Garmin 2007 Annual Report Download - page 124

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ix
the Participant pursuant to Section 7.3). No Shares will be purchased on behalf of any
Participant who fails to file an enrollment form authorizing payroll deductions for an
Accumulation Period.
9.2 A Participant who holds an outstanding option as of a Purchase Date shall not be
deemed to have exercised such option if the Participant elected not to exercise the option by
withdrawing from the Plan in accordance with Section 10.1.
9.3 If, after a Participant’s exercise of an option under Section 9.1, an amount remains
credited to the Participant’s Account as of a Purchase Date, then the remaining amount shall be
distributed to the Participant in cash as soon as administratively practical after such Purchase
Date.
9.4 Except as otherwise set forth in this Section 9.4, the purchase price for each Share
purchased under any option shall be 85% of the lower of:
(a) the Fair Market Value of a Share on the Enrollment Date on which such
option is granted; or
(b) the Fair Market Value of a Share on the Purchase Date.
Notwithstanding the above, the Board may establish a different purchase price for each Share
purchased under any option provided that such purchase price is determined at least thirty (30)
days prior to the Accumulation Period for which it is applicable and provided that such purchase
price may not be less than the purchase price set forth above.
9.5 If Shares are purchased by a Participant pursuant to Section 9.1, then such Shares
shall be held in non-certificated form at a bank or other appropriate institution selected by the
Administrator until the earlier of the Participant’s termination of employment or the time a
Participant requests delivery of certificates representing such shares. If any law governing
corporate or securities matters, or any applicable regulation of the Securities and Exchange
Commission or other body having jurisdiction with respect to such matters, shall require that the
Company or the Participant take any action in connection with the Shares being purchased under
the option, delivery of the certificate or certificates for such Shares shall be postponed until the
necessary action shall have been completed, which action shall be taken by the Company at its
own expense, without unreasonable delay.
Certificates delivered pursuant to this Section 9.5 shall be registered in the name of the
Participant or, if the Participant so elects, in the names of the Participant and one or more such
other persons as may be designated by the Participant in joint tenancy with rights of survivorship
or in tenancy by the entireties or as spousal community property, or in such forms of trust as may
be approved by the Administrator, to the extent permitted by law.
9.6 In the case of Participants employed by a Participating Subsidiary, the Board may
provide for Shares to be sold through the Subsidiary to such Participants, to the extent consistent
with and governed by Section 423 of the Code.