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Exhibit 99.2
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Global Payments Inc. 2000 Employee Stock Purchase Plan
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GLOBAL PAYMENTS INC.
2000 EMPLOYEE STOCK PURCHASE PLAN
TABLE OF CONTENTS
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Article I - BACKGROUND.............................................................4
1.1 Establishment of the Plan.............................................4
1.2 Applicability of the Plan.............................................4
1.3 Purpose...............................................................4
Article II - DEFINITIONS...........................................................4
2.1 Administrator.......................................................4
2.2 Board...............................................................4
2.3 Code................................................................4
2.4 Committee...........................................................4
2.5 Common Stock........................................................5
2.6 Compensation........................................................5
2.7 Contribution Account................................................5
2.8 Company.............................................................5
2.9 Direct Registration System..........................................5
2.10 Effective Date......................................................5
2.11 Eligible Employee...................................................5
2.12 Employee............................................................6
2.13 Employer............................................................6
2.14 Fair Market Value...................................................6
2.15 Offering Date.......................................................6
2.16 Offering Period.....................................................6
2.17 Option..............................................................6
2.18 Participant.........................................................6
2.19 Plan................................................................6
2.20 Purchase Date.......................................................6
2.21 Purchase Price......................................................6
2.22 Request Form........................................................6
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2.23 Spin-off............................................................6
2.24 Stock Account.......................................................7
2.25 Subsidiary..........................................................7
2.26 Trading Date........................................................7
Article III - ELIGIBILITY AND PARTICIPATION.......................................7
3.1 Eligibility...........................................................7
3.2 Initial Participation.................................................8
3.3 Leave of Absence......................................................8
Article IV - STOCK AVAILABLE......................................................8
4.1 In General............................................................8
4.2 Adjustment in Event of Changes in Capitalization......................8
4.3 Dissolution, Liquidation, or Merger...................................9
Article V. - OPTION PROVISIONS.....................................................9
5.1 Purchase Price........................................................9
5.2 Calendar Year $25,000 Limit...........................................9
5.3 Offering Period Limit.................................................10
Article VI - PURCHASING COMMON STOCK..............................................10
6.1 Participant's Contribution Account....................................10
6.2 Payroll Deductions, Dividends.........................................10
6.3 Discontinuance........................................................11
6.4 Leave of Absence; Transfer of Ineligible Status.......................11
6.5 Automatic Exercise....................................................11
6.6 Listing, Registration, and Qualification of Shares....................12
Article VII - WITHDRAWALS, DISTRIBUTIONS...........................................12
7.1 Discontinuance of Deductions; Leave of Absence; Transfer to
Ineligible Status..................................................12
7.2 In-Service Withdrawals................................................12
7.3 Termination of Employment for Reasons Other Than Death................13
7.4 Death.................................................................13
7.5 Registration..........................................................13
Article VIII - AMENDMENT AND TERMINATION...........................................13
8.1 Amendment.............................................................14
8.2 Termination...........................................................14
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Article IX - MISCELLANEOUS........................................................14
9.1 Employment Rights.....................................................14
9.2 Tax Withholding.......................................................14
9.3 Rights Not Transferable...............................................15
9.4 No Repurchase of Stock by Company.....................................15
9.5 Governing Law.........................................................15
9.6 Shareholder Approval; Registration....................................15
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GLOBAL PAYMENTS INC.
2000 EMPLOYEE STOCK PURCHASE PLAN
ARTICLE I
BACKGROUND
1.1 Establishment of the Plan. Global Payments Inc. (the "Company")
hereby establishes a stock purchase plan to be known as the "Global Payments
Inc. 2000 Employee Stock Purchase Plan" (the "Plan"), as set forth in this
document. The Plan is intended to be a qualified employee stock purchase plan
within the meaning of Section 423 of the Internal Revenue Code of 1986, as
amended, and the regulations and rulings thereunder.
