwithstanding, no Participant shall purchase
Shares Common Stock with a Fair Market Value in excess of the following limit:
-5- (i) In the case of
Shares Common Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the
Shares Common Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stoc
...k purchase plans of the Company or any parent Parent or Subsidiary of the Company). Subsidiary). (ii) In the case of Shares Common Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Shares Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent Parent or Subsidiary of the Company) Subsidiary) in the current calendar year and in the immediately preceding calendar year. For purposes of this Subsection (a), the Fair Market Value of Shares Common Stock shall be determined in each case as of the beginning of the Offering Period in which such Shares are Common Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (a) from purchasing additional Shares Common Stock under the Plan, then his or her employee contributions Contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest Purchase Period that will end in the next calendar year (if he or she then is an eligible employee), provided that when the Company automatically resumes such payroll deductions, Contributions, the Company must apply the rate in effect immediately prior to such suspension. (b) The Committee may, in its sole discretion, set a lower maximum number of Shares that may be purchased by any Participant during any Offering Period than that determined under Section 10(a); provided, however, in In no event shall a Participant be permitted to purchase more than 2,500 Shares 2,000 shares on any one Purchase Date Date, or such greater or lesser number as the Committee shall determine. If a greater or lower limit is set under this Subsection (b), then all Participants will be notified of such limit prior to the commencement of the next Offering Period for which it is to be effective. (c) If the number of Shares shares to be purchased on a Purchase Date by all Participants exceeds the number of Shares shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining Shares shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company will give notice of such reduction of the number of Shares shares to be purchased under a Participant's option to each Participant affected. (d) Any payroll deductions Contributions accumulated in a Participant's account that are not used to purchase Shares stock due to the limitations in this Section 10, and not covered by subject to the automatic purchase provision of Section 9(e), shall be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements outside the United States).
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Limitations on Shares to be Purchased. (a) Any other provision of the Plan notwithstanding, no Participant shall purchase
Shares Common Stock with a Fair Market Value in excess of the following limit:
-5- (i) In the case of
Shares Common Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the
Shares Common Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stoc
...k purchase plans of the Company or any parent Parent or Subsidiary of the Company). Subsidiary). (ii) In the case of Shares Common Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Shares Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent Parent or Subsidiary of the Company) Subsidiary) in the current calendar year and in the immediately preceding calendar year. For purposes of this Subsection (a), the Fair Market Value of Shares Common Stock shall be determined in each case as of the beginning of the Offering Period in which such Shares are Common Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (a) from purchasing additional Shares Common Stock under the Plan, then his or her employee contributions Contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest Purchase Period that will end in the next calendar year (if he or she then is an eligible employee), provided that when the Company automatically resumes such payroll deductions, Contributions, the Company must apply the rate in effect immediately prior to such suspension. (b) The Committee may, in its sole discretion, set a lower maximum number of Shares that may be purchased by any Participant during any Offering Period than that determined under Section 10(a); provided, however, in In no event shall a Participant be permitted to purchase more than 2,500 Shares 2500 shares on any one Purchase Date Date, or such greater or lesser number as the Committee shall determine. If a greater or lower limit is set under this Subsection (b), then all Participants will be notified of such limit prior to the commencement of the next Offering Period for which it is to be effective. (c) If the number of Shares shares to be purchased on a Purchase Date by all Participants exceeds the number of Shares shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining Shares shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company will give notice of such reduction of the number of Shares shares to be purchased under a Participant's option to each Participant affected. (d) Any payroll deductions Contributions accumulated in a Participant's account that are not used to purchase Shares stock due to the limitations in this Section 10, and not covered by subject to the automatic purchase provision of Section 9(e), shall be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements outside the United States).
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Limitations on Shares to be Purchased. (a) Any other provision of the Plan notwithstanding, no Participant shall purchase
Shares Common Stock with a Fair Market Value in excess of the following limit:
-5- (i) In the case of
Shares Common Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the
Shares Common Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stoc
...k purchase plans of the Company or any parent Parent or Subsidiary of the Company). Subsidiary). (ii) In the case of Shares Common Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Shares Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent Parent or Subsidiary of the Company) Subsidiary) in the current calendar year and in the immediately preceding calendar year. For purposes of this Subsection (a), the Fair Market Value of Shares Common Stock shall be determined in each case as of the beginning of the Offering Period in which such Shares are Common Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (a) from purchasing additional Shares Common Stock under the Plan, then his or her employee contributions Contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest Purchase Period that will end in the next calendar year (if he or she then is an eligible employee), provided that when the Company automatically resumes such payroll deductions, Contributions, the Company must apply the rate in effect immediately prior to such suspension. 5 (b) The Committee may, in its sole discretion, set a lower maximum number of Shares that may be purchased by any Participant during any Offering Period than that determined under Section 10(a); provided, however, in In no event shall a Participant be permitted to purchase more than 2,500 Shares shares on any one Purchase Date or such greater or lesser number as the Committee shall determine. If a greater or lower limit is set under this Subsection (b), then all Participants will be notified of such limit prior to the commencement of the next Offering Period for which it is to be effective. (c) If the number of Shares shares to be purchased on a Purchase Date by all Participants exceeds the number of Shares shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining Shares shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company will give notice of such reduction of the number of Shares shares to be purchased under a Participant's option to each Participant affected. (d) Any payroll deductions Contributions accumulated in a Participant's account that which are not used to purchase Shares stock due to the limitations in this Section 10, and not covered by Section 9(e), shall be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements outside the United States).
