Shares Reserved for Plan. 13.1 Number of Shares. A total of
1,000,000 800,000 shares of Common Stock have been
reserved as authorized
and reserved for
issuance the grant of options under the Plan.
Such The shares of Common Stock may be newly issued shares, treasury shares or shares acquired on the open market.
6 13.2 Over-subscribed Offerings. The number of shares of Common Stock
which that a Participant may purchase in an Offering under the Plan may be reduced if the Offering is over-subscribed. No option granted under
...the Plan shall permit a Participant to purchase shares of Common Stock which, if added together with the total number of shares of Common Stock purchased by all other Participants in such Offering would exceed the total number of shares of Common Stock remaining available under the Plan. If the Committee determines that, on a particular Purchase Date, the number of shares of Common Stock with respect to which options are to be exercised exceeds the number of shares of Common Stock then available under the Plan, the Company shall make a pro rata an allocation of the shares of Common Stock remaining available for purchase in as uniform a manner as practicable and as the Committee determines to be equitable. -4- 14. Transferability. No payroll deductions credited to a Participant, nor any rights with respect to the exercise of an option or any rights to receive Common Stock hereunder may be assigned, transferred, pledged or otherwise disposed of in any way by the Participant, other than by will, the laws of descent and distribution, or as provided in Section 17. Any attempt to assign, transfer, pledge or otherwise dispose of such rights or amounts shall be without effect.
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Shares Reserved for Plan.
13.1 Number of Shares. A total of
1,000,000 500,000 shares of Common Stock have been
reserved as authorized
and reserved for
issuance the grant of options under
the this Plan.
Such The shares of Common Stock may be newly issued shares, treasury
shares shares, or shares acquired on the open market.
If an option under this Plan expires or is terminated unexercised for any reason, the shares as to which such option so expired or terminated again may be made subject to an option under this Plan. 13.
...2 Over-subscribed Oversubscribed Offerings. The number of shares of Common Stock which that a Participant may purchase in an Offering under the this Plan may be reduced if the Offering is over-subscribed. oversubscribed. No option granted under the this Plan shall permit a Participant to purchase shares of Common Stock which, that, if added together with the total number of shares of Common Stock purchased by all other Participants in such Offering Offering, would exceed the total number of shares of Common Stock remaining available under the this Plan. If the Committee determines that, on a particular Purchase Date, the number of shares of Common Stock with respect to which options are to be exercised exceeds the number of shares of Common Stock then available under the this Plan, the Company shall make a pro rata allocation of the shares of Common Stock remaining available for purchase in as uniform a manner as practicable and as the Committee determines to be equitable. -4- 14. Transferability. No payroll deductions credited to a Participant, nor any rights with respect to the exercise of an option or any rights to receive Common Stock hereunder may be assigned, transferred, pledged or otherwise disposed of in any way by the Participant, other than by will, the laws of descent and distribution, or as provided in Section 17. Any attempt to assign, transfer, pledge pledge, or otherwise dispose of such rights or amounts shall be without effect. 6 15. Application of Funds All payroll deductions received or held by the Company under this Plan may be used by the Company for any corporate purpose to the extent permitted by applicable law, and the Company shall not be required to segregate such payroll deductions or contributions. In addition, a Participant may file, on forms supplied by the Committee, a written designation of beneficiary who is to receive any cash withheld through payroll deductions and credited to the Participant's notional account in the event of the Participant's death before the Purchase Date of an Offering Period.
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Shares Reserved for Plan. 13.1 Number of Shares. A total of
1,000,000 107,887 shares of Common Stock have been authorized and reserved for issuance under the Plan.
In addition to the foregoing, subject to prior approval by the Board in each instance, on or about December 1, 2020 and on each anniversary of such date thereafter prior to the termination of the Plan, the number of shares of Common Stock authorized and reserved for issuance under the Plan shall be increased by a number of shares of Common Stock equal to the l...esser of (i) 107,887 shares of Common Stock, (ii) 1% of the shares of Common Stock outstanding on the final day of the immediately preceding calendar year, and (iii) such smaller number of shares of Common Stock as determined by the Board. Such shares of Common Stock may be newly issued shares, treasury shares or shares acquired on the open market. 13.2 Over-subscribed Over-Subscribed Offerings. The number of shares of Common Stock which a Participant may purchase in an Offering under the Plan may be reduced if the Offering is over-subscribed. No option 5 granted under the Plan shall permit a Participant to purchase shares of Common Stock which, if added together with the total number of shares of Common Stock purchased by all other Participants in such Offering Offering, would exceed the total number of shares of Common Stock remaining available under the Plan. If the Committee determines that, on a particular Purchase Date, the number of shares of Common Stock with respect to which options are to be exercised exceeds the number of shares of Common Stock then available under the Plan, the Company shall make a pro rata allocation of the shares of Common Stock remaining available for purchase in as uniform a manner as practicable and as the Committee determines to be equitable. -4- 14. Transferability. No payroll deductions credited to a Participant, nor any rights with respect to the exercise of an option or any rights to receive Common Stock hereunder may be assigned, transferred, pledged or otherwise disposed of in any way by the Participant, other than by will, the laws of descent and distribution, or as provided in Section 17. Any attempt to assign, transfer, pledge or otherwise dispose of such rights or amounts shall be without effect.
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