1.2 Applicability of the Plan. The provisions of this Plan are
applicable only to certain individuals who, on or after the Effective Date (as
defined herein), are employees of the Company and its Subsidiaries participating
in the Plan. The Committee shall indicate from time to time which of its
Subsidiaries, if any, are participating in the Plan.
1.3 Purpose. The purpose of the Plan is to enhance the proprietary
interest among the employees of the Company and its participating subsidiaries
through ownership of Common Stock of the Company.
ARTICLE II
DEFINITIONS
Whenever capitalized in this document, the following terms shall have
the respective meanings set forth below.
2.1 Administrator. Administrator shall mean the person or persons
(who may be officers or employees of the Company) selected by the Committee to
operate the Plan, perform day-to-day administration of the Plan, and maintain
records of the Plan.
2.2 Board. Board shall mean the Board of Directors of the Company.
2.3 Code. Code shall mean the Internal Revenue Code of 1986, as
amended from time to time, and the regulations thereunder.
2.4 Committee. Committee shall mean a committee which consists of
members of the Board and which has been designated by the Board to have the
general responsibility for the administration of the Plan. Unless otherwise
designated by the Board, the Compensation Committee of the Board of Directors of
the Company shall serve as the Committee administering the Plan. Subject to the
express provisions of the Plan, the Committee shall have plenary authority in
its sole and absolute discretion to
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interpret and construe any and all provisions of the Plan, to adopt rules and
regulations for administering the Plan, and to make all other determinations
necessary or advisable for administering the Plan. The Committee's
determinations on the foregoing matters shall be conclusive and binding upon all
persons.
2.5 Common Stock. Common Stock shall mean the common stock, no par
value, of the Company.
2.6 Compensation. Compensation shall mean, for any Participant, for
any Offering Period, the Participant's gross wages for the respective period,
including without limitation salary, bonus, and commission, but subject to
appropriate adjustments that would exclude items such as non-cash compensation
and reimbursement of moving, travel, trade or business expenses.
2.7 Contribution Account. Contribution Account shall mean the
bookkeeping account established by the Administrator on behalf of each
Participant, which shall be credited with the amounts deducted from the
Participant's Compensation pursuant to Article VI. The Administrator shall
establish a separate Contribution Account for each Participant for each Offering
Period.
2.8 Company. Company shall mean Global Payments Inc., a Georgia
corporation.
2.9 Direct Registration System. Direct Registration System shall mean
a direct registration system approved by the Securities and Exchange Commission
and by the New York Stock Exchange, Inc. or any securities exchange on which the
Common Stock is then listed, whereby shares of Common Stock may be registered in
the holder's name in book-entry form on the books of the Company.
2.10 Effective Date. Effective Date shall mean the effective date of
the Plan, which shall be the last to occur of (i) the date the Plan is approved
by the shareholders of the Company, (ii) the first trading day after the
effective date of the Spin-off, or (iii) the effective date of the Company's
registration statement on Form S-8 filed under the Securities Act of 1933, as
amended, covering the shares to be issued under the Plan.
2.11 Eligible Employee. An Employee eligible to participate in the
Plan pursuant to Section 3.1.
2.12 Employee. Employee shall mean an individual employed by an
Employer who meets the employment relationship described in Treasury Regulation
Sections 1.423-2(b) and Section 1.421-7(h).
2.13 Employer. Employer shall mean the Company and any Subsidiary
designated by the Committee as an employer participating in the Plan.
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2.14 Fair Market Value. Fair Market Value of a share of Common Stock,
as of any designated date, shall mean the closing sales price of the Common
Stock on the New York Stock Exchange on such date or on the last previous date
on which such stock was traded.
2.15 Offering Date. Offering Date shall mean the first Trading Date of
each Offering Period.
2.16 Offering Period. Offering Period shall mean the quarterly periods
beginning January 1, April 1, July 1, and October 1 respectively, of each year
during which offers to purchase Common Stock are outstanding under the Plan;
provided, however, that the initial Offering Period shall be the period
beginning on the Effective Date and ending on March 31, 2001. No payroll
deductions shall be taken until the Effective Date.
