Incentive Stock Option Plan of Employer Sample Clauses

Incentive Stock Option Plan of Employer. During the period of Employee's employment he shall participate in Employer's Incentive Stock Option Plan. Initially Employer shall grant Employee options on 40,000 shares, each with an exercise price of one dollar per share. The terms of the Incentive Stock Option Plan (this explanation is merely a summary, thus the Plan itself should be examined for specific terms and conditions, it is agreed that in the event of any conflict, the terms of the Plan shall prevail) provide for vesting of 20% of the total shares granted during each of the first five years of an employee's employment, and allow up to ten years for an employee to exercise his vested options. Irrespective of any provision of the Stock Option Agreement to the contrary, in the event of Employee's death or permanent disability (as certified by a licensed physician) while employed by Employer, all shares granted in Employee's stock option described in the preceding paragraph shall vest immediately, and Employee's estate, representative or the Employee, as the case may be, shall have one year from the date of such event in which to exercise any or all of the unexercised option.
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Incentive Stock Option Plan of Employer. During the period of Employee's employment he shall participate in Employer's Incentive Stock Option Plan. Initially Employer shall grant Employee options on 40,000 shares, each with an exercise price of one dollar per share. The terms of the Incentive Stock Option Plan (this explanation is merely a summary, thus the Plan itself should be examined for specific terms and conditions, it is agreed that in the event of any conflict, the terms of the Plan shall prevail) provide for vesting of 20% of the total shares granted during each of the first five years of an employee's employment, and allow up to ten years for an employee to exercise his vested options . Should Employee become a Consultant to Employer after September, 2000 as provided in Section 3 of this Agreement, Options granted prior to that date shall continue to vest as if Employee was still a full time employee of Employer. Irrespective of any provision of the Stock Option Agreement to the contrary, in the event of Employee's death or permanent disability (as certified by a licensed physician) while employed by Employer, all shares granted in Employee's stock option described in the preceding paragraph shall vest immediately, and Employee's estate, representative or the Employee, as the case may be, shall have one year from the date of such event in which to exercise any or all of the unexercised option.
Sample 1

Related to Incentive Stock Option Plan of Employer

  • Employee Stock Option Plan Employee shall be entitled to participate in the Employee Stock Option Plan of the Company once approved by the Board of Directors.

  • Incentive Stock Option If this Option qualifies as an ISO, the Optionee will have no regular federal income tax liability upon its exercise, although the excess, if any, of the Fair Market Value of the Exercised Shares on the date of exercise over their aggregate Exercise Price will be treated as an adjustment to alternative minimum taxable income for federal tax purposes and may subject the Optionee to alternative minimum tax in the year of exercise. In the event that the Optionee ceases to be an Employee but remains a Service Provider, any Incentive Stock Option of the Optionee that remains unexercised shall cease to qualify as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Option on the date three (3) months and one (1) day following such change of status.

  • Employee Stock Options (a) At the Effective Time, each Eligible Stock Option that is then outstanding under the Company Option Plan, whether vested or unvested, shall be assumed by Parent in accordance with the terms (as in effect as of the date of this Agreement) of the Company Option Plan and the stock option agreement by which such Eligible Stock Option is evidenced. All rights with respect to Company Common Stock under outstanding Eligible Stock Options shall thereupon be converted into rights with respect to Parent Common Stock. Accordingly, from and after the Effective Time, (a) each Eligible Stock Option assumed by Parent may be exercised solely for shares of Parent Common Stock, (b) the number of shares of Parent Common Stock subject to each such assumed Eligible Stock Option shall be equal to the number of shares of Company Common Stock that were subject to such Eligible Stock Option immediately prior to the Effective Time multiplied by the Exchange Ratio, rounded down to the nearest whole number of shares of Parent Common Stock, (c) the per share exercise price for the Parent Common Stock issuable upon exercise of each such assumed Eligible Stock Option shall be determined by dividing the exercise price per share of Company Common Stock subject to such Eligible Stock Option, as in effect immediately prior to the Effective Time, by the Exchange Ratio, and rounding the resulting exercise price up to the nearest whole cent, and (d) all restrictions on the exercise of each such assumed Eligible Stock Option shall continue in full force and effect, and the term, exercisability, vesting schedule and other provisions of such Eligible Stock Option shall otherwise remain unchanged; provided, however, that each such assumed Eligible Stock Option shall, in accordance with its terms, be subject to further adjustment as appropriate to reflect any stock split, reverse stock split, stock dividend, recapitalization or other similar transaction effected by Parent after the Effective Time. The Company and Parent shall take all action that may be necessary (under the Company Option Plan and otherwise) to effectuate the provisions of this Section 1.6.

  • Stock Option Plan The Executive shall be eligible to participate in the Company's Stock Option Plan in accordance with the terms and conditions thereof.

  • Incentive Stock Options If the Shares are held for more than twelve (12) months after the date of the transfer of the Shares pursuant to the exercise of an ISO and are disposed of more than two (2) years after the Date of Grant, any gain realized on disposition of the Shares will be treated as long term capital gain for federal and California income tax purposes. If Shares purchased under an ISO are disposed of within the applicable one (1) year or two (2) year period, any gain realized on such disposition will be treated as compensation income (taxable at ordinary income rates) to the extent of the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price.

  • Stock Option Plans Each stock option granted by the Company under the Company’s stock option plan was granted (i) in accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company’s stock option plan has been backdated. The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

  • Stock Option Plans; Employee Benefits 6.26.1 The Acquiror Company has no stock option plans providing for the grant by the Acquiror Company of stock options to directors, officers or employees.

  • Company Stock Option Plans Simultaneously with the execution of this Agreement, the Board of Directors of the Company (or, if appropriate, any committee administering the Company Stock Option Plans) shall adopt such resolutions or take such other actions as are required to effect the transactions contemplated by Section 2.10 in respect of all outstanding Options and thereafter the Board of Directors of the Company (or any such committee) shall adopt any such additional resolutions and take such additional actions as are required in furtherance of the foregoing.

  • Nonqualified Stock Option The Option is a nonqualified stock option and is not, and shall not be, an incentive stock option within the meaning of Section 422 of the Code.

  • Stock Option Grant Subject to the provisions set forth herein and the terms and conditions of the Plan, and in consideration of the agreements of the Participant herein provided, the Company hereby grants to the Participant an Option to purchase from the Company the number of shares of Common Stock, at the exercise price per share, and on the schedule, set forth above.

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