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 Plan will continue in effect until terminated under Section 20 of the Plan, 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 of the Plan relating to the automatic share reserve increase will operate only... until the ten (10) year anniversary of the earlier of the Board or stockholder approval of the Plan. View More