Common use of Eligibility for Incentive Stock Options Clause in Contracts

Eligibility for Incentive Stock Options. (i) Subject to Section 7(a)(ii), Incentive Stock Options may be granted only to Employees (irrespective of whether an Employee is also a Director). Advisors, consultants and Directors who are not also Employees are not eligible to be awarded Incentive Stock Options. (ii) Any Employee who is a Ten Percent Stockholder is eligible to be granted an Incentive Stock Option only if: (A) the Exercise Price of each Share subject to such Incentive Stock Option, when granted, is equal to or exceeds 110% of the Fair Market Value of a Share; and (B) the term of the Incentive Stock Option does not exceed five years.

Eligibility for Incentive Stock Options. (i) Subject to Section 7(a)(ii), Incentive Stock Options may be granted only to Employees (irrespective of whether an Employee is also a Director). Advisors, consultants and Directors who are not also Employees are not eligible to be awarded Incentive Stock Options. (ii) Any Employee who is a Ten Percent Stockholder is eligible to be granted an Incentive Stock Option only if: (A) the Exercise Price of each Share subject to such Incentive Stock Option, when granted, is equal to or exceeds 110% of the Fair Market Value of a Share; and (B) the term of the Incentive Stock Option does not exceed five years.. 12