Alaska Airlines and Horizon Air 2009 Annual Report Download - page 88

unless it is established (to the satisfaction of the Committee or its delegate) that there is
no spouse or that the spouse cannot be located. The Committee may rely on the last
designation of a beneficiary filed by a Participant in accordance with this Plan. Beneficiary
designations may be changed by the Participant (and his or her spouse, if required) at any
time on forms provided and in the manner prescribed by the Committee (or its delegate).
If a Participant dies with no validly designated beneficiary under this Plan who is living at
the time of such Participant’s death (or in the event the Committee does not permit
beneficiary designations under this Plan), the Company shall deliver all shares and/or
cash payable pursuant to the terms hereof to the executor or administrator of the estate
of the Participant, or if no such executor or administrator has been appointed, the
Company, in its discretion, may deliver such shares and/or cash to the spouse or to any
one or more dependents or relatives of the Participant, or if no spouse, dependent or
relative is known to the Company, then to such other person as the Company may
designate.
If a Participant’s death occurs before the end of an Offering Period or subsequent to the
end of an Offering Period but prior to the delivery to him or her or for his or her benefit of
any shares deliverable under the terms of this Plan, and the Company has notice of the
Participant’s death, then any shares purchased for that Offering Period and any remaining
balance of such Participant’s Account shall be paid to such beneficiary (or such other
person entitled to such payment pursuant to this Section 13). If the Committee permits
beneficiary designations with respect to this Plan, any such designation shall have no
effect with respect to shares purchased and actually delivered (or credited, as the case
may be) to or for the benefit of the Participant.
TRANSFERABILITY
Neither Contributions credited to a Participant’s Account nor any Options or rights with
respect to the exercise of Options or right to receive shares under this Plan may be
anticipated, alienated, encumbered, assigned, transferred, pledged or otherwise disposed
of in any way (other than by will, the laws of descent and distribution, or as provided in
Section 13) by the Participant. Any such attempt at anticipation, alienation, encumbrance,
assignment, transfer, pledge or other disposition shall be without effect and all amounts
shall be paid and all shares shall be delivered in accordance with the provisions of this
Plan. Amounts payable or shares deliverable pursuant to this Plan shall be paid or
delivered only to (or credited in the name of, as the case may be) the Participant or, in
the event of the Participant’s death, the Participant’s beneficiary pursuant to Section 13.
USE OF FUNDS; INTEREST
All Contributions received or held by the Company under this Plan will be included in the
general assets of the Company and may be used for any corporate purpose.
Notwithstanding anything else contained herein to the contrary, no interest will be paid to
any Participant or credited to his or her Account under this Plan (in respect of Account
balances, refunds of Account balances, or otherwise). Amounts payable under this Plan
shall be payable in shares of Common Stock or from the general assets of the Company
and, except for any shares that may be reserved on the books of the Company for
issuance with respect to this Plan, no special or separate reserve, fund or deposit shall
be made to assure payment of amounts that may be due with respect to this Plan.
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