The Hartford 2008 Annual Report Download - page 736

B. Termination of Employment.
(i) General Rule. Except as provided in Section 3.4(B)(ii), if a Participant ceases to be an Employee for any
reason, more than three months before an Offering Termination Date, all payroll deductions credited to the
Participant’s Account as of the date the Participant’s employment terminates which have not already been applied
for the purchase of Shares hereunder shall be repaid to the Participant. If a Participant ceases to be an Employee
for any reason, less than three months before an Offering Termination Date, all payroll deductions credited to the
Participant’s Account as of the date the Participant’s employment terminates which have not already been applied
for the purchase of Shares hereunder shall be applied to the purchase of Shares after the Offering Termination
Date following such termination in accordance with the Plan.
(ii) Exception for Terminations Prior to the Last Month of an Offering Period. If a Participant ceases to be an
Employee for any reason prior to the last month of a particular Offering period, and such Participant files a
properly completed withdrawal form (or such other authorization as the Plan Administrator shall require) that is
received prior to such last month by the party designated by the Plan Administrator, then all payroll deductions
credited to the Participant’s Account as of the date the Participant’s employment terminates which have not
already been applied for the purchase of Shares hereunder shall be repaid to the Participant.
ARTICLE IV
GRANTING AND EXERCISE OF OPTIONS
4.1 Granting of Options
A. Offerings. The Plan shall be implemented by Offerings to Participants of Options to purchase Shares. Prior to 2009,
Offerings shall be made each calendar quarter. Effective January 1, 2009, Offerings shall be made semi-annually (or, to
the extent determined by the Plan Administrator, no less frequently than annually). Each Offering shall commence on
the Offering Commencement Date and shall terminate on the Offering Termination Date. The first Offering
Commencement Date shall be the Effective Date of the Plan as provided in Section 7.8. Offerings shall continue to be
made under the Plan until the later of (i) the date the maximum number of Shares identified in Article V has been
purchased pursuant to Options granted hereunder, or (ii) the Plan is terminated or suspended pursuant to Section 7.11.
B. Granting of Options. On the Offering Commencement Date for each Offering period, a Participant automatically
shall be granted a separate Option to purchase for the applicable Exercise Price a maximum number of Shares equal to
the accumulated payroll deductions credited to the Participant’s Account as of the Offering Termination Date for such
period, divided by 85% of the lesser of (i) the Fair Market Value of the Shares on the Offering Commencement Date, or
(ii) the Fair Market Value of the Shares on the Offering Termination Date.
C. Exercise Price. The Exercise Price for Options granted hereunder shall be 85% of the lesser of (i) the Fair Market
Value of the Shares on the Offering Commencement Date, or (ii) the Fair Market Value of the Shares on the Offering
Termination Date.
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Source: HARTFORD FINANCIAL S, 10-K, February 12, 2009