Option Grant. Whenever the Committee deems it appropriate to grant Options, an Award Agreement shall be given to the Participant stating the number of shares for which Options are granted, the exercise price per share, whether the options are Incentive Stock Options or Nonstatutory Stock Options, and the conditions to which the grant and exercise of the Options are subject. The Award Agreement shall set forth all restrictions on disposition and transfer applicable to the Option shares. Incentive Stock Options may be granted to employees of the Company or an Affiliate. Non-employee directors and Consultants shall not be eligible to receive Incentive Stock Options. No Option (or portion thereof) that is intended to be an Incentive Stock Option shall be invalid for failure to so qualify, but instead such Option (or portion thereof) shall constitute a Nonstatutory Stock Option.
Option Grant. Whenever the Committee deems it appropriate to grant Options, an Award Agreement shall be given to the Participant stating the numberGrant of shares for which Options are granted, the exercise price per share, whether the options are Incentive Stock Options or Nonstatutory Stock Options, and the conditions to which the grant and exercise of the Options are subject. The Award Agreement shall set forth all restrictions on disposition and transfer applicable to the Option shares. Incentive StockOptions. Options may be granted to employeesParticipants in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee, in its sole discretion. Each grant of an Option shall be evidenced by an Award Agreement which shall specify whether the CompanyOption is in the form of a Nonqualified Stock Option or an Affiliate. Non-employee directors and Consultants shall not be eligible to receive Incentive Stock Options. No Option (or portion thereof) that is intended to be an Incentive Stock Option shall be invalid for failure to so qualify, but instead such Option (or portion thereof) shall constitute a Nonstatutory Stock Option.
Section # Option Grant. Whenever the Committee deems it appropriate to grant Options,Award Agreement. Each Option shall be evidenced by an Option Award Agreement that shall be given tospecify the Participant statingExercise Price, the number of shares for which Options are granted, the exercise price per share, whether the options are Incentive Stock Options or Nonstatutory Stock Options, and the conditionsShares to which the grant andOption pertains, the Option Period, any conditions to exercise of the Options are subject.Option, and such other terms and conditions as the Committee shall determine. The Option Award Agreement also shall set forth all restrictions on disposition and transfer applicable tospecify whether the Option shares. Incentive Stock Options may be granted to employees of the Company or an Affiliate. Non-employee directors and Consultants shall not be eligible to receive Incentive Stock Options. No Option (or portion thereof) that is intended to be an Incentive Stock Option shall be invalid for failure to so qualify, but instead such Option (or portion thereof) shall constituteor a NonstatutoryNonqualified Stock Option. All grants of Options intended to constitute Incentive Stock Options and related Award Agreements shall comply with the requirements of Code Section 422.
Option Grant. WheneverGrants. The Committee may grant stock options alone or in addition to other Awards granted under the Committee deems it appropriatePlan to grant Options, an Award Agreementany Participant. Each person so selected shall be givenoffered an option to the Participant statingpurchase the number of shares for which Options are granted,Shares determined by the exercise price per share,Committee. The Committee shall specify whether the options are Incentive Stock Options or Nonstatutory Stock Options, and the conditions to which the grant and exercise of the Options are subject. The Award Agreement shall set forth all restrictions on disposition and transfer applicable to the Option shares. Incentive Stock Options may be granted to employees of the Company or an Affiliate. Non-employee directors and Consultants shall not be eligible to receive Incentive Stock Options. No Option (or portion thereof) thatsuch option is intended to be an Incentive Stock Option or Nonqualified Stock Option and any other terms and conditions relating to such Award, including whether the option is exercisable for Restricted Stock rather than unrestricted Shares. Each such person so selected shall have a reasonable period of time within which to accept or reject the offered option. Failure to accept within the period so fixed by the Committee may be invalid for failuretreated as a rejection. Each person who accepts an option shall enter into a written agreement with the Company, in such form as the Committee may prescribe, setting forth the terms and conditions of the option (including the extent to so qualify, but instead suchwhich the option is an Incentive Stock Option (or portion thereof) shall constitute a Nonstatutoryor Nonqualified Stock Option.Option), consistent with the provisions of the Plan.
