PTEC » Topics » Termination of Employment

This excerpt taken from the PTEC DEF 14A filed Nov 19, 2007.
Termination of Employment
Termination of a participant’s employment for any reason, including retirement or death, or the failure of the participant to remain in the continuous employ of Phoenix for at least 20 hours per week and more than five (5) months in any calendar year during the applicable Offering Period, cancels his or her option and his or


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her participation in the ESPP immediately. In such event, the payroll deductions credited to the participant’s account will be returned (without interest) to him or her or, in the case of death, to the person or persons entitled thereto as provided in the ESPP.
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