THE BOARD
MAY ESTABLISH A DIFFERENT DURATION FOR ONE OR MORE PURCHASE PERIODS OR DIFFERENT
COMMENCING OR ENDING DATES FOR SUCH PURCHASE PERIODS.
IF THE FIRST OR LAST DAY
OF A PURCHASE PERIOD IS NOT A DAY ON WHICH THE NATIONAL SECURITIES EXCHANGES OR
NASDAQ STOCK MARKET ARE OPEN FOR TRADING, THE COMPANY SHALL SPECIFY THE TRADING
DAY THAT WILL BE DEEMED THE FIRST OR LAST DAY, AS THE CASE MAY BE, OF THE
PURCHASE PERIOD.
7.
PARTICIPATION IN THE PLAN.
7.1
INITIAL PARTICIPATION.
AN ELIGIBLE EMPLOYEE MAY BECOME A
PARTICIPANT IN AN OFFERING PERIOD BY DELIVERING A PROPERLY COMPLETED
SUBSCRIPTION AGREEMENT TO THE OFFICE DESIGNATED BY THE COMPANY NOT LATER THAN
THE CLOSE OF BUSINESS FOR SUCH OFFICE ON THE SUBSCRIPTION DATE ESTABLISHED BY
THE COMPANY FOR THAT OFFERING PERIOD.
AN ELIGIBLE EMPLOYEE WHO DOES NOT DELIVER
A PROPERLY COMPLETED SUBSCRIPTION AGREEMENT TO THE COMPANY'S DESIGNATED OFFICE
ON OR BEFORE THE SUBSCRIPTION DATE FOR AN OFFERING PERIOD SHALL NOT PARTICIPATE
IN THE PLAN FOR THAT OFFERING PERIOD OR FOR ANY SUBSEQUENT OFFERING PERIOD
UNLESS THE ELIGIBLE EMPLOYEE SUBSEQUENTLY DELIVERS A PROPERLY COMPLETED
SUBSCRIPTION AGREEMENT TO THE APPROPRIATE OFFICE OF THE COMPANY ON OR BEFORE THE
SUBSCRIPTION DATE FOR SUCH SUBSEQUENT OFFERING PERIOD.
AN EMPLOYEE WHO BECOMES
AN ELIGIBLE EMPLOYEE AFTER THE OFFERING DATE OF AN OFFERING PERIOD SHALL NOT BE
ELIGIBLE TO PARTICIPATE IN THAT OFFERING PERIOD BUT MAY PARTICIPATE IN ANY
SUBSEQUENT OFFERING PERIOD PROVIDED THE EMPLOYEE IS STILL AN ELIGIBLE EMPLOYEE
AS OF THE OFFERING DATE OF SUCH SUBSEQUENT OFFERING PERIOD.
7.2
CONTINUED PARTICIPATION.
A PARTICIPANT SHALL AUTOMATICALLY
PARTICIPATE IN THE NEXT OFFERING PERIOD COMMENCING IMMEDIATELY AFTER THE FINAL
PURCHASE DATE OF EACH OFFERING PERIOD IN WHICH THE PARTICIPANT PARTICIPATES
PROVIDED THAT THE PARTICIPANT REMAINS AN ELIGIBLE EMPLOYEE ON THE OFFERING DATE
OF THE NEW OFFERING PERIOD AND HAS NOT EITHER (A) WITHDRAWN FROM THE PLAN
PURSUANT TO SECTION 12.1 OR (B) TERMINATED EMPLOYMENT AS PROVIDED IN SECTION
13.
A PARTICIPANT WHO MAY AUTOMATICALLY PARTICIPATE IN A SUBSEQUENT OFFERING
PERIOD, AS PROVIDED IN THIS SECTION, IS NOT REQUIRED TO DELIVER ANY ADDITIONAL
SUBSCRIPTION AGREEMENT FOR THE SUBSEQUENT OFFERING PERIOD IN ORDER TO CONTINUE
PARTICIPATION IN THE PLAN.
HOWEVER, A PARTICIPANT MAY DELIVER A NEW
SUBSCRIPTION AGREEMENT FOR A SUBSEQUENT OFFERING PERIOD IN ACCORDANCE WITH THE
PROCEDURES SET FORTH IN SECTION 7.1 IF THE PARTICIPANT DESIRES TO CHANGE ANY OF
THE ELECTIONS CONTAINED IN THE PARTICIPANT'S THEN EFFECTIVE SUBSCRIPTION
AGREEMENT.
8.
RIGHT TO PURCHASE SHARES.
8.1
GRANT OF PURCHASE RIGHT.
EXCEPT AS SET FORTH BELOW, ON THE
OFFERING DATE OF EACH OFFERING PERIOD, EACH PARTICIPANT IN THAT OFFERING PERIOD
SHALL BE GRANTED AUTOMATICALLY A PURCHASE RIGHT CONSISTING OF AN OPTION TO
PURCHASE THE LESSER OF (A) THAT NUMBER OF WHOLE SHARES OF STOCK DETERMINED BY
DIVIDING TWENTY-FIVE THOUSAND DOLLARS ($25,000) BY THE FAIR MARKET VALUE OF A
SHARE OF STOCK ON SUCH OFFERING DATE OR (B) SEVEN THOUSAND FIVE HUNDRED (7,500)
SHARES OF STOCK.
NO PURCHASE RIGHT SHALL BE GRANTED ON AN OFFERING DATE TO ANY
PERSON WHO