Common use of Incentive Option Grant Clause in Contracts

Incentive Option Grant. The Parent Corporation shall grant to the Senior Executive, on the Effective Date, non-qualified stock options to purchase [NUMBER] ([ ]) shares of Parent Corporation common stock (the “Incentive Option”) at a purchase price per share equal to the fair market value (as determined in good faith by the Board) of a share of such stock on the grant date of the Incentive Option. The Incentive Option will become exercisable in equal annual installments on the first four anniversaries of the Effective Date, provided that the Senior Executive is continuously actively employed by the Parent Corporation through each such applicable anniversary date. The Incentive Option shall be governed by the applicable stock incentive plan and the stock option award agreement between the Senior Executive and the Parent Corporation and in the event of any conflict between this Agreement and such plan and/or award agreement, the plan and the award agreement shall govern.