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This excerpt taken from the LLTC DEF 14A filed Sep 23, 2009. Merger or
Change of Control. In the event of any merger
or “change of control,” as defined in the Purchase Plan, the successor
corporation, or a parent or subsidiary of the successor corporation, may assume
or substitute for each pending offering period under the Purchase Plan. In the
event the successor corporation refuses to assume or substitute for such
offering periods, the Administrator will shorten all purchase and offering
periods then in progress by setting a new ending date and all purchase and
offering periods will end on the new ending date. The new exercise date must be
prior to the effective date of the merger or change of control. If the
Administrator shortens any purchase or offering period then in progress, the
Administrator will notify each participant prior to the new ending date that the
ending date has been changed to the new date and
12 that purchase under the Purchase Plan will occur automatically on that new date, unless the participant has withdrawn from the offering period. Amendment and Termination of the Plan The Administrator may at any time terminate or amend the Purchase Plan, including the term of any offering period then outstanding. Generally, no such termination can adversely affect offering periods then in progress, other than as discussed above. |
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