2.17 Option. Option shall mean the option to purchase Common Stock
granted under the Plan on each Offering Date.
2.18 Participant. Participant shall mean any Eligible Employee who has
elected to participate in the Plan under Section 3.2.
2.19 Plan. Plan shall mean the Global Payments Inc. 2000 Employee
Stock Purchase Plan, as amended and in effect from time to time.
2.20 Purchase Date. Purchase Date shall mean the last Trading Date of
each Offering Period.
2.21 Purchase Price. Purchase Price shall mean the purchase price of
Common Stock determined under Section 5.1.
2.22 Request Form. Request Form shall mean an Employee's authorization
either in writing on a form approved by the Administrator or through electronic
communication approved by the Administrator which specifies the Employee's
payroll deduction in accordance with Section 6.2, and contains such other terms
and provisions as may be required by the Administrator.
2.23 Spin-off. The distribution by National Data Corporation to its
stockholders of all of the issued and outstanding shares of capital stock of the
Company, as contemplated in that certain Distribution Agreement between National
Data Corporation and the Company and the related agreements between the parties
referred to therein.
2.24 Stock Account. Stock Account shall mean the account established
by the Administrator on behalf of each Participant, which shall be credited with
shares of Common Stock purchased pursuant to the Plan and dividends thereon
until distributed in accordance with the terms of the Plan.
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2.25 Subsidiary. Subsidiary shall mean any present or future
corporation which is a "subsidiary corporation" of the Company as defined in
Code Section 424(f).
2.26 Trading Date. Trading Date shall mean a date on which shares of
Common Stock are traded on a national securities exchange (such as the New York
Stock Exchange), the Nasdaq National Market or in the over-the-counter market.
Except when otherwise indicated by the context, the definition of any
term herein in the singular may also include the plural.
ARTICLE III
ELIGIBILITY AND PARTICIPATION
3.1 Eligibility. Each Employee who is an Employee regularly scheduled
to work at least 20 hours each week and at least five months each calendar year
shall be eligible to participate in the Plan as of the later of:
(a) the Offering Date immediately following the Employee's last date
of hire by an Employer; or
(b) the Effective Date.
On each Offering Date, Options will automatically be granted to all
Employees then eligible to participate in the Plan; provided, however, that no
Employee shall be granted an Option for an Offering Period if, immediately after
the grant, the Employee would own stock, and/or hold outstanding options to
purchase stock, possessing five percent or more of the total combined voting
power or value of all classes of stock of the Company or any Subsidiary. For
purposes of this Section, the attribution rules of Code Section 424(d) shall
apply in determining stock ownership of any Employee. If an Employee is granted
an Option for an Offering Period and such Employee does not participate in the
Plan for such Offering Period, such Option will be deemed never to have been
granted for purposes of applying the $25,000 annual limitation described in
Section 5.2.
3.2 Initial Participation. An Eligible Employee having been granted
an Option under Section 3.1 may submit a Request Form to the Administrator to
participate in the Plan for an Offering Period. The Request Form shall authorize
a regular payroll deduction from the Employee's Compensation for the Offering
Period, subject to the limits and procedures described in Article VI. A
Participant's Request Form authorizing a regular payroll deduction shall remain
effective from Offering Period to Offering Period until amended or canceled
under Section 6.3.
3.3 Leave of Absence. For purposes of Section 3.1, an individual on a
leave of absence from an Employer shall be deemed to be an Employee for the
first 90 days of
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such leave. For purposes of this Plan, such individual's employment with the
Employer shall be deemed to terminate at the close of business on the 90th day
of the leave, unless the individual has returned to regular employment with an
Employer before the close of business on such 90th day. Termination of any
individual's leave of absence by an Employer, other than on account of a return
to employment with an Employer, shall be deemed to terminate an individual's
employment with the Employer for all purposes of the Plan.
