Term of Plan Clause Example from Business Contracts

Term of Plan. Subject to Section 23 of the Plan, the Plan will become effective as of one business day prior to the Registration Date (the "Effective Date"). The Plan will continue in effect until terminated under Section 20, but (a) no Options that qualify as incentive stock options within the meaning of Code Section 422 may be granted after ten (10) years from the earlier of the Board or stockholder approval of the Plan and (b) Section 3.2 relating to automatic share reserve increases will operate only unti...l the ten (10) year anniversary of the earlier of the Board or stockholder approval of the Plan. View More