Alaska Airlines and Horizon Air 2009 Annual Report Download - page 82

otherwise specified by the Committee in advance of the Offering Period, Offering Periods
will be of approximately six (6) months duration and will commence on September 1 and
March 1 each year and will end on the following February 28 (or 29, in the case of a leap
year) and August 31, respectively. Each Option shall become effective on the Grant Date
of the Offering Period with respect to which the Option is granted. The term of each
Option shall be the duration of the related Offering Period and shall end on the Exercise
Date of that Offering Period. The first Offering Period shall commence as of a date
determined by the Board or Committee, but no earlier than the Effective Date. Offering
Periods shall continue until this Plan is terminated in accordance with Section 18 or 19,
or, if earlier, until no shares of Common Stock remain available for Options pursuant to
Section 4.
PARTICIPATION
Enrollment. An Eligible Employee may become a participant in this Plan by completing a
Subscription Agreement on a form approved by and in a manner prescribed by the
Committee (or its delegate). To become effective, a Subscription Agreement must be
signed by the Eligible Employee and be filed with the Company at the time specified by
the Committee, but in all cases prior to the start of the Offering Period with respect to
which it is to become effective, and must set forth a whole percentage (or, if the
Committee so provides, a stated amount) of the Eligible Employee’s Compensation to be
credited to the Participant’s Account as Contributions each pay period.
Contribution Limits. Notwithstanding the foregoing, a Participant may not elect to
contribute less than one percent (1%) nor more than ten percent (10%) (or such other
limit as the Committee may establish prior to the start of the applicable Offering Period)
of his or her Compensation during any one pay period as Plan Contributions. The
Committee also may prescribe other limits, rules or procedures for Contributions.
Content and Duration of Subscription Agreements. Subscription Agreements shall
contain the Eligible Employee’s authorization and consent to the Company’s withholding
from his or her Compensation the amount of his or her Contributions. An Eligible
Employee’s Subscription Agreement, and his or her participation election and withholding
consent thereon, shall remain valid for all Offering Periods until (1) the Eligible
Employee’s participation terminates pursuant to the terms hereof, (2) the Eligible
Employee files a new Subscription Agreement that becomes effective, or (3) the
Committee requires that a new Subscription Agreement be executed and filed with the
Company.
METHOD OF PAYMENT OF CONTRIBUTIONS
Participation Accounts.The Company shall maintain on its books, or cause to be
maintained by a recordkeeper, an Account in the name of each Participant. The
percentage of Compensation elected to be applied as Contributions by a Participant shall
be deducted from such Participant’s Compensation on each payday during the period for
payroll deductions set forth below and such payroll deductions shall be credited to that
Participant’s Account as soon as administratively practicable after such date. A
Participant may not make any additional payments to his or her Account. A Participant’s
Account shall be reduced by any amounts used to pay the Option Price of shares
acquired, or by any other amounts distributed pursuant to the terms hereof.
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