SkyWest Airlines 2008 Annual Report Download - page 146

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withheld from the Participant’s Compensation each payroll date. All payroll deductions made by a
Participant shall be credited to his or her Account under the Plan. All payroll deduction elections shall
be made on forms and within time frames designated by the Plan Administrator. A Participant may
increase such payroll deduction effective as of each Offering Date provided the Participant files an
Authorization Form requesting the increase in accordance with rules established by the Plan
Administrator. A Participant may decrease or cease payroll deductions during an Offering Period by
filing an Authorization Form requesting the decrease or cessation in accordance with rules established
by the Plan Administrator.
6.2. All payroll deductions made by a Participant shall be credited to the Participant’s Account. A
Participant may not make any additional payments to the Participant’s Account. No interest shall be
paid on or credited to the payroll deduction contributions to the Participant’s Account.
7. EXERCISE OF OPTION
7.1. Unless a Participant withdraws from the Plan as provided in Section 9, the Participant’s option
to purchase shares of Common Stock will be exercised automatically on the Exercise Date, and the
maximum number of full and fractional shares of Common Stock subject to such option will be
purchased for such Participant at the applicable option price with the accumulated payroll deductions
in the Participant’s Account. Any accumulated payroll deductions in the Participant’s Account on the
Exercise Date that are not applied to purchase Common Stock shall be returned to the Participant
without interest.
7.2. The shares of Common Stock purchased upon exercise of an option hereunder shall be
credited to the Participant’s Account and shall be deemed to be transferred to the Participant on the
Exercise Date and, except as otherwise provided herein, the Participant shall have all rights of a
stockholder with respect to such shares. Shares of Common Stock received upon stock dividends or
stock splits shall be treated as having been purchased on the Exercise Date of the shares to which they
relate.
8. DELIVERY OF COMMON STOCK
As promptly as practicable after receipt by the Plan Administrator or Designated Broker of a
request for withdrawal of Common Stock from any Participant in accordance with rules established by
the Plan Administrator, the Plan Administrator shall arrange for delivery to such Participant of one or
more stock certificates representing the shares of Common Stock which the Participant requests to
withdraw.
9. WITHDRAWAL; TERMINATION OF EMPLOYMENT
9.1. A Participant may withdraw all, but not less than all, the payroll deductions and cash
dividends credited to the Participant’s Account at any time by giving written notice to the Plan
Administrator which is received at least thirty (30) days prior to the Exercise Date (or such other
notice period as may be established by the Plan Administrator from time to time in its sole discretion).
All such payroll deductions and cash dividends credited to the Participant’s Account will be paid to the
Participant promptly after receipt of such Participant’s notice of withdrawal; and the Participant’s
option for the Offering Period in which the withdrawal occurs will be automatically terminated. No
further payroll deductions for the purchase of shares of Common Stock will be made for the
Participant during such Offering Period, and any additional cash dividends during the Offering Period
will be distributed to the Participant.
9.2. Upon termination of a Participant’s status as an Employee during the Offering Period for any
reason the payroll deductions and cash dividends remaining credited to the Participant’s Account will
be returned (and any future cash dividends will be distributed) to the Participant or, in the case of the
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