Common use of EFFECTIVE DATE OF PLAN Clause in Contracts

EFFECTIVE DATE OF PLAN. This Plan shall become effective upon adoption by the Board of Directors of the Corporation; provided that the Plan shall be submitted for approval by the stockholders of the Corporation no later than twelve (12) months after the date of adoption of the Plan by the Board of Directors. Should the stockholders of the Corporation fail to approve the Plan within such twelve-month period, all Options granted hereunder shall be and become null and void. The Board of Directors approved the Plan on June 19, 1996.