ARTICLE IV
STOCK AVAILABLE
4.1 In General. Subject to the adjustments in Sections 4.2 and 4.3,
an aggregate of 1,200,000 shares of Common Stock shall be available for purchase
by Participants pursuant to the provisions of the Plan. These shares may be
authorized and unissued shares or may be shares issued and subsequently acquired
by the Company. If an Option under the Plan expires or terminates for any reason
without having been exercised in whole or part, the shares subject to such
Option that are not purchased shall again be available for subsequent Option
grants under the Plan. If the total number of shares of Common Stock for which
Options are exercised on any Purchase Date exceeds the maximum number of shares
then available under the Plan, the Committee shall make a pro rata allocation of
the shares available in as nearly a uniform manner as shall be practicable and
as it shall determine to be equitable; and the balance of the cash credited to
Participants' Contribution Accounts shall be distributed to the Participants as
soon as practicable.
4.2 Adjustment in Event of Changes in Capitalization. In the event of
a stock dividend, stock split or combination of shares, recapitalization or
other change in the Company's capitalization, or other distribution with respect
to holders of the Company's Common Stock other than normal cash dividends, an
automatic adjustment shall be made in the number and kind of shares as to which
outstanding Options or portions thereof then unexercised shall be exercisable
and in the available shares set forth in Section 4.1, so that the proportionate
interest of the Participants shall be maintained as before the occurrence of
such event. This adjustment in outstanding Options shall be made without change
in the total price applicable to the unexercised portion of such Options and
with a corresponding adjustment in the Purchase Price per share; provided,
however, that in no event shall any adjustment be made that would cause any
Option to fail to qualify as an option pursuant to an employee stock purchase
plan within the meaning of Section 423 of the Code.
4.3 Dissolution, Liquidation, or Merger. Upon the dissolution or
liquidation of the Company, or upon a reorganization, merger, or consolidation
of the Company with one or more corporations in which the Company is not the
surviving corporation (or survives as a direct or indirect subsidiary of other
such other constituent corporation or its parent), or upon a sale of
substantially all of the property or stock of the Company to another
corporation, the holder of each Option then outstanding under the Plan shall be
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entitled to receive at the next Purchase Date upon the exercise of such Option
for each share as to which such Option shall be exercised, as nearly as
reasonably may be determined, the cash, securities, or property which a holder
of one share of the Common Stock was entitled to receive upon and at the time of
such transaction. The Committee shall take such steps in connection with these
transactions as the Committee deems necessary or appropriate to assure that the
provisions of this Section shall thereafter be applicable, as nearly as
reasonably may be determined, in relation to the cash, securities, or property
which the holder of the Option may thereafter be entitled to receive. In lieu of
the foregoing, the Committee may terminate the Plan in accordance with Section
8.2.
ARTICLE V
OPTION PROVISIONS
5.1 Purchase Price. The Purchase Price of a share of Common Stock
purchased for a Participant pursuant to each exercise of an Option shall be the
lesser of:
(a) 85 percent of the Fair Market Value of a share of Common Stock on
the Offering Date; or
(b) 85 percent of the Fair Market Value of a share of Common Stock on
the Purchase Date.
5.2 Calendar Year $25,000 Limit. Notwithstanding anything else
contained herein, no Employee may be granted an Option for any Offering Period
which permits such Employee's rights to purchase Common Stock under this Plan
and any other qualified employee stock purchase plan (within the meaning of Code
Section 423) of the Company and its Subsidiaries to accrue at a rate which
exceeds $25,000 of Fair Market Value of such Common Stock for each calendar year
in which an Option is outstanding at any time. For purposes of this Section,
Fair Market Value shall be determined as of the Offering Date.
5.3 Offering Period Limit. Notwithstanding anything else contained
herein, the maximum number of shares of Common Stock that an Eligible Employee
may purchase in any Offering Period is 1,600 shares.