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Limitations on Shares to be Purchased. (a) Any other provision of the Plan notwithstanding, no Participant shall purchase
Shares Common Stock with a Fair Market Value in excess of the following limit:
-5- (i) In the case of
Shares Common Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the
Shares Common Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stoc
...k purchase plans of the Company or any parent Parent or Subsidiary of the Company). Subsidiary). (ii) In the case of Shares Common Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Shares Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent Parent or Subsidiary of the Company) Subsidiary) in the current calendar year and in the immediately preceding calendar year. For purposes of this Subsection (a), the Fair Market Value of Shares Common Stock shall be determined in each case as of the beginning of the Offering Period in which such Shares are Common Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (a) from purchasing additional Shares Common Stock under the Plan, then his or her employee contributions Contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest Purchase Period that will end in the next calendar year (if he or she then is an eligible employee), provided that when the Company automatically resumes such payroll deductions, Contributions, the Company must apply the rate in effect immediately prior to such suspension. (b) The Committee may, in its sole discretion, set a lower maximum number of Shares that may be purchased by any Participant during any Offering Period than that determined under Section 10(a); provided, however, in In no event shall a Participant be permitted to purchase more than 2,500 Shares 5,000 shares on any one Purchase Date or such greater or lesser number as the Committee shall determine. If a greater or lower limit is set under this Subsection (b), then all Participants will be notified of such limit prior to the commencement of the next Offering Period for which it is to be effective. (c) If the number of Shares shares to be purchased on a Purchase Date by all Participants exceeds the number of Shares shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining Shares shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company will give notice of such reduction of the number of Shares shares to be purchased under a Participant's option to each Participant affected. (d) Any payroll deductions Contributions accumulated in a Participant's account that which are not used to purchase Shares stock due to the limitations in this Section 10, and not covered by Section 9(e), shall be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements outside the United States).
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Limitations on Shares to be Purchased. (a) Any other provision of the Plan notwithstanding, no Participant shall purchase
Shares Common Stock with a Fair Market Value in excess of the following limit:
-5- (i) In the case of
Shares Common Stock purchased during an Offering Period that commenced in the current calendar year, the limit shall be equal to (A) $25,000 minus (B) the Fair Market Value of the
Shares Common Stock that the Participant previously purchased in the current calendar year (under this Plan and all other employee stoc
...k purchase plans of the Company or any parent or Subsidiary of the Company). (ii) In the case of Shares Common Stock purchased during an Offering Period that commenced in the immediately preceding calendar year, the limit shall be equal to (A) $50,000 minus (B) the Fair Market Value of the Shares Common Stock that the Participant previously purchased (under this Plan and all other employee stock purchase plans of the Company or any parent or Subsidiary of the Company) in the current calendar year and in the immediately preceding calendar year. For purposes of this Subsection (a), the Fair Market Value of Shares Common Stock shall be determined in each case as of the beginning of the Offering Period in which such Shares are Common Stock is purchased. Employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by this Subsection (a) from purchasing additional Shares Common Stock under the Plan, then his or her employee contributions shall automatically be discontinued and shall automatically resume at the beginning of the earliest Purchase Period that will end in the next calendar year (if he or she then is an eligible employee), provided that when the Company automatically resumes such payroll deductions, the Company must apply the rate in effect immediately prior to such suspension. (b) The Committee may, in its sole discretion, set a lower maximum number of Shares that may be purchased by any Participant during any Offering Period than that determined under Section 10(a); provided, however, in In no event shall a Participant be permitted to purchase more than 2,500 Shares shares on any one Purchase Date or such greater or lesser number as the Committee shall determine. If a greater or lower limit is set under this Subsection (b), then all Participants will be notified of such limit prior to the commencement of the next Offering Period for which it is to be effective. (c) If the number of Shares shares to be purchased on a Purchase Date by all Participants exceeds the number of Shares shares then available for issuance under this Plan, then the Company will make a pro rata allocation of the remaining Shares shares in as uniform a manner as shall be reasonably practicable and as the Committee shall determine to be equitable. In such event, the Company will give notice of such reduction of the number of Shares shares to be purchased under a Participant's option to each Participant affected. (d) Any payroll deductions accumulated in a Participant's account that which are not used to purchase Shares stock due to the limitations in this Section 10, and not covered by Section 9(e), shall be returned to the Participant as soon as practicable after the end of the applicable Purchase Period, without interest (except to the extent required due to local legal requirements outside the United States).
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