Employee and the effective date of such individual’s employment or termination of employment, as the case may be. Determinations of whether an individual qualifies as an Employee shall be made by the Committee in its sole and absolute discretion, and such decision shall be binding and conclusive as to the individual irrespective of whether any governmental agency subsequently determines otherwise.
(k) “Employer” means the Company or a Participating Subsidiary that employs an Employee.
(l) “Enrollment Period” means the period within which an Eligible Employee may, in accordance with procedures prescribed by the Committee, elect to participate in an Offering. The duration and timing of an Enrollment Period may be changed or modified by the Committee from time to time, however, the Enrollment Period must conclude prior to the Grant Date.
(m) “Expiration Date” means the last day of an Offering. The initial Expiration Date is December 31, 2019 for the Offering Period with a Grant Date of July 1, 2019. Thereafter the Expiration Date shall be each June 30 (for each Offering Period with a Grant Date of January 1) and each December 31 (for each Offering Period with a Grant Date of July 1). If the Expiration Date falls on a day that is not a Business Day, then the Expiration Date shall be the next preceding day which is a Business Day. The Committee shall have the power to change the duration of an Offering (including the related Grant Dates) with respect to future offerings if such change is announced at least five Business Days prior to the Grant Date of the first Offering to be affected thereafter.
(n) “Fair Market Value” means as of any given date, the preceding day’s closing price of a share of Common Stock as reported by the principal exchange on which the Common Stock is traded, or, if no shares of Common Stock were traded on such exchange on such date, on the last preceding date on which the Common Stock was so traded.
(o) “Grant Date” means the first day of an Offering. The initial Grant Date shall be July 1, 2019. Thereafter the Grant Date shall be each January 1 and each July 1. If the Grant Date falls on a day that is not a Business Day, then the Grant Date shall be the next following day which is a Business Day.
(p) “Offering” means the grant of Purchase Rights under the Plan.
(q) “Offering Period” means a period of six (6) months, or such other period (not to exceed twelve (12) months) as determined by the Committee with respect to an Offering, during which funds may be accumulated in a Participant’s account by means of payroll deductions for the purpose of exercising an option under the Offering.
(r) “Participant” means any Eligible Employee who has elected to participate in the Plan.
(s) “Participating Subsidiary” means a Subsidiary that has been designated by the Committee, as determined from time to time in its sole discretion, as being eligible to participate in one or more Offerings under the Plan; provided however that a Subsidiary may be designated as a Participating Subsidiary only if the grant of Purchase Rights to the Eligible Employees of such Subsidiary would not cause the Company to incur material adverse accounting charges.
(t) “Plan” means the Postal Realty Trust, Inc. 2019 Employee Stock Purchase Plan, as amended from time to time.
(u) “Purchase Rights” means rights of a Participant to purchase shares of Common Stock under the Plan on the terms or conditions set forth herein and as determined by the Committee.
(v) “Subsidiary” means an entity, domestic or foreign, of which not less than 50% of the combined voting power is held by the Company, either directly or indirectly, whether or not such entity now exists or is hereafter organized or acquired by the Company or a Subsidiary. In all cases, the determination of whether an entity is a Subsidiary will be made in accordance with Section 424(f) of the Code.
3. Administration of the Plan. The Committee shall administer the Plan. The Committee may delegate to one or more designees authority to administer the Plan subject to any terms and limitations imposed by the Committee. The Committee, or the designee, shall have full power and authority to construe and interpret the Plan and may from time to time adopt such rules and regulations for carrying out the Plan as it may deem best, including:
(a) To determine when and how Purchase Rights shall be granted and the provisions of each Offering of such rights (which need not be identical), including establishing the timing and length of Offering Periods and establishing minimum and maximum contribution rates;