ARTICLE VI
PURCHASING COMMON STOCK
6.1 Participant's Contribution Account. The Administrator shall
establish a book account in the name of each Participant for each Offering
Period. As discussed in Section 6.2 below, a Participant's payroll deductions
shall be credited to the Participant's Contribution Account, without interest,
until such cash is withdrawn, distributed, or used to purchase Common Stock as
described below.
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During such time, if any, as the Company participates in a Direct
Registration System, shares of Common Stock acquired upon exercise of an Option
shall be directly registered in the name of the Participant. If the Company does
not participate in a Direct Registration System, then until distribution is
requested by a Participant pursuant to Article VII, stock certificates
evidencing the Participant's shares of Common Stock acquired upon exercise of an
Option shall be held by the Company as the nominee for the Participant. These
shares shall be credited to the Participant's Stock Account. Certificates shall
be held by the Company as nominee for Participants solely as a matter of
convenience. A Participant shall have all ownership rights as to the shares
credited to his or her Stock Account, and the Company shall have no ownership or
other rights of any kind with respect to any such certificates or the shares
represented thereby.
All cash received or held by the Company under the Plan may be used by
the Company for any corporate purpose. The Company shall not be obligated to
segregate any assets held under the Plan.
6.2 Payroll Deductions; Dividends.
(a) Payroll Deductions. By submitting a Request Form at any time
before an Offering Period in accordance with rules adopted by the Committee, an
Eligible Employee may authorize a payroll deduction to purchase Common Stock
under the Plan for the Offering Period. The payroll deduction shall be effective
on the first pay period during the Offering Period commencing after receipt of
the Request Form by the Administrator. The payroll deduction shall be in any
whole dollar amount or percentage up to a maximum of twenty percent (20%) of
such Employee's Compensation payable each pay period, and at any other time an
element of Compensation is payable. A Participant's payroll deduction shall not
be less than one percent (1%) of such Employee's Compensation payable each
payroll period.
(b) Dividends. Cash or stock dividends paid on Common Stock which is
credited to a Participant's Stock Account as of the dividend payment date shall
be credited to the Participant's Stock Account and paid or distributed to the
Participant as soon as practicable.
6.3 Discontinuance. A Participant may discontinue his or her payroll
deductions for an Offering Period by filing a new Request Form with the
Administrator. This discontinuance shall be effective on the first pay period
commencing at least 15 days after receipt of the Request Form by the
Administrator. A Participant who discontinues his or her payroll deductions for
an Offering Period may not resume participation in the Plan until the following
Offering Period.
Any amount held in the Participant's Contribution Account for an
Offering Period after the effective date of the discontinuance of his or her
payroll deductions will either be refunded or used to purchase Common Stock in
accordance with Section 7.1.
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6.4 Leave of Absence; Transfer to Ineligible Status. If a Participant
either begins a leave of absence, is transferred to employment with a Subsidiary
not participating in the Plan, or remains employed with an Employer but is no
longer eligible to participate in the Plan, the Participant shall cease to be
eligible for payroll deductions to his or her Contribution Account pursuant to
Section 6.2. The cash standing to the credit of the Participant's Contribution
Account shall become subject to the provisions of Section 7.1.
If the Participant returns from the leave of absence before being
deemed to have ceased employment with the Employer under Section 3.3, or again
becomes eligible to participate in the Plan, the Request Form, if any, in effect
immediately before the leave of absence or disqualifying change in employment
status shall be deemed void and the Participant must again complete a new
Request Form to resume participation in the Plan.
6.5 Automatic Exercise. Unless the cash credited to a Participant's
Contribution Account is withdrawn or distributed as provided in Article VII, his
or her Option shall be deemed to have been exercised automatically on each
Purchase Date, for the purchase of the number of full shares of Common Stock
which the cash credited to his or her Contribution Account at that time will
purchase at the Purchase Price. If there is a cash balance remaining in the
Participant's Contribution Account at the end of an Offering Period representing
the exercise price for a fractional share of Common Stock, such balance may be
retained in the Participant's Contribution Account for the next Offering Period,
unless the Participant requests that it be refunded, without interest. Any other
cash balance remaining in the Participant's Contribution Account at the end of
an Offering Period shall be refunded to the Participant, without interest. The
amount of cash that may be used to purchase shares of Common Stock may not
exceed the Compensation restrictions set forth in Section 6.2 or the applicable
limitations of Sections 5.2.or 5.3.
