Nonstatutory Option. The Optionee understands that the option granted hereunder is a nonstatutory stock option not intended to qualify as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"). Accordingly, the Company shall not be obligated to issue any Optioned Shares until there has been compliance with such laws and regulations as the Company may deem applicable, including, if required, federal, state or local withholding tax requirements.
Appears in 5 contracts
Samples: Individual Stock Option Grant (Globus International Resources Corp), Individual Stock Option Grant (Globus International Resources Corp), Agreement Under 1997 Associate Stock Option Plan (Leading Edge Packaging Inc)
