Purpose Eligibility Clause Example from Business Contracts

Purpose Eligibility. 1.1 General Purpose. The name of this plan is the EnergyTek Corp. 2016 Equity Incentive Plan (the "Plan"). The purposes of the Plan are to (a) enable EnergyTek Corp., a Nevada corporation (the "Company"), to attract and retain the types of Employees, Consultants, Officers and Directors who will contribute to the Company's long range success; (b) provide incentives that align the interests of Employees, Consultants and Directors with those of the shareholders of the Company; and (c) promote the s...uccess of the Company's business. 1.2 Eligible Award Recipients. The persons eligible to receive Awards are the Employees, Consultants, Officers and Directors of the Company and such other individuals designated by the Committee who are reasonably expected to become Employees, Consultants, Officers and Directors after the receipt of Awards. 1.3 Available Awards. Awards that may be granted under the Plan include: (a) Incentive Stock Options, (b) Non-Qualified Stock Options, (c) Stock Appreciation Rights ("SARs"), (d) Restricted Awards, and (e) Restricted Stock Units. View More