Except as provided in the preceding paragraph, if the cash credited to
a Participant's Contribution Account on the Purchase Date exceeds the applicable
Compensation restrictions of Section 6.2 or exceeds the amount necessary to
purchase the maximum number of shares of Common Stock available during the
Offering Period under the applicable limitations of Section 5.2.or Section 5.3,
such excess cash shall be refunded to the Participant. Except as provided in the
preceding paragraph, the excess cash may not be used to purchase shares of
Common Stock nor retained in the Participant's Contribution Account for a future
Offering Period.
Each Participant shall receive a statement on an annual basis
indicating the number of shares credited to his or her Stock Account, if any,
under the Plan.
6.6 Listing, Registration, and Qualification of Shares. The granting
of Options for, and the sale and delivery of, Common Stock under the Plan shall
be subject to the effecting by the Company of any listing, registration, or
qualification of the shares subject to that Option upon any securities exchange
or under any federal or state law, or the obtaining of the consent or approval
of any governmental regulatory body deemed necessary or desirable for the
issuance or purchase of the shares covered.
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ARTICLE VII
WITHDRAWALS; DISTRIBUTIONS
7.1 Discontinuance of Deductions; Leave of Absence; Transfer to
Ineligible Status. In the event of a Participant's complete discontinuance of
payroll deductions under Section 6.3 or a Participant's leave of absence or
transfer to an ineligible status under Section 6.4, the cash balance then
standing to the credit of the Participant's Contribution Account shall be--
(a) returned to the Participant, in cash, without interest, as soon
as practicable, upon the Participant's written request received by the
Administrator at least 30 days before the next Purchase Date; or
(b) held under the Plan and used to purchase Common Stock for the
Participant under the automatic exercise provisions of Section 6.5.
7.2 In-Service Withdrawals. During such time, if any, as the Company
participates in a Direct Registration System, shares of Common Stock acquired
upon exercise of an Option shall be directly registered in the name of the
Participant and the Participant may withdraw certificates in accordance with the
applicable terms and conditions of such Direct Registration System. If the
Company does not participate in a Direct Registration System, a Participant may,
while an Employee of the Company or any Subsidiary, withdraw certificates for
some or all of the shares of Common Stock credited to his or her Stock Account
at any time, upon 30 days' written notice to the Administrator. If a Participant
requests a distribution of only a portion of the shares of Common Stock credited
to his or her Stock Account, the Administrator will distribute the oldest
securities held in the Participant's Stock Account first, using a first in-first
out methodology. The Administrator may at any time distribute certificates for
some or all of the shares of Common Stock credited to a Participant's Stock
Account, whether or not the Participant so requests.
7.3 Termination of Employment for Reasons Other Than Death. If a
Participant terminates employment with the Company and the Subsidiaries for
reasons other than death, the cash balance in the Participant's Contribution
Account shall be returned to the Participant in cash, without interest, as soon
as practicable. Certificates for the shares of Common Stock credited to his or
her Stock Account shall be distributed to the Participant as soon as
practicable, unless the Company then participates in a Direct Registration
System, in which case, the Participant shall be entitled to evidence of
ownership of such shares in such form as the terms and conditions of such Direct
Registration System permit.
7.4 Death. In the event a Participant dies, the cash balance in his
or her Contribution Account shall be distributed to the Participant's estate, in
cash, without interest, as soon as practicable. Certificates for the shares of
Common Stock credited to
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the Participant's Stock Account shall be distributed to the estate as soon as
practicable, unless the Company then participates in a Direct Registration
System, in which case, the estate shall be entitled to evidence of ownership of
such shares in such form as the terms and conditions of such Direct Registration
System permit.
