Coach 2001 Annual Report Download - page 99

next payroll period following the date of the filing of the new Enrollment
Documents, or, if this is impracticable for administrative reasons in the
Company's reasonable judgment, as of the beginning of the next succeeding
payroll period.
3.3 Leave of Absence. During leaves of absence approved by the Company
meeting the requirements of Regulation Section 1.421-7(h)(2) under the Code, a
Participant may continue participation in the Plan by making cash payments to
the Company on his or her normal payday equal to his or her authorized payroll
deduction.
ARTICLE IV.
PURCHASE OF SHARES
4.1 Option Price. The Option Price per share of the Common Stock sold
to Participants hereunder shall be 85% of the Fair Market Value of such share on
either the Offering Date or the Exercise Date of the Option Period, whichever is
lower, but in no event shall the Option Price per share be less than the par
value per share ($0.01) of the Common Stock.
4.2 Purchase of Shares
(a) On each Exercise Date on which he or she is employed, each
Participant will automatically and without any action on his or her part be
deemed to have exercised his or her option to purchase at the Option Price the
largest number of whole shares of
3
Common Stock which can be purchased with the amount in the Participant's Plan
Account. The balance, if any, remaining in the Participant's Plan Account (after
exercise of his or her option) as of an Exercise Date shall be carried forward
to the next Option Period, unless the Participant has elected to withdraw from
the Plan pursuant to Section 6.1 below.
(b) As soon as practicable following each Exercise Date, the number
of shares purchased by such Participant pursuant to subsection (a) above will be
delivered, in the Company's sole discretion, to either (i) the Participant, or
(ii) an account established in the Participant's name at a stock brokerage or
other financial services firm designated by the Company. In the event the
Company is required to obtain from any commission or agency authority to issue
any such shares of Common Stock, the Company will seek to obtain such authority.
Inability of the Company to obtain from any such commission or agency authority
which counsel for the Company deems necessary for the lawful issuance of any
such shares shall relieve the Company from liability to any Participant except
to refund to him or her the amount withheld.
4.3 Limitations on Purchase. No Employee shall be granted an option
under the Plan which permits his or her rights to purchase Common Stock under
the Plan or any other employee stock purchase plan of the Company or any of its
Subsidiaries to accrue at a rate which exceeds $25,000 (as measured by the Fair
Market Value of such Common Stock at the time the option is granted, i.e., the
Offering Date) for each calendar year such option is outstanding. For purposes
of this Section 4.3, the right to purchase Common Stock under an option accrues
when the option (or any portion thereof) becomes exercisable, and the right to
purchase Common Stock which has accrued under one option under the Plan may not
be carried over to any other option.
4.4 Transferability of Rights. An option granted under the Plan shall
not be transferable and is exercisable only by the Participant. No option or
interest or right to the option shall be available to pay off any debts,
contracts or engagements of the Participant or his or her successors in interest
or shall be subject to disposition by pledge, encumbrance, assignment or any
other means whether such disposition be voluntary or involuntary or by operation
of law by judgment, levy, attachment, garnishment or any other legal or
equitable proceedings (including bankruptcy), and any attempt at disposition of
the option shall have no effect.