Term of Plan Clause Example from Business Contracts

Term of Plan. The Plan shall become effective on an even date of the date of its approval by the Board (Effective Date). Unless sooner terminated under Section 18, it will continue in effect for a term of 10 years from the later of (a) the Effective Date, and (b) the earlier of the most recent Board or stockholder approval of an increase in the number of Shares reserved for issuance under the Plan.