This excerpt taken from the ATVI 8-K filed Oct 23, 2006.
(iii) Each Participant shall be deemed to have the right to purchase a number of shares of Stock under this Plan equal to the Maximum Share Amount with respect to each Accumulation Period.
(b) Dollar Limit. Notwithstanding anything to the contrary in this Plan, and for the avoidance of doubt, no Option granted under this Plan shall permit a Participants right to purchase Stock under the Plan to accrue at a rate which exceeds $25,000 of Fair Market Value of Stock (determined at the time such Option is granted) for each calendar year in which such Option is outstanding at any time, as determined under the provisions of Section 423(b)(8) and Treasury Regulation Section 1.423-2(i).
(c) Other Stock Purchase Plans; Effects of Preclusion. For purposes of subsection (b) above, employee stock purchase plans not described in Section 423 of the Code shall be disregarded. If a Participant is precluded by subsection (b) above from purchasing additional Stock under the Plan, then his or her employee contributions shall automatically be discontinued