Option Grant. WheneverSubject to the provisions of the Plan, the Committee deems it appropriateshall have sole and complete authority to grant Options, an Award Agreementdetermine the Participants to whom Options shall be given to the Participant statinggranted, the number of shares for which Options are granted,Shares subject to each Award, the exercise price per share, whetherand the options areconditions and limitations applicable to the exercise of an Option. A person who has been granted an Option under this Plan may be granted additional Options under the Plan if the Committee shall so determine. Options granted under this Plan may be Incentive Stock Options, Non-Qualified Stock Options or Nonstatutory Stock Options, and the conditions to which the grant and exercisea combination of the Options are subject. The Award Agreement shall set forth all restrictions on disposition and transfer applicable to the Option shares.foregoing, provided that Incentive Stock Options may be granted only to employees ofEmployees. Each grant shall specify whether (or the Company or an Affiliate. Non-employee directors and Consultants shall not be eligibleextent to receive Incentive Stock Options. Nowhich) the Option (or portion thereof) that is intended to be an Incentive Stock Option or a Non-Qualified Stock Option. Notwithstanding any such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under all Plans of the Company) exceeds , such Options shall be invalid for failure to so qualify, but instead such Option (or portion thereof) shall constitute a Nonstatutorytreated as Non-Qualified Stock Option.Options.
Each Option Grant. Whenever the Committee deems it appropriate to grant Options,shall be evidenced by an Award Agreement that shall be given tospecify the Participant statingfollowing: (a) the exercise price; (b) the term of the Option; (c) the number of shares for which Options are granted,Shares covered by the exercise price per share, whether the options are Incentive Stock Options or Nonstatutory Stock Options, andOption; (d) the conditions toupon which the grantOption shall become vested and exerciseexercisable; and (e) such other terms and conditions as the Committee shall determine and which are consistent with the terms and conditions of the Options are subject.Plan. The Award Agreement also shall set forth all restrictions on disposition and transfer applicable tospecify whether the Option shares. Incentive Stock Options may be granted to employees of the Company or an Affiliate. Non-employee directors and Consultants shall not be eligible to receive Incentive Stock Options. No Option (or portion thereof) that is intended to be an Incentive Stock Option shall be invalid for failure to so qualify, but instead such Option (or portion thereof) shall constituteor a NonstatutoryNonqualified Stock Option.
Option Grant. Whenever the Committee deems it appropriate toAgreement. Each Option grant Options, an Award Agreement shall be given toevidenced by an Agreement that shall specify the Participant statingtype of Option granted, the Option Price (as hereinafter defined), the duration of the Option, the number of shares for which Options are granted, the exercise price per share, whether the options are Incentive Stock Options or Nonstatutory Stock Options, and the conditionsShares to which the grantOption pertains, any conditions imposed upon the exercisability of Options, and exercise ofsuch other provisions as the Options are subject. The Award AgreementCommittee shall set forth all restrictions on disposition and transfer applicable to the Option shares. Incentive Stockdetermine, provided, however, that, except for Options may be granted to employeesNon-Employee Directors as part of a retainer, including annual or other grants made pursuant to a director compensation policy or arrangement, if the Company orexercisability of an Affiliate. Non-employee directors and ConsultantsOption is subject solely to time-based conditions, the length of such period of time shall not be eligibleless than one year, subject to receive Incentive Stock Options. Noapplicable provisions regarding accelerated vesting. The Agreement shall specify whether the Option (or portion thereof) that is intended to be an Incentive Stock Option or Nonqualified Stock Option, provided, however, that if an Option is intended to be an Incentive Stock Option but fails to be such for any reason, it shall be invalid for failure to so qualify, but instead such Option (or portion thereof) shall constitutecontinue in full force and effect as a NonstatutoryNonqualified Stock Option. No Option may be exercised after the expiration of its term or, except as set forth in the Participant's stock option Agreement, after the termination of the Participant's employment or service. The Committee shall set forth in the Participant's Agreement when, and under what circumstances, an Option may be exercised after termination of the Participant's employment or period of service; provided that no Incentive Stock Option may be exercised after # three months from the Participant's termination of employment with the Company for reasons other than Disability or death, or # one year from the Participant's termination of employment on account of Disability or death. The Committee may, in its sole discretion, amend a previously granted Incentive Stock Option to provide for more liberal exercise provisions, provided, however, that if the Incentive Stock Option as amended no longer meets the requirements of Code Section 422, and, as a result the Option no longer qualifies for favorable federal income tax treatment under Code Section 422, the amendment shall not become effective without the written consent of the Participant.
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