Alaska Airlines and Horizon Air 2009 Annual Report Download - page 86

or she participates, such Participant’s Account shall be paid to him or her (or, in the
event of the Participant’s death, to the person or persons entitled thereto under
Section 13) in cash, and such Participant’s Option and participation in the Plan shall
automatically terminate as of the time that the Participant ceased to be an Eligible
Employee.
Change in Eligible Status; Leave.If a Participant (1) ceases to be an Eligible Employee
during an Offering Period but remains an employee of the Company or a Subsidiary
through the Exercise Date (for example, and without limitation, due to a change in the
Participant’s employer from the Company or a Participating Subsidiary to a
non-Participating Subsidiary, if the Participant’s employer ceases to maintain the Plan as
a Participating Subsidiary but otherwise continues as a Subsidiary, or if the Participant’s
customary level of employment no longer satisfies the requirements set forth in the
definition of Eligible Employee), or (2) during an Offering Period commences a sick leave,
military leave, or other leave of absence approved by the Company or a Participating
Subsidiary, and the leave meets the requirements of Treasury Regulation Section 1.421-
1(h)(2) and the Participant is an employee of the Company or a Subsidiary or on such
leave as of the applicable Exercise Date, such Participant’s Contributions shall cease
(subject to Section 7(d)), and the Contributions previously credited to the Participant’s
Account for that Offering Period shall be used to exercise the Participant’s Option as of
the applicable Exercise Date in accordance with Section 9 (unless the Participant makes
a timely withdrawal election in accordance with Section 7(d), in which case such
Participant’s Account shall be paid to him or her in cash in accordance with
Section 11(a)).
Re-Enrollment.A Participant’s termination from Plan participation precludes the
Participant from again participating in this Plan during that Offering Period. However, such
termination shall not have any effect upon his or her ability to participate in any
succeeding Offering Period, provided that the applicable eligibility and participation
requirements are again then met. A Participant’s termination from Plan participation shall
be deemed to be a revocation of that Participant’s Subscription Agreement and such
Participant must file a new Subscription Agreement to resume Plan participation in any
succeeding Offering Period.
Change in Subsidiary Status.For purposes of this Plan, if a Subsidiary ceases to be a
Subsidiary, each person employed by that Subsidiary will be deemed to have terminated
employment for purposes of this Plan, unless the person continues as an employee of
the Company or another Subsidiary.
ADMINISTRATION
The Committee.The Board shall appoint the Committee, which shall be composed of not
less than two members of the Board. The Board may, at any time, increase or decrease
the number of members of the Committee, may remove from membership on the
Committee all or any portion of its members, and may appoint such person or persons as
it desires to fill any vacancy existing on the Committee, whether caused by removal,
resignation, or otherwise. The Board may also, at any time, assume the administration of
all or a part of this Plan, in which case references (or relevant references in the event the
Board assumes the administration of only certain aspects of this Plan) to the
“Committee” shall be deemed to be references to the Board. Action of the Committee
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