MKC » Topics » Section 8. Exercise of Option

This excerpt taken from the MKC DEF 14A filed Feb 12, 2009.

Section 8. Exercise of Option

 

(a)

On the last Business Day in an Offering Period, each Eligible Employee with an outstanding Option shall either (1) exercise the Eligible Employee’s Option to purchase the number of shares (or any portion thereof) that may then be purchased at the purchase price specified in Section 6(b) with all or part of the amount then

 

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credited to the Eligible Employee’s Account and withdraw in cash any amount that remains credited to his or her Account after such purchase, or (2) withdraw in cash all amounts that are credited to the Eligible Employee’s Account.

 

(b) An Eligible Employee may, on any Business Day prior to the end of the Offering Period, by written notice to the Participating Employer, direct the Participating Employer to cease payroll deductions (or, if the payment for shares is being made through periodic cash payments permitted by Section 10, notify the Participating Employer that such payments will be terminated) or withdraw part or all of the amount then credited to Eligible Employee’s Account, in accordance with the following alternatives:

 

  (1) Exercise the Eligible Employee’s Option to purchase the number of shares or any portion thereof) that may then be purchased at the purchase price specified in Section 6(b) with all or part of the amount then credited to the Eligible Employee’s Account, withdraw in cash any amount that remains credited to Eligible Employee’s Account after such purchase, and terminate the Eligible Employee’s Option for the Offering Period; or

 

  (2) Withdraw in cash the amount then credited to the Eligible Employee’s Account and terminate the Eligible Employee’s Option for the Offering Period.

 

(c) An Eligible Employee may make only one withdrawal of all or part of the amount then credited to the Eligible Employee’s Account. Once a withdrawal is made, no further payroll deductions will be taken in that Offering Period and the Eligible Employee may not make any further cash payments pursuant to Section 10 in such Offering Period.

 

(d) Any reduction made in the number of shares subject to an Option is subject to the provisions of this Plan and shall not be changed for the remainder of the Offering Period.

 

(e) Notwithstanding any other provision of this Plan, an Eligible Employee may not exercise an Option for less than ten shares (unless the Option is being exercised for all of the shares then remaining under the Option).
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