7.5 Registration. Whether represented in certificate form or by
direct registration pursuant to a Direct Registration System, shares of Common
Stock acquired upon exercise of an Option shall be directly registered in the
name of the Participant or, if the Participant so indicates on the Request Form,
(a) in the Participant's name jointly with a member of the Participant's family,
with the right of survivorship, (b) in the name of a custodian for the
Participant (in the event the Participant is under a legal disability to have
stock issued in the Participant's name), (c) in a manner giving effect to the
status of such shares as community property, or (d) in street name for the
benefit of any of the above with a broker designated by the Participant. No
other names may be included in the Common Stock registration. The Company shall
pay all issue or transfer taxes with respect to the issuance or transfer of
shares of such Common Stock, as well as all fees and expenses necessarily
incurred by the Company in connection with such issuance or transfer.
ARTICLE VIII
AMENDMENT AND TERMINATION
8.1 Amendment. The Committee shall have the right to amend or modify
the Plan, in full or in part, at any time and from time to time; provided,
however, that no amendment or modification shall:
(a) affect any right or obligation with respect to any grant
previously made, unless required by law, or
(b) unless previously approved by the shareholders of the Company,
where such approval is necessary to satisfy federal securities laws, the Code,
or rules of any stock exchange on which the Company's Common Stock is listed:
(1) in any manner materially affect the eligibility requirements
set forth in Sections 3.1 and 3.3, or change the definition of Employer
as set forth in Section 2.13, or
(2) increase the number of shares of Common Stock subject to any
options issued to Participants (except as provided in Sections 4.2 and
4.3).
8.2 Termination. The Committee may terminate the Plan at any time in
its sole and absolute discretion. The Plan shall be terminated by the Committee
if at any time the number of shares of Common Stock authorized for purposes of
the Plan is not sufficient to meet all purchase requirements, except as
specified in Section 4.1.
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Upon termination of the Plan, the Administrator shall give notice
thereof to Participants and shall terminate all payroll deductions. Cash
balances then credited to Participants' Contribution Accounts shall be
distributed as soon as practicable, without interest.
ARTICLE IX
MISCELLANEOUS
9.1 Employment Rights. Neither the establishment of the Plan, nor the
grant of any Options thereunder, nor the exercise thereof shall be deemed to
give to any Employee the right to be retained in the employ of the Company or
any Subsidiary or to interfere with the right of the Company or any Subsidiary
to discharge any Employee or otherwise modify the employment relationship at any
time.
9.2 Tax Withholding. The Administrator may make appropriate
provisions for withholding of federal, state, and local income taxes, and any
other taxes, from a Participant's Compensation to the extent the Administrator
deems such withholding to be legally required.
9.3 Rights Not Transferable. Rights and Options granted under this
Plan are not transferable by the Participant other than by will or by the laws
of descent and distribution and are exercisable only by the Participant during
his or her lifetime.
9.4 No Repurchase of Stock by Company. The Company is under no
obligation to repurchase from any Participant any shares of Common Stock
acquired under the Plan.
9.5 Governing Law. The Plan shall be governed by and construed in
accordance with the laws of the State of Georgia except to the extent such laws
are preempted by the laws of the United States.
9.6 Shareholder Approval; Registration. The Plan was adopted by the
Board of Directors of the Company on June 28, 2000 to be effective as of the
Effective Date, provided that no payroll deductions may begin until a
registration statement on Form S-8 filed under the Securities Act of 1933, as
amended, covering the shares to be issued under the Plan, has become effective.
The Plan is subject to approval by the shareholders of the Company within 12
months of approval by the Board of Directors.
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* * * * * * * * * * * * * *
The foregoing is hereby acknowledged as being the Global Payments Inc.
2000 Employee Stock Purchase Plan as adopted by the Board of Directors of the
Company on September 14, 2000, and by the sole shareholder of the Company on
September 14, 2000.
Global Payments Inc.
By: /s/ Suellyn P. Tornay
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Suellyn P. Tornay
Its: General Counsel
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