Grant of Incentive Options. The Company irrevocably granted to the Optionee, as a matter of separate agreement and not in lieu of salary or other compensation for services, the right and option to purchase all or any part of 500,000 shares of Common Stock (the “Options”) on the terms and conditions set forth herein and subject to the terms and conditions of the Plan. The Optionee acknowledges receipt of a copy of the Plan. The Options are intended to be an Incentive Stock Option within the meaning of Section 422(b) of the Code, although the Company makes no representation or guarantee that the Options will qualify as an Incentive Stock Option. To the extent that the aggregate Fair Market Value (determined on the Grant Date) of the shares of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by the Optionee during any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, the Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as Non-Qualified Stock Options. Capitalized terms used but not defined herein will have the meaning ascribed to them in the Plan.
Grant of Incentive Options. On the date of signing this Agreement, the Company shall grant the Grantee Incentive Options to purchase shares of the Company (accounting for % of issued and outstanding shares before the initial public offering of the Company). The Grantee agrees to exercise the right in accordance with the Trust documents or other methods formulated by the Board of Directors or its authorized representative and obtain the Incentive Equity or the relevant beneficial interests under the Trust during the Exercise Period (the “Incentive Interests”) after the expiration of vesting period specified in Annex I of this Agreement. Each party agrees that the Original Employee Incentive Agreements or any other form of incentive arrangement shall be terminated and no longer implemented. Except for obtaining Incentive Options in accordance with the provisions of this Agreement, the Grantee shall not require to obtain any other form of Employee Equity, Incentive Equity or other rights under the employee Incentive Agreement. After paying the exercise price in full, the Grantee will obtain the following economic benefits: Right to the proceeds: the proceeds to be obtained after the sale or other disposal of the Incentive Equity or other Incentive Interests subject to the compliance with this Agreement and the Trust docments.
Grant of Incentive Options. The Company irrevocably grants to Executive, as a matter of separate agreement and not in lieu of salary or other compensation for services, the right and option (the "Options") to purchase all or any part of an aggregate of 2,500,000 shares of authorized but unissued common stock of the Company or, at Executive's option, that number of Voting Convertible Preferred Stock that would give Executive voting rights equal to the 2,500,000 shares of common stock, on the terms and conditions herein set forth. The Options are intended to be Incentive Stock Options as defined by Section 422A of the Internal Revenue Code (the "Code").
